18/07/23

CARIBBEAN: New rules for CBI applicants go into force on Monday in Dominica

As published on: stvincenttimes.com, Tuesday 18 July, 2023.

Authorities here will begin mandatory interviews of all applicants to the Citizenship by Investment (CBI) programme aged 16 and over on Monday as the country seeks to cooperate with international stakeholders and increase due diligence processes, with the aim of reducing threats posed by illicit actors.

Dominica was one of five Caribbean nations with CBI programmes that met US officials earlier this year at the US-Caribbean Roundtable to discuss challenges faced by Caribbean CBI programmes at which it was agreed that all Caribbean CBI nations would start conducting virtual or in-person interviews with each applicant.

As part of the application process, which includes submitting financial statements, proof of employment and identification documents amongst others, all applicants aged 16 and over will now be required to be available for the interview.

Dominica, like many other CBI countries in the region, uses due diligence and risk agencies from the United States and the United Kingdom, supported by local and international policing authorities, to help protect both international investors and local citizens from unsavoury players.

Caribbean CBI nations are said to have the most proactive and transparent approach to due diligence, something that enhanced their reputation within the international community.

Prime Minister Roosevelt Skerrit said his country is “serious and committed to the collective fight to safeguard our respective financial systems. We understand that this step will add another layer to our due diligence process and is a risk management framework to strengthen and safeguard the integrity of our CBI Programme.”

Tags

Caribbean CBI Dominica Citizenship by Investment