PwC Report: 'Dominica's Citizenship by Investment was Instrumental to the post-Maria Recovery and is Providing Vital Support to Building a Climate-resilient, Service-based Economy'

ROSEAU, Dominica, Aug. 19, 2019 /PRNewswire/ -- PricewaterhouseCoopers (PwC), one of the world's largest multinational professional services firms, issued a new report that analyses Dominica's Citizenship by Investment Programme. In a press release prepared by PwC, Dominica is praised for the good use of the Programme-generated funds and the long-term impact it will have on the island:

"A report by PwC concludes that Dominica's Citizenship by Investment Programme (CBIP) has had a major impact on the island's resilience, and is likely to remain a significant driver of sustainability. In September 2017, Dominica was struck with little warning by the Category 5 Hurricane Maria, one of the most severe hurricanes to hit the island in recorded history. It was predicted that Dominica would take decades to recover from Hurricane Maria as well as the damage caused two years prior by Tropical Storm Erika.

PwC were commissioned to review the fiscal impact of Dominica's CBIP over the period 2014-2019. PwC's report was compiled with assistance from the Government of the Commonwealth of Dominica and it brings more transparency to the spending funded by Dominica's CBIP. It was supported by a visit to the island in July 2019.

Since Maria struck the island, EC$582.6 million has been spent from CBIP funds across a range of sectors to support the recovery effort and Dominica's broader economic growth. CBIP funding has resulted in the rehabilitation of 15 sections of damaged roads and 19 bridges, the construction of three hospitals and six health centres, and the repair of 15 damaged schools. Moreover, the CBIP has supported the construction of hurricane-resilient homes for 6,680 households. In addition, the CBIP is currently funding the construction of five hotels and ecolodges that will have a total capacity of 628 rooms, creating over 1,000 jobs during construction phases, providing direct employment for approximately 900 hospitality workers, and supporting the livelihoods of those connected with tourism across the island, such as farmers, fishermen, taxi drivers, and tour operators.  

Expenditure under the CBIP over the period studied has had an indirect impact on Dominica's economy, which PwC estimates could increase GDP by around EC$150 million and tax receipts by around EC$30 million.

In addition, PwC notes that CBIP expenditure will have had a significant long-term impact on the economic potential of the island. The investment in hotels and tourism should generate future revenue streams for the island, which could be between EC$90 million and EC$140 million each year. The fiscal benefits of this could be between EC$20 million and EC$40 million each year.

The expenditure funded by the CBIP has had a substantial impact on Dominica's recovery from Tropical Storm Erika and Hurricane Maria and continues to support Dominica's long-term economic growth through both direct investments and indirect support."

The full PwC report is available here.

SOURCE The Government of Dominica