Prime Minister of Dominica Touts Unparalleled Benefits of Citizenship by Investment Programme
Roseau, Jan. 09, 2024 (GLOBE NEWSWIRE) -- Dominica’s Citizenship by Investment Programme continuously builds on trust and responsibility, where stringent regulations and unwavering commitment promise not just citizenship but a future of sustainable growth and transformative national development
During a recent press conference, Dominica’s Prime Minister, Honourable Dr Roosevelt Skerrit, asserted that the CBI Programme has provided exceptional advantages to its citizens, surpassing any other country worldwide.
*Visible Transformations Across Dominica’s Communities** *
Honourable Dr Skerrit emphasised the tangible impact of the CBI Programme on Dominican communities. Citing specific examples such as Bellevue Chopin, Center in Grandbay, Castle Bruce, and San Sauveur, he highlighted the construction of hundreds of homes and the implementation of new water systems, all funded via the CBI Programme.
*Elevating Lives through Affordable Housing** *
Honourable Dr Skerrit disclosed the average cost of a home facilitated by the CBI Programme, noting that this initiative has lifted individuals out of poverty by providing them with new homes. The Prime Minister also highlighted the substantial financial assistance provided to citizens post-hurricane events allocated for roof and home repairs.
*Strategic Investments for National Development** *
In addition to housing, Honourable Dr Skerrit pointed out the significant investments made in various sectors, including manufacturing, agriculture, and small businesses. The Prime Minister emphasised the CBI funds allocated at low-interest rates through the AID Bank to foster economic growth and job creation.
Recent developments of the international airport have continued since last year. The mobilisation works, including the clearing of the 500-acre site, road development, and various soil disposal sites, are nearly complete. Accommodation, offices, workshops, storage facilities, and utilities have reached 99 per cent completion, with ongoing work on the asphalt mixing plant and crusher.
Honourable Dr Skerrit emphasised ongoing communication with major airlines to provide updates on project development and interim progress at Douglas-Charles Airport. The International Airport Project, part of Dominica's transformative initiatives, involves a contract signed with Montreal Management Consultants Development Ltd (MMCE) in June 2021.
Honourable Dr Skerrit anticipates continued progress on the world's longest Cable Car Project and the commencement of the Cabrits Marina in Portsmouth this year.
Dominica has achieved world-class healthcare infrastructure, marked by new facilities, cutting-edge equipment, and strategic initiatives. The nation's focus on sustainable and disaster-resistant medical infrastructure has positioned it as a leader in the Caribbean.
The Marigot Hospital is funded by the CBI ProgrammeandProgramme and serves the Marigot Health District, offering a 40,000 square feet facility with 75-bed capacity, ambulatory services, emergency care, ICU, maternity and paediatric care, laboratory and radiology services, and a trauma centre.
There is a network of twelve medical centres strategically placed to provide high-quality healthcare across the island, reducing travel time and improving emergency response.
Dominica's comprehensive and well-thought-out approach to healthcare sets it apart in the Caribbean, serving as a model for nations aspiring to emulate its success. The new facilities and initiatives demonstrate a commitment to the well-being of citizens and effective healthcare management.
*Diverse Societal Benefits Beyond Infrastructure** *
The Prime Minister expanded on the multifaceted benefits stemming from the CBI Programme. These include substantial investments in infrastructure, the creation of health centres, support for students studying overseas, and the implementation of the National Employment Programme (NEP).
*Geothermal Project: A Sustainable Energy Future** *
Honourable Dr Skerrit clarified that funds from the CBI Programme have been instrumental in financing the Geothermal Project. This strategic investment aims to ensure energy security, reduce energy costs for consumers, and attract further investments into the country.
The geothermal power plant, expected to be operational by the end of 2025, will sell electricity to DOMLEC, reducing the country's reliance on fossil fuels. This initiative aims to stabilise and reduce domestic electricity tariffs, decarbonise power generation, and responsibly utilise Dominica's geothermal resources.
The Government of Dominica and Dominica Electricity Services (DOMLEC) entered into an agreement with a US company, Ormat Technologies Inc., to develop a ten-megawatt geothermal power plant in Laudat. The agreement, signed during COP 28 in Dubai, outlines Ormat's financing and operation of the plant and geothermal wells for 25 years. The Government will retain ownership of invested assets, with the transfer to occur after the contract period.
Ormat, with over 50 years of geothermal experience, will contribute its expertise, and the partnership signifies a significant step in Dominica's sustainable energy goals.
The Government of Dominica is nearing completion of preparations for commercial geothermal operations. Seven geothermal wells have been drilled in Laudat, Wotten Waven, and Trafalgar, revealing a resource capable of supporting ten megawatts of electricity generation in Laudat.
Additionally, the Government has given approval for the design of a robust and efficient electricity transmission network, connecting the geothermal power plant in the Roseau Valley to Fond Cole, linking both the geothermal and hydroelectric power plants to the national grid. These developments mark significant progress in Dominica's efforts to harness geothermal energy for sustainable electricity generation.
*Newly Introduced Major Changes to the CBI Programme Regulations** *
The Commonwealth of Dominica's government has introduced a comprehensive set of regulations to strengthen its CBI Programme and the Citizenship by Investment Unit (CBIU). The new guidelines aim to reinforce the legal framework, emphasising due diligence and integrity in the CBI Programme.
Key changes in the regulations include the following:
*Authorised Agents (AAs)** *
Must be Dominican citizens and maintain registered offices in Dominica with at least three staff, they need to undergo independent due diligence checks while complying with increased registration and renewal fees. Stricter regulations, higher application requirements, and increased fees are now applied. These include formalised guidelines to ensure compliance to regulations
*Due Diligence** *
Mandatory interviews for applicants and dependants over sixteen with a commitment to advancing due diligence protocols to meet international best practices.
*Dependants and Name Changes** *
Adult children must be fully supported to be eligible dependants in an application. Name changes can only be applied after five years of naturalisation.
The Government is committed to transparency and responsibility in managing CBI funds for the future of the country.
*Attachment*
· The Commonwealth of Dominica
CONTACT: Secretary of Dominica Citizenship by Investment
Commonwealth of Dominica
001 (767) 266 3919
info@cbiu.gov.dm