Dominican Hotels Funded by CBI in Forbes' Most Anticipated Caribbean Hotels 2019
LONDON: Forbes has released its top 10 Most Anticipated New Caribbean Hotels for 2019 and Beyond on which three Dominican hotels funded by the country's Citizenship by Investment (CBI) Programme appear.
All three hotels have received funding from investments in the CBI Programme. The Programme, established in 1993, offers applicants economic citizenship in return for either a contribution to the Economic Diversification Fund or an investment in pre-approved real estate. The Programme recently garnered international attention on account of winning the top spot on the Financial Times' CBI Index, which Ambassador Emmanuel Nanthan, Head of the Citizenship by Investment Unit, attributed partly to the Programme's rigorous due diligence.
Within the list, Dominica was the only country to be ranked more than once. Forbes called the Kempinski resort one of the most talked about launches, whilst former Caribbean Hotel and Tourism Association (CHTA) President Karolin Troubetskoy said, I definitely want to go to Dominica with [...] the Kempinski Cabrits and Jungle Bay. The hotels are part of Dominica's commitment to boost its tourism sector for the benefit of visitors and residents. For instance, according to Prime Minister Roosevelt Skerrit, the opening of a fourth CBI-funded hotel, the Tranquillity Beach Hotel, is expected to bring major investment in Salisbury, where it will be based. He also pronounced that the development will no doubt create direct employment opportunities first in the construction phase but very importantly, sustainable jobs when the hotel becomes operational. For examples he referred to the fishing and farming sectors.
The developments are not the only projects borne from the Programme. 5,000 new homes are being built for families displaced by Hurricane Maria using CBI funds - with the first nearly 1,000 already contracted for construction or completed. Under the one-year National Health Insurance scheme, which uses CBI monies to give Dominican children overseas critical healthcare, the Government plans to extend eligibility criteria. Indeed, as previously declared by Ambassador Nanthan, the Programme appears to be a win for all.