NEWS

Layou Benefits from Outputs of Citizenship by Investment Programme

The Dominica Citizenship by Investment Programme continues to contribute to the wellbeing of our citizens, as funds are reinvested in local communities and our island’s entrepreneurs. Early in the New Year, $100,000 was presented to the Chairman of the Layou Improvement Committee, Mr Lazare Charles, whose task is to oversee the development of the Layou community.

Layou, a valley on Dominica’s western coast that serves as the home to around 450 people, has a long history of settlement, and was a key outpost in the defence mechanism that alerted the Dominica to foreign invasion. Fishing is Layou’s core trade, although farming in sugar, tobacco, and lime is also prevalent.

The Honourable Kelver Darroux, Layou’s Representative in Parliament, highlighted that the $100,000 would benefit a wide range of small businesses in the community, including “the fishing [industry], the farmers in the community of Layou, the retail shops, hairdressers, restaurants and bars in the community….”

Mr Darroux focused on the far-reaching benefits of the Citizenship by Investment Programme in revitalising and supporting not just the Layou community, but all Dominicans. “So you can see that the [Programme] continues to play a tremendous role in the economic activities in this country. Now, when you have individuals out there criticizing this Programme and trying to bring this Programme down, you can well imagine the impact it can have on the average citizen of Dominica,” concluded the Parliamentarian.

READ MORE Январь 13, 2017

Growth Predicted for Dominica’s Economy

The Eastern Caribbean Central Bank (ECCB) has confirmed economic growth for Dominica for the next two years. Speaking on Wednesday, 11th January 2017, His Excellency Timothy Antoine, Governor of the ECCB, forecasted a 3.2% economic growth for 2017 and 2018.

The estimated forecast is a testament to our Government’s commitment to ‘building a more resilient Dominica’ following the impact of Tropical Storm Erika in 2015. Engaging with the press, Mr Antoine outlined Dominica’s outlook prior to Tropical Storm Erika as a 2.8% economic growth. In the aftermath of the Storm, the national economy instead only grew by 2.5%.

The rebuilding process, including extensive investment in infrastructure, renewable energy, and real estate accelerated economic growth, resulting in a 1.7% growth rate for 2016 – greater than anticipated for a year of reconstruction – and much higher predictions for the coming two years.

One example of the public and private sector dialogue that has ignited participation in Dominica’s economic transformation is Marriot International’s confirmation that the hotel giant will soon be developing a 5-star resort in Dominica.

Tourism and construction developments will remain a priority for the forthcoming fiscal years, as our Government focuses on the creation of long-term benefits for Dominicans throughout the country. The Citizenship by Investment Programme was a significant contributor to Dominica’s economic growth, and is expected to continue to attract high net-worth applicants to our island each year, raising our country’s profile for foreign investment.

READ MORE Январь 12, 2017

International Hotel Brand Welcomed to Dominica

Welcoming Marriott to Dominica

Marriott International will be spearheading a new luxury hotel development project in Dominica. The project, which will be part of Marriott’s Autograph Collection, will play an instrumental role in attracting visitors to the island and redefining Dominica’s tourism industry.

The project was announced during a conference meeting on the 9th January 2017 in which Marriott representatives, hotel developers, members of Cabinet, and senior public officials met with Dominica’s Prime Minister, Dr the Honourable Roosevelt Skerrit, to formally introduce the project.

Opening the discussion, Dr Michael Lawrence, Director of Silver Beach Resort – the official developers for the project – revealed the project’s core objectives: creating jobs, providing hospitality training for Dominicans locally and regionally, and establishing a relationship with farmers to provide another market for their produce.

As one of the largest international hotels in the world, Marriott represents a monumental milestone in Dominica’s travel and tourism industry and will bring further legitimacy and prestige to its high-end tourism brand. “[C]ompanies like Marriott would conduct strict due diligence to ensure that the economy of the country is suitable, that they fully understand the implications of this country’s Citizenship by Investment Programme, and that the integrity and stature of the directors of Silver Beach is such that the company is willing to align itself [with them],” said Dr Michael Lawrence.

Currently operating in 120 countries, Marriott International has 6,000 hotels, each aligned to one of 30 luxury brands. Speaking on the evening, Dr Bojan Kumar, Marriott International Director of Development for Latin America and the Caribbean, noted that the Marriott Autograph Collection is one of the fastest growing brands in the world and the one in highest demand in the Caribbean.

The Honourable Robert Tonge, Minister for Tourism and Renewal, detailed the steps taken by the Government to enhance the island’s already successful hospitality and tourism industry. As well as resuming dialogue with the public and private sectors, the Government increased its marketing efforts to travel agents, tour operators, and potential investors, and made available $15 million to existing hotels and restaurants to provide a high-quality service. Dominica’s Prime Minister reiterated the Government’s continuing dedication to rebuilding a better Dominica, emphasising the importance of completing the project on time.

The Marriott project will be sponsored by Dominica’s Citizenship by Investment Programme, one of the most popular economic citizenship options in the world. Mr Alick Lawrence, CEO of Silver Beach, explained that the success of such projects “directly depends on the success of the [Citizenship by Investment] Programme,” and commended the Government’s leadership in taking a progressive approach to the development of tourism on the island. Dominica’s Citizenship by Investment Programme continues to attract the interest of luxury hotel brands and foreign direct investment to the island.

READ MORE Январь 10, 2017

Dominica Hosts CIPA Meeting

On 15–16 December 2016, Dominica was the proud host of the December 2016 Citizenship by Investment Programmes Association (CIPA) Meeting. The CIPA is composed of five nations: Dominica, St Kitts and Nevis, Grenada, Saint Lucia, and Antigua and Barbuda, each of which have adopted citizenship by investment in their laws, and developed programmes to attract investment into their nations.

The CIPA was created out of a desire to improve due diligence checks on applicants. Reminiscing on the first CIPA meeting in St Kitts and Nevis, Mr Thomas Anthony, Head of the Antigua and Barbuda Citizenship by Investment Unit, said that key areas of focus included applicant requirements, documentation, and background checks.

This month’s CIPA Meeting, the fifth-ever meeting of its kind, was held at the Fort Young Hotel in Roseau. It was attended by Minister Francine Baron, who delivered the keynote speech on behalf of our Prime Minister, Dr the Honourable Roosevelt Skerrit. Minister Baron, who is responsible for the Ministry of Foreign Affairs and CARICOM Affairs, highlighted the need to endeavour to better the citizenship programmes, and to institute uniform regulations. “While our efforts have been laudable in following best practice and in maintaining strict due diligence procedures, it is to our benefit to strive always for enhanced systems and practice. If we are to truly embrace an integrated approach with our programmes we need to think and act in unity and this can only be effectively achieved if we have a single standardized regulatory system; one that amalgamates the very best of the five islands,” noted the Minister.

Ambassador Emmanuel Nanthan, who heads our Citizenship by Investment Unit, said that this meeting would also look outside the Caribbean, to ways in which the system of “worldwide agents and promoters” could be improved.

READ MORE Декабрь 23, 2016