On 26 July 2016, PM Roosevelt Skerrit presented Budget 2016- 2017 in which states the benefits of Citizenship by Investment Programme to the Economy of the Commonwealth of Dominica and future development of Citizenship by Investment Programme.
PM Roosevelt also ensured to the future applicant of the Dominica Citizenship by Investment Programme that there is no increase in the investment amount and fees to get Dominica Citizenship through investment.
PM Roosevelt Skerrit also quoted
“The resources from the Citizenship By Investment Programme were identified in the 2015/16 budget to finance a number of capital projects as well as the recurrent activities. The amount spent by Government for the year was $99.0 million. In addition to this expenditure, payments were made out of the bank accounts for the due diligence that must be done for every applicant, promotion and marketing of the Programme and refunds made to applicants who were unsuccessful in the application.”
PM Roosevelt Skerrit put light on the fact about the Citizenship by Investment Programme which is an important non-tax revenue earner for Dominica:
- It is under this Government that a separate Unit of Government was established to strengthen the governance structure for the administration of the programme. Previously, the Citizenship By Investment Programme or its predecessor the Economic Citizenship Programme, was administered through the Financial Services Unit.
- It is under this Government that a decision was made to identify separately the projects on the PSIP which are funded from resources raised under the programme. These projects are given a code of 115 in the printed estimates and are easy to reference. Government’s contribution to the financing of a number of major development projects has come from the Citizenship By Investment Programme. This includes the geothermal development project, the counterpart financing for Lots 1 and 2 Canefield to Melville Hall project and in more recent times, many of the post tropical storm Erika rehabilitation works, including the rehabilitation of Douglas Charles airport.
- It is under this Government that greater structure was given to the programme, by defining clearly the two streams of the Programme; one by which resources will be raised to finance the public sector investment programme and the other by which foreign direct investment is targeted for private sector investment.
- It is under this Government that we have expanded the Programme and employed a marketing strategy aimed at attracting the best and most credible applicants.
- And it is under this Government that we have increased our revenue earnings to over 200 million in the last financial year.
After this budget we can say that Dominica Citizenship by Investment programme is impacting greatly in the development of the country and government is taking special care to maintain transparency its value by maintaining strong due diligence.