The Economic Diversification Fund’s Tasks and Goals
The EDF is regulated by Section 101 of the Constitution of Dominica, the Citizenship Act, and Dominica’s Citizenship by Investment Regulations. As such, money contributed to the fund is used to develop the country by improving its infrastructure, medical facilities, and more.
Citizenship by Investment is a popular route to becoming a Dominica citizen. In fact, the Dominica citizenship program is the country’s main revenue generator for Dominica’s 2022/2023 $1.2 billion budget and raised over $450,000,000 in 2021 and 2022.
How Dominica’s EDF spends investors’ financial contribution
Money that investors contribute to the fund is used to:
- Construct new homes that are earthquake resistant.
- Protect against flooding by deepening rivers, building river dams, and building structures to regulate drainage.
- Repair and build airports, bridges, and roads.
- Improve education facilities and opportunities.
- Provide job opportunities and financial support for local businesses.
- Improve citizens’ access to clean drinking water.
- Develop renewable energy.
Check out our article: CBI Index Votes “Dominica Best Country for Citizenship by Investment.”
Benefits of Contributing to Dominica’s Economic Diversification Fund for Citizenship
Most affordable option for a single applicant
For Caribbean CBI applicants, this is one of the most affordable options for an individual to obtain Dominica citizenship, as the minimum contribution amount is $100,000. St Lucia’s National Economic Fund has roughly the same financial contribution requirement.
Development of Dominica’s public infrastructure
Money from the fund is used to develop and improve local infrastructure to create a safer, more efficient, and greener environment. The fund is used to support public and private sector projects that work to build schools, renovate hospitals, and have even helped to create a national sports stadium. Additionally, money generated by the fund is used to provide financial support to the country’s tourism, information technology, and agricultural sectors.
Streamlined application process
The EDF application process is streamlined, with approvals taking up to 90 days after being filed with the government.
Financial Requirements for Dominica’s Economic Diversification Fund Contribution
In order to obtain Dominica citizenship by making a contribution to the Economic Diversification Fund, applicants must make a non-refundable contribution in accordance with the requirements of the fund. This amount will vary based on the number of dependents, as outlined in the table below.
|Applicant category||Minimum contribution requirements (US$)|
|Main applicant and spouse||$150,000|
|Main applicant and up to three dependents||$175,000|
|Additional dependents under 18||$25,000 each|
|Additional dependents 18 years or older||$50,000 each|
Additional EDF Fees
In addition to the minimum contribution amount, you will also need to pay costs such as government fees or processing fees, due diligence fees, a certificate of naturalization fee, and a passport fee. Again, these costs will vary depending on the number of applicants.
Economic Diversification Fund Payment Information
As the applicant, you are responsible for paying the full contribution amount under the laws and regulations that govern Dominica’s Citizenship by Investment Program. Your payment must be made as a bank transfer, and you must make sure to pay any applicable bank charges to ensure the Dominica government receives the complete EDF contribution amount. Fortunately, you will only be required to pay your contribution amount once the government has approved your citizenship application.
Important note: While the Economic Diversification Fund contribution amounts are expressed in United States Dollars (USD), Dominica’s government will also accept payments in Euros (EUR) and Pound Sterling (GBP).
Step 1: Discussion with our success team and obtain a proposal
Obtain a proposal that details all costs and fees associated with your Dominica EDF investment application submission.
Step 2: Start the onboarding process
The team at Global Citizen Solutions will help you prepare your application forms and gather all the necessary supporting documents. Make sure to notarize and certify documents as needed.
Step 3: Application review
We will review your citizenship application and supporting documents to ensure everything is in order to officially submit your application.
Step 4: Due diligence
Submit your documents required for due diligence.
Step 5: Application submission
Submit your application to the Citizenship by Investment Unit and pay the necessary processing fees.
Step 6: Approval
The Dominica government will assess your application in accordance with various requirements, such as passing a background check, and decide on the success of your application. It generally takes about three months (90 days) from the date of submission to the issuing of your passport.
Step 7: Final invoice
Your final invoice will be issued. You will be required to pay your contribution amount, as well as the remainder of the government processing fees.
Step 8: Issuing of passport
Your passport and Certificate of Registration (COR) will be issued. This generally occurs within one month of you making your investment payment.
Step 9: Receive documents
Your Dominica passports and COR will be couriered to you.
Benefits of Obtaining Dominica Citizenship
Obtaining a Dominica passport comes with a number of benefits. For example, Dominica passport holders can enjoy visa-free travel to 146 countries, including the European countries in the Schengen area, Hong Kong, Singapore, China, and Russia.
In addition to this, Dominica citizens can benefit from having no capital gains tax on global income and no wealth or inheritance tax. Dominica dual citizenship is also permitted, meaning you will not have to give up your current passport once you acquire this second citizenship. Finally, Dominica has no stay or visitation requirements to maintain citizenship, which is particularly attractive if you travel a lot for work or are not yet ready to relocate.
You can read more in our article: Everything You Need to Know about the Dominica Passport.
Another route to obtain citizenship under Dominica’s Citizenship by Investment Program is by making a real estate investment. A single applicant can purchase pre-approved real estate to the minimum value of $200,000. If you would like to learn more, visit our article: Dominica Citizenship by Investment – The Ultimate Guide by Experts.
You can learn more about Dominica in the following articles:
Frequently Asked Questions about the Dominica EDF Fund
1. What is the Economic Diversification Fund Dominica?
The Dominica economic citizenship program or Economic Diversification Fund is a Government fund under the Citizenship by Investment Program. An applicant can become a Dominica citizen by making a non-refundable minimum contribution of $100,000 to the fund. Money from the fund is used to support the country’s socioeconomic development by improving infrastructure, education, renewable energy, and more.
2. How much does the Economic Diversification Fund cost?
To acquire citizenship by investing in Dominica’s EDF Fund, a single applicant must make a minimum contribution of $100,000 to the fund. In addition to this, you will need to pay due diligence fees, processing fees, a passport issuance fee, and a certificate of naturalization fee. The cost of this route to citizenship will vary depending on the number of applicants.
3. How can I get a Dominica passport?
You can obtain a Dominica passport through the country’s Citizenship by Investment Program. You have two options under the CBI program: Make a minimum contribution of $100,000 to the Economic Diversification Fund or invest at least $200,000 in a pre-approved property. In addition to a minimum investment, you will also need to meet certain requirements, such as having a clean criminal record.
You can read more in our article: Invest in Dominica.
Once you are a Dominica citizen, you can enjoy visa-free access to over 140 countries, dual nationality (maintain your original nationality alongside your Dominica nationality), and tax benefits.