Recently, Prime Minister Hon. Roosevelt Skerrit of Dominica presented the budget proposal for the fiscal year 2017-18 to Parliament under the theme "Understanding a Modern and Prosperous Dominica."
In 2016, Dominica's economy outperformed other Caribbean countries
According to the budget proposal submitted by Prime Minister Hon. Roosevelt Skerrit, Dominica's economy grew by 2.6% in 2016, and the Eastern Caribbean Central Bank forecasts GDP growth rates of 3.1% for 2017 and 2018, which stands in stark contrast to Latin America and other Caribbean countries.
Previously, the International Monetary Fund (IMF) warned that the economic growth rate for Latin America and the Caribbean in 2017 would only be 1.1%, significantly lower than Dominica's, which also exceeds the average growth rate of the Eastern Caribbean Currency Union countries.
The Dominica Investment Citizenship Program Becomes the Most Important Source of Revenue
According to preliminary data from the budget report, Dominica's fiscal revenue for the fiscal year 2016-17 was 882.4 million East Caribbean dollars, with fiscal expenditures of 752.6 million East Caribbean dollars, resulting in a fiscal surplus of 129.8 million East Caribbean dollars. Of this, recurrent expenditure was 882.4 million East Caribbean dollars, recurrent revenue was 476.5 million East Caribbean dollars, and recurrent fiscal surplus was 405.8 million East Caribbean dollars. Capital expenditure was 276 million East Caribbean dollars. (1 East Caribbean dollar ≈ 2.5 Chinese yuan).
The data indicates that the fiscal situation of the Dominica government was good in the fiscal year 2016-17. This is mainly due to the revenue from the investment citizenship program implemented by Dominica, which significantly exceeded expectations, generating 507 million East Caribbean dollars, compared to less than 100 million East Caribbean dollars in the previous year.
Media reports indicate that the investment citizenship program implemented by the Dominica government will undoubtedly become the most important source of fiscal revenue.
To promote the development of its economy, the Dominica government enacted and implemented the Investment Citizenship Act in 1993, which was established by the Constitution of Dominica. Investors can apply for citizenship in Dominica through this act and obtain a Dominica passport. As a more affordable Commonwealth passport, the Dominica passport requires an investment starting from 100,000 US dollars, allowing an entire family across four generations to apply for a Dominica passport in one go.
Advantages of the Dominica Investment Citizenship Program:
1. Good relationship with the Dominica government, clients of WorldWay Immigration receive multiple exclusive privileges;
2. Legally acquire citizenship (nationality) in one step;
3. Low investment amount, low-cost legal passport acquisition;
4. Convenient travel, this passport allows visa-free or visa-on-arrival access to 130 countries and regions, including Schengen countries, the United Kingdom, Singapore, Hong Kong, Ireland, etc.;
5. Dual citizenship is recognized, without affecting domestic life;
6. Short application time, approval can be obtained within 8-12 weeks after submission;
7. No immigration monitoring requirements, no landing required;
8. Tax haven, no property tax, gift tax, foreign income tax, or capital gains tax;
9. Beautiful environment, a vacation paradise.
WorldWay Immigration Group, as one of the earliest immigration companies to introduce the Dominica Investment Citizenship Program to China, has maintained a good relationship with the Dominica government over the years, enabling timely access to official information and ensuring a smooth immigration process for investors to Dominica.
Prime Minister Hon. Roosevelt Skerrit of Dominica has visited senior executives of WorldWay Immigration multiple times and has provided clients with preferential treatment such as simplified application materials and expedited approval processes.