Last week, the Commonwealth of Dominica held an orientation at St Alphonsus Parish Hall for ninety individuals who will be benefitting from the government’s Housing Recovery project. The initiative targets citizens who lost their homes during Hurricane Maria in 2017 and is part of the government’s broader mission of becoming the world’s first climate-resilient nation.
The Housing Recovery project stems from the government’s Housing Revolution initiative that aims to build 5,000 affordable and weather-resistant homes for low-income households, supported by Dominica’s Citizenship by Investment (CBI) Programme. Prime Minister Roosevelt Skerrit is leading the initiative in collaboration with the World Bank.
The World Bank has funded several socio-economic projects on the island, including supporting farmers with equipment, assisting Dominica’s digital economy and developing the country’s geothermal potential. During the orientation, PM Skerrit highlighted the critical relationship between the island and the international financial institution. “I believe without any fear of contradiction that Dominica has the best working relationship with the World Bank in all of the developing nations of the world. It’s an extraordinary partnership, and I want to thank them for that.”
Along with external funds, Dominica’s CBI Programme, established in 1993, has also been key to the country’s development. Investments generated under CBI are injected into different sectors of Dominican society from education to infrastructure. The Programme enables wealthy investors and their families to acquire second citizenship once making either a donation to the government fund or investing in selected pre-approved real estate options. After undergoing the necessary due diligence checks, successful applicants gain access to a wide range of benefits. These include travel to approximately 140 countries and territories without a visa or with visa-on-arrival, enhanced business opportunities and the chance to pass Dominican citizenship down, establishing your future legacy.
For the last three years, Dominica’s CBI Programme has been recognised internationally as the world’s best offering for second citizenship by the Financial Times’ Professional Wealth Management magazine. The annual report, titled the CBI Index, has cited the Programme’s meticulous due diligence processes, affordability and efficiency as some of the reasons why investors looking for second citizenship continue to choose Dominica.