The government of Dominica will be establishing, what prime minister Roosevelt Skerrit described as a ‘variant’ of its Economic Citizenship Program, as it aims to facilitate investments on the island.
It will target investors who prefer fixed investments, such as real estate, and/or a local address.
“This is partly in response to a recommendation of the revised Tourism Master Plan for reviewing the legislative framework to attract new investment in the sector,” Skerrit explained during the presentation of the national budget on Wednesday. “But it will go further and is intended to deal with investment more broadly.”
To facilitate this, Skerrit said a Special Purpose Vehicle (SPV), will be formed.
“This SPV will be a real estate purchase based scheme,” the prime minister stated. “This scheme is gaining favour in the Caribbean. Its emergence has come about from the realisation that some economic citizenship clients, have a preference for a fixed investment and a genuine local address.”
He said the SPV will “have an adequate governance structure and will be managed by a Board of Directors with clearly spelt out terms of reference and responsibilities and will include the appropriate checks and balances.”
He noted that although some buyers never visit their properties, sales under the variant “will be restricted to resort developments and be subjected to a mandatory rental programme.”
“In this way, hotel inventory will be created with no long term capital cost to the resort and rental income is split between the resort company and the individual property owner in order to generate a return on the investment,” Skerrit remarked.
Dominica already has an economic citizenship programme and according to the prime minister, this new variant will not affect it.
listen up, 100,000 Dominicans are all over the world refusing to come home and invest to develop their own country. they all own property by and large overseas in England, Canada, usa etc, why is it ok for Dominicans overseas to own property overseas and you vex for foreigners to come to Dominica and invest and buy property in Dominica? why? No wonder Dumboneekaa will never go anywhere.
WoW soh dats what mista want to do wiff d land in Glanvillia man,,,
Boi mista dem not easy nuh,,,
Garçon who tell you you can sell Dominica nuh,,,
Garçon somebody need to demand mista dem to show d comprehensive Financial Statement yeh and stop dis madness before Dominica turn into some crazy atmosphere like Haiti and Santo Domingo,,,
I think it is a good move, the govt will make money on the passport and the land sale it will send up the price of land more money for the land owners, and developers with money
who can develop it. Good move skerro
Skerritt sorry but you’ve lost my trust where real estate is concerned.
Not too long ago Skerrit was on radio saying that he was concerned about locals selling land off to foreigners and urging Dominicans abroad to come home and buy land before they don’t get any, now he wants to implement the selling of our land to foreigners? This is madness, total madness.
why
I am really fed-up with Dominicans. Just talk, talk and more talk.
The funds are being stolen in all you very eyes and yet all you do is just talk, while you struggle to support your kids, while all the ministers family n friends are well taken care of.
The aim should always to get decent people to bring wealth into Dominica and make sure that they maintain respectable capital in the country. Also for persons who will be doing any manufacturing, the plus factor is that those persons would supposedly already have a market somewhere which is the crux of manufacturing. An open door policy is always good for economic development – Just look at the USA and Canada.
completely agree with you..Economic Citizenship program is really good product to attract international investors. I would suggest to Dominica Government to accomplish 2 things to make it even more attractive : 1) work to expand a list of countries where the citizens can travel visa-free..Schengen visas are critical and 2) work to reduce red-tape for expats such as ability quickly to exchange driving license to be able to drive in DM, quickly fix residency papers…I believe that local expats can easily contribute and advise government what needs to be improved to make start-up in Dominica as smooth as possible. Its not something required millions investment…its something easy to improve and it has immediate but long-term positive effect
Garçon how about revitalizing the industries that have been known to create sustainable income and Growth,,, Agriculture!!!
How about revisiting that contract between Coconut Products and Palmolive,,,
How about buying back Domlec, revitalizing the public works department among other things,,,
Dominica don’t need to seek no investors from outside that is nothing less than outsourcing,,,
No need to sell citizenship that will only attract bad company and only the ones managing the paperwork for the sale will be ripping the profits,,,
The Question that should be asked is when will this end???
What if all the Drug lords from Central America and the Mafioso from around the world decides to come Dominca and buy up all the Land in the name of Economic Citizenship???
