Roseau, Dominica: The Commonwealth of Dominica has taken a significant step to upgrade its citizenship by investment programme. Recently the country has announced that one more step will be added to the application process, making it more robust and stringent. Dominica will become the first country to introduce mandatory interviews with all applicants.
As per the latest update by the authorities, applicants aged 16 and more will undergo an interview procedure while applying for the citizenship by investment programme (CBI) of Dominica. The step will be included in the procedure from July 17, 2023 (Monday).
It is worth noting that this step by the government and CBI unit of the Island country shows its commitment to maintaining the due diligence procedure, aiming to reduce threats posed by illicit actors.
The CBI Programme of the Commonwealth of Dominica was among the five nations that met the US officials led by the Deputy Assistance Secretary of the United States Department of Treasury on February 25, 2023. During this US-Caribbean Roundtable, basic challenges faced by the CBI Programme of the Caribbean region were discussed, along with the opportunities that would help the programme to thrive.
As per the reports, the decision to conduct interviews (virtual or in-person) with each and every applicant was also the outcome of the session. This decision was collectively taken by the authorities of the nations that offer CBI Programmes.
This additional step will be added as a 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.
The robust due diligence process of Dominica is highly praised and trusted among investors and high net-worth individuals for its transparency. It plays a significant role in providing a safe and risk-free procedure for obtaining alternative citizenship of Dominica and acts as an important step to eliminate fraud and unsavoury players.
Dominica is globally known for conducting due diligence procedures with the help of international agencies from the United States and the United Kingdom in collaboration with local policing authorities. It is noteworthy that the Commonwealth of Dominica performs a multi-layered process, followed by vetting all documents received through online and on-the-ground checks.
The world recognises the CBI programmes of the Caribbean as one of the most proactive and transparent approaches to due diligence. This robust and strict due diligence process has provided enhancement to the reputation of the programmes with the international community.
It is to be noticed that the money generated through the citizenship by investment programme acts as a legitimate source of development and growth of the Small Island Developing States (SIDS).
Prime Minister of Dominica, Dr Roosevelt Skerrit, outlined, “We are 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.”
More on the US-Caribbean Roundtable:
The Caribbean leaders who participated in the event were: Prime Minister of Antigua and Barbuda, Gaston Browne; Prime Minister of Dominica, Roosevelt Skerrit; Prime Minister of Grenada, Dickon Mitchell; Prime Minister of St Kitts and Nevis, Dr Terrance Drew and Prime Minister of Saint Lucia, Philip Pierre.
During the meeting, the leaders discussed six key principles, including, Collective agreement on the treatment of denials, Interviews, Additional checks, Audits, Retrieval of passports and Treatment of Russians and Belarusians.