The government of the Commonwealth of Dominica introduced a new set of rules and regulations to strengthen the citizenship by investment programme and the CBIU. The guidelines now require agents to be citizens of Dominica and hold an office on the island to be “authorised agents” of the programme.
The government, while launching the new regulations, added that plan to reinforce the legal framework of the Citizenship by Investment Programme and its Unit.
As part of the new guidelines announced on Tuesday, Dominica will now deny citizenship to CBI applicants who have been denied any visa or right to take entry into the USA, the UK, the European Union, or any of the nations where Dominicans can travel visa-free.
This move by the Dominican government came as another brick in ensuring strict due diligence in its CBI programme. Reportedly, these new regulations have been made by the committee, led by Attorney General Levi Peters, with a view to strengthening the position of the CBI Unit.
Major changes to the CBI regulations include the following
- Eligibility criteria for adult children now require full support under the revised regulations.
- Changes in name within five years of naturalisation could lead to citizenship deprivation based on the new rules.
- Enhanced requirements and responsibilities confront Authorized Agents (AAs) under the updated regulations.
- AAs are mandated to be Dominican citizens, maintain registered offices with at least three staff in Dominica, and undergo independent due diligence checks.
- Increased fees for AAs’ registration and renewal signify amplified responsibilities.
- Stricter regulations affect Licensed Promoters, formalising higher application requirements and fees.
- Ensured compliance of Licensed Promoters with promotional guidelines through the new regulations.
- Incorporation of promotional guidelines into the regulations from their previous existence in a circular.
- Explicit do’s and don’ts outlined for the global promotion of the CBI Programme within the regulations.
Stringent Regulations for Authorised Agents
Authorised agents were the key focus of the new set of measures, adding enhanced requirements for the agents. The new set of rules adds that the authorised agents must be citizens of Dominica and have their offices registered in Dominica with at least three staffers.
The agents must also undergo independent due diligence checks, showcasing the commitment of the country towards integrity at every point in its programme. As part of this, there is now also an increased fee to register and renew licenses.
The Citizenship by Investment Unit of Dominica believes that the new set of regulations is likely to significantly aid in the country’s commitment to ensure a thorough due diligence process.
The new regulations also enshrine into law information sharing between the CBI Unit and the Joint Regional Communications Centre (JRCC). This means that information sharing between CBI countries and other jurisdictions is and will remain paramount.
Commitment Towards Ensuring Enhanced Due Diligence
The Citizenship by Investment Unit maintained that they continue to advance the due diligence protocols with constant changes to the regulations. The advancement in the protocols ensures the nation continues to meet international best practices.
Notably, earlier this year, Dominica became the first nation to introduce mandatory interviews for all applicants and their dependents over the age of sixteen as part of the CBI application process.
The Citizenship by Investment Unit of Dominica has also formalised its promise to make sure its authorised agents and licensed promoters uphold the highest standards, with promotional guidelines now enshrined in the rules.
New Criteria for Adult Dependents
The new regulations also made amendments to a set of guidelines launched in 2022 about the eligibility criteria for dependents. Under the new changes, adult children must now be fully supported to be eligible dependents.
Change of Name
The Government of Dominica made a significant change towards ensuring national and global security standards. Under the new rules, any person who decides to change their name within five years of naturalisation could lead to citizenship deprivation.
New Rules for Licensed Promoters
Meanwhile, the licensed promoters are also affected by the new set of rules, consistent with the nation’s focus on strict regulations that apply to every person involved in the programme.
The rules formalise the requirements for applying to become a licensed promoter and increase the application and renewal fees for licensed promoters. It also ensures that the licensed promoters are acting according to the promotional guidelines.
With rigorous due diligence practices, the Government of Dominica ensures integrity and transparency in its CBI programme.
Moreover, with the introduction of these measures, Dominica aims to keep its commitment to being the most responsible and trustworthy destination for investment.
The bunch of these measures also portray Dominica among the investors as a priority to invest in. The investors are also confident that their investment will be directly used towards the overall development of the nation. It is hereby noted that the money generated through the Citizenship by Investment Program is used by the government of Dominica toward national development.
Construction of the international airport, the building of climate-resilient infrastructure, and the construction of the cable car project, which is the longest cable car in the world, are few developments. Credits to CBI, the government of Dominica is using the funds for the welfare of the public and making the nation among the list of countries to attain the fastest growth
