The Honourable Roosevelt Skerrit, Prime Minister of Dominica, said that he was ‘excited’ at the prospect of the first internationally branded luxury hotel in Dominica.
He told a conference of Service Providers in Dubai that adding a real estate option to the country’s Citizenship-by-Investment programme had not been taken lightly.
Extensive due diligence was done on Range Developments, a Dubai-based developer, and all the rigorous due diligence proved overwhelmingly positive.
“I am proud to say that Range Developments’ Cabrits Kempinski Resort has met all the requirements and is the first approved project under our programme,” said Prime Minister Skerrit. “Range Developments have been more than a developer. Range is a genuine partner in development. Silver Beach Development and Tranquility Beach, branded by Curi of Hilton are at an advanced stage of negotiations. Discussions with a fourth developer, for Royal Dominica, are progressing satisfactorily. We expect to finalize negotiations within the coming weeks. We are also in active discussions with a few more project developers.”
The Cabrits Resort Kempinski Dominica, which is being developed by Range Developments, will be a 160-room hotel on Douglas Bay in Cabrits on the north shore of the island, close to the town of Portsmouth. Investors can obtain citizenship of the country by purchasing a share in the development for US$220,000 in a limited partnership structure.
The Prime Minister said that real estate projects must be designed in a manner that will ensure transparency and accountability to both investors and the Government and people of Dominica. The potential for these projects to generate economic activities and create jobs that are sustainable are also key requirements for approval.
He added that Dominica’s Citizen-by-Investment Unit has expanded over the past year, with new internal administrative policies and procedures that have led to greater efficiencies and even better levels of governance.
“We have eliminated the need for mandatory interviews for applicants and have streamlined the due diligence process while at the same time maintaining its integrity,” he said. “These efforts combined with our responsible governance have resulted in the expansion of visa-free and visa-on-arrival that bearers of Dominica passports enjoy to 120 countries. In May of this year we added the Schengen region of Europe. A few months ago we added Brazil. We intend to increase the number to at least 150 countries.”
However, he insisted that nothing would compromise the integrity of the country’s Citizenship-by-Investment programme.
“Dominica has always lived up to its international obligations to other countries and international organizations,” said the Prime Minister. “We therefore stand ready to cooperate with other countries to ensure peace and security throughout the world in a manner that respects non- interference in the domestic affairs of other countries and peaceful co-existence of nation states.
“As the Government, we provide an incentive to investors in approved projects through the issuance of a Dominica passport. As Prime Minister and chairman of the Cabinet of the Government of Dominica, I have ensured that our programme maintains the highest level of integrity while at the same time making the programme attractive to investors.”