Gov’t explains expenditure of funds from Citizenship by Investment Programme in 2015-2016

PM Skerrit addressing a Dominica Citizenship Conference in the UAE
PM Skerrit addressing a Dominica Citizenship Conference in the UAE

The government has sought to explain how funds from the Citizenship by Investment Programme were used in Dominica during the financial year 2015-2016.

Statistics presented in the budget for the financial year by Prime Minister Roosevelt Skerrit reveal that over $133-million ($133,022,436.80) was spent from the programme.

Over $44-million ($44,764,903.75) was used on projects around the island including funds for the National Employment Program, Housing, Small Business and Public Works (full table of expenditure is below).

Some $54-million ($54,282,396.25) was spent on ‘operations’ to include debt amortization, interest payment and budgetary support.

About $99-million ($99,047,300) was transferred to the Consolidated Fund.

In his budget presentation, Skerrit stressed the importance of the programme, describing it as a “non-tax revenue earner for the State.”

He said under his administration, “we have increased our revenue earnings to over 200-million in the last financial year.”

“Madam Speaker, we may ask the question ‘why is the Citizenship By Investment Programme so important?’ The response is clear; In an age where development finance is dwindling and the process of gaining access to available financing is becoming more onerous, Governments the world over must find credible ways and means of raising financing for development programmes,” he stated. “The alternative would be to increase domestic taxes and or contract loans.”

He stated that Dominica is not the only country implementing a Citizenship By Investment Programme “and it is not the only developing country which has introduced such a programme.”

“The United States of America, the world’s largest economy has its own programme. The United Kingdom, Malta, Cyprus and many other countries have programmes of their own,” Skerrit pointed out.

He stated that over the last fiscal year, every effort was made to increase revenue under the programme.

“In that regard, members of the Government at both the policy and technical levels, participated in several conferences around the world, particularly in the Middle East, Europe, North America and Asia, to promote the Programme,” he stated.

He noted that Government’s contribution to the capital budget will be financed with resources from the Citizenship by Investment Programme.

“This is deliberate, because increasingly, it is the intention of the Government to utilize the funds raised from the Citizenship by Investment Programme mainly for investment purposes, and to minimize the burden on the tax payers and limit the incurring of additional debt,” the Prime Minister said.

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13 Comments

  1. Real!!!!!
    July 28, 2016

    This should include the amount of passports sold and the number range of the passports which yielding the $133M for the CIP program for year 2015/16.

    $15M and $15M are big dollar line items and should be broken down. Which companies were paid these fees , items the marketing dollar/ due digilence fees spent in countries (Middle East, Europe, North America and Asia) and the revenues collected from passport sales from these countries.

  2. Skerrit before u tell us how funds from our passport money was spent, please honestly answer the following quest first and allow us to do the maths.
    1. How many passports were honestly sold? 2. Kindly name all the agents and how many each agent sold?. Please give names of all persons that bought a passport. 4. Honestly state how much money we got from sale of passpot? 5. Kindly reveal your formula of “from rags to riches” while so many of us moved from riches to rags?

  3. is that for real
    July 27, 2016

    i want to know where do i apply for the jobs that were promised after the budget. Where is it please please please. I need a job, need work, i don’t need any handout please

    • Joe
      July 28, 2016

      is that for real ………………………… What is your skill base????

  4. Give credit where it is due
    July 27, 2016

    Wonder why PM Skerrit referred to countries like US and farther afield but gives no credit to the neighboring island of St Kitts whose CIP was used as a model for the one in DA. Even the use of funds for capital projects and NEP is exactly as done in St Kitts for years. After all the NEP was also copied from St Kitts – their program is called PEP.
    By the way, would love to see the breakdown of that $15M spent on marketing and promotion.
    Thanks UWP for keeping up the pressure to at least get us to this initial accounting stage. Much more is still required though as this is 1 area where country’s funds could easily be misspent or stolen.

  5. Hopeful
    July 27, 2016

    What I would love to know is the total number of persons that have obtained citizenship by this process over the “entire life” of the programme.

  6. Dalit
    July 27, 2016

    Even when EVERYTHING is disclosed there is a problem.

    What do you think the IMF and World Bank do ? Just take those figures and accept them if they are not properly audited ?

    • lucky
      July 27, 2016

      oh puhlease you actually think that all what was revealed is CORRECT?…You must not know how politics/politicians operate. Some of you people act like as if you guys just born last night and know nothing about politics..I cant believe in this modern times you people so stupid!!

  7. jonathan st jean
    July 27, 2016

    Skerritt the US program you mentioned is nothing resembling the scheme you and your government have in Dominica.There are real citizens in the flesh who make investment in the country,not phantom citizens.In your program as you sell it,it’s buying access to Europe.Your government with a dismal record of managing money try to do the investment whilst the new US citizens invest their own money

  8. %
    July 27, 2016

    I wonder if something is soon to happen that we are now being given figures figures re the CBI…Personally, I don’t believe the numbers,I do not believe anything that any member of this corrupt,evil
    and wicked DLPsays BUT as we step into the future,THE TRUTH SHALL BE KNOWN!!!!
    Good job by the opposition,at least the pressure exerted on these DLP clowns have forced them to stutter something!

  9. LifeandDeath
    July 27, 2016

    That’s interesting to see there are actual accounting numbers for this CBI phenomenon in the nature isle..whether they’re real is another question..an Audit should be commissioned to dispel all doubt on this matter.
    At least pressure from the opposition is beginning to yield some result..The opposition must now press for explanations on all these expenditures ’cause after TS Erika much has not been seen to be done..

  10. derp
    July 27, 2016

    with those big numbers it’s very easy to hide funds….

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