With the onset of the Covid-19 pandemic in 2020, businesses worldwide have had to rethink their operations with many becoming more virtual and with more flexible parameters. Corporate executives, businessmen and entrepreneurs have realized that the global economy is less dependent on the location of the business and the work-from-anywhere is proving to be a norm rather than the exception. Several countries in the Caribbean have very attractive citizenship by investment programs some of which are most beneficial for tech entrepreneurs particularly in the Cayman Islands and Dominica.
The benefits of citizenship by investment program are the following:
- Visa-free travel to most countries in the world including the Schengen states.
- Tax benefits like lower tax rates, no taxation on wealth, inheritance or gifts.
- Greater access to the global market.
- Lucrative business and investment opportunities.
- Option to relocate a company, assets and loved ones to a more safe and stable nation. in the wake of conflict, civil unrest, or travel sanctions.
Dominica
Dominica is a small Caribbean island-nation and a member of the Commonwealth since 1978. Its mountainous terrain and volcanic origins have produced natural hot springs and lush tropical rainforests that make it an inviting vacation place or an alternative place to live.
Dominica has recently introduced the Entrepreneurship Visa Program which is the easiest and fastest way to secure a permanent residency and eventually citizenship in comparison to other European countries.
Requirements Needed for the Entrepreneurship Visa Program:
- The applicant must make an investment of no less than US$50,000 in an existing government approved company through the Investment Fund or invest no less than US$100,000 in a new, local technological startup that will employ at least 3 local fulltime employees or invest an unspecified amount in a government approved public or private sector venture.
- It takes only 2 years to become a citizen of Dominica. However, the applicant is required to spend at least 90 days a year in Dominica.
- Applicant must deposit no less than US$100,000 in a local financial institution which can be used by the applicant during the residency period.
After two years of holding a residency permit and fulfilling all the requirements, the applicant is eligible for Dominica citizenship.
Dominica also benefits greatly from the Entrepreneurship Visa Program as it adds new energy and vitality to the economy. It generates new residence and consumer activity for the island-nation and stimulates the growth of local businesses.
Cayman Islands
The Cayman Islands is a British Overseas Territory that encompasses three islands in the Caribbean Sea. It is principally known for its beach resorts and scuba diving and snorkeling sites and is an ideal place to live and work. The Cayman Islands has also become a global hub for tech businesses from startups to mid-sized enterprises to major international companies.
The range of tech businesses is diverse with companies that engage in blockchain, fintech, e-commerce, biotechnology, digital marketing, software development, programming data services, aviation innovation, hosting, telecommunications, electronic publishing companies and more.
The Cayman Islands is not just the ideal global hub for tech businesses. It offers a lifestyle that cannot be found in other countries or territories. It boasts of high-quality healthcare, world-class schools and educational facilities, high end recreational activities. The government’s excellent response to the global pandemic has also given the Cayman Islands a reputation as the safest place on earth.
Residency by investment is equally as attractive. There are no restrictions on foreign ownership of property and a minimum investment of US$1.2 million in a developed property can qualify for permanent residency.
An added attraction is that the Cayman Islands has a unique tax situation. It has no corporate income tax, no capital gains tax, no withholding or similar taxes.
If you are a tech entrepreneur looking for a place to move or start a business or setup a startup and looking into a citizenship by investment program, then the Caribbean, particularly Dominica and the Cayman Islands, is an excellent area to consider.