Dominica Citizenship by investment
The Citizenship by Investment Programme is one of the oldest and most lucrative programmes in the world. Investment funds are used to grow and develop both private and public projects that contribute to Dominica’s economy. The programme is very flexible in terms of its residency requirements.
Dominica is an island country situated in the Caribbean and it is known for its vibrant lifestyle. It has many attractive business prospects and it being a country at sea, it can be very beneficial for an import-export company.
An applicant has the right to live in the country at any time and applying for residency is efficient. As a citizen of Dominica you will be able to work, live, and prosper in the country, and you will have access to over 90 different countries without obtaining an extra visa.
Taxation in Dominica
Residents are subject to income tax on a worldwide basis with 2 exceptions: non-resident citizens are only subject to tax on Dominican income and resident citizens are subject to tax of income outside of Dominica, but only on the amount entering the country. Taxation in Dominica offers ample opportunity for saving as an individual and an entrepreneur. An additional benefit to the country is that it has no wealth tax, real estate tax, death tax, or inheritance tax.
Package A needs to be taken out by a single applicant if he wishes to become a Dominican citizen. This needs a non-refundable deposit of 100,000 USD. Families who want to apply can opt for packages B, C, or D. Package B is aimed at an applicant with only a spouse and requires a non-refundable deposit of 175,000 USD. Package C is for an applicant with a spouse and 2 children below the age of 18 and requires a non-refundable deposit of 200,000 USD. Package D is for an applicant with a spouse and more than 2 children under 18. It requires a non-refundable deposit of 200,000 USD and an additional 50,000 USD for every additional person under 18.
If you would like more information about the citizenship in Dominica you can contact us today and we will be able to assist you with more information. We will also be able to tell you how your company can flourish under the Dominican taxation laws.
DOMINICA TAX RESIDENCY
Dominica is an attractive prospect for those who want to pay as little tax possible on their business activities. This is a group of islands that enjoy a stable political climate and that offer numerous tax advantages to their citizens. In Dominica you can be classified as a resident or non-resident for tax paying purposes, and the country has a signed double taxation treaties with 2 of their main trading partners.
Non-resident for tax purposes
As a non-resident for tax purposes, you are free from any taxation on income sourced from another country. You will, however, be taxed in the country where the income is generated. If you are involved in any Dominican business activities, you will also have to pay a corporate tax of 25% as a flat rate.
Resident for tax purposes
You are automatically considered to be a resident of Dominica if you are in the country for more than 183 days in the calendar year. All taxpayers must register at the Internal Revenue agency in order to obtain a tax number. As a resident you will be subject to income tax, corporate tax if you are a business owner which is 25%, capital gains tax in the case of asset depreciation which is 27% for companies and 0-25% for natural persons, goods and service tax, excise tax, real estate tax, and tax on corporate assets.
Dominica has also signed double taxation treaties with Canada which only covers income taxes and Spain which deals with income taxes and capital gains taxes only.