Dominican citizenship by investment program offers visa free travel to more than 70 countries across the world. With the country trying to finalise visa-free access to the European Union, getting permanent residency and converting it into Dominican citizenship through the Dominican Republic citizenship by investment program can be a farsighted move offering significant strategic benefits for the entire family.
Dominican Republic Immediate Permanent Residency and CBI Linkage
Unlike other Caribbean countries, the Dominican Republic does not have a formal citizenship by investment program. You cannot directly qualify for the Dominican Republic passport through investment.However, an investor applying for the country’s permanent residence by investment program is permitted to apply for fast-track citizenship in just six months. This is how the country’s residency by investment program effectively operates as a citizenship by investment program.
As per the country's General Law No. 285-04 and Regulation 613-11, the minimum investment starts at $200,000 to qualify for direct permanent residency for a period of one year. This permanent residency permit can be renewed for four one-year periods.
You can qualify for Dominican Republic citizenship in just six months through this program by virtue of Law No. 1683. This allows those on the Investor visa to apply for citizenship in just six months as opposed to the minimum requirement of two years applicable to all other permanent residents of the Dominican Republic.
An investor fulfilling this requirement can quickly transition from being a non-resident to a permanent resident to a citizen of the Dominican Republic through the citizenship by investment program in just six months.
Dominican Republic Investor Visa Program Overview
To qualify for the citizenship by investment visa, one must fulfil the following requirements:Invest $200,000 in different asset classes including real estate, business investment in a new or existing company in the Dominican Republic or bank deposits.
The minimum investment requirement can be lower for Designated Investment Projects (DIP). For DIPs, the minimum investment will be determined by the Office for the Promotion of Foreign Investment or the Council National of Free Trade Zones of Export.
A DIP is a high-priority project offering benefits like job creation, foreign exchange earnings, transfer of technology, environmental impact, or is otherwise in the national interest.
Advantages of CBI in the Dominican Republic
Dominican Republic's citizenship by investment program is a lifetime opportunity.Permanent Residency or Citizenship by Investment - your choice
You can choose to remain a permanent resident through the initial investor visa or acquire citizenship after living in the country for at least six months. It is important to note that no other Caribbean investor programs offer this option to foreign investors.
Option of lower investment requirement
The minimum foreign investment requirement is $200,000. However, the Dominican Republic program offers the option of a lower investment requirement if you invest in a Designated Investment Project.
Retain your existing citizenship
Since a Dominican citizen is allowed to be a citizen of another country, you don't have to relinquish your existing citizenship after you acquire citizenship through this program. You can opt for dual citizenship instead.
Multiple investment options
From bank deposits to property purchases to economic citizenship through investment in a company, the Dominican Republic citizenship by investment program offers multiple routes to permanent residency as well as second citizenship.
Visa-free travel priviledges
Like all Caribbean investment programs, the Dominican Republic program also offers a path to a passport offering visa free travel or visa free access to different parts of the world. If the EU agrees to offer visa free travel in the future, then investing in the the Dominican Republic's investor visa program can prove to be a very smart decision indeed.
Gift the advantage to future generations
The second citizenship will be passed on to your future generations too, which means the investment made today can yield returns for a long time to come.
Recover investment in six months
Once you gain citizenship, you can choose to retain your investment or liquidate it without worrying about your visa status. You can choose to retain your real estate purchase or sell your equity investment once you obtain citizenship.The choice is yours!
Tax benefits
As a citizen, you can enjoy significant tax incentives including territorial taxation only, certain exemptions on taxes on property and capital gains and import tax benefits on the import of your vehicle.
Include your entire family
Your entire family can qualify for the Dominican passport through the economic contribution route. A single application includes the foreign national, spouse, and minor children.
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Investment Options
The citizenship by investment program in Dominica offers two investment pathways to acquire a Dominican Republic passport.Real Estate Investment
The simplest and most popular option to qualify for the Dominican passport is to buy real estate worth $200,000 in the country. The real estate investment option would work very well if you plan on living in the country for six months to be granted citizenship.
