Investment Migration Council

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  • Starting Up in Malta: Exploring the New Residence Programme for Entrepreneurs

    Starting Up in Malta: Exploring the New Residence Programme for Entrepreneurs

    An article by Kenneth Camilleri IMCM, CEO, Vertex Alliance

    The Malta Startup Residence Programme (MSRP) is designed to attract investment from non-EU nationals by offering a renewable three-year residency permit to startup founders, co-founders, key employees, and their families.

    This programme is ideal for entrepreneurs seeking to launch and expand their innovative businesses in a vibrant, English-speaking jurisdiction, ensuring long-term residency stability.

    Key Application Criteria

    Applications for the MSRP are assessed based on the startup’s business plan, level of innovation, and business viability. Startups with up to six co-founders are eligible, provided the business has not been registered for more than seven years in any country.

    To qualify, the newly incorporated startup in Malta must invest or have a paid-up share capital of at least €25,000. If more than four co-founders are applying for the residency permit, an additional €10,000 in share capital per additional co-founder is required.

    Defining an Innovative Startup

    Innovation is central to the MSRP. Eligible business projects must meet at least two of the following criteria:

    – Offer new and innovative products or services compared to existing ones.

    – Have the potential to generate income from multiple geographical markets.

    – Utilise processes that are new or significantly improved compared to current market standards.

    Eligible industries include advanced manufacturing, software development, biotechnology, pharmaceuticals, sustainable eco-startups, and other innovative economic activities.

    Benefits of the Programme

    Malta provides an optimal business environment with English as its official language. Its strategic location is advantageous for targeting markets in Europe, Africa, and the Middle East, and the country boasts low incorporation costs and a competitive tax system.

    As a member of the European Union and the Schengen Zone, Malta offers visa-free access to the Schengen area for 90 days every 180 days.

    The MSRP ensures long-term residency stability. After the initial three-year permit, startup founders and their immediate family members can renew it for an additional five years, while key employees can renew it for another three years. Long-term residency can be applied for after five years of continuous residency.

    The Malta Startup Residence Programme forms part of the Maltese government’s ‘Start in Malta’ initiative and operates in collaboration with Malta Enterprise and the Residency Malta Agency.

    Eligibility Requirements

    The MSRP is open to founders, co-founders, core employees, and their immediate family members, including spouses, de facto partners, minor children, and adult children who are principally dependent.

    Applicants must be over 18, have no criminal record, be third-country nationals (excluding EU, EEA, and Swiss nationals), and be committed to developing and expanding their business in Malta. Founders, co-founders, and core employees must have sufficient funds to support themselves and any dependents.

    Core employees must possess specialist skills essential for the startup and hold a full-time contract with a minimum salary of €30,000.

    Furthermore, beneficiaries must demonstrate a physical presence by residing and paying taxes in Malta. All applicants and their dependents must hold health insurance and intend to reside in Malta for at least 183 days per year. At least one non-EU co-founder must be registered as an employee.

    About Vertex Alliance

    Kenneth Camilleri is the CEO of Vertex Alliance, a trusted advisor specialising in investment migration, corporate, tax, and wealth management services. Vertex Alliance offers guidance on various RBI and CBI programmes in Malta, Europe, and globally.

    With extensive experience in the investment migration industry, Vertex Alliance assists investors worldwide in achieving their residency and citizenship goals. They are committed to understanding each client’s objectives and delivering tailored solutions for success.

    For more information, contact Vertex Alliance at info@valtd.com or visit www.vertexalliance.com.

  • Greek Golden Visa Programme Amendments & Transition Period: The Refined Guidelines

    Greek Golden Visa Programme Amendments & Transition Period: The Refined Guidelines

    Article written by Elena Shiapani IMCM, Chief Executive Officer MIBS Group

    With its rich cultural heritage, stunning landscapes, and strategic geographical position, Greece continues to captivate investors and travellers alike. Its appeal is further bolstered by favourable investment opportunities and progressive economic policies.

