U.S. Markets open in 41 mins

Dominica Proofs Homes Against Climate Change Using Citizenship by Investment Funds – CS Global Partners

LONDON--(BUSINESS WIRE)--

Another thirty-three Dominican families will benefit from new affordable homes by the end of June as part of the Skerrit administration’s larger plan to build 5,000 homes around the Caribbean island, called the ‘Housing Revolution’. The Government Information Service (GIS) of Dominica recently detailed some of the latest updates concerning the Grand Fond Housing Project on its ‘National Focus’ segment.

The project is low-cost but designed to withstand the harshest hurricanes and seismic events. It is part of Dominica’s long-term goal to become the ‘world’s first climate-resilient nation’. The Grand Fond project will also feature reinforced concrete, stable roof structures and impact-resistant windows with solar water heating structures. Similar developments are currently being constructed across the island from areas to the East Coast to communities in the south-east village of Petite Savanne.

Prime Minister Roosevelt Skerrit, who is also the Minister for Housing and Lands, clarified that, upon moving in, each resident will receive a strata title, allowing for individual ownership as part of the property: “Each family will have a title in their name for this building and this is the same that we’re doing with Bellevue Chopin […] so that they can take this to the bank as collateral, as security, to get a loan for any family needs.”

The ‘Housing Revolution’ is completely funded by Dominica’s Citizenship by Investment (CBI) Programme. The initiative enables global individuals and their immediate relatives to acquire second citizenship by way of an economic contribution to either a government-held fund or buying into selected real estate. The generated funds are injected into several sectors like ecotourism, healthcare, education, climate change resilience, infrastructure and more. The ‘Housing Revolution’ is only one of the sustainable projects sponsored by the island’s CBI Programme. A geothermal plant is also expected to commence construction in the third quarter of 2019 and will be partly funded by the programme. Since 1993, Dominica has been attracting more foreign investors with its unique business and investment opportunities. The island has even been recognised as the world’s best offering for second citizenship, for a second year running, by experts at the Financial Times.

CS Global Partners is the international legal advisory mandated by the Government to promote the Citizenship by Investment Programme worldwide.

View source version on businesswire.com: https://www.businesswire.com/news/home/20190528005346/en/