Roseau, July 12, 2023 (GLOBE NEWSWIRE) — As the European Union, the United Kingdom, and the United States tighten their grips on immigration policies, Kenyan investors are feeling the pinch of hyperinflation and global markets affecting their abilities to trade and travel to these countries.
Kenyan investors are making the most of the citizenship by investment (CBI) programmes in the Caribbean, more particularly in the Commonwealth of Dominica. Dominica CBI programme offers better lifestyle opportunities from quality education to healthcare system; the country has some of the best medical facilities in the world, with financial support from the CBI programme. the country’s official language is English, closely followed by Dominican Creole, which is French based, amongst local citizens.
The ‘Nature Island of the Caribbean’ is also economically and politically stable, and it is one of the fastest-growing economies in the Caribbean region. The IMF predicted that the country would exceed growth of over 4.5 per cent for 2023, including the full recovery of the tourism sector post-pandemic, as the construction of the geothermal power plant and the new international airport are projected to support Dominica’s gross domestic product (GDP), as well as the expansion of Douglas Charles Airport runway.
In May this year, Dominica Prime Minister, Honourable Dr. Roosevelt Skerrit, alongside Dominica Education Minister, Octavia Alfred, and Parliamentary Secretary, Fenella Wenham-Sheppard, had met with principles from secondary schools to discuss the education reform in the country. The discussion included possibilities to review the national education system. These discussions are to effect change towards a stronger education system to ensure all students in Dominica can access fundamental education and develop their learning experiences.
Dominica has quality healthcare facilities that align with international standards. Earlier this year, Honourable Dr. Skerrit announced changes to the country’s healthcare policy that Dominican citizens should all have access to quality medical facilities, despite their economic status and the Dominican youth between 16 to 18 years of age will have access to free medical care in the country. The Minister of Health, Wellness and Social Services of Dominica, Cassani Laville, guided a tour around the Marigot hospital and the state-of-the-art medical treatment facilities that will be available to the public from July 2023. The Marigot Hospital is another representation of the government of Dominica’s goals in becoming the world’s first climate-resilient nation.
The island is also an ideal retirement location for senior Kenyan citizens, with additional healthcare benefits. Dominica’s CBI Programme has sustained a flourishing expat community by providing opportunities in a favourable business environment, and for their families to reside in a safe and secure lifestyle.
Dominica CBI Programme
Dominica CBI Programme is one of the youngest and most affordable CBI programmes in the Caribbean region and one of the most recognised globally. A “Plan B” for Kenyans to secure their personal well-being, families and the future of their businesses, in a world filled with uncertainties. There are two distinct investment options that have favourable offerings for Kenyan investors to acquaint themselves with.
Economic Diversification Fund (EDF)
For as little as US$100,000 (estimated KSh14,000.000), the EDF is an investment option centered around socio-economic development. This is an element in the national capital mobilisation portfolio. Funds accumulated through EDF support the construction of schools, the development of medical facilities, agriculture and tourism sectors, as well construction of a national sports stadium.
Dominica is actively striving to become the world’s first climate-resilient country and fulfil sustainable development goals. Various government projects such as the planning of the geothermal power plant have gained traction in the latest developments. A Joint Venture between Dominica Geothermal Development Company and a Trinidad and Tobago company, Kenesjay Green, are driving the advancements of the geothermal and hydrogen projects in Dominica. Evolving the country’s energy into renewable energy will make Dominica one of the global exporters of green hydrogen energy, as well as propel economic development in key sectors such as tourism.
Launched in 2018, the Climate Resilience Execution Agency for Dominica (CREAD) was formed to strategically support the economic development of the country. There are 20 targets, which are separated into 6 categories that are strong communities; Robust Economy; Durable Infrastructure; Enhanced Institutional Systems; Collective Consciousness; and Protected and Sustainability Leveraged Natural and Other unique Assets. that are highlighted that Dominica aims to achieve by the year 2030.
These are noteworthy government initiatives that are tackling climate change critical to Dominica for preparedness and preservation of the natural environment around the Nature Isle of the Caribbean.
Real Estate
Kenyan investors can splurge on the Real Estate investment option that has a variety of government-approved properties that offer unique luxurious experiences for affluent Kenyans that seek decadent lifestyle choices. The minimum contribution amount is US$200,000 (estimated KSh36,000,000) towards an approved real estate property.
This investment option has the flexibility of permitting Kenyans to hold the real estate property for a period of three years from the date of citizenship approval, or for five years should the potential future buyer be a CBI applicant.
There are government fees attached to each application should the main Kenyan applicant want to include dependants, which consists of a spouse (next of kin):
- US$25,000 (estimated KSh3,500,000) for the main applicant;
- US35,000 (estimated KSh4,900,000) for the main applicant and up to three dependants;
- US$50,000 (estimated KSh7,000,000) for the main applicant and up to five dependants;
- US$25,000 (estimated KSh3,500,000) for additional dependants.
There are due diligence and processing fees applied per application.
Dominica has some of the global award-winning unique real estate properties that are on-demand and have potentially high Return on Investment (ROI) earnings for discerning Kenyan investors.
Dominica’s first government-approved real estate is the InternContinental Dominica Carbits Resort & Spa, the luxurious property is located on the beachfront of Douglas Bay that boasts sustainable elements which furnish memorable experiences that Kenyans will have like never before.
The Residences at Secret Bay are deemed the crown jewel of the Nature Isle of the Caribbean. The eco-luxury villas received recognition from Travel + Leisure, Luxury Lifestyle Magazine, Forbes and many more reputable global publications. From breathtaking views, activities for thrill seekers and luxurious dining experiences, the Secret Bay is nothing less than spectacular.
Sanctuary Rainforest Eco Resort and Spa will be located in Roseau Valley, which will offer a truly serene eco-luxury resort that morphs with nature. The resort is currently being constructed in the Morne Trois Pitons National Park and will be nestled close to Middleham Falls. The resort will have high-end luxury spa facilities and fine-dining restaurants.
Chantal Mabanga Commonwealth of Dominica +44 (0) 207 318 4343 chantal.mabanga@csglobalpartners.com
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