    The Greek real estate market in 2024 continues its trajectory of growth and development, building on the momentum gained over the past few years. Several factors contribute to the positive outlook for the market, including increased foreign investment, government incentives, and key infrastructure projects.

    While property prices are appreciating, Greece still offers affordable options compared to other European markets, making it an attractive destination for both investors and homebuyers.

    In this context, the Golden Visa programme remains a significant draw as one of the most popular residency-by-investment schemes in Europe, offering residency to non-EU investors purchasing property worth at least €250,000.

    Reflecting its growing appeal, in April 2024, the Greek Parliament approved significant amendments to the Greek Golden Visa programme (Article 64 of Law No. 5100/2024, replacing Article 100 and paragraph 49 of Article 176 of Law No. 5038/2023), marking a pivotal shift for investors seeking residency through real estate investment.

    The updates to the Greek Golden Visa rules and regulations signify a concerted effort to refine and optimise the programme, allowing a short transition period for applicants who wish to benefit from the previous regime.

    These changes, designed to enhance the appeal of the programme and ensure investments are substantial and beneficial to the Greek economy, have generated considerable interest and discussion within the investment community.

    Let’s shed light on the revised Golden Visa admission rules and further explore their implications for Greece’s emergence as an investment hub.

    Introduction of New Investment Thresholds (400K/800K) based on Geographic Location

    One of the most notable updates is the introduction of two new investment thresholds depending on the geographical location. In prime locations such as Attica, Thessaloniki, Mykonos, Santorini, and islands with populations exceeding 3,100 inhabitants, the minimum investment stands at €800,000. Until today, the limit amounted to €500,000 in the regions of North and South Attica and the Centre of Athens. For all other regions in Greece, the minimum eligible real estate investment is set at €400,000, up from €250,000.

    Requirement for Single Property Investment

    Additionally, in compliance with the revised regulations, the investment must be made in a single property. The surface area of the property to be acquired has also been limited to a minimum of 120 square metres. This way, small properties poised for short-term lease are excluded from the programme.

    Exceptions

    There are significant exceptions to the revised investment thresholds providing for a lower real estate investment, irrespective of the property’s location or size. More specifically:

    – An applicant may obtain the Golden Visa with a minimum threshold of €250,000 by investing in a commercial property undergoing conversion to residential use. However, specific conditions apply, such as carrying out the investment in a single property.

    – The minimum threshold of €250,000 also applies for investments in listed buildings that are to be restored or reconstructed, provided the investment through real estate acquisition is directed towards a single property. However, investors must ensure that the restoration/reconstruction is completed before applying for the Golden Visa, and the property cannot be sold until the work is finished.

    – Under the new regulations, it is also important to highlight that properties acquired through the Golden Visa programme are now restricted from being leased under short-term rental platforms such as Airbnb.

    Both special provisions that allow obtaining the Greek Golden Visa with a lower investment promote sustainable development on the one hand and offer an incentive for the preservation of architectural heritage and the enhancement of an area on the other.

    Transitional Period

    The new law allows for a transitional period to ensure investors experience a smooth transition. Investors who pay a deposit of 10% of the purchase price by 31st August 2024 and complete their real estate investment by 31st December 2024 can still apply under the previous thresholds (€250,000 throughout Greece except for specific areas with €500,000).

    In case of delays, investors still have the possibility to invest in another eligible property, provided that the final transfer contract is executed by 30th April 2025.

    Despite the recent updates, the Greek Golden Visa programme remains exceptionally attractive due to its comparatively low investment thresholds, offering accessible entry points for investors and no minimum stay requirement. This unique advantage continues to position Greece as a premier destination for individuals seeking both residency and lucrative investment opportunities. The programme boosts Greece’s real estate market and economy and provides a pathway to European residency and potential citizenship. Prospective investors should conduct thorough due diligence and stay informed about local market conditions and regulatory changes.

  • Security and standard of living beyond the passport: A Look at Comprehensive Citizenship Rankings

    Security and standard of living beyond the passport: A Look at Comprehensive Citizenship Rankings

    Article written by Aydin Aksoy IMCM, Director and Company Owner of White Bird Group

    For years, we have relied on annual passport rankings from various institutions. These rankings focus solely on visa-free travel privileges, targeting frequent travellers seeking visa-free destinations.

