The former British colonies of St. Kitts and Dominica now open their lands to all who wish to become part of these states. There are several ways to get a passport. How do you choose between the two paradises, and what should you know when starting the process?
If comparing the two regions, there are several similarities in the advantages that the documents receiving systems have:
- it is possible to remain a citizen of one’s state and have a Caribbean document;
- free entry to almost a hundred and fifty states;
- the opportunity to include one’s spouse and children;
- loyal tax environment.
It may seem like the conditions are the same, but they are not. St. Kitts citizenship program is different from the one next door.
Differences in programs
Despite all their similarities, the requirements of these states are different. Dominica’s citizenship by investment is processed within three months, while the neighboring state can offer a one-month waiting period. In the struggle for profitable fellow citizens, Dominica provides a cheaper option in the case of a stock investment. For a single person, it is $100,000, while St. Kitts offers an opportunity to obtain a passport in a similar mode for $125,000. If you migrate a family of four, the contribution will be 175 thousand in Dominica and 170 thousand in St. Kitts. However, such an offer in the second case will be valid only until the end of June this year. At first glance, the least expensive way to become a citizen of the country is to make contributions, but it is worth understanding that the donations are non-refundable.
Both regions allow you to get documents in exchange for purchasing residential or non-residential real estate. The price of apartments should start from 200 thousand dollars in each case. As for tax penalties, these regions are famous for favorable conditions. For example, the government does not tax your income received abroad, inheritance, gifts, and capital gains. Neither is there a wealth tax.
Peculiarities of the passport of Dominica
Immigrant Invest specialist Evgeniya Morozova notes that Dominica, whose CBI index puts it among the favorites of states that offer to become their citizens for investment, has been recognized as the best for the fourth time in a row. Foreigners indeed very often choose low prices and flexible conditions. In addition, Dominica’s citizenship offers excellent opportunities and financial freedom for the applicant and his family.
Features of the St. Kitts passport
The St. Kitts citizenship program began in 1984 and remains popular today. The affordability and reliability of this type attract many wealthy foreigners to the country, who help it raise its economic level. In addition, given the shortest timeframe for obtaining it and the tax benefits applicants receive, St. Kitts citizenship by investment is increasingly chosen by business people and entrepreneurs who want to increase their capital.
How to decide which program to choose?
Like many other investment programs, Dominica’s citizenship by investment has some features and advantages. Choosing the right program for yourself is worth deciding on your priorities, studying all the details concerning the financial side, the necessary papers, and other nuances. The choice of the scheme depends on whether one person migrates or is with a family. Many countries impose a condition of compulsory stay in the state for a certain period of time. It is worth considering whether such an option is right for you. However, neither Dominica nor St. Kitts imposes such requirements on their applicants.
Holders of the IDs of the two territories in question have many opportunities to travel. Check which regions you can visit freely. You may not find the states you want on that list. The investment size also matters because you should add the cost of paperwork, legal services, and more to this amount.
Although the donation is a cheap way to go, remember that it is non-refundable. But the purchase of apartments can come in handy if you plan to live in the state. In addition, they can be rented or sold later if you want to give up the right of permanent residence, which is unlikely.
So, when deciding to get another passport, weigh all the pros and cons, study all the questions that interest you, or consult with specialists. They will help you to carry out this process more competently and with time savings.
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