Linton’s Independence Day speech used to spread misinformation and discourage Investment

Dominica’s Independence Day, celebrated on 3 November, should be a time of festivity for the island and a time to rejoice in the nation’s achievements. It is unfortunate, therefore, that Lennox Linton’s Independence Speech should be used as a platform to undermine Dominica and one of its strongest assets: its Citizenship by Investment Programme.

The criticism comes from Eugene Dwight, a Dominican expat currently living in the United Kingdom, and an advocate of the Dominica Citizenship by Investment Programme.

“Mr Linton promised to reform a programme that is already the best of its kind, and attacked the international stakeholders that have made the Dominica Citizenship by Investment Programme the success story it is today,” says Dwight.

In his speech, Linton committed to a “comprehensive review of the Citizenship by Investment Programme” including “changes to the legal framework, programme structure, and introduction of transparency and accountability mechanisms.” He then said that “CBI resources will be directed to enhancing local entrepreneurship in the form of core financing mechanisms.”

It is unclear, however, exactly what changes he would want to make. Dominica’s Programme is entrenched in the nation’s Citizenship by Investment Regulations and is administered by a highly-trained, fully-dedicated Citizenship by Investment Unit. Both the Programme and the Unit have a track record of continued praise, particularly thanks to efficient processing and excellent due diligence practices.

“Mr Linton has no examples of how he would reform the Programme because he can’t use Grenada, Antigua and Barbuda – or more distant nations – to make a case for how we can improve. We’re already recognised as the best,” notes Dwight. Dominica has been ranked as the jurisdiction with the best citizenship by investment programme in the world for three years in a row according to the CBI Index, a publication by the Financial Times’ Professional Wealth Management Magazine. It also won the award for ‘Best Caribbean Citizenship Programme’ at the Russian Global Citizen Awards 2016.

“He also has no basis to suggest the Programme has failing transparency and accountability mechanisms. As far as I know, it is the only CBI nation to have invited an independent auditor to the country to report on how CBI revenues are being spent. The report was clear: housing, schools, roads, hospitals, and training for Dominican youths,” says Dwight, who refers to a PricewaterhouseCoopers (PwC) report published in August this year. “I’d like to see PwC publish a report on whether Linton’s promises to raise minimum wages are at all mathematically sound given the huge restoration efforts that have had to follow Tropical Storm Erika and Hurricane Maria. My guess would be no.”

This is not the first time Dwight has been critical of Linton’s misuse of data. He previously condemned Linton for purposefully overstating CBI revenues to claim that $1.2 billion had disappeared from state funds – something that he has called short of absurd.

“Mr Linton is also happy to damage the reputation of international investors that are transforming Dominica, bringing in eco-friendly resorts, housing for our local families, and new energy to the nation. He forgets that we need international expertise to bring Dominica’s CBI programme to international markets. He forgets that our local agents cannot do this alone, and that Dominica’s renown is a testament to the fact that our international partners, including marketing agents and resort developers, are doing a fantastic job,” continues Dwight. Dominica is believed by experts to be the most popular option for citizenship by investment in the Caribbean. It has also garnered admiration for having chosen only eco-friendly, high-standard resorts to be part of its Citizenship by Investment Programme.

“Mr Linton accuses Range Capital of unfairly taking money for developing the Kempinski – a huge success story for this nation that took planning, vision, marketing, and construction. He is criticising those who are putting our nation on the map. What will this result in? Nothing but scaring our top investors and present and future developers. Lennox Linton wants them to throw their tools aside and leave,” laments Dwight. Linton has not provided a list of alternative developers or investors he would have in mind should he drive away Dominica’s current investors, nor has he provided any evidence of CBI developers misusing funds from the escrow accounts in which they are placed as part of the Citizenship by Investment Programme.

“Lies and fake news can get Linton into office, but they can’t help him run the country,” concludes Dwight.