May 4, 2021
Last week, the Prime Minister of the Commonwealth of Dominica, Dr the Hon. Roosevelt Skerrit announced a one-million-dollar budget for the construction of a new bridge. The project aims to make vehicle access easier for the residents of Dublanc and its surroundings. Prime Minister Skerrit signed the contract with Caribbean Construction Development Limited and said the funds would come from Dominica’s renowned Citizenship by Investment (CBI) Programme.
After Hurricane Maria, which damaged 90 percent of Dominica’s infrastructure in 2017, funds from the CBI Programme helped the island “build back better” and reach levels of development that exceeded all expectations. Part of this mission includes Prime Minister Skerrit’s Housing Revolution that aims to build more than 5,000 homes using climate-resilient structures designed to withstand hurricanes and earthquakes. Other CBI sponsored initiatives include repairing healthcare centres and constructing a new, state-of-the-art hospital.
“In the next three or so months, you will be able to drive and walk over a brand-new bridge costing in excess of a million dollars,” said Prime Minister Skerrit. “This bridge will be financed with resources from the Citizenship by Investment Programme because we have been managing this CBI Programme in such a prudent and responsible manner. We can see it continue to be a major source of non-tax revenue for our country, especially in these very difficult and trying times.” He added that the project would be completed in three months.
Dominica’s CBI Programme has earned the top spot in the Financial Times’s PWM CBI Index for the last four years. In exchange for an investment in the country, well-vetted applicants and their eligible dependents can obtain citizenship of the lush island nation in around three months. The programme offers two routes to citizenship: applicants can directly contribute to the Economic Diversification Fund or invest in pre-approved real estate. Direct contributions are used to support Dominica’s economic development and fund projects like the Dublanc bridge.
Micha Emmett, the CEO of citizenship solution firm CS Global Partners, says that Dominica’s programme is a “win-win” on all fronts. “Applicants get to invest into the betterment of a country, gain a safe and politically stable home in these uncertain times, and receive an insurance policy for their financial assets and family.”