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WHY DOMINICA AS YOUR OFFSHORE HAVEN

Of all of the offshore nations one could settle on in the world, by far the most intriguing, beautiful and inviting is the Commonwealth of Dominica, located in the eastern Caribbean. Dominica is known as the Nature Island of the Caribbean and it really lives up to that title. This is the island where the Pirates of the Caribbean Parts 2 and 3 were filmed.

Dominica lies at the center of the Caribbean chain of islands, between the French overseas territories of Guadeloupe and Martinique. It is a rugged island noted for its mountains, 365 rivers and numerous waterfalls. It, more than any other island in the Caribbean, has managed to retain its natural beauty. Dominica is home to the second largest boiling lake in the world.

With an area of 298 square miles, 29 miles long by sixteen miles wide, it is the fourth largest island in the English speaking Caribbean. It has a population of approximately 69,000, including the last of the Carib population in the Caribbean.

There are two urban centers in Dominica - the capital of Roseau and the second town of Portsmouth. Roseau is the administrative and commercial center and Portsmouth which is much more scenic and is home to approximately 1,000 students and staff (mostly Americans) of Ross University School of Medicine, a highly ranked offshore medical school owned by DeVry University.

Dominica was discovered by Christopher Columbus in 1493 but most of its early colonial history was spent changing hands between the French and the English. Although the French finally lost control to the English in 1776, their influence is still strong, principally through the French Creole language which most islanders speak, the dominance of the Roman Catholic Church and numerous place names. Dominica became independent in 1978 and is a member of the British Commonwealth. It is also a member of the United Nations, Organization of American States (OAS), the Caribbean Community and a number of other regional and international organizations.

Dominica is a democratic country which follows the Westminster model of Government. Elections are held every five years to elect twenty-one (21) members of Parliament. Nine (9) senators are then appointed and together they sit in a unicameral legislature. The Head of State is a President who is elected by Parliament and holds office for a term of five years. His role is essentially ceremonial. The current Prime Minister is the Honourable Roosevelt Skerrit who has been in office since 2004 and the President is His Excellency Dr. Nicholas Liverpool who was elected in 2003.
 
Dominica enjoys an independent judiciary with its highest court being the Judicial Committee of the Privy Council in London. At the lowest rung of the judiciary is the Magistrate Court which deals with minor civil and criminal matters. Then there is the High Court which handles serious civil and criminal cases. Appeals from both the High Court and the Magistrate Court go to the Court of Appeal. Dominica shares a Court of Appeal with other members of the Organization of Eastern Caribbean States.

That court is a circuit court which sits in each island two or three times a year. Appeals from the Eastern Caribbean Court of Appeal go to the Judicial Committee of the Privy Council. Dominica has an English common law legal system and most of its statute law is based on United Kingdom precedents. There are about 50 practicing lawyers in Dominica.

Dominica has a very modern telecommunication system. Indeed, it holds the position in the Guinness Book of World Records as being the first country in the world to establish a fully digital system.

The following are some of the features of an offshore IBC in Dominica:

1. INTERNATIONAL BUSINESS COMPANY TAXATION

Offshore companies formed in Dominica enjoy total exemption from local taxes including:

•    income and capital gains taxes
•    withholding taxes
•    transfer taxes
•    stamp duties

2. IBC CAPITAL
•    no minimum paid up share capital
•    capital may be denominated in any currency
•    capital may be denominated in different currencies

3. IBC SHARES
•    a minimum of one share may be issued
•    shares may be registered or issued to bearer
•    shares may be issued with or without par value
•    shares may be denominated in any currency
•    shares may be acquired, re-issued or purchased

4. IBC DIRECTORS AND SHAREHOLDERS
•    a minimum of one shareholder and one director is required
•    shareholders/directors may be individuals or corporations
•    no annual general meeting of shareholders is required
•    shareholders/directors need not reside in Dominica
•    no business license is required
•    shareholders/directors meetings are optional
•    meetings may take place outside Dominica

5. MOBILITY/CONFIDENTIALITY
•    re-domiciliation is permitted either into or from Dominica
•    IBC assets may be transferred to Trustees either within or outside Dominica
•    maximum confidentiality is assured

6. ADMINISTRATION AND REGISTRATION
•    no annual returns must be filed or published

7. RESTRICTIONS/REQUIREMENTS
•    An offshore company (IBC) may not carry on any banking, insurance or other financial activities which would make it a financial institution under Dominican Law.
•    A Dominica IBC may not carry on business with persons resident or domiciled in Dominica except in limited specified circumstances.
•    An offshore company incorporated in Dominica may not carry on any business activities in Dominica save those which are required for the purpose of an office and bank accounts.