Den what!!!
himself tell himself you charge for speeding…
himself say de policeman lieing
himself tell himself doh shout
And de policeman charge himself with contempt of court…
When he should be talking about looking after his own he talking bringing people from everywhere else when he should be talking bout him and his government building us the people a top class hotel to encourage stay over tourist he talking bout other people to do it for him in other words he bringing people with nothing to do with Dominica other than a cheap passport to do his work for him eg the road stadium look hotel now what more skerro
There is no doubt that this time; Dominica for Dominicans is finished. Before it was only passport and citizenship, now it is Real Estate and Addresses. When the Prime Minister meets with the Diaspora, it is “Come back we are awaiting you with open arms”. But now, what Squatters law has not taken away, this present Real Estate Citizen ship will sweep away all remaining Dominica land. This Prime Minister is surely selling away all of Dominica and we can now call Dominica “WHOSOEVER WILL MAY COME AND RAVAGE DOMINICA”. All Diaspora should take note and make their voices and comments heard. May ‘Sweet Dominca’ Rest In Peace. Amen
I do not have confidence in any political parties in this country. None in my view know what the root of the real issues are; none has a road map to jump start the economy, reduce crimes, reduce debt, create an avenue for our diaspora to invest etc.
Yes Mr Honourable Prime Minister, just keep doing the same thing over and over and one day you sure will achieve a different result. But be careful Sir, because I believe Einstein had an explanation for this which as a psychologist I am sure you are well aware of!
Here’s an idea and either party can make it happen. Since the proposal seems to be for offshore investors seeking economic citizenship anchored by an real estate investment, make a stipulation that the proceeds from those citizenship sales go to a general fund to help landless Dominicans purchase land. Make the foreign investment work for the people.
Wow there! As in SPVs that contributed to the 2008 financial crisis? Before even going there, is the underlying instrument in the SPV solely Dominican land, or can that include real estate from other countries? Also is the government or state a major share holder in this SPV? What exactly is the nature of this special purpose vehicle – is it set up like a standard American REIT, or does it incorporate elements of tranching, much like debt obligations do?
Selling economic citizenship – intangible collateral was one thing, but I think Dominicans need to be clear and thoroughly understand this next phase of the citizenship program.
An economic citizenship program in our context, should be geared towards developing scientific research and processing of our medicinal plants, agro processing and agro business, green technology and manufacturing ,etc…..
d shoe squeezing me d shoe squeezing me but what can i do i really love my shoe…change is not an option it’s a must…….
Skerritt do RIGHT we must SUFFER for our wickedness if it was UWP in power you would see how quick we would go on STRIKE. GOD DOH LIKE AUGLY.
finally,dominican get what they voted for .
Whatever is the plan, the same crew will continue to enjoy the benefits. When we see it, we will believe you because leadership is defined by results and not attribution.
Great Idea Hon PM. With the foresight that you have been blessed with, Dominicans will soon not be able to purchase land either because the Economic Citizens would have purchased the best available or put it beyond the reach of the ordinary man. I wonder if Glanvilia is included in these new plans? You are a genius Mr PM.
mister mad,
The last budget speech the PM said that the Passport flea market program would be expanded and thereafter we saw Nestmann group advertiding our passports.
DNO you edited my comment so much so that part of the comment is not true at all. Nestman had been selling our passports way before the 2012 budget. The part that was edited was or is on the nestmann website- those trying to avoid the law, those who committed a crime and want to escape
Good job man! We need more peolpe in d/ca. More people more investments. Simple as that. Thw whole worold moving foward except d/ca :s
You want to take care of non Dominicans before you take care of the Glanvilla people? Hope Ian is listening and reading wisely.
Ah Dominicans, your country is being sold right underneath your feet.
Right under our nose… and we like it so. awa.
it already sold
Ok, what have we gained from previous sales? I am so confused when it comes to Dominica. How can you expand something that has not been beneficial to the country. Has any part of this economic citizenship program worked except for the attorneys who are closely related became richer. Ok, well that is one benefit… but for the country on a whole, can someone please list the other areas where the country benefited?
SENSIBLE CONCERNS! He is mad he needs to be voted out.
Thank you so much. As simple as that.
