In today’s rapidly evolving global economy, securing a second citizenship or residency is not just a luxury but a wise move. Investors seeking to enhance their personal and professional prospects should look no further than the Caribbean island of Dominica and the history-steeped nation of Greece. Both countries offer attractive programmes tailored for global investors, providing unrivalled benefits in terms of lifestyle, mobility and financial growth.
Whether you’re a savvy financier, an astute retiree or a forward-thinking global citizen, each of these destinations unlocks a world of possibilities, says Christos Vardikos, Attorney at Law — Vardikos & Vardikos Consul of the Commonwealth of Dominica and Vice President of the Consular Corps in Greece.
DOMINICA: THE CARIBBEAN’S NATURAL JEWEL
Known as the “Nature Isle of the Caribbean”, Dominica is a haven for those seeking tranquillity amidst stunning natural landscapes. Its mountainous terrain, crystalline coastline, lush rainforests and abundant 365 rivers create a rejuvenating environment unmatched in the Caribbean. While COVID-19 impacted the island’s tourism industry, proactive government measures kept local cases to a minimum, ensuring safety for residents and visitors alike. With United Airlines resuming its daily flights from Miami and the reopening of luxury establishments like the InterContinental Dominica Cabrits Resort & Spa and Secret Bay hotel, the island’s resilience and ongoing appeal are evident.
But Dominica is more than a beautiful escape; it is an intelligent investment choice. Since 1993, Dominica has welcomed foreign investors through its well-formulated Citizenship by Investment Programme (CIP). For a minimum investment of $100,000 into a government fund or $200,000 in approved real estate, investors can obtain citizenship with benefits that include visa-free travel to over 150 countries, the ability to pass citizenship to future generations, and access to sophisticated tax and estate planning solutions. The programme’s efficiency is further highlighted by its swift remote filing process, a significant advantage first realised during the COVID-19 pandemic.
Recent enhancements to Dominica’s CIP include mandatory interviews and redefined qualifications for dependents, allowing for the addition of new dependents post-naturalisation. This flexibility adds long-term value for participants, making Dominica a top choice for second citizenship for six consecutive years, as ranked by experts at the Financial Times’ PWM magazine.
Over and above the CIP, Dominica’s allure also extends to its maritime industry. The island operates a highly efficient and cost-effective Ship and Yacht Registry, providing comprehensive administrative and technical support with no tonnage tax or size restrictions. Owners also benefit from the unique ability to charter private yachts for up to 84 days without commercial registration, allowing the recuperation of operational costs. At the same time, the registry’s global network of inspectors ensures easy survey coordination at competitive prices, making Dominica a top choice for maritime ventures.
GREECE: THE GOLDEN GATEWAY TO EUROPE
Across the Atlantic, Greece offers a different but equally enticing proposition through its Golden Visa Programme. Recognised as one of Europe’s most successful and affordable residency programmes, it requires a minimum investment of €250,000 in real estate or €500,000 in fixed-term deposits or government bonds.
Effective April 1, 2024, Greece has introduced new investment thresholds: €800,000 for properties in prime areas like Attica, Athens, Thessaloniki, Mykonos and Santorini, and €400,000 for other regions. The minimum investment amount will change from August 2024; however, even with these adjustments, Greece remains competitively attractive, reflecting the country’s commitment to drawing high-calibre investors while ensuring economic growth across the nation.
Key advantages of Greece’s Golden Visa include a streamlined process allowing remote application via Power of Attorney, permanent residency granted within two months and eligibility for Greek citizenship after seven years. The programme also covers three generations, extending benefits to the main applicant’s spouse, children up to 21 years of age, and parents of both the applicant and spouse. Moreover, the programme has been augmented to allow investments in plots of land and historically preserved properties, improving the potential for additional income. Notably, Greece’s visa-free travel also extends to 27 EU countries.
For those looking to retire or live in Greece without the intention to work, the country offers a convenient residence permit for financially independent individuals. This permit, valid for two years and renewable, allows holders to experience the Greek lifestyle while being able to travel freely within the Schengen Area, making it an ideal option for non-EU nationals seeking a European base.
Additionally, Greece’s Non-Dom Tax Regime is a significant draw for high net-worth individuals. By paying an annual flat tax of €100,000 (plus €20,000 per dependent), investors can enjoy exemption from declaring foreign income and from inheritance or donation tax on properties abroad. This regime, supported by Greece’s extensive Double Taxation Agreements, positions Greece as a favourable tax domicile.
VARDIKOS & VARDIKOS: YOUR PARTNER IN GLOBAL MOBILITY
Both Dominica and Greece offer robust programmes that cater to the diverse needs of global investors, but navigating these opportunities requires expert guidance. Vardikos & Vardikos, a full-service law firm headquartered in Athens with offices in Cyprus, Dominica and St Lucia, specialises in Citizenship by Investment and residency programmes. As a Government Approved Service Provider, the firm offers comprehensive legal and consultancy services to ensure a smooth, efficient process for clients.
For those looking to diversify their lifestyle and investment portfolio, Dominica and Greece present unparalleled potential, opening the doors to new business ventures and a higher quality of life. Whether it’s the serene, untouched beauty of Dominica or the historic, culturally rich environment of Greece, these destinations offer not just a place to live but a strategic base for global mobility and prosperity.
In a world where the ability to move freely and invest wisely is more valuable than ever, Dominica and Greece stand out as beacons of opportunity. With the expert and personalised assistance of Vardikos & Vardikos, a brighter future in these paradises is just a step away.
To find out more about Vardikos & Vardikos, visit the website, email info@vardikos.com or call +306932488888.