The economy of the Commonwealth of Dominica is based on agriculture. Around 20% of the country’s territory is arable land. Dominicans mostly grow bananas, citrus fruits, and cacao beans. The profitability of the industry largely depends on the climatic conditions. Light industry also makes a notable contribution to Dominica’s economy. Besides, the country tries to develop tourism and builds tourist infrastructure. However, import still prevails over export. Dominica has to import food products, consumer goods, and machinery.
If you’re considering relocating to Dominica, known for its breathtaking natural beauty and diving spots, preparing for underwater adventures is essential. A reliable tool like a shark knife can enhance your diving experience by ensuring safety and convenience while exploring the vibrant marine life. Whether you’re a beginner or an experienced diver, having the right gear is crucial. You can check out the shark knife for a sturdy and dependable option to accompany you on your underwater journeys.
Nature and climate in Dominica
Dominica is a volcanic island with traces of eruptions, extinct volcanoes, and frozen lava flows loved by tourists. There are several national parks on the island where flora and fauna are preserved. Bright tropical butterflies, multicolored parrots, and tropical fruit trees dominate in the national parks.
The boiling lake is a unique place to see in Dominica. However, you’d better keep at a safe distance from the lake because the water is really almost boiling there. The lake is one of the largest bio-thermal water reservoirs in the world. Besides, there are healing sulfur springs in the southern part of the island.
Another place that you must see if you find yourself in Dominica is the Trafalgar falls. These are twin waterfalls located not far away from the capital city. An observation ground has been built near the falls and you can enjoy the view from there.
Dominica also offers wide diving and snorkeling opportunities. In addition, sperm whales swim around the island all around the year and you have a great chance to watch these giant water creatures from a short distance. You can find more species of flora and fauna if you visit the botanical gardens of the capital city of Roseau. There you can see exotic and decorative plants and rare species of parrots Relocate to Dominica.
Infrastructure in Dominica
There are two international airports in Dominica in proximity to Roseau. Douglas Charles airport has a longer runway so you would probably arrive in Dominica through this gateway. There are regular flights to the country from Europe, America, and other Caribbean islands.
If you are thinking of relocating to Dominica after obtaining citizenship of the country by investment (see below), we suggest that you should consider settling down in one of the largest towns on the island – Roseau or Portsmouth. There you will find all the necessary infrastructural objects including a reliable Dominican bank, which is important for an immigrant.
There are no rail tracks in Dominica but the main highways are well maintained. On the other hand, many dirt roads are found in the countryside and some areas can become hardly accessible when it rains heavily.
Primary and secondary education is free of charge in Dominica and the level of educational services is acceptable. At the same time, if you want high-quality education services for your children, you would probably have to put them in a private school that charges a tuition fee. School graduates can enter the State College of Dominica whose diploma allows entering universities in Europe, Great Britain, and America.
Medical services are quite available in Dominica too. There are seven state clinics in the country and a number of private ones.
Dominica’s economic citizenship program
Similarly to some other Caribbean countries, Dominica has a citizenship-by-investment program. That is to say, you can ‘buy’ a Dominica passport. The program has been in place since 1993 but the terms and conditions have been changed several times over the period. For example, the list of relatives that can be included in a family application for Dominican citizenship was extended in 2020.
The most dramatic change has been made quite recently, however. The Dominican passport used to be the cheapest passport that you could buy for money. A donation of US$ 100,000 would make you qualified for citizenship of the country. Since July 1, 2024, all the Caribbean countries administering citizenship-by-investment programs have raised the prices. Now the required donation amount is US$ 200,000 and this is the lowest price that you can find in the Caribbean again.
Anyway, Dominica offers a unique opportunity that makes it stand out. Instead of making a non-returnable donation, you can invest only a bit more than US$ 200,000 into real property on the island and thus qualify for citizenship of Dominica. The investment is going to be returnable because you can sell the property back after three years only. If you manage to sell it at the original price, you will have Dominican citizenship for free because you get to keep your passport. If the property prices rise sharply, you will have a second passport and some profit!
Tax system in Dominica
If you would like to settle down in Dominica and live there for more than 183 days each year, you will become a tax resident of the country. In this case, you will have to pay the taxes at average rates. Please note, however, that holding a passport of Dominica does not make you obliged to live in the country. Moreover, you don’t have to even visit it!
If you decide to become a tax resident of Dominica, the consequences are going to be as follows for you:
- Tax residents of the country pay taxes on incomes derived from all sources while non-residents are taxed only on the incomes earned on the territory of Dominica. If you buy a house in the country and let it on a lease, you will be taxed.
- Incomes are taxed on a progressive scale in Dominica: the first 20,000 East Caribbean Dollars per year is taxed at the rate of 15%, the next 30,000 at the rate of 25%, and any exceeding amount is taxed at the rate of 35%.
- Property tax is levied only in the two cities that we have mentioned above. Property in other locations is not taxed in Dominica.
- Various tax deductions are possible. You can deduct tuition fees, donations, maintenance costs (if you let a house or an apartment on a lease, for example) from the taxable base. Eventually, you can save a few thousand dollars every year through such deductions.
Advantages of Dominica’s citizenship
A passport of Dominica obtained by investment brings the following advantages to its holder:
- Visa-free travel to 140+ countries;
- No taxes on global income;
- Favorable tax conditions;
- High level of personal data confidentiality;
- No obligation to live in Dominica or even visit the country;
- No need to pass any language or history tests.
Acquiring citizenship of Dominica by investment normally takes six months or a bit longer. In any case, it is a bureaucratic process that requires professional support.