    However, a truly comprehensive ranking system should consider travel freedom (mobility) and the overall strength (power) of a particular citizenship.

    Imagine this: You hold a citizenship that allows visa-free travel to many countries. However, when applying for residency in Greece, you encounter limitations beyond mere travel. This highlights the inadequacy of solely focusing on visa-free travel.

    Many individuals with seemingly “weaker” citizenships, but holding strong qualifications and long-term visas from developed nations, still seek citizenships with greater power. Why? Travel is unlikely to be the sole motivator.

    Many individuals grapple with significant limitations imposed by their primary citizenship. These limitations can range from difficulties opening bank accounts and transferring funds legally to restrictions on freedom of speech, women’s rights, press freedoms, and even basic freedoms like clothing choices.

    It is these issues that drive the pursuit of stronger citizenship.

    Through extensive research, we developed a ranking system that considers these crucial factors, moving beyond passports to encompass the true power of citizenship.

    Here are some of the parameters we incorporate:

    • Safety and Security
    • Personal freedom
    • Governance
    • Social capital
    • GDP per capital
    • Investment environment
    • Enterprise conditions
    • Market access
    • Living conditions
    • Health
    • Mobility
    • Population
    • Military strength
    • Education

    Weighting Parameters in the Citizenship Ranking System

    Our ranking system goes beyond simply counting visa-free travel destinations. It assigns a specific weight to each parameter based on its relative importance. Think of it like a university credit system, where a one-credit course carries less weight than a three-credit course.

    Each parameter is then scored on a scale of 1 to 100 compared to other countries. This acknowledges that different parameters have inherently different measurement scales. For instance, Gross Domestic Product (GDP) per capita might range from $1 to $10,000 worldwide. A country with a GDP per capita of $5,000 would score 50 on this parameter.

    Now, imagine we assign a weight of 2 (out of a total weight of 4) to the GDP per capita parameter. Multiplying the score (50) by the weight (2) gives us 100. This weighted score is then added to the weighted scores of other parameters and divided by the total weight of all considered parameters. The resulting number represents a weighted average score, similar to a university system’s Grade Point Average (GPA).

    Finally, this GPA score for each country is compared to the scores of other countries. Based on this comparison, a citizenship ranking is assigned (e.g., Greece might rank 37th).

    This method provides a more comprehensive understanding of the true benefits of citizenship, not just travel freedom. It allows you to assess the potential impact of acquiring citizenship in a particular country (X or Y) beyond just visa-free travel destinations, many of which you might never visit.

    In essence, this ranking system helps you make a more informed decision about your future by considering the broader advantages of citizenship.

  • Switzerland: Re-organisation of Regional Representative Offices (RROs) into IMC field Offices (IMC FOs)

    Switzerland: Re-organisation of Regional Representative Offices (RROs) into IMC field Offices (IMC FOs)

    We would like to inform you that as part of our wider reorganisation programme, the IMC will cease to operate its current network of Regional Representative Offices (RROs) at the end the end of august 2024 and will embark on a new programme of establishing strategic IMC Field Offices (IMC FOs) in specific locations around the world.

    With this new in-country network which replaces our older constrictive regional footprint, we aim to establish more effective local connectivity with IM stakeholders promoting the best interest of the industry.

    These will be replaced with strategic IMC Field Offices (IMC FOs) in specific locations that, initially, will include, amongst others, Antigua & Barbuda, St. Lucia, Grenada, St. Kitts & Nevis, Cayman Islands, United Kingdom, USA, Spain, China, Portugal, Dubai, Hong Kong and Panama.

    The primary aim of these field offices will be to establish more extensive and effective networking capabilities and connectivity with current and future members as well as institutions. The IMC believes that this new approach will serve to promote the best interests of the members and the wider IM community and will succeed in fulfilling the IMC’s mission in the most constructive manner possible.

