Citizenship by Investment is the Backbone of Dominica's Housing Revolution
LONDON,Oct. 18,2021 --The government of the Commonwealth of Dominica is determined to become the world's first climate-resilient nation by continuing to offer residents disaster-proof homes and public infrastructure,a feat primarily sponsored by the island's Citizenship by Investment (CBI) Programme.
Last week,with the support of CBI,the government announced that those in the city of Portsmouth impacted by the passage of Hurricane Maria would receive newly constructed homes with over one million dollars spent in the constituency. The building process also ensured that all persons employed for the project were residents to benefit the local community further.
Established in 1993,Dominicaoffers not only the best CBI programme available but also one of the oldest. The programme enables foreign investors and their families to become citizens ofDominicaafter making a one-time investment intoa government fund,which channels the collected monetary resources into initiatives like housing and healthcare. Or,investors can buy into sustainably built eco-resorts that echo the island's build back better ethos.
Although interest in second citizenship is one that's global,Asia remains one of CBI's largest markets. Experts have called the region "the engine of wealth growth" so it is understandable that individuals want to use their second citizenship as a way to protect their assets in volatile economies.
After undergoing a multi-tiered vetting procedure,successful Asian applicants gain access to:
visa-free or visa-on-arrival travel to over 140 destinations;
the right to live,work and study in the nation and;
most importantly,the ability to pass citizenship down for generations to come
Housing Revolution
Dominica's ongoing housing revolution programme aims to build over 5,000 resilient homesfor families that need them the most across the country. More than 1,100 homes have been built and distributed for free to the citizens in the last three years.
According to Hon. Ian Douglas,the Member of Parliament for the Portsmouth Constituency,many new homes will be dedicated to the elderly and their families. With a population of 72,000,Dominica is home to 27 recorded centenarians,and social care for this population is a priority for Prime Minister Roosevelt Skerrit's administration.
"The people who have worked hard all of their life,performing various functions in the community and serving people themselves. It is very heartwarming to know that we have a Government in place that can provide those homes for these people free of charge," Minister Douglas noted.
"Not one of those persons will pay a dollar for any of these houses,and these homes on average will cost 150,000 dollars. So that's about one million dollars for housing in Portsmouth."
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