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Purely Dominica

Purely Dominica

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Are you looking to improve your finances in the new year? One great way to do that is by starting an emergency fund. An emergency fund is like a safety net for unexpected expenses like job loss, accidents, or medical emergencies. It’s basically a bank account set aside for big and unexpected expenses.

Creating an emergency fund is easy. First, set a financial goal for yourself. A good goal is to save three to six months of living expenses. If that’s too much, start with a smaller goal, like two weeks of your salary. Then, set up a savings schedule where you transfer a certain percentage of each paycheck into the fund. And to make your fund grow even more, consider automatically transferring a portion into a high-yield savings account.

There are plenty of reasons to start an emergency fund this year. For example, if you lose your job, your emergency fund can help you pay for important expenses like rent and groceries. And, if you have unexpected home repairs or medical bills, your emergency fund can help cover those costs without putting you in debt. Plus, if you own a car, an emergency fund can help with unexpected maintenance or accident expenses. And if a loved one is seriously ill or passes away, an emergency fund can help ease the financial burden during a difficult time.

When setting up your emergency fund, make sure to keep it in a liquid account so you can easily access the money when you need it. And try not to dip into it unless you’re in a real emergency. And finally, be sure to check on your savings regularly and celebrate your progress. Starting an emergency fund takes discipline, but it’s worth it for the peace of mind and financial security it provides.

If you need help with financial planning, we have a list of accountants, banks, and financial institutions that can help you out. And we also have some tips on financial planning and dealing with lifestyle habits that might be draining your finances.

Happy saving!

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Travel around the world without visas with Dominica passport

For those, who are looking the possibility to obtain a second citizenship and passport, will be interesting to learn about how it is possible to get the Dominica citizenship and what are the advantages of the Dominica passport.

Dominica is a paradise island with untouched nature, a pleasant tropical climate, fresh and healthy food, tranquil pace of life and friendly people. If you want to escape from the worries and bustle of big cities, retire and to be close to the nature — this is the perfect place to live.

Dominica is a political stable country, which is not involved in any international conflicts and Dominica citizens can safely and easy to travel around the world without attracting anyone’s attention.

Dominica citizenship allows to move freely throughout the world: over 110 visa-free countries or to obtain a visa on arrival, and to travel to others it’s required just go through a simple process of obtaining a visa. Crossing borders with the Dominica passport is much easier than the citizens of other countries under the scrutiny of the world community.

Dominica citizens does not require a visa:

  • to all the countries of the Schengen zone: Austria, Belgium, Croatia, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary,  Iceland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland,  Portugal, Slovakia, Slovenia, Spain, Sweden, Switzerland.
  • to other European countries: Bulgaria, Cyprus, Romania, San Marino, Vatican City — for 90 days, United Kingdom — for 60 days, Andorra, Ireland, Monaco.
  • to many countries in the Caribbean:
    • members of CARICOM: Antigua and Barbuda, Bahamas, Barbados, Belize, Grenada, Guyana, Haiti, Jamaica, Montserrat, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Suriname, Trinidad and Tobago – up to 90 days without visa.
    • Panama — for 180 days, Aruba, Costa Rica, Curacao, Sint Maarten — for 90 days, Guadeloupe, Martinique, Saint-Barthelemy, Saint-Martin — for 15 days, Dominican Republic — for 30 days, Cuba — for 28 days.
    • Caribbean Netherlands (Bonaire, St. Eustatius and Saba), and visa on arrival to Nicaragua.
  • to many South American countries: Brazil, Colombia, Guyana, Ecuador, Peru, Venezuela, and visa on arrival to Bolivia.
  • to Asian countries: Hong Kong, Indonesia, Israel, Jordan, Korea, Malaysia, Singapore, Philippines, and visa on arrival to Armenia, Bangladesh, Cambodia, Iran, Laos, Maldives, Nepal, Sri Lanka, Timor-Leste, Turkey.
  • to African countries: Botswana, Gambia, Kenya, Lesotho, Malawi, Mauritius, Swaziland, Zambia, and visa on arrival to Cape Verde, Comoros, Djibouti, Egypt, Guinea-Bissau, Madagascar, Mauritania, Mozambique, Seychelles, Somalia, Tanzania, Uganda.
  • to Oceania countries: Fiji, Micronesia, Vanuatu, and visa on arrival to Palau, Samoa, Solomon Islands, Tonga, Tuvalu.

Full list of visa-free countries with the Dominica passport.

Dominica passport can be used as an effective tool for a financial and business optimization. Dominica citizens, who are residing outside of the country, are exempt from the income tax from abroad capital gains or inheritance, from the need to submit any report or declare the overseas income.

How to get citizenship of Dominica.

At the moment there are two ways to obtain an Dominica passport:

  • To live in Dominica (without breaks in the visa) for 7 years and then apply for Dominica citizenship, which can be considered from 3 to 5 years. Total: about 12 years.
  • To get the citizenship by the official investment program of Dominica Government — in about 3 months.

The cost of Dominica citizenship.

For last few years the investment program has been significantly changed a several times:

  • The procedure for to obtain Dominica citizenship simplified to three steps for the applicant: collect all necessary information and documents, transfer the investment amount, take the oath and receive the certificates of naturalization. More information about the procedure to obtain Dominica citizenship.
  • It has been created two investment options: invest in Dominica real estate or easy transfer the investment amount to the account of the Dominica Government.
  • The cost to obtain the Dominica citizenship has increased by 30-50%, but it still remains the most economical in the world at the present moment.

You can find the relevant information on all costs to obtain Dominica citizenship by Investment program.

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In a recent release by the Financial Times, the Commonwealth of Dominica has ranked #8 in “Foreign Direct Investment (FDI) Strategy” and #6 in “Cost Effectiveness” in the Caribbean and Central American Countries of the Future 2015/16 report.  The Financial Times in its FDI Magazine, August Edition presented the full report which highlighted the top countries in various categories as well as the overall countries of the future for that region. The anticipated report was welcomed in the Caribbean but more so by the countries which were selected in the top rankings by the Financial Times, a leader in financial and economic news and statistics.

This achievement for Dominica with the FDI Strategy is linked to the recent collaboration of Compete Caribbean where support was provided to Invest Dominica Authority for a project designed to strengthen investment promotion in the Nature Island. The strategy which included building the Authority’s capacity, staff training and market outreach is currently being executed by the Authority. Part of the program included sector development and identifying key benefits to be attained if Dominica is selected as the investment location. Dominica ranked in the top ten for cost effectiveness.

The Authority is grateful to Compete Caribbean and its donors: The Inter-American Development Bank (IDB), the United Kingdom Department for International Development (DFID) and the Government of Canada for providing the financial resources to develop the strategy, identifying consultants to work with the Authority and ensuring the action plan was executed. Additionally, projects in the OECS are implemented in partnership with the Caribbean Development Bank.

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