    In the light of this, suitably qualified and experienced members are invited to apply for the new posts of Field Officers. Application forms and details of the application process can be found here: IMC Field Offices – Investment Migration Council

    The intent of the project is to further support the mission of the organisation: setting global standards for others to follow and promoting competence and ethical behaviour. Additionally, the IMC FOs will improve public understanding and transparency of IM ensuring we are the leading platform for governments, academia and professionals.

    In light of the above, the IMC will be ending its current system of Regional Representative Offices (RROs) in the first quarter of 2024 and replacing them with a number of IMC Field Offices (IMC FOs) in various countries around the world.

    Should you wish to apply, please visit IMC Field Offices – Investment Migration Council and complete the application form

  • United Kingdom: FACT Wins Prestigious King’s Award for Enterprise

    United Kingdom: FACT Wins Prestigious King’s Award for Enterprise

    Source: fact-uk.org.uk

    Published: 6 May 2024

    Announced today (Monday 6 May 2024), FACT have been honoured for excellence in international trade with the prestigious King’s Award for Enterprise 2024.

    Personally approved by His Majesty, the King’s Award for Enterprise is the highest official award for British businesses, recognising and celebrating business excellence across the country. 

    FACT, a long-time leader in intellectual property protection for broadcast and sports rights holders, have been recognised for outstanding growth in providing due diligence and investigation services worldwide.

    FACT are one of 252 organisations nationally to be recognised with this award and stand out for significant growth in international trade, achieving an outstanding 327.48% increase over three years.

    Kieron Sharp, CEO FACT said:

    “Winning the King’s Award for Enterprise is a notable milestone for FACT. This remarkable achievement recognises our unwavering commitment to excellence in all aspects of our business and is a testament to the outstanding dedication and hard work of every member of the FACT team.”

    “The King’s Awards celebrate the success of dynamic and innovative companies which are leading the way in the field of business. We are proud to be a recipient of this award.”

    “To win the King’s Award strengthens our reputation as a leader in this field and we look forward to an exciting future.”

    ‘FACT continues to grow, serving new global markets with innovation which best serves our clients”.

    The King’s Awards for Enterprise, previously known as the Queen’s Awards for Enterprise, were renamed last year to reflect the King’s desire to continue the legacy of HM Queen Elizabeth II by recognising outstanding UK businesses. The Award programme, now in its 58th year, is the most prestigious business award in the country, with successful businesses able to use the King’s Award Emblem for the next five years. The award will be presented to Kieron Sharp, CEO FACT by His Majesty The King at a royal reception at Windsor Castle in July 2024.

  • International: IMC Memo to IMC Members

    International: IMC Memo to IMC Members

    Published: 6th May 2024

    The IMC has received a number of complaints citing that it is common practice for agents, particularly in the Middle East and some Caribbean countries, to promote investment migration pathways at prices that fall under the full legislated amounts set out by governments. This practice contravenes the IMC’s Codes of Conduct and Guidelines on Advertising and Marketing.

    IMC members are reminded to act in a manner that aligns with the fundamental values we promote at the IMC: ethics, transparency, and openness and to abide by the contents of the codes.

    Any unchecked and insufficiently regulated investment migration programme is potentially open to abuse, and without oversight and a rigid code of ethics, it leaves itself vulnerable. As an industry representative body, it is our responsibility on behalf of all our members to protect the reputation of the industry, and the contribution of investment migration for the economic and social development of countries, that we helped to pioneer by upholding the highest standards and thus avoid the opacity that sours at times the discourse around investment migration.

    We have a collective and underlying responsibility to ensure that best practices are always followed, and so we ask you and your colleagues, whether members or not, to re-familiarise yourselves with our various codes of conduct here, in particular:

    https://investmentmigration.org/code-of-ethics-and-professional-conduct/

    https://investmentmigration.org/guidelines-on-advertising-marketing/

    Moreover, please be reminded that the IMC code of ethics is binding on members, and please remind colleagues that unprofessional and unethical behaviour undermines the industry and the economic development of IM recipient countries and will put their own careers at risk, especially when it brings companies and the wider IM sector unfairly into disrepute.

