The International Monetary Fund (IMF) has expressed satisfaction with Dominica’s Citizenship by Investment (CBI) programme and how it has attracted foreign investors to the island country. The global fund organization praised the Dominican government for rebuilding the country with CBI funds following the devastations of Hurricane Maria in 2017.
IMF noted that Dominica will continue to witness positive growths from its CBI programme and added that the fund has stabilized ECCU’s operations in the region. The organization said the country will continue to experience economic development given that businessmen will invest in tourism and agribusiness as well as in infrastructure that will attract FDI.
According to the IMF, ECCU’s GDP growth increased by almost 4% in 2018 as a result of deeper investment in tourism and buoyant CBI inflows. The international organization stated that the CBI programme has aided reconstruction recovery after the hurricane. They added that in the near future, economic activity would be supported by further investments in agriculture, tourism, education, and related reconstruction projects.
Dominica’s CBI programme is rooted in granting second citizenship to foreigners who wish to invest in the ecotourism sector of the economy by owning real estate property and other related businesses on the island. These businesses include luxury hotels and resorts as well as other properties. Potential investors hoping to become citizens of Dominica need to make a considerable contribution to the country’s Economic Diversification Fund (EDF).
IMF further noted that Dominica has been able to make good on its climate resilience drive by investing in renewable energy sources with a view to combating global warming and becoming the first country in the world to be fully climate-resilient.
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