On Wednesday, July 25 2018, Prime Minister Roosevelt Skerrit delivered the National Budget for the fiscal year 2018-2019. PM Skerrit announced the following updates on the Dominica CBI program
For fiscal year 2018/19, non-tax revenue is estimated at $428.8 million or 54.4 percent of total revenues. This comes primarily from the Citizenship By Investment Programme (CBIP), which is expected to bring in $406.6 million. CBI administrative expenses $101.7 million.
CBI Funded Real estate Projects
We can look forward during the next calendar year to positive outcomes in respect of hotel projects funded under the Citizenship by Investment Programme. These warrant my giving you some detail.
- Within a few weeks after the hurricane, work resumed on the Kempinski Resort project. All major structural works have been completed, with the exception of ongoing roof installation that was damaged by hurricane Maria. Some 450 construction workers are currently on the job and the hotel is expected to be opened by the third quarter of 2019. I am pleased to inform this House that a Manager has already been appointed for the hotel operations and the opening of the Range Kempinski will add 161 rooms to the current hotel stock.
- Ay Ay Holdings (Caribbean Ltd), the company constructing the Jungle Bay Hotel in Soufriere, is reporting satisfactory progress with the ongoing works. Upon completion, this project will consist of 60 villas comprising 120 rooms; permanent employment will be provided for 100 people. Phase 1, comprising 30 villas is targeted for opening by February 2019 and the entire project is expected to be fully completed and operational by December 2019.
- The construction of the Anichi Resorts (Marriot) at Picard is advancing speedily. When completed, this hotel will add 128 rooms to the existing hotel stock and should employ up to 280 persons. Five building blocks are currently under construction.
- A fourth CBI funded project, the Tranquillity Beach Hotel in Salisbury, is gearing up for the commencement of construction. The promoter has begun mobilisation of equipment and machinery, sourced housing for management and staff and should commence actual construction by October 2018.
- Substantial work has simultaneously been ongoing on the Cabrits Resort and Spa or the Moroccan Hotel, as it is more popularly known. The entire roof structure had to be redesigned and redone after Maria, and the hotel is now scheduled for completion before the end of this year. This hotel is a clear demonstration of the strong relations between the Kingdom of Morocco and Dominica, and we thank His Majesty the King and the Government of Morocco for this most generous gift.
Construction of Homes funded by CBI program
These homes will be constructed under the CBI programme by the Montreal Management Consultants Est., the same company engaged in constructing the new Petite Savanne community in Bellevue Chopin. Contracts have been signed and works are already on going in the following areas: –
● Georgetown in Portsmouth. This development will comprise nine buildings containing a total of sixty-eight (68) residences.
● La Plaine. Construction of sixty-six (66) residential units.
● Delices. Construction of sixty-six (66) residential units.
● Grand Fond. Construction of sixty-six (66) residential units
● Castle Bruce. Construction of sixty-six (66) residential units..
● San Sauveur. Construction of sixty-six (66) residential units.
● Cotton Hill in Lagoon in the Cottage constituency 68 residential units;
● Hillsborough Gardens 68 residential units
● Mahaut/Massacre 68 residential units
● Roseau City Square. This development targets two areas in the city. The area known as “The Pound” and “The River Bank.” A total of 135 units will be constructed and the developer should take possession of the site in September. The estimated construction period is 14 months.
The Bellevue Chopin housing development is one out of four developments nearing completion. Prime Minister Roosevelt Skerrit, @SkerritR, recently shared aerial photographs of the developments on his official Facebook page. https://t.co/NxT7KiwwSR pic.twitter.com/4WodPsyg3Z
— Dominica CBIU (@DominicaCBIU) July 26, 2018
These will add to the three hundred and forty-one (341) units under construction at Bellevue Chopin. The handing over of the first 91 homes in this development is scheduled for 31st August 2018. The Government expects to have completed 369 residential homes in Bellevue Chopin in this financial year.
Dominica Social Security
This Government provided an amount of five million dollars ($5 million) from the proceeds of its Citizenship By Investment Programme (CBIP) to the Dominica Social Security for administration of the said Pilot program.