I am one who purchased agricultural property and became a citizen and resident of Dominica. In my effort to establish an bio-diverse organic farm, I have over the past six years employed field workers and artisans. In this effort in addition to the purchase of the land, I have dispersed an additional $1.5 million US for locally sourced materials, and salaries as well as assisted one employee in the purchase of commercial transport for heavy hauling. In addition, I have, as result of becoming a resident, patronized the local markets, bought insurance locally, and employed various electricians, plumbers, cleaners, etc., patronized local restaurants, gas stations, hardware and soft goods stores, which I reckon brought another $300,000.US into the Dominican economy. This is hard currency which would not have entered the country otherwise. Consider carefully who you think is being exploited by the PM’s policy, which appears to be very close to the same policy pursued by the former administration and the opposition party when they were encouraging Taiwanese investment.
Skerrit Can’t be serious, who from the ground benifits from the present economic citizenship programme? Do you know why visas were introduced on us? because our pasports are given to scamps; just plain no to this programme.
Open up agriculture, what happen to the agro-processing plant that you all claimed that came from Germany and was sitting at Layou park,we need more such plants, why is our pumice and crush rock given to foreigners? why not strengthen diplomatic relations with the western block countries so that we can have friendlier relations with them since they are the ones that visit our country as tourists and not your friends from the eastern bloc who take advantage of your weak negotiating skills.
The saying goes {an army matches on its stomarch- Dominica has enough resources
can’t you all see he doh want to say is them Haitians he going to do that for to make him get more votes he trying to say is investors.boy pm behave your self. stop making Dominicans feel bad in other people country with the passport you give people , if someone have to get a passport they should have 5 to 10 years to be able to hold our passport , they come DA after one year they apply for us visa on DA passport then they run and never come back
I don’t like the sound of that. It seems a little fishy. It doesn’t seem like something any honest individual with no selfish motives would seek.
Squeese them Skerrit, they like measery
AMEN AMEM, AMEN, AMEN. to that
more economic citizenship passport out there, more restrictions for Dominicans to travel freely. that is all i see. #eyeopener
In January 2013, Skerrit told Dominicans that the selling of Dominican Passports to unscrupulous characters on the International Market was nonsense. He further told us that the program was transparent, even though their were reports of a certain company who were advertising very questionable offers to whoever wanted to buy a Dominican Passport. If the program is really transparent as he claims, why does he need a Special Purpose Vehicle to do checks and balances. Why another bill on the hard pressed economy. Maybe, in the dying days of his administration, it is a case of jobs for the boys.
“The SPV will be a real estate purchase based SCHEME”!!! Dominicans, DOMINICANS! Do you realize what this is really saying? First this man sold the citizenship and identity of Dominicans by selling passports for profit! Now, he wants to sell the physical land itself to strangers! HE WANTS TO SELL THE LAND PEOPLE!!! So future generations will not have nothing to build on and would have to work slaving for some rich foreigner on what used to be their parents and grandparents land! Skerrit you are beyond wicked! LAND PURCHASING SCHEME???
Land owned Dominican citizens can not by sold unless that citizen wants to sell. And that owner can set whatever price he deems fair for the value of that land. No owner is being forced to sell anything against his or her will.
So far I’ve read 16 comments.All are in opposition to what Skerrit said.I’m certainly sure if it was Lennox who said so,the opposite would have happened;All 16 comments would be in aggreement with no problem found.But because of you ALL hatred towards ONE man,anything he does is never good or right for you all.
Oh please…. You really think what he is proposing sounds right
You cannot compare Lennox to Skerrit. Lennox is Miles Ahead,in all the key areas that would move people like lazy you, and the entire country forward.
SKERRIT IS LAZY AND INCOMPETENT. Now HE IS EVEN SOUNDING MAD!
I DIE NU sound as Cucumber. The one without no grain.
