The Dominican Dream: Investors Watch the Island Flourish via CBI, Ecotourism and Climate Resilience, New FT Documentary Shows

LONDON, Nov. 11, 2019 /PRNewswire/ -- Dominica is making an international name for itself, taking the high road to becoming "the world's first climate-resilient nation," as pledged by Prime Minister Roosevelt Skerrit after Hurricane Maria in 2017. It achieves this through Dominicans' inspiring resilience and by attracting reputable foreign investors and families across the world who are willing to contribute financially only to be called a Dominican citizen.

A new documentary released by the Financial Times' Professional Wealth Management (PWM) magazine explains why this small nation is becoming a true success story, investigating how its world-leading Citizenship by Investment (CBI) Programme helped transform the island entirely.

Global hotel brands are rushing to open their resorts on the 'Nature Isle of the Caribbean,' but the government is very specific about the importance of these developments to protect the environment, involve the neighbouring communities and support local suppliers. This creates a unique ecotourism sector that brings in upper-income tourists, but also creates jobs and business opportunities for the people of Dominica, starting to attract the Dominican diaspora to return home and build a future on the island. Stayover arrivals have already soared by 66% in the first half of 2019, compared to the same period last year.

Yuri Bender, PWM Editor-in-Chief comments: "The government's efforts to mitigate the damage caused by these storms [Erika in 2015 and Maria in 2017], constructing new housing, robust bridges, and building a vibrant tourism industry have been massively boosted by funds from the Citizenship by Investment Programme."

The CBI Programme "offers citizenship to wealthy foreign families, in return for an investment into local projects, vital to Dominica's economy and society," says Mr Bender. Dominica found the right balance between building a sustainable economic future for the people of Dominica, and making thoroughly vetted foreign investors want to become Dominican while supporting the small nation to flourish to its full potential.

Key to improving the quality of life in Dominica and encourage local entrepreneurship is reducing energy bills for the average consumer and businesses. Importantly, another big challenge for Dominica is energy security. The government found a lasting solution by sustainably harnessing the island's volcanic resources. It partnered with international bodies to develop a geothermal plant, able to supply the country and neighouring islands with clean, affordable energy. Partly funded with CBI money, the ambitious project is progressing steadily.

The geothermal project "would be a game changer for the economy of Dominica, for many reasons," says Prime Minister Skerrit. "First of all, it will help reduce the cost of electricity and energy for private citizens and for the private sector."

The FT Specialist observed first-hand how PM Skerrit's 'Housing Revolution' is modernising homes in Dominica. Funded entirely by the CBI Programme, it aims to build over 6,000 public homes, offering entire communities across the island free, hurricane-proof housing. Hundreds of families have already settled into their new homes, while new projects and are announced regularly.

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SOURCE CS Global Partners

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