    Furthermore, we remind members that unless you are a licensed arranger of financing you should refrain from doing so. Unlicensed financial arrangement activities are inconsistent with the IMC’s code of conduct and strongly recommend minimum contributions that entitle access to investment migration status are observed at all times.

    It is our professional duty and organisational responsibility to act in the best interests of the industry and ensure that we continue to adhere to the highest professional standards.

    Yours sincerely

    For and on behalf of the Investment Migration Council:

    The Governing Board

    You can download a PDF version of the Memo by clicking here

  • Europe: Council takes first step towards new EU rules on suspending visa-free travel for third countries

    Europe: Council takes first step towards new EU rules on suspending visa-free travel for third countries

    Source: consilium.europa.eu

    Published: 13 March 2024

    EU member states’ ambassadors (Coreper) have agreed their position on a draft regulation which updates a mechanism that allows the EU to suspend visa-free travel for third countries whose nationals are exempt from the visa obligation when travelling to the Schengen area. This new law, when adopted, will boost the EU’s toolbox to counter situations when visa-free travel is being abused or works against the interests of the EU.

    New grounds to suspend visa-free regime

    Under the updated mechanism, the EU will be given the following new grounds to suspend the visa-free regime:

    • lack of alignment of a visa-free third country with the EU’s visa policy, in cases where this may lead to increased arrivals to the EU e.g. because of this country’s geographical proximity to the EU
    • the operation of an investor citizenship scheme, whereby citizenship is granted without any genuine link to the third country concerned, in exchange for pre-determined payments or investments
    • hybrid threats and deficiencies in document security legislation or procedures

    Member states have decided to also include the possibility to suspend the visa-free regime in case of a significant and abrupt deterioration in the EU’s external relations with a third country, in particular when it relates to human rights and fundamental freedoms.

    The following existing grounds remain in place: a substantial increase in the number of third-country nationals who are refused entry or found overstaying; a substantial increase in the number of unfounded asylum applications from the nationals of a third country for which the recognition rate is low; a decrease in cooperation with the EU on readmission of people that have been asked to leave the EU territory and a risk or imminent threat to public policy or internal security (e.g. because of an increase in criminal offences).

    Another ground which already forms part of the current mechanism i.e. the failure to meet the visa liberalisation benchmarks by partners that have been through a visa liberalisation dialogue to become visa free is now spelled out more clearly in the new regulation.

    Suspension thresholds

    The Council negotiating mandate also details the thresholds to trigger the mechanism. These thresholds quantify increases in: cases of refused entry and overstay; unfounded asylum applications; and serious criminal offences. Member states have set this number at 30% (contrary to 50% in the Commission proposal). On the other hand, the threshold to assess if an asylum recognition rate should be considered as low has been fixed at 20% (instead of the proposed 4%).

    Duration of the temporary suspension

    The duration of temporary suspension of the visa exemption has been increased from 9 to 12 months and can be extended by another 24 months (instead of 18 months under the current system). During this suspension phase, the European Commission will engage in a dialogue with the third country in order to take steps to remedy the circumstances that led to the suspension.

    If no solution is found to remedy the situation, the EU can decide to permanently revoke the visa-free travel regime.

    Reference period

    The reference period for identifying the existence of circumstances which may lead to a suspension has been amended to cover at least two months. This will make it possible to take longer reference periods (e.g. annual trends) into consideration, not just sudden changes in the relevant circumstances.

    Next steps

    Today’s agreement on a common position will allow the Council to enter into negotiations with the European Parliament, once it has settled on its own position, in order to agree on a final legal text.

    Background

    While visa-free travel offers important gains for our economies as well as the tourism and travel sectors and is the cornerstone of social and cultural exchanges, it can also be a source of significant migration and security challenges.

    Overstays by visa-free travellers, for instance, lead to an increase in irregular migration. This also happens when high numbers of unfounded asylum applications are made by nationals from visa-free countries. Such an increase in asylum applications can also happen when people use countries that are close to the EU, and whose visa policy is not aligned with that of the EU, as a stepping stone for travelling irregularly into the EU.

