Roseau, Feb. 16, 2023 (GLOBE NEWSWIRE) -- The Commonwealth of Dominica is paving the way to create a sustainable future for its citizens.
The country deals with adverse climate conditions on an annual basis caused by climate change. Global warming affects seawater temperatures that influence natural disasters. The severity and frequency of natural disasters in the Caribbean have increased in recent years, such as the 2017 Atlantic hurricanes Irma and Maria.
Dominica has used funds received from the Citizenship by Investment (CBI) Programme to pursue its sustainability goals.
These sustainable goals include Dominica’s successful adoption of clean energy – 28 percent of the country’s electricity is generated by hydropower and wind energy, more than any other country in the Caribbean Community (CARICOM) region.
During his 2022-2023 Budget presentation, the Prime Minister of Dominica, Dr Roosevelt Skerrit, presented updates on the construction of the geothermal power plant project that will be commissioned by the end of 2024 to improve independent energy resources. The Dominica Geothermal Development Company (DGDC) is developing the project and plans for a 10-MW capacity plant that will be located in Roseau Valley.
Dominica had signed a US$33.7 million contract with DGDC to drill two additional wells in the country, meanwhile the well pads and access roads will be built by ACE engineering with a US$8.5 million contract. ACE engineering are near completion with the well pads and access roads. After drilling and testing, the project will advance to the construction of the power plant.
The preparatory work for the construction of the transmission network from Roseau Vally to Fond Cole and Sugar Loaf, were two contracts awarded valued at US$2.5 million. This will supply power from both the geothermal and hydropower power plants to the rest of Dominica. The project will include the upgrade of the transmission lines from 11kV to 33kV and 99kV to reduce line loss and be more resilient to climate change events.
“I say to our young people that the investments we are making in the development of our geothermal resources is for them – a future Dominica with high-paying jobs and careers in the areas of geological sciences, geothermal energy, project management, mechanical, industrial and electrical engineering,” said Prime Minister Skerrit, emphasising the socio-economic benefit these upgrades will have for the Dominican youth.
Dominica is also committed to becoming carbon neutral by 2030, through the use of the Dominica Climate Resilience Recovery Plan (CRRP) that was established under the terms of the Climate Resilience Act 2018, and provides full effect to the National Resilience Development Strategy developed in 2018.
The CRRP develops targets, defines initiatives and outlines resources needed to implement resilience measures. The CRRP has highlighted fourteen targets that include becoming carbon neutral through 100 percent domestic renewable energy production and increasing the protected forest areas to 67 percent of Dominica; zero fatalities from extreme weather events; 90 percent housing stock built or retrofitted to resilient building codes; 100 percent resettlement of individuals living in physically vulnerable locations; and for the Government and emergency services to be 100 percent functional during and after natural disasters.
Investors have the opportunity to contribute funds towards Dominica’s sustainable economy and gain second citizenship through the country’s CBI Programme investment options. There are prerequisites per qualifying applicant that include due diligence and processing fees.
The Economic Diversification Fund (EDF) was established to support Dominica’s development through socio-economic initiatives. Qualifying applicants may acquire citizenship through their EDF contribution. The EDF contributions are used to develop public and private sector projects including building schools, hospital renovations, and building a national sport stadium. The Fund also benefits other industries such as agriculture, information technology and tourism.
For applicants to qualify for Dominican citizenship through the CBI Programme, applicants are required to make non-refundable EDF contribution, the amount will be determined by the number of qualifying dependants the main applicant includes in their application.
- Main applicant fee: US$100 000,00
- Main applicant and spouse fee: US$150 000,00
- Main applicant and up to three dependants: US$175 000,00
- An additional dependant under 18 years: US$25 000,00
- An additional dependant 18 years or older: US$50 000,00
- Processing fee per applicant: US$1 000,00
- Due diligence fees: US$7 500,00 per main applicant, US$4 000,00 per spouse, and US$4 000,00 for qualifying dependant aged 16 years and above.
The other CBI Programme investment option is the Real Estate Investment Option that requires qualifying applicants to purchase pre-approved property valued at at least US$200 000,00. The property investment must be held for three years from the date of the applicant’s citizenship is granted and may only be sold under the CBI Programme after five years.
There are multiple government approved properties that allow qualifying applicants to select from such as condos, eco-lodges, hotels, luxury resorts and villas. Some popular locations are around the capital, Roseau, Portsmouth, Soufriere and Salisbury.
Qualifying applicants are required to pay government fees as follows:
- Main applicant fee: US$25 000,00
- Main applicant and up to three dependants: US$35 000,00
- Main applicant and up to five dependants: US$50 000,00
- Any additional qualifying dependant: US$25 000,00
- Processing fee of US$1 000,00 per applicant