Prime Minister Roosevelt Skerrit has praised the Citizenship By Investment program (CBI) saying it is a source of non-tax revenue in a world filled with financial problems.
He said revenue generating measures like the program are necessary and despite criticism for its lack of transparency, he has stuck to the view that considering the current issues being faced around the world; the program in itself is a way of doing “more for ourselves by ourselves.”
“In the present dispensation of this world, we as a country must do more for ourselves by ourselves, and the other area means of raising revenue for the country is what is called non-tax sources, and that is where the Citizenship By Investment comes in,” he stated.
He went on to explain that this non-tax source is a method that does not affect any working person.
Skerrit stressed the many developed countries make use of CBI programs and other variations of it towards the development of their economic state, and so, for developing islands like Dominica, it is of great importance to continue using the program.
“It is important for the country and the other islands in this OECS which have this program. In the United States of America, they have what you call the EB-5 program. In the United Kingdom there is a residency program. So if the world’s largest economy and other developed countries have varied programs, you understand how important it is for small islands like Dominica,” he remarked.
The government has faced, on numerous occasions from the United Workers Party, accusations of lack of transparency and due diligence in the CBI Program.
Skerrit has sought to reassure the public of the importance of such a program to the development of the country and the condemnation of any attempts to terminate it.