Foreign nationals may also consider real estate as a good investment option considering the growth potential of this sector in the country. Of course $200,000 is just the minimum investment amount and investment applicants can explore costlier properties in this former British colony depending on their preferences and spending capacity.
If foreign nationals are not considering applying for citizenship, then the property must be retained to be eligible for subsequent visas. If you plan on acquiring citizenship
Equity Investment
You can qualify for the initial residence permit by investing $200,000 into the capital of a Dominican company. This investment must be maintained as long as you intend to remain a permanent resident or until you qualify for second citizenship.
Apart from equity investments, foreign nationals can also choose to invest in bonds and other securities to qualify under the investment citizenship program and become Dominican citizens.
Bank Deposits
Those interested in obtaining citizenship in the Dominican Republic also have the option of investing the funds into safe bank deposits in the country. This option may not offer returns at par with real estate or equity investments but may be suitable for those seeking a low-risk route to Dominican citizenship.
There are no requirements like government fund contribution, economic diversification fund, or participation in socio-economic initiatives to qualify for dual citizenship. Just purchase an investment unit in an eligible asset class to qualify. The best part is that the investor is free to recover the investment after obtaining citizenship. There is no non-refundable payment as is normal in other investment citizenship programs in the region.
Eligibility and Requirements of the Investment Citizenship Program
Like all investment citizenship programs in the region, the Dominican Republic too has standard eligibility requirements for investors and their family members. These include:
- Proof of legality of funds showing that the investor has earned or acquired the funds being used to apply for the investment citizenship program through legal means.
- Proof of the investment
- Proof of good character in the form of a certificate confirming no criminal record from the country in which the applicant is residing.
- Proof of good health or a medical certificate issued by the health authorities of the country in which the applicant and family members are residing.
- A letter of guarantee issued by a citizen or a permanent resident of the Dominican Republic.
- Proof of medical insurance, as applicable to qualify for permanent residency followed by Dominican Republic citizenship.
How to get citizenship in the Dominican Republic?
In the past, applicants had the option of entering the Dominican Republic as a visitor and applying for a residency visa from within the country. Now the first step of the permanent residency application process must begin in the country in which the applicant is currently residing.How to get a Dominican Republic Passport in 2 Main Steps
Step 1- Apply for Dominican Republic Residency Visa
The first step in the Dominican Republic citizenship by investment process is to apply for a residency visa at the nearest Dominican consulate or embassy in your country of residence. The applicant must submit these documents along with the application form.
- The applicant’s photographs
- The original passport with validity of at least sixty days
- Medical certificate as proof of good health
- A certificate of a clean criminal record for all applicants of legal age. The investment citizenship program does not require minors to provide this certificate.
- Copy of the applicant’s national ID
- A copy of the applicant’s residency card, if he or she is residing in a third country other than the country of citizenship.
- The birth certificate of the applicant as well as the birth certificate of all individuals included in the application. If the birth certificate is in a language other than the official language of Spanish, then it must be translated and authenticated at the Consulate.
- Marriage certificate, if applicable
- The proof of local medical insurance coverage valid in the Dominican Republic.
Step 2- Apply for Permanent Residence
The initial residency visa is valid for a period of 60 days and the investor can use it for just one entry into the country. Once in the country, the applicant must submit the permanent residency application at the Immigration Department within 30 days. This process will also include submitting fingerprints and undergoing medical tests.
Fees and charges include a residency visa application fee, an application filing fee of around US $700 per applicant, a medical examination fee of around US $105 for adults, and US $70 for children below the age of ten.
Life as a Dominican Citizen
Strategically located in the Caribbean, the primary advantage of the Dominican Republic citizenship is easy access to North America. Of course, living in this beautiful land with sun-kissed beaches and stunningly beautiful landscapes offers an experience that cannot be enjoyed anywhere else.
The cost of living in the Dominican Republic is not very high, which means living there for six months to fulfill the requirements of its citizenship by investment program should be an expensive process.
The country does not have the most powerful passport in the world but dual citizenship means you can retain all passports. The official language is Spanish but the influx of a large number of tourists means you can live in the Dominican Republic even if you are not very fluent in the official language.
