Savvy entrepreneurs are always looking to broaden their horizons, searching for new territories in which to grow their business and investment empires. For many, the latest land of opportunity could be the tiny Caribbean island of Dominica.
With a population of just over 70,000 people, Dominica may not be the obvious location for those looking to grow their wealth. But good things can come in small packages. And Dominica is becoming an increasingly significant global player.
There are a number of important reasons why entrepreneurs are starting to make the most of the opportunities that this nation has to offer.
1. Economic Diversification
Traditionally, the economy of Dominica was reliant on agriculture, with bananas being the island’s most profitable export, though it also grows and exports aloe vera, coffee, flowers, and other fruits like guava, mango and papaya. One third of the island’s residents are employed in the agricultural industry. But, in recent times, Dominica has taken steps to diversify its economy giving investors ample opportunity to get in on the ground floor of some exciting new ventures.
Funds from its citizenship by investment programme, which allows international investors to receive the benefits of citizenship in exchange for investment in key industries, have created a fertile economic landscape in which innovation is able to flourish. Dominica is seeing progress in these primary areas:
- Green energy. Dominica is brimming with natural-energy sources. The country’s rivers and tributaries mean that hydroelectric and geothermal energy have become a government priority. Resources which were once exploited only for the purposes of bottled water exportation, now place Dominica in a prime position for becoming one of the leading producers of renewable energy.
- Ecotourism. Dominica boasts three stunning national parks and four protected areas, including UNESCO World Heritage site Morne Trois Pitons National Park. These areas attract tourists with a penchant for nature all over the world, and a thriving ecotourism industry is springing up around them. The island’s volcanic areas, in particular, have proven popular with travelling scuba divers.
2. Real Estate
This successful tourism sector has opened up a number of real estate opportunities that the property-savvy are beginning to take up. Incentives to buy in Dominica are only amplified by its CBI programme.
An applicant who purchases authorized real estate with a minimum value of $200,000 will qualify for citizenship of Dominica under the Real Estate Option of the Citizenship by Investment Programme.
Real estate prices in Dominica are amongst the lowest in the Caribbean. Investors are encouraged to consider one of the country’s approved real estate projects, many of which intend to satisfy the rising demand for tourist housing facilities.
3. A Bright Future
These new thriving industries and a promising property outlook are not the only reasons to invest in Dominica. The island is set to become a big player in the future global economy through training up its youth.
The Dominica Youth Business Trust equips the nation’s young people with necessary business skills and offers them useful support. A four-week Entrepreneurship Development Program is run to help prepare citizens to venture into the business world. The Small Business Assistance Facility services those already working in business.
This entrepreneurial environment works in tandem with the country’s green agenda. Public Awareness Officer at the Environmental Coordinating Unit and President of the National Youth Council, Senator Jahisiah Benoit, has spoken about how climate change might present new, entrepreneurial opportunities for the young people of Dominica.
Dominica is asserting its status as a competitive, prosperous and innovative business hub. The government aims to work with private investors, ensuring that external players can harness the vast possibilities offered by Dominica’s ascent. The Citizenship by Investment Programme ensures that potential investors, who dream of capitalising on this nation’s potential, can do so with relative ease.