IMF Predicts Citizenship by Investment Revenue to Help Dominica Grow GDP 5% Annually for the Next Five Years

LONDON, Jan. 4, 2022 /PRNewswire/ -- As the Commonwealth of Dominica recovers from the economic impact of the global pandemic, the International Monetary Fund (IMF) expects the country to grow its Gross Domestic Product (GDP) 5% yearly from 2022-2026. In a statement released last month, the organisation praised the island's "buoyant" Citizenship by Investment (CBI) Programme for supporting resilient projects that will lead to Dominica's "promising" growth outlook in the coming years.

As bigger and more powerful nations continue to struggle with the backlash of travel restrictions and lockdowns on businesses and economies, small countries like Dominica are expanding their economic growth exponentially through foreign investments. Since building back from scratch after the devastation of Hurricane Maria in 2017, Dominica is adamant about using CBI funds to construct climate-resilient infrastructure that can withstand natural disasters, while creating lasting jobs in construction and hospitality.

Established in 1993, Dominica's CBI Programme has helped vetted individuals and their families in becoming citizens of the nation once they either invest in a government fund or purchase pre-approved real estate properties. The Programme is one of the longest-standing options on the market and continues to be ranked as the world's best by the annual CBI Index report conducted by experts at the Financial Times' PWM magazine.

Revenue from the Programme is allocated to the island's national development projects like a new international airport, climate-resilient housing units, road improvements, hospitals, and a geothermal electricity plant. "These projects will accelerate growth in the near term during the construction phase and will also increase potential output in the long term—including spillovers in tourism and reduction of fossil fuel dependency, all of which improve Dominica's external sustainability and competitiveness," the IMF statement read.

The agency also said that Dominica's GDP is expected to reach the pre-pandemic level by 2023, and tourism recovery will be supported by the ongoing construction of new hotels, often backed by CBI, and the inauguration of direct flights from the United States from December 2021.

CBI empowers the governments of small nations like Dominica to build its economy and infrastructure and changes the lives of the international businesspeople that invest in the Programme. Those looking for more mobility from their passports, better education for their children and a safer home for their future generations find the solution in second citizenship from Dominica.

Applicants do not need to visit the nation or pass any language requirements to be eligible, and those who successfully pass the necessary due diligence checks gain access to greater travel and business opportunities with visa-free or visa-on-arrival access to over 160 countries. They also gain a lifelong second home in a country with a currency pegged to the US dollar, where financial prosperity is ripe.

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SOURCE CS Global Partners