Dominica (Roseau): Dominica has taken proactive measures to strengthen the legal framework of its Citizenship by Investment Programme. The country has implemented stringent regulations to reinforce the programme’s integrity and due diligence vision.
These new regulations mark the next step in Dominica’s commitment to maintaining a robust and reliable citizenship by investment programme.
Notably, the new regulation will strengthen the Citizenship Unit and will add additional value to the Committee, led by the Government’s attorney general. It will also protect the government’s commitment towards due diligence.
Dominica’s international partnerships are more important than ever to maintain. In the new regulations, Dominica denied providing Citizenship to the CBI applicants who were refused by EU nations, the UK, the USA, Canada or any other country that Dominicans can travel visa-free.
The government added that Dominica continues to take proactive measures to meet international best practices. As per reports, the island is ensuring to cover all the loopholes and strengthen the programme worldwide.
The CBIU has formalized its commitment to ensuring its Authorized Agents and Licenced Promoters uphold the highest standards with the promotional guidelines now enshrined in the regulations.
In the new regulation, Authorized Agents need to give more attention and to be eligible, the Authorized Agents must be Dominican Citizens and have their registered office in Dominica. Apart from this they also need to have at least three staff in their local office.
AA’s must also undergo independent due diligence checks, indicating Dominica’s commitment to integrity at every point in its programme.
This new regulation for AAs can also be the reason to increase the fees for AAs to register and renew their licenses, reflecting AAs’ responsibility and enhanced requirements.
One of the other reasons that affect applicants concerns the degree of dependency of certain eligible dependants. And in the new regulation, adult children must now be fully supported to be eligible dependents.
Moreover, new regulations will also affect applicants who change their names. Under the new rules, Dominica has the power to deprive the Citizenship of applicants who try to change their names within five years after receiving their certificate of naturalization.
The newly introduced regulations have now formalized the application process for becoming a licensed promoter. Additionally, the fees for both application and renewal for licensed promoters have been raised. The new regulations also ensure that the licensed promoters are adhering to the promotional guidelines.
Moreover, in the new guidelines, they also introduced promotional guidelines and dos and don’ts of the promotion of the Programme globally.
With these new guidelines, investors can be confident that transparency and accountability of the Programme will increase. And it will be easy for them to know where their contributions will be used. It will be beneficial for both the country and its citizens.
Dominica CBI Programme helped the country to become the world’s first climate-resilient nation. CBI also helped the government in:
- Geothermal PowerPlant
- Climate-resilient infrastructure
- Climate-resilient homes
- Investments in green energy
- Improve ecotourism
- Funding an International Airport
- New bridges and New roads
The government of Dominica established the Dominica Citizenship by Investment programme in 1993, and this is one of the oldest and first programmes that introduced mandatory interviews as part of the country’s CBI application process. A mandatory interview will be required as part of the application process for all applicants aged sixteen years or over.
The goal was clear – to enhance due diligence and fortify the programme against potential risks. This declaration demonstrated Dominica’s forward-looking approach and willingness to set new industry standards.