Dominica’s Citizenship by Investment (CBI) Programme has been a catalyst for transformative national development, as emphasized by Prime Minister Dr. Roosevelt Skerrit in a recent press conference. The programme, known for its stringent regulations and a focus on sustainable growth, has been instrumental in delivering tangible benefits across Dominican communities.
Transformative Impact on Communities
The Prime Minister highlighted the CBI Programme’s significant role in the development of communities like Bellevue Chopin, Center in Grandbay, Castle Bruce, and San Sauveur. The construction of hundreds of homes and the implementation of new water systems in these areas have been notable achievements funded by the CBI Programme.
Advancements in Affordable Housing
Dr. Skerrit revealed the average cost of homes under the CBI Programme, underscoring its role in alleviating poverty by providing affordable housing. The initiative has been particularly beneficial in offering financial aid for roof and home repairs post-hurricane events.
Strategic National Investments
The CBI Programme has also spurred investments across various sectors like manufacturing, agriculture, and small businesses. These investments, facilitated through low-interest rates via the AID Bank, are aimed at economic growth and job creation.
Infrastructure and Healthcare Developments
The International Airport Project, launched in June 2021, is nearing completion, with most infrastructure elements like accommodation, offices, and utilities at 99% completion. Dr. Skerrit also touched upon the progress of the world’s longest Cable Car Project and the upcoming Cabrits Marina in Portsmouth.
In healthcare, Dominica has established a world-class infrastructure with the new Marigot Hospital and a network of twelve medical centers, enhancing the nation’s healthcare capabilities.
Diverse Societal Benefits
The CBI Programme has also contributed to broader societal benefits, including infrastructure development, health centers, support for overseas students, and the National Employment Programme (NEP).
Geothermal Project for Sustainable Energy
A significant portion of the CBI funds has been allocated to the Geothermal Project, aiming to ensure energy security and reduce costs. The upcoming geothermal power plant, developed in partnership with Ormat Technologies Inc., is a step towards sustainable energy solutions.
New Regulations for the CBI Programme
The Government of Dominica has introduced new regulations to strengthen the CBI Programme. These include stricter requirements for Authorized Agents, mandatory interviews for applicants, and conditions for dependent eligibility and name changes. These changes aim to enhance due diligence, transparency, and integrity in the programme.
In conclusion, Dominica’s CBI Programme stands as a robust initiative, driving sustainable growth and comprehensive national development. The government’s commitment to stringent regulations and responsible management of CBI funds is paving the way for a promising future for the country.