Citizenship by Investment Triggers More New Business, Housin
LONDON, Feb. 7, 2020 /PRNewswire/-- Citizenship by Investment (CBI) continues to have a big impact on the economic development of the Commonwealth of Dominica and the quality of life on the island. CBI-approved real estate is registering visible progress, said Ambassador Emmanuel Nanthan, Head of the Citizenship by Investment Unit, this week for the Dominican government information service. He also noticed a positive effect on the number of applications to do more business on the Nature Isle of the Caribbean.
A week earlier, Prime Minister Roosevelt Skerrit visited the site of the upcoming health centre in Veille Case, Dominica, whose construction is financed by the CBI Programme. Similar to other CBI-sponsored projects, the new health facilities are built with climate resilience in mind. This has been an ongoing commitment of the Skerrit administration in light of the island's adverse encounter with Hurricane Maria in 2017.
On Thursday, the Dominican government announced that it would offer new homes to another 30 families, as part of its CBI-funded Housing Revolution. The apartments are being developed in Grand Bay and will be finalised this spring. A total of at least 5,000 homes are expected to be built under the government's initiative to provide families across the island with modern, hurricane-proof public housing.
"We hope that it will be completed within the next two months and that we can, before the next hurricane season begins, have these people in brand new housing facilities that they can feel safe, secure and raise their dignity as that is very important to us," said MP Edward Registe.
Under the CBI Programme, carefully vetted applicants and their families can obtain Dominica's valuable citizenship in two ways: a minimum US$100,000 contribution to the Economic Diversification Fund (EDF) or investing at least US$200,000 in one of the hotels approved for CBI. Investors trust in Dominica's CBI and real estate is reflected in the growing number of shares sold to CBI applicants, the construction progress on schedule and the opening of the CBI hotels, which are rooted in sustainability.
"We have seen the benefits, we have seen the hotels," says Ambassador Nanthan. "By and whole, CBI is continuing to do well for us and for Dominica," he concludes. Dominica is often referred to as the 'poster child' for CBI transparency, ecotourism and climate resilience.
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SOURCE CS Global Partners