DOMINICA'S SECOND PASSPORT PROGRAM

An application for economic citizenship requires that a great deal of confidence be reposed by the applicant in the advocate/agency handling the application. This is because relatively large sums of money must be paid by the applicant to and through a advocate that he/she does not know. Obviously, it is then imperative to select an advocate, or experienced, reputable, reliable firm who deals with the offshore services industry in Dominica. A few questions one would normally ask about such a program are answered here:

WHAT IS DOMINICA'S SECOND PASSPORT PROGRAM?

Dominica's second passport program, also called the Economic Citizenship program, allows a person who is not a citizen of Dominica to become such a citizen, merely by paying a fee to the Government of Dominica. Caribbean Offshore Services Corporation has a long history of successfully processing such application, and offers convenient services to international applicants looking to obtain a second passport or dual citizenship in an offshore jurisdiction. The services of Caribbean Offshore Services Corporation have resulted in the acquisition of second passports by hundreds of persons from all over the world.

HOW DOES ONE QUALIFY FOR A SECOND PASSPORT?

To qualify for a second passport from Dominica the applicants must be of good character and must have the financial means to meet the cost. If these two requirements are satisfied then the other conditions are mere formalities.
 
WHY DO I NEED A SECOND PASSPORT?

The main attractions of a second passport or second citizenship are threefold. First, a person acquiring Dominican second citizenship through the second passport program has virtually the same rights as a person born in Dominica. Second, a second passport from Dominica enables the holder to gain visa free entry into a large number of countries. Third, because Dominica has a good reputation internationally, holding a Dominican passport does not attract undue travel problems or attention.

In addition a Dominica’s passport/citizenship includes the benefits of:

•    Providing tax planning for the holder, and
•    Provides a country to which one can go in the event of political or other instability in one’s native country.

WHAT ARE THE FEATURES OF THE SECOND PASSPORT PROGRAM AND WHAT IS THE COST OF OBTAINING A SECOND PASSPORT?

The Dominican Government has created two options for obtaining Dominica citizenship under the second passport program:

•    Your Second Passport: The Family Option
•    Your Second Passport: The Single Option

Fees vary and the advocate agency can provide such details to you. 

The application process takes about 2-3 months. Much of the time is taken up by the background checks on the client. These are undertaken by internationally renowned private investigation agencies on behalf of the Government.

The applicant or, in the case of a family, the head of the household, is required to attend an interview in Dominica. Note however that if an applicant does not wish to, or cannot visit Dominica, the interview may be conducted outside of Dominica but the applicant must pay the cost of travel and accommodation of the Government officials who are required to conduct the interview.

HOW TO OBTAIN ECONOMIC CITIZENSHIP AND/OR A SECOND PASSPORT

All applicants for Dominica's second passport must be made through a promoter or agent approved through the Government of Dominica.

The following is your Check List of the documents which must be provided:

•    Two (2) completed and notarized copies of Application Form 12 for each applicant

•    Letter of recommendation from the head of the school/university for children between 18 and 21 years old

•    One (1) professional reference

•    Letter of Employment/Audited Financial Statement/Financial Statement certified by practitioner with international accepted designation in respect of main applicant

•    Recommendation from applicant’s Bankers

•    Two (2) Personal references

•    Police Record, with fingerprints, from country of birth and country of residence (if different) for each applicant 16 years and over; For children twelve to fifteen (12-15), sworn affidavit by parent that child does not have criminal record

•    Four (4) passport size photos for each applicant

•    Birth certificate

•    Marriage Certificate/Dissolution of Marriage

•    Medical certificate (using form provided)

•    Letter addressed to the Honourable Minister of Immigration and National Security responsible for citizenship

•    Affidavit of source of funds

•    Detailed Business Background /Resume

•    Notarized copies of University/College diplomas

•    Notarized Disclosure Form

•    Statutory Declaration

MUST AN APPLICANT SPEAK ENGLISH TO QUALIFY?

No. If an applicant cannot speak English, then at the interview a translator can be used. Where the documents of an applicant are in a foreign language, notarized translations must be submitted.

MUST AN APPLICANT RESIDE IN DOMINICA?

One of the major attractions of Dominica’s second passport program is that the applicants do not have to reside in Dominica to qualify. Neither do they have to reside in Dominica after they have obtained citizenship.

DOES THE GOVERNMENT OF DOMINICA NOTIFY THE GOVERNMENT OF THE APPLICANT’S COUNTRY OF HIS/HER APPLICATION FOR DOMINICA CITIZENSHIP?

No. Applications are treated with the strictest confidentiality. No other Government or Government authority is informed that an application is being or has been made.

Dominica is not only the more intriguing one-of-a-kind nations on earth, it also offers a truly solid, reputable and fail safe system for establishing a second passport and IBC. During this time of world financial upheaval and ongoing crisis, the necessity for a second passport and/or IBC may become critical….keep Dominica in mind as a truly secure haven for your offshore needs.

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