While applications for Dominica’s Citizenship by Investment programme have slowed during Covid, there’s been no slowdown in the construction of the island’s CBI-approved developments – eco resorts and hotels – all of which have continued construction at pace despite the pandemic.
During a recent statement, Prime Minister Roosevelt Skerrit said that while the country’s CBI Programme had been impacted to a certain extent during the pandemic, all of the hotel and resort developments approved for the CBI Programme had continued construction. “Where the CBI funded projects are concerned, we did not see a slowdown,” he stated.
Hilton/Curio Tranquility Beach Resort
Take the five-star, eco-sensitive Tranquility Beach Resort, part of the Hilton Curio Collection. Commencing construction in January 2019 and recently approved (July 2020) as an investment in Dominica’s citizenship by investment programme, the resort has continued to be constructed at pace throughout the pandemic.
In fact, stated PM Skerrit in a recent address, Tranquility Beach Resort had ramped up construction during the coronavirus outbreak, with developers announcing that the 73-villa resort is scheduled for completion at the beginning of 2022.
Led by visionary property developer and architectural designer Ian Edwards, who is renowned for his first-class architectural design solutions, the luxury five-star Tranquility Beach Resort is located on the shore of Dominica’s coastline.
Embracing an eco-sensitive approach, the 73-villa and condo resort is set to wow with its unique cliff-hanging villas. Dramatic lifestyle spaces for those seeking a distinctive experience, the cliff-hanging villas have been designed to enhance the unique landscape Dominica offers. In addition, the resort will offer one and two-bedroom condominium suites, studio suites, and one, two and three bedroom villas, all couched with a full service setting, including secret beaches, pools, a wellness centre, and a gourmet restaurant.
According to Ian Edwards, “The citizenship by investment initiative is successfully attracting the injection of outside investment to enable Dominica to create a selection of five-star hotels with respected luxury brands. Tranquility Beach Resort is proud to contribute to this developmental thrust which is creating healthy economic activity in our country.”
The Hilton Curio Tranquility Beach Resort is one of eight real estate developments that applicants to the country’s citizenship by investment programme can invest in, offering investors both citizenship and profitable investment in the hospitality industry.
An investment starting at US$200,000 in Hilton’s Tranquility Beach Resort qualifies an individual for citizenship in Dominica, provided they also pass all the due diligence checks.
Jungle Bay Resort
Among other government-approved developments that are part of the CBI Programme and that have continued construction throughout the pandemic is the award-winning eco-luxury development Jungle Bay, which recently continued the building of its phase one and two developments and is scheduled to complete in early 2021.
Since the pandemic kicked in earlier this year, the Jungle Bay Development, which features 40 completed eco villas and 60 more in development, has continued its development with work ongoing during the Covid-19 outbreak.
Having cleverly reassigned people to different aspects of construction during the pandemic, the CEO of Jungle Bay has managed to “complete the construction of the additional villas, residences there,” stated PM Skerrit, adding “we now have more rooms at Jungle Bay that we had at the start of Covid-19 in February”.
While the completed phase one is now open, phase two is expected to complete by the start of 2021, with the CBI investment funds made on phase one now helping to fund the completion of the phase two.
Designed by the Caribbean’s leading boutique resort architectural firm of OBMI, the resort is close to some of Dominica’s most popular tourist attractions. Vacation villas start at US$255,000 for a Sea View Villa, which meets the minimum real estate investment threshold under Dominica’s CBI Programme of US$200,000, with Jungle Bay maintaining the villa and marketing them to guests on behalf of investors.
Secret Bay Resort
A further government-approved CBI Programme investor development, the award-winning Secret Bay resort, has also continued its development throughout the pandemic, with phase two – which comprises of four new two-storey villas – currently under construction and set to be ready by November 1, 2020.
Consciously built around its rainforest location, utilising only local craftsmanship and with all villas built using only sustainably sourced tropical hardwoods, Secret Bay Resort is very much centred around the environmental preservation of the island, a vision that is so important to Dominica.
These new four villas will join the existing Secret Bay villas and will feature floor-to-ceiling glass walls, private plunge pools, outdoor rain showers.
Delivering villas priced between US$1.5 million and US$4 million, there are four phases to the development with phase one complete; phase 2 handing over four new villas on November 1, 2020, before completing during 2021; phase three delivering three clifftop villas and 17 waterfront villas; and phase four of just three villas cliffside.
The villas sold to date have seen strong occupancy, rates of 70%-plus per annum generating immediate returns to citizenship investors with impressive rental returns of US$900 per night, up to $1,300 per night in high season. This marks an almost 50% increase from US$500 per night eight years ago.
Dominica’s Citizenship by Investment Programme
Known as the Nature Island, with its lush vegetation, rich rainforests and investment in clean energy, Dominica, which has just emerged for the fourth consecutive year as the world’s best CBI Programme (CBI Index 2020), offers foreigners, via its CBI programme, the chance to live somewhere that delivers long life expectancy, good health and an excellent quality of life.
The second longest running CBI Programme in the industry (after Saint Kitts), at 27 years old, Dominica’s CBI Programme has been considered in recent years one of the very best, both in reputation and reality, from its pricing through to its processing. It has also become known as one of the world’s most efficient and transparent CIPs, combining extensive due diligence with efficiency, speed, affordability and reliability.
And in the latest CBI Index 2020 (issued by Professional Wealth Management magazine (a publication from the Financial Times), released on September 7, Dominica once more emerged with the top score (90%), making it the world’s best programme, combining as it does the balance of “an excellent reputation for meeting the needs of investors with strong due diligence, minimum investment outlay, efficient processing, and a renewed focus on family reunification”.
To gain citizenship by investment to Dominica, applicants must take one of two options, either by making a non-refundable donation to the country’s EDF (US$100,000 for single applicant or US$175,000 for family of four), or by investing US$200,000 in qualifying real estate, some of which are outlined above, with the option for resell after five years.
For more information on Dominica’s citizenship by investment programme, read our country profile by clicking here