Prime Minister of Dominica, Roosevelt Skerrit, emphasized that the Citizenship by Investment (CBI) Programme has been one of the country’s key sources of development financing over the past three decades. He highlighted its role in supporting infrastructure projects, disaster recovery efforts, and funding major economic sectors without placing additional tax burdens on citizens.
Citizenship by Investment as a Source of Development Funding
Speaking during a recent press conference, Skerrit stated that the programme’s revenues have contributed to financing vital projects, including disaster-resilient housing, schools, healthcare facilities, roads, and bridges, as well as initiatives aimed at strengthening resilience against climate change.
He explained that the programme has also served as an important source of funding following several natural disasters and external shocks faced by the island, allowing the government to implement essential projects through alternative financing sources rather than relying on increased taxation.
The Prime Minister noted that Citizenship by Investment revenues have extended beyond infrastructure development, also supporting key economic sectors such as tourism, renewable energy, and agriculture, as part of the country’s efforts to diversify its economy and strengthen long-term growth.
Stronger Oversight and Unified Regional Standards
On another note, Skerrit stressed that Dominica continues to enhance its programme in line with evolving international standards in the sector. He noted that the country has increased transparency, expanded cooperation with international law enforcement agencies, and implemented stricter due diligence procedures for applicants.
He also referred to the decision to establish a regional regulatory body for Citizenship by Investment programmes in the Eastern Caribbean, explaining that the relevant legislation has already been approved in Dominica and is expected to come into effect later this month.
The regional regulatory body aims to establish a unified regulatory framework for Citizenship by Investment programmes, helping standardize requirements, strengthen oversight, and enhance international confidence in these programmes.
What This Means for Investors
Skerrit’s statements reflect the continued efforts by Caribbean nations to strengthen the credibility of second citizenship programmes, particularly amid growing global attention toward due diligence standards and transparency within the investment migration sector.
For international investors interested in obtaining a second citizenship or passport, these regulatory developments represent an important indication of the sector’s move toward clearer oversight and more consistent standards, while maintaining the economic role these programmes play in funding development projects within host countries.