So does that mean Lennox controls more support than Skerritt? on another note, Jamaica was the last place in the Caribbean that i would want to live. i live in London and when i retire i intend to make Jamaica my home because i don’t want to live in Dominica. i will visit but not to live because i have built my home in Jamaica. what the Government should be doing is put measures in place to encourage Dominican to return home, but not to turn them away. i love my country and have always spoke highly of it but there is not much to talk about now other than what was already there, and one have to be careful what you tell people. now.
please leave land in close proximity to the sea and to the rivers for the locals to access
I am a engineer and my wife is an accountant. We are both 32 years of age. For the past year we have been trying to acquire property to build a home to no avail. The price of property in Dominica is ridiculously high. when you Mr. prime minister make it mandatory for these folks to acquire property as a part of this economic citizenship programme. all you are going to accomplish is further drive up the price of land. what you should be doing sir is stop selling my identity to the highest bidder.
just look at st Thomas u s v I and stjohns the people spld their land to the rich people and now their children cant even buy land and cant even go near the land no more land left for their children so Dominican open your eyes I live in the u s v I don’t let that happen to you all
so PJ had a plan to sell off a portion of Dominica to some foreign (INVESTORS) namely, Klu Klux Klan…..de result was May 29th 1978…….that was de result of our initial approach to Independence. Hurricane David followed shortky afterward to harden our resolve.
Today in 2013 Skerrit is ‘WORSE’ than PJ. i bet u certain portions of our Sweet Nature Isle has been identified and targeted for sale to ‘foreign interests’
it appears to me that the biggest foreign exchange earner in our economy is our passport sales……….i beg someone to provide figures to prove me wrong!!!!!!!!!!
de passport or de land…..which is more profitable
Sell the land sell the land good move pm Dominicans income level too low we need foreign capital
i find these days the PM on his heels ..All kind of development talk all of a sudden. ten plus years you in power and only now you comming up with so called bright ideas..hmmm foot in oil.
Absolutely great idea and will bring Dominica’s programme in line with St Kitts and others. A win win for Dominica as it will bring outside development and jobs for the people and more visitors etc. Well done PM – a FANTASTIC move.
but st kitts have an international airport. jets landing in st. kitts but in dominica is just dash 8 that landing, unless you want tp bring people on amerijet authorized t carry cargo only…
lmao
Dominicans are finally waking up from induced ‘economosis”- an advance stage of economic degeneration, crime, poverty and hopelessness induced by Labour nearly 14 years ago. Even Roosevelt himself appears to the victim of a sudden wake up call cutting and pasting what appears to be vain attempts to reverse the disease. One of our bravest voices, Lennox Linton, and the praying patriots of the land have been at the bedside of MA Dominique for more than 13 years now, steadfast, unmoved, praying feverishly to save this land. There is hope, a resonating voice quietly whispers!!.Arundel is said it to its completeness-” IF Dominica could talk, if only Dominica could talk- Roosevelt would never see the light of governance in this land.
Alas, my people deserve better wii. This economic citizenship program is so lucrative the PM that he is making expanding it. One thing I telling you Mr. PM, I have never seen property or money walking behind a hearse yet.
After 15 years in govt with all your corruption this is the best decision of your rule.
I think I’ll better off, save my comment and air it on “Rise & Shine” with Angelo in the morn.”
Hmmmm…Eh beh Skerro you boldface. Who you think you fooling. All of a sudden.. on the heels of Glanvillia “Promisville” revolution. Something’s up.
Skerrit you are totally lost as far as the governance of Dominica is concerned. You are incapable of doing the job. I saw this years ago, reason why I left the Labour Party.Back then I knew you could not do it, and I am
1000 000 000 000 000 000 000 000% VINDICATED NOW.
SHAME ON THOSE WHO PLACED YOU THERE. These people are the ones who have Dominica in its current state together with you, your incompetence and your cabal.
The electorate NEEDS TO KICK YOU AND YOUR LAZY, GREEDY AND INCOMPETENT TEAM OUT, TO LAND UNKNOWN,PORT UNKNOWN. AMEN!!!!!
AND AMEN!
