The Commonwealth of Dominica: 'A Nation with a Great Deal of Untapped Potential for Sustainable Investment'

19/11/2020 06:00

LONDON, Nov. 19, 2020 /PRNewswire/ -- The Commonwealth of Dominica, for several years now, has gained attention from entrepreneurs and investors alike. For those who wish to explore it, the nation has a great deal of untapped investment potential.

Dominica's economy was once dependent on agriculture, but because of 2017's Hurricane Maria, much of the sector was destroyed, along with a great deal of damage being caused to the country's transportation and physical infrastructure. Luckily, Dominica's economy was able to get back on track thanks to funding acquired through its Citizenship by Investment (CBI) Programme. CBI offers applicants the chance to obtain Dominican citizenship in exchange for a contribution to the country's Economic Diversification Fund (EDF), which supports development projects throughout the nation. Alternatively, applicants can invest in eco-luxury government-approved real estate.

"Dominica, with its thriving tourism, is a gold mine for investors. Last year, the Financial Times fDi Intelligence selected Dominica as one of the top 20 tourism destinations of the future, awarding the island winner of the 'Ecotourism' category," said Paul Singh, the Director of CS Global Partners, a London headquartered government advisory and marketing firm. "Dominica, through the CBI Programme, makes a great deal of untapped potential for sustainable investment available for applicants."

Like the investment options, the country's ethos also centres sustainability. Dominica is working towards becoming the first country to become climate-resilient. As noted by Prime Minister Roosevelt Skerrit on Dominica's 42 year Independence Day address, Dominica is "firmly on the path towards building the first climate-resilient nation. We have developed a clear pathway with our National Resilience Development Strategy (NRDS), that integrates climate resilience and disaster risk management into our national growth and development planning."

Green energy is another key industry to benefit from CBI funds. Approximately 28% of the country's electricity is generated from hydropower and wind—more than any other Caribbean Community (CARICOM) state. The government is also in the process of constructing a geothermal power plant.

To obtain second citizenship from Dominica, one must first pass all due diligence checks and make a qualifying investment. This can either be a minimum one-off contribution worth US$100,000 to the EDF or investing at least US$200,000 in pre-approved luxury hotels and resorts. Successful applicants can live, work and study in Dominica and easily travel to around 140 destinations.

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