Country overview

Dominica is a small island in Eastern Carribean. It’s a member in Organization of Eastern Carribean States (OECS). These countries (Antigua and Barbuda, Commonwealth of Dominica, Grenada, Montserrat, Saint Kitts and Nevis, Saint Lucia and Saint Vincent and the Grenadines) have a joint Central Bank - ECCB (1).

According to Visaguide (2) Dominca has launched a program Work in Nature (WIN) in April 2021. It’s an analogue of the digital nomad visa, which gives a residence permit in the country. Program members don’t need to pay income tax and capital gain tax.

Dominica has a minor danger security level according to our rating.  

  Dominica has a close cooperation with Tron blockchain and HTX exchange linked to Justin Sun. According to our information Tron has an agreement (3) with the government of Dominica to make Tron a payment method on Dominica. Also it’s possible to use TRX, BTT, JST, NFT, USDD, USDT, and TUSD for legal crypto payments (4) in the country.  

We don’t have information about crypto salaries in Dominica.

The Parliament of Dominica has approved in June 2022 The Virtual Asset Business Act (5). All VASPs operating in the country shall register by the Financial Services Unit (FSU). It’s a branch of the Dominica Finance Ministry responsible for enforcing anti-money laundering (AML) in the country. Types of virtual assets businesses include: “(a) exchange between a virtual asset and fiat currency; (b) exchange between one or more forms of virtual assets; (c) transfer of a virtual asset whether or not for value; (d) safekeeping or administration of a virtual asset or instruments enabling control over a virtual asset; and (e) participating in and provision of financial services related to an issue or sale of a virtual asset”;

Dominica is a member of The Eastern Caribbean Central Bank (ECCB) and implementation of The Virtual Business Act was a part of harmonization virtual asset regulations inside ECCB countries (6).

Cooperation between Dominica and Tron also led to launch digital identity service (DID Dominica) (7). Users of this service can generate Dominica Metaverse Bound Token (DMBT) authorized by government.

Dominica has 15-35% personal income tax rate and 15-25% corporate income tax rate. According to Inland Revenue Department (8) “first $30,000 of taxable income are not taxed” and than it works a progressive scale. Taxable income is a profit derived from capital gains, royalties, interests, bonuses, etc.

However, according to NextGenerationEquity (9) non-residents pay only for their income from local sources. Based on IRD guide (10) offshore companies registered in Dominica have 20-year tax holidays.

1)👉🏻ECCB website

2)👉🏻Digital Nomad Vida in Dominica Visa Guide

3)👉🏻TRON becomes legal tender in Dominica Cryptoslate

4)👉🏻Dominica’s crypto experiment Daily Express

5)👉🏻The Virtual Asset Business Act, Commonwealth of Dominica

6)👉🏻 PARLIAMENT PASSES VIRTUAL ASSET BUSINESS ACT, Dominica: Government Information Service

7)👉🏻From Crypto to the Caribbean…, Huobi blog Medium

8)👉🏻Personal Income Tax, Inland Revenue Department

9)👉🏻 Dominica Income Taxes, Next Generation Equity

10)👉🏻Corporate Income Tax, Inland Revenue Department