Dominica officially the Commonwealth of Dominica, is a sovereign island, member of CARICOM and the Commonwealth. It is part of Windward islands in the Lesser Antilles, Caribbean Sea. Located between the French overseas territories of Guadeloupe to the north and Martinique to the south. It has an extension of 750 sq. km. and a population of over 72,000 inhabitants. Its capital is Roseau. Its official language is English, although it is widely spoken the Dominican Creole French, a French based sub-variety of Antillean Creole. Its official currency is the East Caribbean Dollar (XCD), pegged to the US$ at a 2.71:1 ratio.
Dominica’s economy is basically divided in the offshore financial services, tourism and agriculture. Its main export is bananas and to a lesser extent, soap, baby oil, vegetables, grapefruit, tamarind and oranges. Its second source of income is the tourism, with about 70,000-80,000 visitors per year. Other industries present in Dominica include furniture, cement blocks and shoes. The issuance of postage stamps, mainly intended for philatelic collecting, is also an important source of income for its economy.
Its primary sector is the provision of offshore financial services as trusts, international company formation, payment processing companies, commercial and investment banking, structured financing, among others. In Dominica are present some of the world’s leading financial service providers and its incorporated offshore companies benefit from a full tax exemption, easy accounting and maximum privacy.
Dominica has also one of the most attractive citizenship by investment programs worldwide. Where through a donation of $100,000 to the government or a $200,000 investment in real estate, you can get a second passport and travel visa-free to Europe, the Caribbean and part of South America and Southeast Asia.
At Flag Theory, we help to find strategic locations worldwide to optimize your personal finances and business. Here, you can find why and how to set up an offshore company, investment and banking options, and how to get residency and citizenship by investment in this Caribbean island.