A popular tourist destination, your decision to apply for Dominican Republic citizenship can prove to be a very smart investment decision too. You can choose to buy commercial properties to qualify for citizenship by investment and enjoy the double benefits of the Dominican Republic citizenship and an excellent investment opportunity.
The Dominican Republic is extremely popular among tourists, which means buying a holiday home or investing in a hotel in the country can help you generate attractive returns on the investment.
Of course, the liberal tax policy of the Dominican Republic makes it a smart citizenship by investment destination. Low tax rates with numerous tax planning options for the citizens of Dominican Republic makes it a sensible choice for anybody seeking to fine-tune their global tax planning strategy.
Your Journey to the Dominican Republic with Lincoln Global Partners
Opting for citizenship by investment is a major decision that requires a careful comparison of all available programs. Choosing the Dominican Republic requires careful analysis and you should settle for nothing but the best in the citizenship by investment experts for your journey.
Our team of experienced citizenship by investment professionals can help you compare options, analyze risks, and guide you toward an informed decision.
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Dominican Republic Citizenship By Investment : Frequently asked Questions
Checkout our FAQ's or reach out to us directly via the contact form at the bottom of the page with further questions.Is the Dominican program the same as the Dominica citizenship investment program?No. Dominica and the Dominican Republic are two separate countries. The Dominica citizenship program is a separate program. The Dominica economic citizenship program has multiple investment options including the Dominica economic diversification fund. One can qualify directly for Dominica citizenship through this program.
While you can buy Dominica citizenship, there is no direct program for the Dominican Republic. To become a citizen of this Caribbean island nation, you must first obtain legal residency, live in the country for six months, and then apply as per the provisions of the Citizenship Act for economic citizenship.
Is Dominica citizenship program better than Dominican Investment Citizenship Program?This depends on your preferences and for how long are you prepared to stay invested. Among all the investment citizenship programs in the Caribbean, the Dominican Republic’s program is probably the only one that allows investors to liquidate their investment after they get Dominican citizenship in just six months.
The Dominica passport may come faster but you may have to stay invested for a longer period of time in order to continue holding the Dominica passport. This may make Dominica nationality less attractive for somebody who wants a shorter investment tenure.
Ultimately, whether being a Dominica citizen is better than economic citizenship of the Dominican Republic will be a subjective decision.
Is real estate investment the best option for Dominican Republic economic citizenship?It may be the best option if you plan on living in the country or if you wish to have a second home or a holiday home in the Dominican Republic. If not, then securities investment or a bank deposit may work equally well for you.
Does Dominican Republic permit dual nationality?Yes. Your family can retain Dominica passports or passports of any other country even after you obtain Dominican citizenship through the economic citizenship program.
Will I have to pay taxes after opting for the Dominican Republic investment programs?Normally, citizenship by investment does not automatically make you a tax resident of the country. You will be subject to the tax laws of the Dominican Republic only after residing in the country for at least six months.
However, six months of physical residence is a fundamental requirement to qualify for second citizenship. So, you must plan for the tax implications of your decision to apply for second citizenship.
What are the tax implications of the Dominican Republic citizenship ?You will be subjected to territorial taxation, which means most of your foreign income won’t be taxed in the Dominican Republic even after obtaining citizenship. Certain foreign investment incomes may be taxed but even this will be exempt from tax for the first three years of residence in the country.
There is no separate capital gains tax and all such gains are treated as taxed as ordinary income. Dividend income is exempt as long as you paid a 10% withholding tax at source. Interest earned on foreign investment in financial institutions in the country is exempt.
There will be zero transfer tax on the purchase of your first property in the Dominican Republic. Also, you will qualify for a partial exemption on import taxes on your vehicle into the Dominican Republic.
The Dominican government imposes an inheritance tax, which means you will have to plan your inheritances with greater care after obtaining citizenship in the Dominican Republic.
Do I need to be fluent in the official language of the Dominican Republic?Knowing how to speak Spanish, the official language of the Dominican Republic can help. However, it is not a mandatory requirement of the citizenship by investment program.
