Citizenship by Investment to Make up Half of Dominica’s Total Revenue
During his annual budget address, the Prime Minister of the Commonwealth of Dominica, Roosevelt Skerrit, emphasised the key role the island’s Citizenship by Investment (CBI) Programme plays in boosting the country’s economic performance. According to statistics presented before the Dominican Parliament, the CBI Programme is expected to make up 51% of Dominica’s total recurrent revenue and 25% of its estimated GDP for the upcoming 2019-2020 fiscal year.
Prime Minister Skerrit also revealed how CBI has been utilised to enhance several areas of the Dominican society, including education, healthcare, housing and climate resilience. CBI has also helped substantially develop Dominica’s eco-tourism product. With three internationally renowned hotel brands expected to debut on the island, opportunities for business owners, farmers and fishers keep expanding.
The Dominican government has also invested a large portion of CBI funds into the island’s mass-scale ‘Housing Revolution’ initiative, which aims to build 5,000 weather-resistant and affordable homes for its population. At present, over 500 homes have been built with a further 1,068 currently undergoing construction. Lastly, the CBI Programme is also expected to contribute to building a new hospital and developing an international airport.
PM Skerrit said that non-tax sources are primarily being driven by the Citizenship by Investment Programme, totalling around EC$417.5 million. “Indeed, this improved performance relative to the previous fiscal year is reflective of the success of this major policy initiative,” commented the Prime Minister.
For over two decades, Dominica’s CBI Programme has played an important role in the long-term development of this small Caribbean island. It enables highly vetted global individuals and their immediate relatives to acquire second citizenship through an economic contribution. Applicants have a choice between making a one-time investment into the established Economic Diversification Fund (EDF) or buying into selected real estate.
The EDF offers one of the most affordable routes to second citizenship in the world, particularly convenient for single applicants. Investments are used to sponsor key development projects and invigorating the local economy. Dominica’s CBI Programme has also been internationally acclaimed as the world’s best offering for economic citizenship, as announced by the Financial Times’ Professional Wealth Management magazine. The special report, titled the CBI Index, cites the programme’s efficiency, affordability and reliable vetting procedures as some of the key reasons why investors continue to choose Dominica.
Published: 10 August 2019