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LONDON— A report devised by experts at the leading multinational firm, PricewaterhouseCoopers (PwC), has revealed how Dominica’s Citizenship by Investment (CBI) Programme is redirecting generated funds into developing the island’s infrastructure. The Programme has helped revive significant roads and bridges, particularly following the island’s recovery after Hurricane Maria two years ago.
Notably, Dominica’s ‘build back better’ philosophy has been a key element in the construction efforts. This means that all developments, from housing to hotels, centres around sustainability and resilience. The philosophy is part of the island’s wider efforts to become the “world’s first climate resilient nation”, a feat pledged by Prime Minister Roosevelt Skerrit and strongly supported by the island’s world-leading CBI Programme.
According to the PwC report, CBI has supported the restoration of 19 bridges and river walls and the repairing of over 15 sections of damaged roads. “Overall, the impact of CBIP-funded capital expenditure has played a critical role in helping to restore the island’s infrastructure following Hurricane Maria, giving an important boost to the supply potential of the economy going forward,” the report notes.
Dominica’s CBI Programme facilitates a means for certain foreign investors to acquire second citizenship after investing into a government fund or buying into selected real estate. Before that though, one must pass all due diligence checks to verify that the applicant is of good moral standing. The first option – the Economic Diversification Fund – is designed to support Dominica’s development in areas like education, healthcare, infrastructure, climate change research, tourism and many more. The real estate route, on the other hand, offers investors an exclusive selection of luxury resorts to invest in from the likes of renowned hoteliers such as Hilton, Kempinski and Marriott, but also boutique hotels like Sanctuary Rainforest, Secret Bay and Jungle Bay.
For years, Dominica has been operating one of the world’s strongest CBI programmes, established in 1993. The 2019 CBI Index, published by the Financial Times’ Professional Wealth Management magazine have ranked Dominica as the world’s best offering for economic citizenship for the last three consecutive years. Affordability, efficiency and thorough due diligence procedures are some of the reasons why it is highly respected by investors. Meanwhile, the island’s exceptional global reputation ensures that foreign investors continue to choose Dominica and help the country thrive.