Roseau, Dominica: The government of Dominica has finalized a plan to launch an initiative to provide affordable houses to youth under the new housing project- “Future Housing Programme.” The move was unveiled on July 16, 2022.
Under the Future Housing Programme, Prime Minister Dr Roosevelt Skerrit said, “The homes will be mainly provided to people of Dominica aged 45 or younger.”
During the launch ceremony at the Forecourts of Windsor Park Sports Stadium, PM Skerrit added that the first phase of the new housing programme would target young professionals and young people who are residents of Dominica and soon, it will be expanded to the diaspora.
He further said that the Dominica government knows the significance of homeownership, stressing that it is much more than just putting a roof over the head of a family.
He also went on to say that the programme will provide the younger population of Dominica with a safe, affordable and resilient roof over the head. Prime Minister further asserted that the homes will be provided at an affordable cost than the cost of construction, “This is our way of subsiding overall cost of the home so that the cost is within your financial range as young professionals and young Dominica’s residents and citizens.”
Prime Minister also emphasized that the government of Dominica has been keeping the promises they had made to the country’s citizens in the Dominica Labour Party manifesto in 2019, even during the challenging times inflicted upon the world by the COVID-19 pandemic. He is quoted saying, “We have delivered on the promise of providing a proper house”.
Future Housing Programme:
The newly launched programme will provide a home to the young professionals, and youngsters of Dominica who have been working within the public as well as the private sector. The programme will offer an opportunity to the employed youth to invest in their own homes. The programme has been launched under the tagline – Empowerment through Ownership- A Path to Generational Wealth. Prime Minister explained the meaning of the tagline and stated that these words were chosen very deliberately so that the objective was conveyed in a proper manner.
“This programme will provide security to the youth, which can be transferred to the future generation,” outlined Prime Minister Skerrit.
“In Dominica, we do not have a deep-seated culture that takes this into consideration. But with proper generational wealth planning and management, wealth can be passed down for many generations within families. This is important because we all want to give our children a significant financial advantage early on in their life so that they have a better chance at successful and progressive futures,” said the Prime Minister. He also put light on some key benefits of Future Housing.
Under the leadership of Prime Minister Skerrit, the government of Dominica has been wisely working to develop and uplift each and every sector of the country, including the housing sector. Houses have been provided to the families who lost them due to the landfall of Tropical Storm Erika and Category-5 Hurricane Maria. To date, the government of Dominica has provided more than 1,500 houses and has promised to provide 5,000 homes to vulnerable families.
Citizenship by Investment Programme of Dominica:
The government of Dominica has been constructing the homes through the funds generated via the Citizenship by Investment (CBI) Programme. The CBI Programme of Dominica was launched in 1993 and is known as the longest-running, safest and most secure CBI scheme across the globe. The alternative citizenship of the country can be attained by making a significant investment in the development of the country’s infrastructure. This programme assists the country in meeting the demands of the modern competitive global market.
The Programme is globally recognized because of the due-diligence procedures, which are conducted by an independent third-party firm. The firm and the CBI Unit of Dominica make sure that the alternative Citizenship is only provided to the honest and credible applicant. The strict, vigorous and stringent scrutinizing procedure is followed.
The interested applicant(s) can contribute to the major development projects of Dominica through – the Economic Diversification Fund (EDF) or Real Estate Investment Option.
Economic Diversification Fund (EDF), also known as the Fund Option, was introduced by the government of Dominica to fund the national developments in the country. Under the fund option, the investors can invest in the building, schools and hospitals as well as other sectors, including tourism and agriculture. The minimum investment is the US $100,000 for the main applicant.
The Real Estate Investment Option allows the investors to invest in government-approved real estate, including hotels, spas, and villas. The minimum investment is the US $200,000.
The investor(s) can apply for the alternative Citizenship through five steps, which are:
Step 1: Choose an authorized agent
Step 2: Contact your authorized agent
Step 3: Background checks and due diligence procedure
Step 4: Further discussion with the Dominica CBIU
Step 5: Payment and certification
The alternative Citizenship of Dominica is a choice for investors and applicants across the globe because it offers numerous benefits, including:
1.) The alternative Citizenship makes one a global citizen as it will provide one a chance to travel to 75 percent of the world.
2.) It will enable one to add additional dependants.
3.) It provides countless business opportunities to the investor, which will help in portfolio diversification.
4.) Citizenship is granted for life, and it can be passed on to the future generation.
5.) It can be a plan B amid the uncertainties.
The Commonwealth of Dominica, which is popularly known as Nature Isle of the Caribbean, is a mesmerizing, beautiful and most-visited destination. The beautiful country is located between the Caribbean Sea and the North Atlantic Ocean waters. Dominica’s all-year-round, tropical weather destination is popular with tourists, plus it’s also an ecotourism destination.
Indeed, Dominica is the best-kept secret in the region and is called the nature island of the Caribbean for a good reason. Dominica is home to lush green rainforests and is best known for hiking, bird-watching, whale-watching etc. The Nature Isle is also home to the world’s second-largest boiling lake and comprises nine volcanoes that are entirely safe to visit. This volcanic isle also boasts a river for every day of the year, with 365 freshwater streams in its verdant, jungle footprint.