Prime Minister of Dominica Welcomes Property Developers and Promoters to use the Country's Citizenship by Investment Programme for Development Purposes

10 Nov, 2015, 11:53 ET from Government of Dominica

HONG KONG, November 10, 2015 /PRNewswire/ --

The Honourable Roosevelt Skerrit, Prime Minister of Dominica, said that genuine project developers and promoters are welcome in his country, with his Government ready to give them all the support they need to produce sustainable and worthwhile projects that increase economic activity and create jobs.

"We are acutely aware that the quality of projects approved under our Citizenship by Investment (CBI) programme will have an impact on its success and our reputation," said Prime Minster Skerrit, speaking at a conference on investment in Hong Kong. "We eagerly welcome project developers and promoters and stand ready to facilitate them to implement successful projects. We are, however, very selective in the approval of projects. Projects must be designed in a manner that will ensure transparency and accountability to both investors and the government and people of Dominica."

One of the key considerations when approving projects is that they generate economic activity and create sustainable jobs, said the Prime Minister, while also demonstrating transparency and integrity.  

"The ability for these projects to generate economic activity and create sustainable jobs are key considerations. Project developers and promoters must also have the wherewithal to complete the projects. The likelihood of completion and success are therefore critical factors that we consider before approving any project under our CBI programme."

The country's first luxury hotel project under the programme is the Cabrits Resort Kempinski Dominica, which is being developed by Range Developments. It will be a 160-room hotel on Douglas Bay in Cabrits on the north shore of the island, close to the town of Portsmouth. Investors can obtain citizenship of the country by purchasing a share in the development for US$220,000 in a limited partnership structure. Three other projects have been approved in principle, with negotiations expected to be finalised in the coming weeks.

In May this year, holders of Dominican passports received visa-free access to the Schengen region of Europe bringing the number of countries for which citizens have visa-free access to 120.

"Such an achievement is an endorsement of the policies of our Government including our management of our CBI programme," said the Prime Minister. "As Prime Minister and chairman of the Cabinet of the Government of Dominica, I have ensured that our programme maintains the highest level of integrity while at the same time making the programme attractive to investors.

 

SOURCE Government of Dominica