Dominica Businesses Salute Government Relief Measures - Here's Why Foreign Investors Become Citizens

20/05/2020 10:33

LONDON, May 20, 2020 /PRNewswire/ -- An advocacy group that represents the private sector in the Commonwealth of Dominica greeted the government's plan to assist businesses amid the pandemic. On Sunday, Prime Minister Roosevelt Skerrit outlined his plan to cautiously relaunch the economy, including considerable support for the private sector.

On Tuesday, the Dominica Association of Industry and Commerce (DAIC) announced that it welcomed the government's inclusion and consideration of the needs of Dominican businesses. The NGO classes the overall pandemic response as "inspirational" and salute the public's discipline in adhering to health protocols, which led to 16 fully recovered COVID-19 cases and no deaths being recorded.

"The DAIC notes that several initiatives proposed to the Government for its direct membership and the wider Private Sector were included in the support measures presented," a press release from DAIC cites. "These include corporate tax rebates for companies who retained the majority of their employees, duty and VAT relief on Personal Protective Equipment (PPEs), financing for the tourism and manufacturing sectors, the Micro, Small and Medium Enterprises (MSMEs) and the self-employed, and facilitating of infrastructure projects to encourage local capacity and income generation. In addition, there was support given to further initiatives on income support, agricultural initiatives, and direct purchasing schemes with local producers."

PM Skerrit said in his address to the nation that "the business sector is an essential partner in our quest for development and empowerment, and we shall work with you to ensure that you remain viable and that you will be able to thrive again." He then set out a plan to relaunch the economy, with a special focus on healthcare, agriculture, construction, employment, and the private sector.

As of this week, some businesses in Dominica have been given permission to reopen by appointment. The island has a special programme in place that allows foreign investors to earn the right to live, study and work in the country by becoming an "economic citizen." Established in 1993, Dominica's Citizenship by Investment (CBI) Programme has catapulted to worldwide success particularly in recent years.

The Financial Times' Professional Wealth Management magazine publishes the annual CBI Index, where it compares all the citizenship by investment programmes in the world. Over the past three years, the small Caribbean nation maintained its number one position as having the best CBI programme in the world.

Some of the reasons foreign investors deem Dominica's CBI Programme second to none are its affordability, where minimum investments start at US$100,000 through the Economic Diversification Fund option; no residence requirements; and streamlined processes of just 3-4 months until an investor is granted citizenship. All of these are balanced by strong due diligence that applicants must first pass. This ensures that the Programme's integrity remains unscathed and that investors and their descendants can enjoy lifelong security.

The first step is to hire an authorised agent. For safety reasons, the government has, for a limited period, allowed agents to submit applications online.

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