Dominica is expected to earn some $60-million for the financial year from the government’s economic citizenship program.
This is the projection given by attorney general, Levi Peter, in parliament earlier this week.
“One will see from the estimates the projection is for some in excess of $60-million, in terms of revenue for 2013-2014,” he stated.
Peter pointed out that the program has great potential to assist a small state like Dominica.
“It has enormous potential to assist us a small nation state that does not necessarily has a huge amount of natural resources going for it,” he stated.
According to Peter, Dominica must be ‘ingenious’ when it comes to raising finance because most Dominicans don’t like to pay taxes. “We know that most of us, if not all of us, don’t like to pay taxes,” Peter stated. “And if we have to pay taxes, most of us if not all of us, like to pay the minimum possible. In those circumstance the country must run and we have to make a contribution to the financial functioning of the state.”
He argued that the economic citizenship program and other programs derived from it ‘are programs that will generate income revenue for the state.’
Peter is hoping that the program exceeds the projection made. “Even if one were to look at a sum approaching $60-million, one can see what that sum can do for our state,” he said.
In his budget presentation prime minister, Roosevelt Skerrit, said the existing program will be expanded to target investors who prefer fixed investments, such as real estate, and/or a local address.