Friday, May 24, 2024
spot_img
HomeNewsCaribbean NewsDominica economic diversification fund

Dominica economic diversification fund

By Caribbean News Global fav

ROSEAU, Dominica – The Economic Diversification Fund (EDF) is a Dominican government program supporting socio-economic initiatives with the aim of driving national development. This was established through the country’s Citizenship by Investment Programme, as one component of a national capital mobilization portfolio. Applicants can acquire economic citizenship to Dominica by making a financial contribution to its EDF.

All money generated for the EDF fund goes towards improving projects in the public and private sector which are in need of financial support. These include building schools, renovating hospitals, and the creation of a national sports stadium, as well as a variety of other undertakings across numerous industries such as tourism, information technology and agriculture.

Minimum EDF contribution requirements

To qualify for Dominican citizenship through the citizenship by investment (CBI) program, applicants must make a non-refundable contribution to the EDF.

The cost of your contribution will be determined by the number of dependents included in the application – this refers to anyone who relies on you as a primary source of income, including children. Spouses, parents or other family members may also qualify.

  1. Single applicant: USD 100,000
  2. Spouse of the main applicant: USD 50,000 
  3. Sibling of the main applicant or of the spouse of the main applicant aged 18-25: USD 50,000
  4. Any dependant other than the spouse of the main applicant or a sibling of the main applicant or the spouse of the main applicant aged 18-25: USD 25,000each
  5. Family of four including the main applicant, the spouse of the main applicant, and two other dependants other than a dependant sibling: USD 175,000

Additional EDF fee

The following fees must be paid in addition to the minimum EDF contribution:

Processing fees

Per application – USD 1,000

Due diligence fees*

Main applicant – USD 7,500

Spouse – USD 4,000

Dependant aged 16 years or above – USD 4,000

*Enhanced due diligence checks and fees may sometimes be required, depending on the applicant’s current citizenship status, and other personal circumstances.

Other fees

Certificate of Naturalisation fee – USD 250 per person

Expedited passport issuance fee – USD 1,200 per person

NOTE: ADDITIONAL ‘GOVERNMENT FEES’ ARE NOT REQUIRED BY THOSE APPLYING FOR DOMINICAN CITIZENSHIP WITH AN EDF CONTRIBUTION. THESE FEES ARE ONLY RELEVANT TO APPLICANTS WHO INVEST IN REAL ESTATE.

Economic diversification fund payment information

The applicant is responsible for paying the full minimum EDF contribution under the laws and regulations that govern the Dominica CBI Program. Payments will be made via bank transfer, and any applicable bank charges must also be paid to ensure the Government receives the full EDF contribution amount.

Full minimum EDF contribution amounts are expressed in United States dollars (USD). However, the government will also accept payments in euros (EUR) and pound sterling (GBP).

IMPORTANT: Any payments in EUR or GBP must be equivalent to or greater than the minimum EDF contribution amount in USD. Any payment that falls below this on the day the payment is processed will be rejected as insufficient.

Source: Government of the Commonwealth of Dominica

spot_img
RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

spot_img
spot_img
spot_img

Caribbean News

St Lucia’s water-related emergency ‘presents several health hazards’, says MOH

- The Ministry of Health issues a heat advisory for schools … (ostensibly ignoring the rest of the population and national security apprehension)  - Saint...

Global News

EU – ILO and TradeInvest Timor-Leste join forces to develop and expand coconut business opportunities in Timor-Leste

The International Labour Organization (ILO) and TradeInvest Timor-Leste, supported by the European Union, sign a Technical Cooperation Agreement to develop coconut business opportunities...