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Western Hemisphere > Dominica

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  • Type: Journal Issue x
  • Taxation, Subsidies, and Revenues: Other Sources of Revenue x
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Cover IMF Working Papers
Too Much of a Good Thing? Prudent Management of Inflows under Economic Citizenship Programs
Ms. Xin C Xu
,
Ahmed El-Ashram
, and
Judith Gold
Economic Citizenship Programs (ECPs) have recently been proliferating, with large and potentially volatile inflows of investment and fiscal revenues generating significant benefits for small economies, but also posing substantial challenges. This paper discusses recent developments and implications of such programs for fiscal discipline and the real economy, including risks to macroeconomic and financial stability, with a focus on small state economies. It discusses the prudent management of these programs, overviews strategies to minimize risks to various sectors, and addresses potential governance and integrity challenges. The paper proposes a framework for managing inflows and savings from ECPs to contain macroeconomic risks, and it recommends the establishment of a sovereign wealth fund (SWF) where such revenues are large and persistent.
Keywords:
WP; ECP inflow; central bank; country authorities; management framework; ECP country; ECP flow; ECP receipt; ECP resource; private sector; Economic Citizenship Programs; Citizenship-by-Investment; Economic Residency Programs; Immigrant Investor Programs; Golden Visa; Sovereign Wealth Fund (SWF); National Development Funds; Macroeconomic Stability; Dutch Disease; St. Kitts and Nevis; Pacific Island Countries; investment strategy; SWF investment; stabilization fund; Public investment spending; Fiscal stance; Global; Pacific Islands; Caribbean