Dominica Is Expected to Benefit From up to US$52 Million Average Tourism Spending Upon Completion of Citizenship by Investment Eco Hotels
LONDON, Nov. 27, 2019 /PRNewswire/-- The Commonwealth of Dominica is undergoing a mass transformation that will firmly put it on the map as a premier ecotourism destination. Several eco-conscious luxury resorts have opened on the island and a few more are coming, whose development is financed by foreign investors seeking alternative opportunities and, importantly, receive a valuable citizenship in return. This is possible via Dominica's prestigious Citizenship by Investment (CBI) Program.
A PricewaterhouseCoopers (PwC) report found that CBI-funded resorts are creating and developing a thriving ecotourism sector in Dominica that is estimated to bring between US$32.4 and US$52.6 million in tourism spending every year at an average 61% occupancy capacity rate. Because Dominica is shifting from a 3-star destination to a 5-star one, with a clear eco edge, PwC notes that CBI hotels will increase spending to approximately US$150 per night for every tourist seeking high-end accommodation.
Importantly, instead of focusing on soaring tourist numbers, Dominica wants to be selective about the kind of guests it hosts, primarily welcoming nature lovers seeking intimacy and tranquility. To this end, the CBI-funded hotels will increase Dominica's room stock by at least 628 luxury and eco-conscious rooms, suites, villas etc.
For the local population, this means a new-found source of money that needs to be spent on the island, whether indirectly from servicing the new resorts, to providing visitors with tourism-related services and local produce, from specialized rums and handmade soaps, to fresh fruit and vegetables from the farmers markets. Despite the devastation after Hurricane Maria in 2017, the island and its people are an inspiration for other small nations, ready to stand on their own feet resiliently.
During his recent speech dedicated to Dominica's Independence Day, Prime Minister Roosevelt Skerrit noted the importance of building a sustainable economy and encouraging the Dominican diaspora to return and build a future together with their loved ones. "We have restored confidence that Dominica is open for businesses, we have seen business recoveries and Dominicans living overseas returning and setting up a business here in our country," said PM Skerrit.
Besides the CBI hotels, foreign individuals seeking Dominican citizenship can opt to make a one-time contribution to the Economic Diversification Fund that further sponsors countless socio-economic initiatives on the island.
Contact Information:
[email protected]
www.csglobalpartners.com
SOURCE CS Global Partners
Share this article