The Commonwealth of Dominica is one of the top 20 tourism locations of the future in terms of its foreign direct investment strategy. This is according to a new report issued on Monday by the fDi Intelligence, a service from the Financial Times. The Nature Isle of the Caribbean leads with hotels development and investment, ecotourism, wellness, climate resilient strategy and incentives for businesses.
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The FDI Strategy category in the Tourism Locations of the Future 2019/20 found that the hotel construction sector benefitted from the largest investments in Dominica. Importantly, though hotel numbers are purposely kept relatively low, their scale, sustainable approach and consideration for the local communities is what makes them stand out. The Citizenship by Investment (CBI) Programme is funding the construction of a select portfolio of resorts on the scenic island.
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“The most significant foreign investments made in Dominica during the past year were hotel properties, partly financed by funds from the Citizenship by Investment Programme,” the report highlights. “These include Tranquility Beach, part of the Hilton Curio Collection, and Anichi Resort & Spa, part of the Marriot Autograph Collection.”
Through CBI, foreign investors can obtain Dominican citizenship so long as they pass all due diligence checks and make a minimum US$200,000 investment into CBI-approved real estate, such as the aforementioned resorts that are currently under construction, but also the already operational Jungle Bay and Secret Bay. Kempinski CBI shares are sold out, however, a new hotel called Sanctuary Rainforest Eco Resort and Spa has been approved for CBI and has already broken ground. Together, they build Dominica’s foundation for an emerging ecotourist sector with a diverse wellness offering. The same report notes that the island “attracts eco-tourists with its lush rainforests, mountains, waterfalls and volcanoes and offers various eco-lodges and resorts to accommodate visitors.”
Alternatively, eligible investors hoping to obtain second citizenship from Dominica could make a one-off contribution of at least US$100,000 to the Economic Diversification Fund. The government uses these funds to build climate resilience, which takes the form of reinforced modern infrastructure, hurricane-resistant housing or harnessing green energy.
The report also found Dominica to have attractive incentives for investors. If coupled with obtaining economic citizenship, the benefits to investors grow, enhanced by Dominica’s promising development prospects.