The government of the Commonwealth of Dominica has announced its recent mandate for investors of the citizenship by investment programme aged 16 and above will be required to undergo an interview from July 17, 2023, onwards. The development was undertaken to strengthen the top-ranking CBI programme.
The adoption of this streamlined process by Dominica marks the country’s commitment to boosting the due diligence processes and cooperating with discerning stakeholders. The government of Dominica aims to enhance the programme’s overall integrity by reducing the threat posed by illegal and fraudulent investors.
In February 2023, five other Caribbean nations providing CBI Programmes attended a special meeting with US officials. The meeting was chaired by the Deputy Assistant Secretary of the United States Department of Treasury on February 25, 2023.
The meeting, called the US-Caribbean Roundtable, strived to focus on the ways to address the challenges being faced by Caribbean CBI Programmes.
During the meeting, several ideas to improve the competitiveness of the programmes were generated. The session’s outcome was the introduction of virtual or in-person interviews with each applicant.
The criteria of the application process are as follows:
The application process for all the investors will include the following documents:
Submission of financial statements
Submission of employment proof
Documents identification
The interview will be conducted for all investors aged 16 and above.
Notably, the Commonwealth of Dominica offers one of the best CBI programmes, which works as an ideal investment option for investors around the world. Besides multiple benefits such as higher business opportunities, citizenship for life, travel privileges, security and safety, it offers stringent and robust due diligence.
Dominica’s multi-layered due diligence process has resulted in protecting international investors and locals from fraudulent players. Many famous third-party firms from the US and the UK are involved in executing the due diligence process in Dominica.
These third-party firms are supported by international and local policing authorities. While assessing all documents, a multi-layer process allows the nation to provide alternative citizenship to respected investors. The documents are received via online and on-the-ground checks.
The due diligence process maintains the reputation of the CBI Programme on the international stage. It also fosters the confidence of the investors in the programme and get them a sense of security while investing in the country. Since 1993, Dominica CBI Programme is continually benefitting global investors with its ability to empower them by creating a solid foundation for themselves and their families.
The Caribbean countries providing the CBI programme have also been working diligently to adopt a transparent approach so that the international community can trust them. The funds generated by the CBI Programmes ease the survival of these small island nations as they are the most vulnerable to the existential threat of Small Island Developing States.
The Citizenship by Investment Programme of Dominica helped the country recover from various climate challenges. The programme efficiently funds resilient infrastructure and uplifts the socio-economic aspects of the country while diversifying the economy.
Also, Dominica’s Prime Minister, Dr Roosevelt Skerrit, said the government would protect their financial systems. Mandatory interviews for applicants will improve the CBI Programme’s due diligence process. This will help the overall CBI programme to become more robust than earlier.
