The Dominican Republic’s citizenship by investment program allows foreign investors to obtain Dominican citizenship and passport by making an eligible investment. As one of the most affordable citizenship by investment programs globally, it has attracted many investors in recent years. This article will introduce the basic requirements, procedures, costs, and benefits of obtaining citizenship in the Dominican Republic through investment.
Overview of Dominican citizenship by investment program
The citizenship by investment program in the Dominican Republic was officially launched in 2014 to encourage foreign investment and boost economic development. It allows investors to obtain citizenship by either investing in real estate or making a contribution to the National Development Fund. The minimum real estate investment is $200,000 for a single applicant. The minimum National Development Fund contribution is $100,000 for a single applicant. The Dominican passport will be issued within 90 days after the investment is made and all fees are paid. Applicants must also pass background checks and provide documents proving their source of funds.
Key benefits of Dominican citizenship
The Dominican passport provides visa-free access to over 140 destinations, including the Schengen Area, UK, Russia, Singapore, and Hong Kong. It ranks 32nd on the global passport index. Dominican citizens can also easily travel to the United States without needing a visa. Obtaining Dominican citizenship also allows investors to live, work, study, and own businesses in the country. The Dominican Republic has a territorial tax system, so Dominican citizens only need to pay taxes on income from Dominican sources. There is no requirement to reside in the country either before or after obtaining citizenship.
Application process and fees
The application process involves preparing all required documents, making the qualifying investment, submitting the application, undergoing background checks, and attending an interview. Mandatory fees include due diligence fees, government fees, and passport fees. For a single applicant, the total cost for citizenship through real estate investment is about $235,000. The cost through National Development Fund contribution is around $115,000. There may be additional legal and translation fees as well. The application can include dependents such as a spouse and children under 18 years old.
Popular real estate investment options
The most popular locations for real estate investments to obtain Dominican citizenship are in Santo Domingo, Punta Cana, and Santiago. Condos are a common choice for investors due to their lower costs and hassle-free maintenance. There are also villas, beachfront properties, hotels, and commercial real estate available. Investors are free to sell their properties after 5 years of ownership. The real estate market in Dominican Republic has been steadily appreciating, so most investors can at least recoup their initial investment amount.
The Dominican Republic’s citizenship by investment program offers an affordable route to a Caribbean passport with minimal travel restrictions. With well-defined laws, straightforward application process, and reputable service providers, the Dominican CBI program provides good value for investors seeking a second citizenship.