13/05/20

CITIZENSHIP BY INVESTMENT: More Families in Dominica to Receive Hurricane-proof Housing Built With Investment Funds.

As published on prnewswire.com, Tuesday 12 May, 2020.

LONDON, May 12, 2020 /PRNewswire/ -- Before the hurricane season starts in three weeks, 150 more families from the Commonwealth of Dominica will receive the keys to their new, safe homes. The hurricane-proof units were built as part of Prime Minister Roosevelt Skerrit's Housing Revolution, fully funded by the island's Citizenship by Investment (CBI) Programme. The Dominican authorities reassure more families in need that they will have safe homes to live in before the start of the hurricane season, usually set for June.

Last week, PM Skerrit visited the Grand Fond, Riviere Cyrique and Delices sites which will soon welcome families previously displaced by previous hurricanes or storms. The first 33 families are due to receive their keys within the next two weeks, with the rest to follow shortly. Over 1,000 families have moved into their new homes, with a total of 5,000 units to be completed under the Housing Revolution initiative.

"The hurricane season is coming up and housing is very important for the safety and wellbeing of our citizens, which is why we have placed a lot of emphasis on housing," said Premier Skerrit during his visit. Housing Minister Reginald Austrie said: "What we are ensuring is that over 50 families from Grand Fond can rest easy and sleep properly in the event that we are visited by a hurricane during the hurricane season."

Geographically prone to weather challenges, Dominica has taken bold steps to counter their impact. After Hurricane Maria wiped 226% of the country's GDP in one night, PM Skerrit pledged to make the island "the world's first climate-resilient nation." Using funds largely from the Citizenship by Investment Programme, Dominica set to work and led with remarkable sustainability vision in all aspects of life on the island.

Today, bridges that cross Dominica's 365 river are sturdier than ever, the road network was transformed, while the hotels – including the ones that qualify for citizenship – are rooted in sustainability and support local communities. Known as the "Nature Isle of the Caribbean," Dominica even established an enviable ecotourism sector with plentiful natural wellness resources and facilities, which caught the eye of foreign investors as a top tourism destination of the future.

Investors can join the island's "global community" and contribute to its feat by becoming economic citizens of Dominica through the CBI Programme. They need not have resided there or take language or culture tests. They can legally obtain Dominica's citizenship if they pass all the due diligence checks and contribute a minimum US$100,000 to the Economic Diversification Fund or invest US$200,000 in a CBI-approved resort.

The process takes three months and starts by hiring an authorised agent. Due to the pandemic, Dominica has temporarily allowed agents to submit applications online to get a head start on the due diligence checks. The Unit will require the original documents at a later time, when there is a safer way to provide them.