One to Watch in 2019: Dominica Bounces Back as Confidence in Its Economy Is Ranked Highest in Latest UN Report - CS Global Partners
LONDON, January 31, 2019 /PRNewswire/ --
The UN Economic Commission for Latin America and the Caribbean (ECLAC) latest report expects the Commonwealth of Dominica to be the top Caribbean country in terms of GDP growth in 2019. ECLAC predicts it to register a 9% increase, marking an upward trend for Dominica's economic expansion. Prime Minister Roosevelt Skerrit announced that half of the country's revenue between mid-2018 to mid-2019 are expected to come from the country's world-leading Citizenship by Investment (CBI) Programme.
In August, 2018, Financial Times experts ranked Dominica as the best country to obtain a second citizenship from by means of investment. This was because Dominica, in turn, has been investing in a strict due diligence framework, which all applicants must pass to be eligible for its citizenship. In a continuous effort to promote transparency, last week, the Parliament adopted legislation that align the country's fiscal policies with international standards. This proactive measure is important for Dominica because it is in its best interests to make sure that its CBI Programme is durable and fully complies with the internal policies of its external partners.
One of the two investment options that eligible citizenship hopefuls can choose from is a contribution to the Economic Diversification Fund (EDF). The Dominican Government has been the most transparent CBI jurisdiction in terms of how those investments are then spent on the island to serve its 73,500 population. Last year, Prime Minister Skerrit reported a number of CBI-sponsored initiatives, whether partially or fully. Amongst them were funding a healthcare pilot that helped save 16 children in critical medical condition; created over 1,000 new jobs by developing the tourism sector; and awarded 25 scholarships for the best students in areas severely affected by Hurricane Maria in 2017.
This year, there are plans to build new and modern public housing for thousands of citizens affected by the adverse weather challenges in the past few years. 2019 will also see the construction of a geothermal plant that will provide nearly its entire population with clean energy. The upcoming years are said to put Dominica on the map as a unique, eco-luxury tourist destination, sustained by its plans to build a new international airport, also entirely funded by its CBI Programme.
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