Prime Minister Roosevelt Skerrit has announced the introduction of the Dominica Entrepreneurship Visa Programme.
He made the announcement during his presentation of the National Budget of $942,179,940 million.
“One of the ongoing challenges we faced pre-COVID-19 and more so now, is triggering greater access to liquidity for businesses and also encouraging a widening of the private sector locally,” he said. “With this in mind, we will create another avenue for attracting investments and much-needed capital to new and existing businesses with an introduction of a Dominica Entrepreneurship Visa.”
According to the prime minister, under the Dominica Entrepreneurship Visa Programme, foreign investors who started business in an approved sector or who invest in an existing approved local business or pursue the option of a joint venture with a local business owner, will be granted residence status in Dominica.
“There is no doubt that the introduction of this initiative will result in the creation of jobs and assist with the further expansion of the economy and local entrepreneurship,” he stated.
Prime Minister Skerrit also mentioned that his government has set aside an amount of $1.5 million to support persons under the age of 40 years whose annual income is less than $100,000, “who have never owned a home before and are interested in acquiring a home of their own.”
This support, he said, will be provided in the form of a grant voucher to a maximum of $10,000 per home for the purchase of building materials or to be put towards the transfer fees for the purchase of a new home.
According to the prime minister, to qualify, first time home builders must present copies of building plans approved by the Physical Planning Division and must have commenced construction with the secured financing required to complete construction of the building where they intend to reside.
He said the grants will be available from October 1st, 2020 and will be administered by the Ministry of Youth Development and Empowerment, “and is expected to benefit 150 of our young people.”
The 2020/2021 National Budget was presented under the theme: “The Road to Dynamic Dominica, Fostering Economic Resilience.”