Dominica: “Future Housing Programme” to provide affordable homes for youth

Date:

The Government of Dominica recently launched its “Future Housing Programme” on July 16,2022 , with an ambition to provide homes that fit in the budgets of youth without taking much toll upon their pockets. The programme looks forward to provision of affordable , budget-friendly houses to young Dominican citizens, mainly 45 years or younger than that.

The series of events took place at the Forecourts of Windsor Park Sports Stadium. The Prime Minister of Dominica Mr Roosevelt Skerrit revealed that the initial phases of the programme would prioritise younger professionals and residents of the Commonwealth of Dominica. The government of Dominica totally realizes that the value of owning a home is much more than merely being a roof over the head of the families.

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Dominica is already on its way to build climate resilient houses. This programme would further add to affordability of such houses as the cost of a house would be lower than the actual cost of construction of that particular house. This is the governments’s own way to subsidise the housing requirements of younger citizens and the young professionals of Dominic; stated PM Dr.Roosevelt Skerrit.

Prime Minister also highlighted that the government of Dominica has been keeping its 2019 Dominica Labour Party manifesto promises even during the difficult times imposed by the COVID-19 pandemic. He mentioned, “We have delivered on the promise of providing a proper house”.

Future Housing Programme:

The newly launched programme will provide a home to the young professionals, and youngsters of Dominica who have been working within the public as well as the private sector. The programme will offer an opportunity to the employed youth to invest in their own homes. The programme has been launched under the tagline – Empowerment through Ownership- A Path to Generational Wealth. Prime Minister explained the meaning of the tagline and stated that these words were chosen very deliberately so that the objective was conveyed in a proper manner.

“This programme will provide security to the youth, which can be transferred to the future generation,” outlined Prime Minister Skerrit.

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“In Dominica, we do not have a deep-seated culture that takes this into consideration. But with proper generational wealth planning and management, wealth can be passed down for many generations within families. This is important because we all want to give our children a significant financial advantage early on in their life so that they have a better chance at successful and progressive futures,” said the Prime Minister. He also put light on some key benefits of Future Housing.

Under the leadership of Prime Minister Skerrit, the government of Dominica has been wisely working to develop and uplift each and every sector of the country, including the housing sector. Houses have been provided to the families who lost them due to the landfall of Tropical Storm Erika and Category-5 Hurricane Maria. To date, the government of Dominica has provided more than 1,500 houses and has promised to provide 5,000 homes to vulnerable families.

Citizenship by Investment Programme of Dominica:

The government of Dominica has been constructing the homes through the funds generated via the Citizenship by Investment (CBI) Programme. The CBI Programme of Dominica was launched in 1993 and is known as the longest-running, safest and most secure CBI scheme across the globe. The alternative citizenship of the country can be attained by making a significant investment in the development of the country’s infrastructure. This programme assists the country in meeting the demands of the modern competitive global market.

Dominica: "Future Housing Programme" to provide affordable homes for youth
Dominica: “Future Housing Programme” to provide affordable homes for youth

The Programme is globally recognized because of the due-diligence procedures, which are conducted by an independent third-party firm. The firm and the CBI Unit of Dominica make sure that the alternative Citizenship is only provided to the honest and credible applicant. The strict, vigorous and stringent scrutinizing procedure is followed.

The interested applicant(s) can contribute to the major development projects of Dominica through – the Economic Diversification Fund (EDF) or Real Estate Investment Option.  

Economic Diversification Fund (EDF), also known as the Fund Option, was introduced by the government of Dominica to fund the national developments in the country. Under the fund option, the investors can invest in the building, schools and hospitals as well as other sectors, including tourism and agriculture. The minimum investment is the US $100,000 for the main applicant.

The Real Estate Investment Option allows the investors to invest in government-approved real estate, including hotels, spas, and villas. The minimum investment is the US $200,000.

The investor(s) can apply for the alternative Citizenship through five steps, which are:

Step 1: Choose an authorized agent

Step 2: Contact your authorized agent

Step 3: Background checks and due diligence procedure

Step 4: Further discussion with the Dominica CBIU

Step 5: Payment and certification

The alternative Citizenship of Dominica is a choice for investors and applicants across the globe because it offers numerous benefits, including:

1.) The alternative Citizenship makes one a global citizen as it will provide one a chance to travel to 75 percent of the world.

2.) It will enable one to add additional dependants.

3.) It provides countless business opportunities to the investor, which will help in portfolio diversification.

4.) Citizenship is granted for life, and it can be passed on to the future generation.

5.) It can be a plan B amid the uncertainties.

About Dominica: 

The Commonwealth of Dominica, which is popularly known as Nature Isle of the Caribbean, is a mesmerizing, beautiful and most-visited destination. The beautiful country is located between the Caribbean Sea and the North Atlantic Ocean waters. Dominica’s all-year-round, tropical weather destination is popular with tourists, plus it’s also an ecotourism destination.

Indeed, Dominica is the best-kept secret in the region and is called the nature island of the Caribbean for a good reason. Dominica is home to lush green rainforests and is best known for hiking, bird-watching, whale-watching etc. The Nature Isle is also home to the world’s second-largest boiling lake and comprises nine volcanoes that are entirely safe to visit. This volcanic isle also boasts a river for every day of the year, with 365 freshwater streams in its verdant, jungle footprint.

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