Dominica Prepares for Hurricane Season with Help from Citizenship by Investment
LONDON, July 8, 2021 /PRNewswire/ — The Atlantic hurricane season – which usually lasts between June to November – has commenced with its first named hurricane of the year. Hurricane Elsa was initially labelled a category one hurricane but has weakened into a Tropical Storm. However, experts anticipate the hurricane season to be above average, with Elsa being the strongest of its kind in July since 2005. With the climate crisis exacerbating weather disasters, small island nations like Dominica have been committed to building resilience to ensure their continued survival.
Since the devastating impact of Hurricane Maria in 2017, the Commonwealth island has implemented strategic measures to promote climate resiliency. This included establishing the Climate Resilience Execution Agency of Dominica (CREAD), designed to help Dominica become the world’s first climate-resilient nation – as pledged by Prime Minister Roosevelt Skerrit at the United Nations.
“Investing in climate resiliency and sustainability isn’t an option for Dominica – it’s a necessity,” says Francine Baron, the CEO of CREAD. “We have an ambitious goal to become climate resilient by 2030 and we cannot simply sit back and wait on the global community to make good on their commitments to support resilience building for small states. It is up to us to make the hard decisions and direct the revenue available to us towards the future sustainability of our country. Funds from the Citizenship by Investment Programme have been particularly crucial to making this happen.”
In recent years, the island has invested heavily into building sustainable infrastructure like weather-resistant housing, roads, bridges and constructing a geothermal plant to provide clean energy to its population. Much of these key infrastructural projects have been supported significantly by Dominica’s Citizenship by Investment (CBI) Programme.
Established in 1993, Dominica’s CBI Programme has encouraged foreign direct investment into the nation in exchange for dual citizenship. Wealthy investors can choose to either make a one-time non-refundable investment into the Economic Diversification Fund (EDF) or purchase pre-approved real estate options. Investments into the EDF are then channeled back into national development initiatives, which include climate resiliency as well as tourism, healthcare, education and more.
In exchange, investors gain second citizenship and the benefits associated with holding dual nationality. This means increased travel freedom to over 140 destinations, the right to live, work and study in the country and lastly, the invaluable ability to pass citizenship down for generations to come.
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SOURCE CS Global Partners
