The Ritz Herald
The Caribbean island of Dominica was torn to pieces by Hurricane Maria as it struck with 160mph winds. © Matt Cain

Citizenship by Investment is Dominica’s Main Source of Funding After Hurricane Maria

The island, one of the poorest in the Caribbean, is struggling to recover from the effects of the hurricane

Published on November 28, 2019

Reginald Austrie, the Deputy Prime Minister of the Commonwealth of Dominica, declared during a campaign rally this week, that the Citizenship by Investment (CBI) Programme was essentially the country’s main source of funding after Hurricane Maria in 2017. Ever since CBI sponsored countless projects that follow the ‘build back better’ principle, it fully supports Dominica’s road to climate resilience and is helping diversify the economy sustainably.

The Caribbean island used its CBI reserves to provide critical help to affected communities immediately after the category 5 hurricane made landfall. The international community later jumped to Dominica’s aid and, with continued support from reputable foreign investors awarded with Dominican citizenship in return for their contribution, the island is now an inspiring success story.

“All of us here know that maybe our only source of income, especially after Hurricane Maria, is the Citizenship by Investment Programme,” admitted Mr. Austrie. “Every single one of us here can attest to the benefits that we have accomplished under the CBI Programme. We have been able to continue all of our programmes because of the Citizenship by Investment Programme. We have been able to create a new economy,” concluded the Dominican Deputy PM.

Foreign nationals and their families have the chance to obtain Dominica’s valuable citizenship, provided they pass all the due diligence checks – ranked second to none among all CBI programmes in the world – and make a qualifying investment into the country, starting at US$100,000. Investors choose Dominica because it is a well-connected country with an immaculate reputation for upholding international standards for security and rule of law.

Citizenship hopefuls have two options: make a contribution to the Economic Diversification Fund (EDF) or invest in pre-approved real estate, comprising luxury hotels and resorts that are building Dominica’s unique ecotourism sector. The government used CBI and particularly EDF funds to sponsor a vast range of ongoing projects, like building a geothermal plant, a new international airport, 5,000 hurricane-proof homes, 12 health centers, etc.

The international community stands in awe of the island’s sheer determination to become “the world’s first climate-resilient nation,” pledged by Prime Minister Roosevelt Skerrit after Maria. Likewise, the investor immigration industry takes inspiration from Dominica’s management of the CBI Programme by creating similar CBI-funded projects to benefit the local population.

SOURCE CS Global Partners
Environmental Reporter