CS Global Partners: IMF Praises Dominica’s Cooperation and Economy

The International Monetary Fund (IMF) praised the Dominican Government in its cooperation addressing possible Citizenship by Investment (CBI) challenges and declared its commitment to continue building diplomatic relations. On February 11, IMF Deputy Managing Director Mr Tao Zhang met with Dominican Prime Minister Roosevelt Skerrit to discuss the countrys economic development. Following the visit, Mr Zhang praised the Governments work on its CBI Programme, the resilience of the Dominican economy, and the relationship between the IMF and Dominica.

Despite being a small island state, Dominica is home to the worlds best CBI programme, as ranked by the Financial Times last year. The Programme offers businesspersons second citizenship through two investment routes: a contribution to the Economic Diversification Fund (EDF) or purchase of pre-approved real estate. Property options include the Tranquility Beach Hotel, which is one of the new luxury resorts to be launched under the Programme this year. The hotel is projected to generate investment and job creation in Salisbury and surrounding areas.

Mr Zhang commended Dominicas work with the IMF on the Programme and the overall success of the economy and its people: The Government of Dominica has been cooperative, responding in a timely fashion to recommendations that help address possible loopholes in international taxation. The economy is recovering faster than we expected. [¦] I am also confident that large private investment, which is important for future development in the tourism and energy sectors [¦] is on track for completion in the near term. This clearly demonstrates the resilience and determination of the Dominican people. [Additionally], there are now several projects in Dominica in the tourism sector, some at an advanced stage that will generate incomes and jobs in the economy because of CBI.

In the official IMF statement, Mr Zhang thanked Prime Minister Roosevelt Skerrits Cabinet and the business community for their warmth and frank discussion. We at the IMF value our relationship with Dominica and remain committed to continue supporting it and its people to build a stronger and resilient economy. The first official visit from Mr Zhang, the success of the trip marks a tribute to the work of the Government and its people.

International legal advisory CS Global Partners is the government-mandated marketing promoter of the Commonwealth of Dominicas Citizenship by Investment Programme.

Thomas Kohn
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