Dominica’s Post Pandemic Citizenship By Investment: Prime Minister Skerrit was joined by His Excellency Ambassador Nanthan, Head of Dominica’s Citizenship by Investment Unit, and His Excellency Hubert John Charles, Ambassador of Dominica to the United Arab Emirates.
The webinar, entitled “Immigrant Investment in a Post Pandemic World” touched upon key topics such as the benefits of citizenship by investment, both for investors and Dominica as a nation, as well as the key factors that make Dominica’s Citizenship by Investment Programme the best of its kind.
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With an online audience of thousands of viewers, the webinar was one of the industry’s most successful to date.
Addressing Prime Minister Skerrit, the Khaleej Times representative firstly congratulated the Prime Minister on Dominica’s remarkable efforts to contain and successfully recover from Covid-19.
Dominica’s lack of Covid-19-related deaths, stated Prime Minister Skerrit, can be attributed largely to the “robustness and effectiveness” of Dominica’s healthcare system, a feat that makes Dominica an attractive destination for second citizenship.
For many investors, some of whom have been forced to face ‘lockdown’ in a country with an overburdened healthcare system, the prospect of relocating to a country with a robust healthcare system is a major consideration when choosing a destination for second citizenship.
Another factor that makes Dominica attractive to potential investors post-Covid-19, according to Prime Minister Skerrit, is the “strength” and “resilience” of the Dominican people.
Investors looking to Dominica for second citizenship see a united country, to which they will be welcomed with open arms in true Dominican spirit.
As well as the benefits for investors seeking second citizenship in Dominica, the webinar focused heavily on the many areas of Dominican life that have been improved thanks to citizenship by investment.
According to Prime Minister Skerrit, funds from the country’s citizenship by investment programme have been used exclusively to finance Dominica’s Housing Revolution, for example.
As part of the Housing Revolution, Prime Minister Skerrit pledged to build 5,000 hurricane resistant homes in response to Tropical Storm Erika in 2015 and Hurricane Maria in 2017. Now, thanks to citizenship by investment, several hundred homes have already been built and several hundred are under construction.
In fact, Prime Minister Skerrit proudly announced that in the next few days, he will be handing over the keys to 225 of those homes to deserving families across Dominica.
Moreover, Prime Minister Skerrit discussed how citizenship by investment funds are used in a sustainable way to fund public sector projects, such as the building of schools, hospitals, health centres, roads, and bridges.
Citizenship by investment funds have also allowed Dominica to move closer to its goal of becoming “the world’s first climate resilient nation” – thanks to citizenship by investment, Dominica expects to be able to produce 85% of its energy through renewable sources in the coming years.
“Dominica is a template” said Prime Minister Skerrit, of how to utilize citizenship by investment funds “to create jobs, to grow the economy, to reduce poverty, and to create a sustainable path for development.”
When questioned as to how Dominica maintains transparent use of citizenship by investment funds, Prime Minister Skerrit highlighted that budgetary estimates indicating how citizenship by investment funds are spent are frequently submitted to Parliament.
Ambassador Nanthan further highlighted that funds received from the programme are scrutinised by the Director of Audit as well as by external auditors. Recently, stated Ambassador Nanthan, PricewaterhouseCoopers (PwC) visited Dominica and conducted a review of how citizenship by investment funds were used.
PwC’s findings were then published in a detailed report in 2019.
A commitment to transparency is one of the reasons Dominica’s Citizenship by Investment Programme is consistently ranked as the best of its kind by the Financial Times’ CBI Index, a feat that was frequently referenced in the webinar.
On top of this, the simplicity of Dominica’s programme was also cited as a reason for its success. Offering a two-investment structure, applicants can choose between either a direct contribution to a Government fund or an investment in pre-approved real estate.
Applicants are also guided through the process by one of Dominica’s Authorised Agents, with whom Dominica’s Citizenship by Investment Unit remain incredibly communicative throughout the process.
Efficiency and ease of processing were also discussed as an important factor in Dominica’s success.
From the moment of submission to the issue of an approval in principle, applicants are looking at a waiting period of only three months – something that is an incredible asset to the Dominica Citizenship by Investment Programme.
Finally, certainty was discussed as an attractive feature of Dominica’s programme. Applicants to the Dominica Citizenship by Investment Programme can be sure that they are gaining a reputable citizenship from a country that maintains excellent international relations, from a programme that has stood the test of time.
Yesterday’s webinar fostered interesting insights and rich discussion regarding what makes Dominica such an attractive destination for second citizenship, even in the midst of a global pandemic.
Thanks to Prime Minister Skerrit and his fellow esteemed speakers, those who participated now have an excellent picture of the benefits that Dominican citizenship can bring.
