Background and Legal Considerations
The Commonwealth of Dominica, also known as the "The Nature Isle of the Caribbean" with its unspoiled natural beauty, is one of the youngest islands in the Lesser Antilles, and it is still being formed by geothermal-volcanic activity. The highest peaks in the Caribbean are found here including Morne Diablotins, which is 1,447m high. Famous for its many rivers and waterfalls this tropical rainforest paradise is also one of the most popular locations for hiking, scuba diving and whale watching. The capital Roseau and Portsmouth are the only two major cities. Dominica's population is approximately 72,000, of which 20,000 live in Roseau. The island has a diverse mix of people from various cultures that differ according to their ethnic blend. The official language of Dominica is English while the most dominant religion is Roman Catholicism.
Dominica is a parliamentary democracy within the Commonwealth of Nations. Dominica is also a member of the 15-member Caribbean Community (CARICOM) and the Organisation of Eastern Caribbean States (OECS).
Interesting Facts
|
Dominica is home to the world's second-largest boiling lake |
|
Some extinct species of plants and animals can still be found here |
|
Several protected areas are located here like the Cabrits National park |
|
Morne Trois Pitons National Park was recognised as a World Heritage |
|
Many waterfalls, springs and locals say 365 rivers can be found here |
|
There are 22 centenarians in this island a figure which has attracted much research |
|
Over 1,000 students mainly from USA and Canada live and study in Portsmouth |
The Dominican economy is still mainly dependent on tourism and agriculture. Forty percent of the workforce here are in the agricultural sector which mainly exports fruits and root crops. Dominica has also increased its manufactured exports with soap as the primary product. Offshore financial services and Eco-tourism are a growing industry on this attractive island. Dominica is a member of the Eastern Caribbean Currency Union (ECCU). The Eastern Caribbean Central Bank (ECCB) issues a common currency (the East Caribbean Dollar) to all eight members of the ECCU. The EC$ is pegged to the US$ at a fixed exchange rate of 2.7. The ECCB also manages monetary policy, and regulates and supervises commercial banking activities in its member countries.
Some of the many advantages of Dominica:
|
Stable investor climate |
|
Efficient and independent judiciary system |
|
Easy access to the Caribbean |
|
No capital gains tax, estate tax, death tax |
|
No restriction on repatriation of profits |
|
No foreign exchange control |
|
Beautiful environment |
