IMF FORECASTS DOMINICA'S GDP GROWTH TO REACH 5% ANNUALLY OVER THE NEXT FIVE YEARS
As Dominica recovers from the economic impact of the new global epidemic, the International Monetary Fund (IMF ) expects the country's gross domestic product (GDP) to grow by 5 percent annually between 2022-2026. In a statement released last month, the organization praised the island nation's "prestigious" Citizenship by Investment program, which offers full and honored Commonwealth citizenship, Dominica citizenship and a Dominica passport to eligible applicants; the success of this program will result in a significant increase in the number of people eligible for citizenship. The success of this program will bring "promising" growth prospects for Dominica in the coming years. As larger and more powerful countries continue to grapple with travel restrictions and face strong opposition from businesses and economies caused by the embargo, small countries such as Dominica are expanding their economies at an exponential rate through citizenship by investment programs. Since Hurricane Maria devastated its economy in 2017, Dominica has been rebuilding from the ground up, consistently using Citizenship by Investment funds to build climate-resilient infrastructure that can withstand natural disasters while constructing three hotels that blend with their natural surroundings - Cabrits Kempinski Resort, Secret Bay, and Hilton Serenity Beach Resort (Article: Current Construction at Dominica's Three Hotels ), creating lasting jobs. Creating lasting jobs.
What is Citizenship by Investment Program
Citizenship by Investment (CBI) originated in the Commonwealth of Nations in the Caribbean and began to develop in 1984 when St. Kitts and Nevis enacted legislation to allow foreigners to acquire citizenship by investment and provide a one-step process to obtain a passport. Citizenship by Investment (CBI) was developed in 1993 by the Commonwealth of Dominica into the world's most complete and sophisticated fast-track citizenship by investment program for individuals and families from Asia, the Middle East and Russia at the upper end of the spectrum in as little as three months, without the need to physically land in Dominica. With the St. Gorgon Passport and Dominica Passport, applicants can enjoy visa-free access to the European Union, Switzerland, Russia, Singapore and Hong Kong, and dual citizenship is allowed, allowing them to maintain their original citizenship and enjoy all the rights of a second citizen. Dominica has been ranked first in the world for five consecutive years by the annual CBI index report of the Financial Times magazine, and has received a perfect score of ten in six categories: Mandatory travel or residence,Minimum investment outlay,Ease of processing,Due diligence,Family, andCertainty of Product.
Economic Growth
Revenues from Dominica's Citizenship by Investment program are allocated to national development projects on the island, such as a new international airport, climate-resilient housing, road improvements, hospitals and geothermal power plants. "These projects will accelerate growth in the short term during the construction phase and also increase potential output in the long term, including spillover effects from tourism and reduced dependence on fossil fuels, all of which will improve Dominica's external sustainability and competitiveness," the IMF statement said.
Country/economic growth ratio | 2018 | 2019 | 2020 |
|---|---|---|---|
Dominica | 2.214% | 7.571% | -16.605% |
2.700% | 4.800% | -14.400% | |
Saint Lucia | 2.926% | -0.064 | -20.374 |
Antigua | 6.884% | 4.862% | -20.192 |
Dominica, St. Kitts, St. Lucia, and Antigua are four of the most popular countries in the Caribbean, and in 2019 Dominica's GDP remains high at 7.571%, the highest of the four countries, and in 2020, St. Lucia's has the largest negative growth of -20.374%. In the latest edition of the project ranking Dominica is number one for the fifth consecutive year.
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Dominica Citizenship Program
- Established in 1993, the Dominica Citizenship Program is one of the oldest naturalization programs in the world.
- Passport immigration does not require the applicant to attend an interview
- Immigration can be processed quickly: time its about 2-3 months
- The most cost effective program for single applicants
- Status can be permanently passed on to the new generation in the direct line
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