Dominica’s CIB and Tourism led its GDP Grow 9%: UN ECLAC

Dominica’s CIB and Tourism led its GDP Grow 9%: UN ECLAC

A recent report released by the United Nations’ Economic Commission of Latin America (ECLAC) announced Dominica’s GDP rose by 9% in 2019. The reason for this jump is its burgeoning Tourism and Citizenship by Investment Program, declaring Dominica to be the fastest growing Economy in all of Latin America and the Caribbean Region.

A growing trend of global citizenship is leading many high net worth applicants gravitating towards a Caribbean Passport. Compared to all other Caribbean countries, Dominica allows a minimum contribution of just $100,000 to Govt’s Economic Diversification Fund (EDF) or investment in approved real estate i.e. luxury hotels and boutique resorts. This investment is crucial in fuelling the constructive developmental projects in public sector, which in turn, is integral in propelling the ecotourism in the country. Owing to the ongoing construction activities, stress on resilient natural resources and ecotourism, the nation is competing with the international market. Cruise ship arrivals and stopovers in Dominica have increased 7 and 3 times respectively. Considering the devastation in Hurricane in September 2017, achieving this growth in a short span becomes even more stellar!

The foreign exchange accumulated through Citizenship by Investment fund is utilized to sponsor major nationwide developmental projects including sustainable housing, roads, civic amenities, international airports, geothermal plant etc. Investors’ contribution through Dominica’s CBI is leading to an overall long term sustainable growth which has contributed in stabilizing the economy promising a great future for the country.

ECLAC also reports that the notable growth in Eastern Caribbean Currency Union (ECCU) activities, primarily in Dominica has a very robust effect on the economy of the Caribbean region leading to a GDP growth across ECCU driven areas. The reports further says that the “robust performance of the tourism sector, as well as the Citizenship by Investment (CBI) programs and public sector-fuelled construction activity, were primary drivers of ECCU-wide GDP growth in 2019,".

Dominica’s Citizenship by Investment Program (CBI) is considered to be the world’s best with reliable due diligence and a good number of visa-free travel, which attracts individual and families of high net worth individuals.

 To know further about Dominica Citizenship by Investment Program click here.

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