Dominica and China's Strengthening Relations Offer Business Advantages For Investors
LONDON, March 18, 2021 -- While the pandemic created border closures for much of the world, the small nation of the Commonwealth of Dominica quietly strengthened its foreign relations with economic giants like China. According to the Dominican Prime Minister, the two countries are scheduled to sign visa-free travel agreements this year. Dominica's partnership with China has also led to several integral infrastructure projects on the island and initiated a large-scale revamp of the healthcare sector. Earlier this month, China donated the Sinopharm COVID-19 vaccines to Dominica.
In January, the People's Republic of China became the only G20 economy to post GDP growth for last year, according to the IMF's latest World Economic Outlook. Although it was the first country to suffer from the coronavirus, it recovered in time to have its manufacturing capacity up and running while the virus continued to spread across the globe. The demand for personal protective equipment (PPE), computers, and everything else helped power China's economic recovery in 2020 and position the country to continue its strong growth into 2021.
When wavier access to China is confirmed, citizens of Dominica will be able to access four out of the world's six biggest economies visa-free. "China does not really allow visa-free [access] for many passport holders, and they have given that privilege to the Dominican passport of all categories. So, it's a major plus. We have also, as a result, expanded our diplomatic presence in many countries," said Prime Minister Dr the Hon. Roosevelt Skerrit. "[Dominican citizens] will be able to travel to many of the business hubs across the world," he added.
Today, Dominica has visa-free or visa-on-arrival access to almost 75 percent of the world. Foreign investors who prioritise business mobility and international expansion often resort to the nation's Citizenship by Investment Programme. Second citizenship helps eliminate the need for visa processing bureaucracy and rigours in the customs process during international trips. Rated the best in the world for four years in a row, the programme permits vetted individuals to contribute to a government fund or pre-approved real-estate in exchange for citizenship.
Being a citizen of Dominica also gives you the right to enjoy its social services to the fullest, including its robust medical care and education system for you and your family. This can be a great advantage, especially in countries where such services are costly for non-citizens.
SOURCE CS Global Partners