Caribbean citizenship by investment: Dominica’s five-star resort launches new opportunities in Dubai
During an event held recently at Dubai’s One&Only Royal Mirage Hotel, Caribbean hotel developers GEMS Holdings Limited presented The Residences at Secret Bay, a Caribbean citizenship by investment (CBI) opportunity offering completed villas within the confines of Dominica’s first five-star luxury resort – Secret Bay. The event also welcomed the appointment of Youssef Eldessouky as the Regional Business Development Director of GEMS’ new office in Dubai, and covered partnership prospects available through Dominica’s CBI Programme.
This comes after The Residences at Secret Bay had been approved by the government of Dominica as an investment option under the CBI Program. Named “The World’s Best Boutique Hotel” and ranked the fourth best resort in the Caribbean by Condé Nast Traveler, the 42 villas and amenities will occupy only 7% of the 33-acre territory. As a very low-density project, some of its unique selling points are the intimacy it offers to visitors and being “built within nature, rather than on nature,” as noted in a recent press release issued by GEMS. These efforts mirror Dominica’s commitment to become the “world’s first climate resilient nation,” as pledged by Prime Minister Roosevelt Skerrit.
The premier has previously highlighted how the resort would enhance Dominicans’ lives and the island’s tourism offering. “At completion, [Secret Bay] will provide direct, permanent, sustainable jobs for 120 Dominicans,” he noted, adding that the island “will see one of the best, if not the best, resorts in the Western Hemisphere here in Dominica.”
Dominica’s CBI Program was introduced in 1993 with the premise of offering global individuals and their families a means of acquiring second citizenship through either an economic contribution to a government-held fund or an investment into pre-approved real estate. In turn, Dominica channels these funds into ecotourism and the island’s socio-economic advancement. The Programme has enabled Dominica to launch and support eco-friendly initiatives, such as the ambitious ‘Housing Revolution’ which aims to build affordable, weather-resistant homes for a large portion of the population.
Dominica’s CBI Program has also been internationally praised for its efficiency, affordability and robust due diligence standards by specialists at the Financial Times’ PWM magazine. Investors, particularly in the Middle East, where demand for CBI is rapidly increasing, continue to choose Dominica, with the island’s programme hailed as the world’s best offering for citizenship by investment.