Dominica is one of the Caribbean countries offering citizenship by investment program (CBI). All money received from investors is used to develop the country, improve infrastructure, create new jobs and strengthen the economy. During the announcement of the 2021-2022 budget plan, the government of the Commonwealth of Dominica announced the creation of a national sports council to oversee a new fund for sports clubs and athletes.
The National Sports Foundation will support sports initiatives using proceeds from the Citizenship by Investment program. CBI is the process by which a foreign investor and his(her) family can obtain citizenship by investing in a country’s national fund or government-approved real estate.
More about Dominica Citizenship by Investment program
“One of the tasks that we expect the [National Sports] Council to oversee is the establishment by Government of a National Sports Trust Fund, which will be capitalised with revenues from the CBI Programme, with the hope that private sector entities will also contribute,” said Prime Minister Roosevelt Skerritt.
“One of the objectives of the Fund will be to better facilitate local sports clubs and athletes to participate in regional and international sporting tournaments and events. All things considered, I would like for the National Sports Council to be fully operational by January 2022.”
According to the plan, in 2021-22, the Ministry of Sports, Culture and Social Development will receive about 2.7 million US dollars. “To complement the investments that we are making in the development of sporting facilities, Government will expand the Sports Division, with the appointment of coaches who will serve as mentors and coaching assistants to community-based clubs,” added the Prime Minister.
Source: prnewswire
