Personal accounts: Dominica
An honest assessment before work starts, the quote is fixed in writing.
We assess your chances against your profile, prepare the compliance file, help you present your source of funds properly and handle communication with the bank until it decides. The final decision always rests with the bank, and careful preparation improves the odds.
We quote the exact cost for this country after a short consultation: it depends on the bank and your residency. The quote is fixed in writing before work starts.
Taxes for an account holder in Dominica
Dominica citizenship alone does not make you a tax resident. A resident is someone who lives on the island or spends more than 183 days there in a year. A resident gets a tax-free allowance of XCD 30,000 a year, about $11,200, and the rest is taxed on a scale.
| Chargeable income, XCD | Rate |
|---|---|
| up to 30,000 | 0% |
| 30,001-50,000 | 15% |
| 50,001-80,000 | 25% |
| over 80,000 | 35% |
The rate is the official peg of XCD 2.70 to $1. People who retire to Dominica and were not resident before are exempt from tax on income from abroad. There is no capital gains tax; VAT is 15%.
We will calculate online the cost of opening a personal account and maintaining it for a year.
How opening the account works
- Passport, proof of address, a reference letter from your bank.
- Source of funds and purpose of the account; investment citizens show program documents.
- The bank reports non-residents' accounts to their home tax authority.
More on the passport on our Dominica citizenship page.
An account for an investment citizen of Dominica
Many open an account after obtaining citizenship by investment. The contribution to the Economic Diversification Fund is from $200,000 for a single applicant and from $250,000 for a family of up to 4. The bank sees that the applicant has passed the program's checks but still asks for its own documents: source of funds, income and tax residency details. More about the program on the citizenship page above.
Why banks in Dominica refuse
- No reference letter from a current bank.
- Unclear where the money comes from and why an account on the island is needed.
- Payments linked to sanctioned or high-risk countries.
- The address and tax residency in the form are not backed by documents.
What we do
- Personal account - opening assistance
See also
Company formation · Business account · Investment property · All country programs
FAQ
Can a non-resident open a bank account in Dominica?
Does a Dominica passport get me a local bank account?
Is there a minimum balance for a Dominica account?
Does Dominica report under CRS?
Who pays income tax in Dominica?
Is foreign income taxed in Dominica?
Does Dominica citizenship by investment entitle you to a local bank account?
What other taxes does Dominica have?
What is the tax-free allowance in Dominica?
How many days make you a Dominica tax resident?
Opening a personal account in Dominica?
We match a Dominica bank to your profile, including citizenship by investment applicants, and follow the application to a decision. Every country is in the searchable catalogue.
The Murblz consultant replies straight away in the chat on this page. Describe your situation and we will work it out together.
Free consultation