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Dominica’s CBI ranks Number one

by: - August 21, 2019
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Prime Minister Honorable Dr Roosevelt Skerrit

United Kingdom (UK) based Financial Times Professional Management magazine has ranked Dominica’s Citizenship by Investment Program number one in the region over 14 other countries.

The magazine gave Dominica’s program the lead over neighboring countries including St Kitts and Nevis for extensive due diligence, efficiency, speed, affordability and reliability.

Welcoming the news, Prime Minister Honorable Roosevelt Skerrit said, “This is very good news for the country. I believe with all that has been said about the CBI programme and the efforts by some in our very own country to undermine what is really the major source of no tax revenue to the country, it’s almost like a grant to the country, a program that minimizes the burden on the small tax pay base of the country.”

Honorable Skerrit highlighted the sectors of society which continue to benefit from the program, by expressing that, “One has to appreciate the impact that the CBI program has been making on Dominica in every square of society. From private sector investments, the infrastructure, hotels that have been built, hundreds of homes that have been built and continue to be built across Dominica. The social programs, National Employment program, care of the elderly, you name it, it is making a huge impact on the lives of our people and everyone should celebrate this achievement.”

Meanwhile, Specialists at the Financial Times’ PWM magazine explaining Dominica’s leadership in the CBI industry, underscored the Government’s long-term strategy to effectively invest in climate resilience, healthy economic growth and ultimately focusing on improving the livelihoods of Dominicans across the island. This was possible by finding the right balance between investors’ expectations, international security standards and, most importantly, the impact the Programme is having, directly or indirectly, on the people of Dominica. The report notes that this should be, in fact, the “guiding principle” for all CBI programmes and that Dominica was the trendsetter of the year in this respect.

Christofer Ashby, managing director of Grenadian developer L’esterre, comments on how the Government of Dominica used CBI funds to create “material positive impact” and a “clear social dividend”. The CBI Index reports that “Dominica is also an industry leader in its transparent and effective use of citizenship by investment donations,” mentioning some of the projects made possible thanks to the way Programme-generated proceeds have been managed.

According to the online article, “Dominica’s [programme] is hugely important to its economy, helping mitigate the devastating damage wreaked by Tropical Storm Erika in 2015 and Hurricane Maria in 2017. Two years later, tourism numbers are soaring, exceeding pre-Maria levels by over 11%.”

Dominica’s Citizenship by Investment Programme was established in 1993 and offers reputable investors and their families the chance to acquire its valuable citizenship in exchange for an economic contribution.