In an endeavour to reduce unemployment in the country, the Government of Dominica uses funds from its Citizenship by Investment (CBI) Programme to stimulate economic recovery for its citizens.
Established in 1993, Dominica’s CBI Programme has been enabling carefully vetted global individuals and their immediate relatives to acquire second citizenship. The benefits of citizenship are acquired through either a contribution to the government’s Economic Diversification Fund or buying into selected real estate options, currently counting seven unique hotels.
“CBI continues to be a lifeline for Dominica as lives are changed,” is a sentiment often repeated by Prime Minister Roosevelt Skerrit. The CBI Programme drives foreign investment which helps create jobs in Dominica and improves employment standards on the island with the welcoming of new projects. During the construction phase of the CBI-approved hotels and resorts, over 1,000 jobs were created and 900 permanent jobs will become available upon full completion.
So far, foreign investment has helped close to 4,000 Dominicans obtain work placements of which two thirds were assigned to community projects and sponsored over 4,500 business owners.
In the agricultural and fisheries sector of the tropical island, CBI supported 32 projects which led to a boost in employment through targeted training programs.
The government-legislated programme is one of the oldest in existence and has been internationally recognized by experts at the Financial Times’ PWM magazine for its high efficiency, affordability, and due diligence standards. Honouring the efforts, the publication’s independent report ranked Dominica as the world’s best offering for economic citizenship for the last three consecutive years.
Importantly, Dominica’s government transparency of usage of CBI receipts is often referred to as a model of how a CBI programme should be managed. For over two decades, Dominica has had a stellar reputation within the economic citizenship industry, as foreign investors continue to choose the island’s CBI programme for its longevity, efficiency, and integrity.