Roseau, Dominica: The Commonwealth of Dominica has launched a new policy to strengthen the country’s due diligence process, making interviews mandatory for all citizenship applicants over the age of 16 years. The new rule will come into effect for all applications under the citizenship-by-investment programme submitted July 17th, 2023 onwards.
Dominica and five other Caribbean nations met with the US officials led by the Deputy Assistant Secretary of the US Department of Treasury regarding CBI programmes. The US-Caribbean Roundtable focused on discussing challenges currently faced by Caribbean CBI programmes and exploring potential opportunities to help these programmes thrive.
Following the session, the Caribbean countries have agreed on conducting virtual or in-person interviews with every single applicant.
In order to start the application process, interested candidates who are 16 years of age or older need to submit their financial statements, identification documents, proof of employment and others.
Dominica is one of the top countries which is famous for its strict and robust due diligence processes, therefore eliminating any kind of threats to the safety of citizens and global investors.
And the due diligence process in the country is conducted by one of the world-renowned agencies from the United States and the United Kingdom, supported by local and international policing authorities. It is a multi-layer process, including vetting all documents received through online and on-the-ground checks.
The government utilises the funds from the CBI programme to develop climate-resilient infrastructure and upgrade public amenities.
As Prime Minister of Dominica, Dr Roosevelt Skerrit, noted, “We are serious and committed to working together to save our funds. We are well aware that this 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.”
The leaders attending the US-Caribbean Roundtable, included Prime Minister of Dominica, Roosevelt Skerrit, Prime Minister of Antigua and Barbuda, Gaston Browne, Prime Minister of St Kitts and Nevis, Dr Terrance Drew, Prime Minister of Grenada, Dickon Mitchell, and Prime Minister of Saint Lucia, Philip Pierre.
Notably, this roundtable was held under the presence of the Governor of the Eastern Caribbean Central Bank, the Director General of the Organisation of Eastern Caribbean States, and a delegation of the Government of the United States led by the Deputy Assistant Secretary of the US Department of the Treasury.
- Agreements on denials: They decided not to accept applicants whose applications were previously denied. They also said they will share the information of denials with each other.
- Interviews: Mandatory to conduct interviews with applicants, wheater virtual or in person.
- Additional Checks: Every jurisdiction will verify every application by running checks with the Financial Intelligence Units of their respective countries.
- Audit: The audit will occur once a year or for two years.
Recovery of Passports: Request law enforcement assistance to retrieve revoked/recalled passports.
- Treatment of Russians and Belarusians: Suspend processing applications from Russians and Belarusians. All jurisdictions have already implemented this change.
The following fees will be applicable for such individuals:
- Main Applicant: US$ 25,000
- Spouse: US$ 15,000
- Dependent (16 years and older): US$ 15,000
- Dependent (5-12 years): US$ 10,000
There are a lot of benefits of acquiring Citizenship under Dominica’s #CitizenshipByInvestment Programme and enjoy the following benefits:
- Becoming a Citizen of Dominica means that you become a Citizen of this peaceful and welcoming country for life and future generations through one of the world’s oldest and most trusted Citizenship by Investment programmes (CBI).
- Instant, unconditional and irrevocable Citizenship for the applicant, his family members (who apply with him or at a later stage), and their future generations.
- Dominica passport holders enjoy global mobility and access to over 160 countries and territories.
- Dual or multiple citizenships are allowed.
- Residing or visiting Dominica before or after Citizenship is granted is no requirement.
- Full residence status, with the right to live and work in Dominica and CARICOM countries
Minimal taxation – no wealth, gift, inheritance, foreign income, or capital gains tax
Second Passport Validity (All Dominican passports are valid for ten (10) years (child’s passport – five (5) years); after that, it may easily be renewed
- The application process is confidential
- Possibility to apply for a Non-Dom status.