    The suspension mechanism – in place in its current form since 2018 – works as a safeguard against the abuse of visa-free travel. It allows for the EU to temporarily suspend the visa exemption under certain conditions. However, the current rules did not take into account some recent developments affecting the EU.

    The EU currently has a visa-free regime in place with 61 third countries. Nationals from these countries can enter the Schengen area for short stays of up to 90 days in any 180-day period without a visa.

  • Malta: Government starts process to deprive man of Maltese citizenship after he appears on US sanction list

    Malta: Government starts process to deprive man of Maltese citizenship after he appears on US sanction list

    Source: independent.com.mt

    Published: 6 March 2024

    The Maltese government has initiated the process of the deprivation of the Maltese citizenship of a person who appeared on a US sanctions list on Tuesday.

    Ex-Israeli intelligence officer and current CEO of cyber spyware firm Intellexa Tal Dilian was added to the United States Office of Foreign Assets Control Specially Designated Nationals List on Tuesday in connection with sanctions by the US Treasury on members of the Intellexa Spyware Consortium.

    Dilian is listed in the sanctions list as being an Israeli citizen but of also holding Maltese citizenship.

    “In his responsibility for matters relating to Maltese citizenship, the deprivation process is being initiated by the Minister for Home Affairs, Security and Employment,” the Home Affairs Ministry said in a statement issued on Wednesday.

    “This is being done in accordance with the Maltese Citizenship Act, Cap. 188 of the Laws of Malta and the respective Subsidiary Legislation, as these provide that the responsible minister may deprive persons who have been registered or naturalised with Maltese citizenship in those circumstances established by the same legal provisions,” the Ministry said.

    Dilian, who is 52 years old and is listed as living in Switzerland, is likely to have acquired Maltese citizenship through the Individual Investor Programme (IIP) – better known as Malta’s golden passport scheme – although there is no way of confirming this as the government does not release a list of names of those who purchased Maltese citizenship through this means.

    The US had already issued a blacklist to stop Israeli cyber offence companies from doing business in the country, and Intellexa was added to this blacklist in July 2023.

    The US say that Intellexa has sold and distributed commercial spyware and surveillance tools for targeted and mass surveillance campaigns, and marketing material by the company itself showed that it could offer customers the ability to hack both Android and Apple’s iOS operating systems.

    The spyware is known as ‘Predator’ and has been detected in use in a number of countries, with Amnesty International saying last October that the software had been used to even target devices connected to European Parliament President Roberta Metsola.

    According to the State Department, “Dilian is the founder of the Intellexa Consortium and is the architect behind its spyware tools. The consortium is a complex international web of decentralized companies controlled either fully or partially by Dilian, including through Sara Aleksandra Fayssal Hamou.

    “Hamou is a corporate off-shoring specialist who has provided managerial services to the Intellexa Consortium, including renting office space in Greece on behalf of Intellexa S.A. Hamou holds a leadership role at Intellexa S.A., Intellexa Limited, and Thalestris Limited,” said the State Department.

  • Europe: BREAKING: Revised EU Long-Term Residence Directive Negotiations Cease.

    Europe: BREAKING: Revised EU Long-Term Residence Directive Negotiations Cease.

    Source: Fragomen LLP

    At a Glance

    The EU Council has decided to cease negotiations on amendments to the 2003 EU Long-Term Residence Directive following opposition from a limited number of EU Member States. Despite this development, EU Member States can continue to amend their national long-term residence regimes (if they have one) as they see fit. As a result of this decision, negotiations are unlikely to recommence, and the current EU Long-Term Residence Directive will not be amended for the foreseeable future.

    Read more: https://bit.ly/3SZrruo

  • Dominica: The Country that Bounces Back

    Dominica: The Country that Bounces Back

    Dominica’s resilience in the face of global challenges and its commitment to sustainable development shine through its Citizenship by Investment (CBI) pathway, offering investors a gateway to a dynamic, environmentally conscious nation.

    Some countries fall flat in the face of global challenges and environmental inequalities. Not so for the Commonwealth of Dominica: the country’s message of climate resilience in the face of natural disasters goes hand-in-hand with its irrepressible economic growth and diversification.

