LONDON, Dec. 4, 2019 /PRNewswire/ -- A new five-part documentary from UK-based FT Specialist PWM magazine has revealed some of the ways Dominica's Citizenship by Investment (CBI) Programme is benefiting its citizens, particularly through job creation. As seen in the documentary, Minister of Foreign and CARICOM Affairs Francine Baron offers some insight into how the CBI Programme is being utilised for the island's development and employment.
Through the CBI Programme, foreign individuals and their families can choose to invest in pre-approved hotels and resorts to qualify for citizenship in Dominica, but only if they first pass all the due diligence checks and other necessary requirements. There are limited shares available in CBI-approved hotels, but eligible citizenship hopefuls can alternatively choose to make a contribution to the Economic Diversification Fund, which has sponsored countless socio-economic initiatives on the island.
Dominica's CBI Programme has helped fund a series of development projects on the island which in turn has created jobs. One of the key areas attracting both local and foreign workers is Dominica's construction sector. With a host of internationally branded hotels set to debut on the island, alongside the ongoing construction of over 5,000 hurricane-resistant homes, Dominica was compelled to diversify its workforce and even source specialist labour from neighbouring islands. This goes alongside hoteliers training local workforce to learn new skills, especially those needed for the smooth operation of the new resorts.
To support this economic boom in the long term, Dominica insists on prioritising its local workforce and investing in diversifying and professionalising certain career fields. This requires close collaboration with the CBI real estate developers. Mrs Baron explains: "Part of the agreement with the developer is that they must have a certain percentage of local labour involved in the project. We want to make sure these projects benefit the economy as much as possible," Francine Baron told FT Specialist.
The CBI Programme made the construction of most of the new hotels and resorts in Dominica possible. As a small developing island, raising capital to finance such luxurious hotels would have otherwise been more difficult in such a short space of time. CBI was key in sourcing funds for the new hotels, while ensuring that they are built under the close supervision of the government, with sustainability in mind.
SOURCE CS Global Partners