LONDON, Dec. 4, 2019 /PRNewswire/ -- A recent report published by the multinational firm, PricewaterhouseCoopers (PwC), highlighted key development areas in Dominica that have been significantly supported by the island's Citizenship by Investment (CBI) Programme. One of the areas prioritised is the island's health and well-being particularly with water and sanitation.
According to the PwC report, over EC$175 million has been channelled from Dominica's CBI to important water sources between the period 2015-2019. In addition, CBI funds have also been utilised to dredge rivers in 11 locations. This enables the island to better protect itself in the case of flooding.
Due to Dominica's mountainous landscape and its large number of rivers, the threat of flooding can be high depending on the time of year. Following Hurricane Maria in 2017, funds generated from the country's CBI Programme were redirected to rebuilding Dominica, and importantly, mitigating future disasters by dredging rivers. "In 2018/19, overall CBIP-funded public expenditure rose to EC$347 million, almost 50% more than the previous year. This included EC$110 million of expenditure on river dredging and other river protection measures, such as building river walls and river training," the report detailed.
Introduced in 1993, Dominica's CBI Programme has contributed to many development projects on the island. Currently, CBI is supporting the construction of over 5,000 hurricane-resistant homes, several internationally branded hotels and a geothermal plant. The Programme offers well-vetted foreign investors and their families a route to acquiring citizenship once making an investment into the country's economy. After passing thorough due diligence checks, a successful applicant gains access to a plethora of benefits unlimited to increased global mobility, alternative business and entrepreneurial ventures. Most importantly, it offers the opportunity to pass citizenship down for generations to come.
At present, there are two channels of investment available under Dominica's CBI Programme: a one-time non-refundable investment into the Government's Economic Diversification Fund or buying into selected real estate options. Hoteliers include internationally renowned brands like Marriott, Hilton and Kempinski alongside boutique eco-resorts like Jungle Bay, Secret Bay and newly-announced Sanctuary Rainforest Eco Resort and Spa. With over twenty years of experience within the economic citizenship industry, Dominica remains the world's best offering for second citizenship as recognised by experts at the Financial Times' Professional Wealth Management magazine.
SOURCE CS Global Partners