Dominica to implement in person interviews of CBI Applicants to strengthen due diligence

The Commonwealth of Dominica is committed to introducing more stringent due diligence measures to strengthen the reputation of its Citizenship by Investment Programme. The government of the Commonwealth of Dominica announced that they would start the initiative to mandatorily interview all the applicants of their CBI programme in person.

This mandatory initiative will become effective, provided the applicants are over 16 years of age.

With the implementation of this initiative on July 17, 2023, the Commonwealth of Dominica will become the first Caribbean nation to implement mandatory interviews. The mandatory, in-person interviews will play an important role in strengthening the due diligence procedures of the country’s CBI programme.

The step that the government of Dominica has taken in this regard goes on to show that the country is committed to cooperating with international stakeholders. Through their increased due diligence, the government seeks to eliminate the risk of giving their prestigious citizenship to an individual with a questionable history and background.

The Commonwealth of Dominica attended the US-Caribbean Roundtable in February 2023. They were among the five nations at the roundtable offering Citizenship by Investment. During this meeting, the representatives of the Commonwealth of Dominica and five other Caribbean nations met US officials led by the Deputy Assistant Secretary of the US Department of Treasury.

The representatives discussed the issues and problems the Caribbean nations face while presenting their Citizenship by Investment Programme. They also deliberated several ways in which the various CBI programmes can thrive.

During this meeting on February 25, the Caribbean nations agreed to conduct mandatory in-person or virtual interviews with the applicants seeking to invest in their alternative citizenship of their country. The mandatory in-person interviews will now become a requirement for the application process, alongside submitting financial statements, proof of employment and identification documents, and more.

Applicants over the age of 16 need to sit in the mandatory interviews starting July 17. These would help in strengthening their already praiseworthy due diligence programme. The due diligence practices put in place by the government of Dominica are already highly praised. The due diligence is aided by renowned due diligence and risk agencies from the United States and the United Kingdom, along with local and international policing authorities.

Under the due diligence processes, the government thoroughly examines the documents the aspiring investors submit at the start of the application process. The transparent yet robust due diligence that the government takes up adds to the reputation of the CBI Programme. It also enhances the confidence the investors have continued to place in the programme for several years.

The due diligence procedures continue to assure the HNWIs that the investments of the HNWIs continue to remain safe. At the same time, the country also continues to prosper and benefit due to the Citizenship by Investment programme. The investment that comes into the country through the CBI programme is crucial to the country’s development.

The international community understands the issues that the Caribbean islands face as SIDS (Small Island Developing States. The Citizenship by Investment Programmes continues to provide the SIDS legitimate source of foreign direct investment to many nations to fight these issues and many existential threats they face.

For instance, Dominica uses the fund such Citizenship by Investment channels to build climate-resilient infrastructure. These funds also assist the country in diversifying its economy, creating more enhanced public services.

On several occasions, international associations like the European Union and the United States have threatened to dismantle these programmes. However, such an action would severely harm the prospects and prosperity of these nations. The absence of Citizenship Programmes would cause several socioeconomic consequences.

The following national leaders were present at the US-Caribbean Roundtable on behalf of their respective countries:

 

• Dr Roosevelt Skerrit, representing the Commonwealth of Dominica
• Dr Terrance Drew, representing St Kitts and Nevis
• Gaston Browne, representing Antigua and Barbuda
• Dickon Mitchell, representing Grenada