- June 6, 2021
- Posted by: markets.businessinsider.com
- Category: Featured
LONDON, June 6, 2021 /PRNewswire/ — During a government programme, Prime Minister Roosevelt Skerrit of the Commonwealth of Dominica provided viewers with an update on the anticipated international airport. The government has now officially signed an agreement with Montreal Management Company to construct the airport funded entirely by the country’s Citizenship by Investment (CBI) Programme.
Project manager Collin McIntyre joined the Prime Minister to discuss the importance of using CBI funds instead of taking out loans that would burden taxpayers and generate additional debt. Prime Minister Skerrit also reviewed how the funds are used, detailing the government’s transparency. This includes a budget for the airport’s construction with the government appropriating CBI allocations to meet the budgeted amount.
Prime Minister Skerrit also noted how vital the programme was to the public sector as a whole: “We thank God for the CBI and the many opportunities the programme has brought to our country. […] The CBI funds are used for public sector investment projects [like] roads, bridges, schools, housing, health centres, hospitals and paying down on our most expensive debts. We really have not been using the CBI funds for recurrent expenditure except after Hurricane Maria.”
As of late, funds from the programme have contributed to constructing a state-of-the-art hospital, an expansive housing project, and 12 health centres on the island. The programme’s transparency has been corroborated by independent bodies, including Pricewaterhouse Coopers, which did an audit of the programme and its expenditure analysis in a 2019 report.
With nearly three decades of experience within the investment migration realm, Dominica’s CBI Programme is consistently ranked as the world’s best by the annual CBI Index. The programme enables wealthy individuals and additional dependants to become citizens of the country by investing in a government fund or purchasing pre-approved real estate. Applicants are then subjected to rigorous due diligence checks to ensure only those of upstanding character become citizens. Only once passing these checks do applicants receive a receipt of citizenship and apply for their second passport. Citizens and expats from or residing in the Middle East, particularly in the United Arab Emirates, have flocked to Dominica for decades under its economic citizenship programme due to its affordability, longevity and its family structure that enables applicants to add a wide list of dependants to an application.
Being a Dominican citizen comes with a wealth of opportunities like increased global mobility to over 140 countries and territories, alternative business prospects in a stable democracy and significantly, the ability to pass citizenship down for generations to come.
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