Need clarity. Those needing economic citizenship must purchase property and must develop as resorts. Then resort income is split between resort companies and property owners. So where do we the people of dominica fit in and how do we plan to maintain anual capacity at those resorts
Most resorts are built near beachfront why not partner with lagoon residents with simmilar approach so they can benfit as property owners
Here is the deal. There are thousands of dominicans in Canada, England, the US, and elswhere who have worked hard and would like to come home and retire. I do not need to explain more for we have seen what returning dominicans from England has done. Why not use the dominican embasy in those countries through greater communication with the various Dominica organization to encourage citizens to settle home. I know dominican who came home to buy land only to go back unsuccessful. This are the schemes thay in my own defenition is true economic citizenship. The so call EC has only put us on black list and no one has yet to say what has dominica benifited. We are only creating havens for crooks and criminals when true citizens getting pain to return
Hmmmmmmm, well LCM!! Let me tell you all something!! If we do not wake up, Skeritt will be building condos to compete with local hoteliers, and will sell part ownership of those to foreigners!! We are going to end up with an island full of foreigners who own everything and nothing in terms of capability to buy land on the part of our local man! We will also end up with a whole heap of white elephants which are not being used because these people do not wish to live in Dominica as the crime climbs due to the lack of jobs and opportunities for locals!! Skeritt will be milking the money because as we have seen, there seems to be NO RECORD of numbers of passports sold!!! And we will just be loosing Dominican agricultural land to foreign buyers and more and more concrete ‘developments’. Garcon our people are just so, so lost! So, so gullible………God help us eh……..Hmmmmmmmmmmmm
Rename it A “variant” of the PJ deal to sell the North
Dont be fooled by this Dominicans, the program as it now stands is used as a means to make a quick box for some attorneys closely affiliated to this government, there will be no change to the system as is from where i seat.
OMG, OMG, Is this for real or a joke. Wow, Mr. Skerrit? You really mean to sell the people and the country, look trouble.
Dominica should copy from St.Lucia,Now St.Vincent is build an International Airport,there are small group of people would like to come Dominica to invest but is a hassle to travel Dominica they concern towards that,If we had International Airport by now Dominica would have direct flight from U S and Europe,If St.Lucia had negative thoughts like our government and some people they wouldnt have been advance,I remember St. Lucia had one direct flight from London now they have many flight from U S and Europe.
A variant to economic citizenship for real estate lol. Whose estate? And you mean a board (SPV) with the big boys and girls who already buy up the land and selling it for millions online?
Real estate and Skerritt just don’t match.
Someone wake me up on election day…. this must be a dream, is this government really serious? Roseau is already under maintained, now this government is making room for investors to buy property in Dominica and never turn back!
Hilarious that its for people to get an address, I don’t know anybody in DA with a proper address yet! Always put the village which is not a proper address.
And why isn’t it a proper address: I’m sure your mother, father, brother, sister, child and the rest of them got the letters sent to them when writing letter was the “IN Thing”. So we have Western Union and MoneyGram and the others but they still find us…Coupas wezon. You not even trying to develop your own country and come and a village name is not an address. POBOX ous vle. FRESH. STKitts/Nevis smaller than Dominica and same village style how come they get “proper” address. Know your community before you speak. Those rich people have money to spend and we need it. you hear. You could be one of the very people who will be employed to clean their toilet and clean the yard in their home when they go off on their travels. Mind what you when you don’t understand what you are talking about.
you are just a prostitute you can go at waikies lots of people have money you can go get some there
This isn’t for Dominicans…..this is for foreigners who want to buy a passport.
“OH Boy” more money in the hands of my friends to run the next cmapaign.
Now we know why the administration so had on giving the Glanvillia people the land… target investors who prefer fixed investments, such as real estate, and/or a local address. So we come selling passport and still giving the first option to acquire land to them so-called investor to our most valuable asset!!! “Every Dominican have a dream of owning a piece of their country” and charity has to begin at home… After God the land and after the land IS the people of Dominica.. could never be foreigners..
lol..woi look trouble..lol is our pm serious???
Dominicans just sit back and allow this PM, to play with their lives…expand what economic citizenship my foot, what!
where is the monies from all these passport sales why is the economy of dominica rated as the poorest in the eastern caribbean, look at poverty all throughout the island..
yet still dominicans sit at their homes and just call the radio station, i wish Q95 could be shut down for a while let me see where they would vent their chatter!
what foolish citizens dominicans are.
Why does West Coast keeps calling himself the poorest? I can see why is appearance is inadequate
What is the longterm vision here. To promote the selling of the island? I have a strong feeling that 20 – 30 yrs down the road we are going to regret this ‘selling of our birthright for a bowl of soup’ approach to economic development. It is going to widen the gap between the rich and the poor.
We wouldn’t have so wait so long. Young working adults are already struggling to get a piece of property they can afford.
That is the purpose of Agenda 21. The 2 class society, what has been present throughout history.