The Prime Minister of Dominica, Roosevelt Skerrit, has announced that the Caribbean country’s Citizenship by Investment Programme has generated more than 1.2 billion dollars in revenue since 2017. According to the PM, the Programme has witnessed an 8% increase in revenue from the fiscal year of 2017-18 to 2018-19 and a 13.4% increase in 2019-20.
Since 1993 when it was unveiled Dominica’s CBI Programme has allowed vetted foreigners to invest in the country in exchange for citizenship and the opportunity to apply for a second passport. Successful applicants gain access to a range of benefits, including visa-free or visa-on-arrival travel to some 140 destinations (and these continue to increase) and the opportunity to pass citizenship down for generations.
The generated funds from the programme are used to develop projects that improve the island’s infrastructure, tourism, health and education systems.
Due to the Programme’s rigorous due diligence, ease of processing and affordability, the CBI Index, conducted by the Financial Times’ PWM, named Dominica’s CIP the best in the world for the fourth time in a row in 2020. It also scored top marks for its family inclusiveness, allowing as it does siblings, parents and grandparents to join an application.
Ambassador Emmanuel Nanthan, the Head of the Citizenship by Investment Unit (CBIU) in Dominica, says: “CBI plays a major role in our economy and daily lives, and we work hard to maintain high standards of integrity, efficiency, and, importantly, a tangible impact on our population.”
Recently, the government has been focusing on the construction of a state-of-the-art hospital, several health centres and the nation’s first international airport. Each project is financed by the CBI Programme and once completed, will contribute to national development. Furthermore, the CBI funded ‘Housing Revolution’ is another initiative that’s benefited thousands by providing affordable and sustainable homes to families displaced by Hurricane Maria in 2017.
Reports from the IMF and ECLAC have also commended the vital role the CBI Programme has played in transforming the island.
That is why, to obtain second citizenship from Dominica, all applicants must first pass all the due diligence checks. If successful, they can either make a one-off contribution of US$100,000 to the Economic Diversification Fund or invest at least US$200,000 in pre-approved real estate. The former is more straightforward, while the latter gives the chance to also earn a return on investment from luxury, eco-friendly resorts in what fDI intelligence calls one of the top 20 tourism destinations of the future.
Citizenship by Investment Programmes have become economic lifelines to the many countries that run them, bringing those countries much-needed investment to help boost economic growth, create jobs and fund development.
To find out more about Dominica’s CBI Programme, read our country profile by clicking here