CBI Funds New Sports Complex in Dominica

The Prime Minister, Dr the Honourable Roosevelt Skerrit, announced that Dominica’s new multi-sport complex, a project estimated to cost $40 million, will be fully financed by the Citizenship by Investment Programme.

Dominica’s Citizenship by Investment Programme has been in existence since 1993, and is one of the most trusted economic citizenship options in the world, drawing applicants from all continents. The Programme offers two choices for citizenship: a donation to the Economic Diversification Fund (EDF) or an investment in pre-approved property, particularly hotels and resorts. Qualifying donations made to the EDF start at US$100,000 for single applicants, increasing to US$175,000 for a main applicant plus a spouse, and US$200,000 for a family of four with two children under the age of 18. EDF funds are used by the Government to improve infrastructure, promote personal development, and sponsor state projects including the multi-sport complex.

The Programme is “a major source of non-tax revenue for [the] country,” said the Prime Minister, who underlined: “We are not going to be looking for the money, we have the money to build the facility. The entire sum will come from the Citizenship by Investment Programme.”

Plans for the complex envision outdoor and indoor courts to play basketball, netball, volleyball, and tennis, as well as swimming facilities. “This is going to be a significant investment in our young people and in sports development,” noted Dr Skerrit, whose vision for the sport complex is one of a development that will inspire Dominica’s youth to develop their sporting skills, and even choose professional sport careers.

Marques and Marques Architectos, a Puerto Rican firm, has been tasked with the construction of the complex.

READ MORE Tuesday June 20th, 2017