Do you find yourself looking overseas for a new place to call home?
Today’s we're exploring 2 countries offering residency by investment, and by the end hopefully we can help make your decision on which country you’ll soon be calling home that little bit easier.
To make the most of this opportunity, we’ll look at two principal choices in terms of the countries you have to decide between. Let's see what they are all about in some more depth.
Latvia
Latvia is situated within Europe’s Schengen Area, on the Baltic coast. Approximately half of Latvia’s territory is covered by forests, offering many nature trails and parks.
If you come from a country that doesn’t offer visa-free access to the Schengen zone, then residence in Latvia will let you get that benefit. That’s because Latvia is a long standing member of the European Union, the Schengen zone, and the Eurozone, so you know its political and economic stability are rock-solid.
The country is also known for its pro-business attitude and relatively low corporate taxation, which is always good to have in a country that you’re investing in. What’s more, there are plenty of property opportunities that haven’t been capitalised on by anyone else.
The Latvia Residence by Investment Program was launched on 1 July 2010 as an initiative to sustainably overcome the economic crisis of 2007– 2009. Foreign nationals may apply for a residence permit in Latvia through various options.
While there are 3 investment pathways, one stands out as significantly cheaper compared to the rest, and also compared with other programs in Europe and across the globe.
The investment is as follows:
- Invest EUR 50,000 (55 mil dollars) in the equity capital of a Latvian company (provided that the company annually pays at least EUR 40,000 (44 mil dollars) in taxes), plus a one-time payment of EUR 10,000 to the state budget, totalling 60 thousand Euros.
In other words, the program is extremely good value, especially considering the benefits as a result, but more on that later.
Dominica
The Nature Island, Dominica is renowned for its unspoiled natural beauty. Its standard of living is pretty high, especially when compared to other countries in the region. Dominica welcomes over 200,000 tourists every year, most of whom are day-trippers that visit the island as a part of their cruise journey.
Tourists love the beaches, the mountains, and the luxury-dripping resorts. Owning Dominican citizenship will give you year-round access to the pristine marvels.
But the thing that makes the island the most money is their citizenship by investment program, which they’ve been running for nearly three decades now.
As the citizenship by investment program generates almost half of the country’s revenue, they continue to innovate with different programs to bring in new investors.
Dominica also offers two pathways to residency, one is cheaper than the other and so will be our example for today. The investment includes:
- A non-refundable payment to Dominica’s Economic Development Fund of $100,000 USD
Despite the slightly higher price, there are draw factors that make Dominica as valid a choice for relocation than any other nation, we’ll explore this more in a moment.
So, which program is for me?
While both programs are very intriguing, ultimately you’ll only be choosing one to pursue, so let’s compare them.
First of all, Latvia’s specific benefits include:
Visa-free access to Europe’s Schengen Area
No minimum stay required to be eligible for the residence permit renewal
Fast-track application procedure
Excellent transport links with other EU member states
Now, Dominica, although being more expensive, can’t be ruled out yet, as there are a number of other benefits to be had through investing in their residency, including:
It’s the most affordable: If you’re a “solo” applicant
No tax on your global incomes
Citizenship can be inherited
There is no wealth, gift, inheritance, or capital gains tax in Dominica.
Dual citizenship is allowed
Visa Free-Access to 145 countries
So, taking both into account, Latvia is evidently cheaper, and for those of you working towards a low budget, immediately signals itself as a great choice. However, if you’re working to a lower budget but with a little more flexibility, Dominica offers a great residency program at a comparatively low cost when looked at alongside other nations across the globe.
Aside from price, Latvia is a perfect pathway to European residency if this is your ultimate goal, as well as the program being well designed for applicants looking to travel. On the other hand, Dominica is a great choice for business people looking to explore tax breaks while also investing in a powerful passport.
So, if you are interested in finding out more about the pathway to residency through investment while on a budget, as well as other opportunities to develop your business, contact us today! Below this article, you will find a link to set up a free fifteen-minute consultation with us to discuss your options further.
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