LONDON, Aug. 4, 2020 /PRNewswire/ -- On July 31, Forbes wrote that the Commonwealth of Dominica relies on its Citizenship by Investment (CBI) Programme to build a green economic strategy. This also catapulted it to the last year's fastest growing economy in Latin America and the Caribbean.
According to Forbes, Dominica has "one of the most prestigious" CBI programmes in the world. Foreign investors and families seeking lifetime citizenship in a flourishing modern democracy can obtain it from Dominica after making an investment into the country and passing a series of due diligence checks. Applicant vetting is Dominica's way of protecting the Programme's integrity and good international reputation.
Forbes Senior Contributor, Daphne Ewing-Chow, explains that Dominican authorities' COVID-19 response was to "safeguard its people while making plans to reboot the eco-tourism sector and develop climate resilient homes and infrastructure to support environmentally responsible growth, much of which is being funded by one of the most prestigious Citizenship By Investment (CBI) Programmes in the world."
"Dominica's Citizenship By Investment Programme is the backbone of its green growth strategy," she adds, listing some of the CBI-sponsored eco projects. This includes building 5,000 new hurricane-proof homes for a population of 72,000, along with modern amenities and 14 new health centres. CBI funds this so-called "Housing Revolution". Another green initiative that the CBI Programme contributed to is the upcoming geothermal plant that can provide clean energy for nearly all Dominicans.
To obtain Dominica's valuable citizenship, CBI applicants have two choices: contributing US$100,000 or more to the Economic Diversification Fund or investing at least US$200,000 in pre-approved real estate. Many of the green projects in Dominica receive financing from the CBI government fund, whereas the real estate option helps build prime eco-luxury hotels on the island. This creates a sustainable economic model that yields long-term results for residents, while attracting some of the highest-quality investors to Dominica.
Forbes credits Prime Minister Roosevelt Skerrit for the country's economic resilience after two major external shocks before COVID-19 – Storm Erika in 2015 and Hurricane Maria in 2017. "Dominica's rapid growth is a testament to Prime Minister Roosevelt Skerrit's vision." The island is the world's third least affected country by the pandemic, with only 18 fully recovered cases and no related deaths.
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