It’s often said that young people are the future. After all, future generations will be the ones countries rely on to prosper in the years to come, so giving them all the tools necessary to survive and thrive is not just sensible government policy — it’s essential.
This is something that the Government of Dominica is acutely aware of, and is why they’ve enacted many youth-friendly initiatives over the years, from the Dominica Youth Business Trust to a 12-week Training Programme to aid youth in developing vital skills.
The most recent is the Future Housing Programme, which was launched in July 2022. Here we look at what this initiative involves, its objectives, and how it’s being funded.
What is the Future Housing Programme?
Under the Future Housing Programme, the Government of Dominica will construct affordable housing to sell to under 45s employed in either the public and private sectors. These properties will be available either to buy outright at below market prices, or using a low interest loan at participating financial institutions. It’s planned that the scheme will eventually be available to over 45s too.
Upon launching the programme, Prime Minister Roosevel Skerritt stated: “This is our way of subsidising the overall cost of the home so that the cost is within your financial range as young professionals and young Dominicans.”
The Housing Programme is one of many property-focused initiatives launched by the Government of Dominica in recent times. These include The Housing Recovery Project, where over 600 homes were built in the aftermath of the destruction caused by Hurricane Maria, and the Responsible Land Stewardship Initiative, which aims to ensure grassroots youth, women, and at-risk populations have equal access to land use.
What are the programme’s objectives?
According to the Government of Dominica, the Future Housing Programme has three main objectives:
- Create greater community growth
- Promote new community development and family growth
- Build safe resilient modern homes in line with Dominica’s vision of becoming the world’s first climate resilient nation
The programme was also launched with the tagline “Empowerment Through Ownership – A Path to Generational Wealth.” Prime Minister Skerritt explained the meaning behind these words, stating: “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.”
He continued, saying that, by giving young people a significant financial advantage early on in their life, they have a better chance at successful and progressive futures.
How is the programme being funded?
The Future Housing Programme is being funded by Dominica’s Citizenship by Investment programme. This gives non-nationals the opportunity to invest in the country in return for citizenship via two routes: the Economic Diversification Fund or real estate. The former goes towards funding government initiatives like the Future Housing Programme, while the latter finances the development of the very properties being built by the Government of Dominica.
Launched in 1993, Dominica’s Citizenship by Investment programme is not only one of the world’s oldest programmes of its kind, but is renowned as the best, topping the CBI Index’s list for six years running. As well as offering numerous advantages for Dominica as a whole, investors themselves stand to benefit hugely from investing in the programme and becoming a Dominican citizen. Not only do they receive a Dominican passport, which provides visa-free travel to 145 countries, but they gain the right to live and work in such a beautiful nation, enjoy minimal taxation, and have the ability to hold multiple citizenships.
Become a Dominican citizen
If you’re interested in reaping these benefits yourself, while also contributing significantly to the prosperity of a burgeoning Caribbean island nation, then contact us to make an enquiry, or download our brochure to find out more.
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