    Investors can aid this mission through CBI, gaining citizenship of an environmentally conscious nation with commitments to sustainable development.

    Dominica launched a mission to become the world’s first climate-resilient nation. To achieve this goal, the country utilises citizenship by investment (CBI) to reinforce its energy, infrastructure and economy against the impact of climate change.

    Sustainability Leader

    Dominica’s climate resiliency initiatives have made it the sustainability capital of the Caribbean. The country also has sustainably built bridges, roads, and an international airport, further supplementing its growing ecotourism industry.

    A trend-setter in the Caribbean region, Dominica’s economic diversification has attracted the attention of investors and world leaders alike. Though the enhanced global attention has only strengthened Dominica’s commitment to tough due diligence processes for potential CBI applicants.

    At the US-Caribbean Roundtable, Dominica agreed to six principles held in common with other Caribbean nations with CBI programmes. These principles further strengthened Dominica’s already tight due diligence requirements, adding another layer to its multistep due diligence process.

    Dominica was the first Caribbean country to make interviews mandatory as part of its CBI process. Other signatories of the six principles followed on Dominica’s heels in implementing these interview processes. Dominica’s employment and sectoral development programme are also helped along by CBI programmes.

    The National Employment Programme, for example, gives Dominicans on-the- job training to improve their skills. The National Digital Transformation Strategy fosters sectoral innovation and modernisation to unleash ‘Dynamic Dominica’.

    Clean Energy

    Energy is one plank of the country’s Dynamic Dominica initiative, which aims to continue present efforts to diversify the economy.

    A leader in clean energy, Dominica is developing a geothermal plant to provide clean energy not only for the country but also for neighbouring countries. The country is working with the University of the West Indies on geothermal mapping for sites across the island.

    Dominican Prime Minister Hon. Roosevelt Skerrit emphasised that “geothermal energy can provide much more than just electricity for Dominica; it can be the catalyst for investments in the development of green hydrogen and ammonia production for export.”

    He added that “byproducts [of geothermal energy] can support investments in health and wellness centres, in aquaculture, greenhouses, agro processing and many other businesses.”

    Geothermal energy only adds to the country’s green energy credentials; Dominica already has a hydro power plant, with another unit to be online by the end of this month.

    Another plank of Dynamic Dominica is infrastructure. The country is building 5,000 climate-resilient houses to withstand natural disasters, while reinforcing existing houses. These homes are funded with CBI reserves.

    Ecotourism Initiatives

    CBI also aids Dominica’s vibrant ecotourism offering, propelling a sector that keeps Dominica’s economic growth and diversification going.

    “We are continuously improving our sites and attractions and creating more opportunities for Dominicans,” Skerrit maintained in his address. “Dominica now has four five-star hotels, and four more are under construction, in Salisbury, Portsmouth, the Roseau Valley and at Loubiere,” he added.

    The country’s sprawling national park system, supplemented by protected marine parks and eco-hotels, led the country to be the first in the world to be officially benchmarked by Green Globe.

    Green Globe, a rating and certification system, certified Dominica as an ecotourism destination meeting its stringent community standards in sustainable tourism.

    Dominica’s Morne Trois Pitons National Park is a protected UNESCO World Heritage Site.

    In a national address, Skerrit described the island’s response to an existential “climate crisis, originating from actions elsewhere, but having devastating impacts on our islands in the region.”

    Skerrit also emphasised the importance of future-facing economic development, including risk assessment for climate-induced natural disasters. CBI funds go directly to aiding Dominica’s sustainable economic development and to minimising climate risk.

    “We all know life is complex, fast moving, difficult to predict or plan for, and high risk for island states like Dominica, with our small, open and vulnerable economies,” he said.

    Innovation, sustainability, modernisation, and economic diversification. This is what Dominica is capable of, enhanced and supplemented by CBI funding.

    Dominica presents a compelling choice to investors seeking a second citizenship from a resilient, dynamic country. Despite global challenges, Dominica bounces back.

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