Last Updated on July 17, 2023, 8:05 AM AST by Anthony Morris
The Citizenship by Investment Programme of the Commonwealth of Dominica has made a major addition to improve their due diligence process by introducing mandatory in-person or virtual interviews for prospective investors looking to buy citizenship of the country. The initiative will be implemented from July 17, 2023, onwards.
Dominica has become the first country in the world to implement mandatory, in-person interviews into the due diligence procedures of their Citizenship by Investment Programme. The government is adding this step to increase the reliability and trustworthiness of the programme. Additionally, they seek to ensure that the citizenship applicants do not come from questionable backgrounds.
The due diligence procedures of Dominica have a reputation for being highly stringent and robust. Accordingly, the additional measures reflect the government’s commitment to promoting and fostering transparency and security for their CBI Programme.
In the Caribbean region, five nations offer Citizenship by Investment Programmes to the global investors and stakeholders. All five nations including, Antigua and Barbuda, Commonwealth of Dominica, Grenada, Saint Lucia and St Kitts and Nevis, are renowned for their strict and robust Due Diligence procedures. The procedures employ a mix of on ground and digital background checks to ensure the safety of their investors from illicit applicants.
The countries are committed to ensuring that they can uphold the reputation of their Citizenship by Investment Programme. Due diligence is one of the most important prerequisites of maintaining the integrity of citizenship by investment programmes.
The Due Diligence processes play a critical role in ensuring that only the most deserving applicants can obtain the citizenships of these nations. At the same time, these background checks also secure the nations in the face of external threats.
While conducting thorough background checks on the applicants, the due diligence firms scrutinize their criminal history, financial status, and past business dealings. Further, the authorities may demand interviews and or character references for the applicants.
Suppose an applicant’s background fails to meet the country’s standards in any of the aforementioned sections, such as criminal background, financial instability, or illegal dealings. In that case, a red flag can be put on the application and subsequently, the concerned nation’s Citizenship Unit rejects the citizenship application.
To ensure that the applicant does not pose a threat or security risk to their nation, authorities also consult Interpol, international sanctions lists, and other relevant databases. Further, it is also important to ascertain that the funds being invested into the country through Citizenship by Investment come from a legitimate source.
Accordingly, the applicants are required to provide relevant documents to allow the authorities to assess their deep financial history. It is crucial to note that the due diligence procedures contain several checks to ascertain the legitimacy of the application and the applicant.
While all the Caribbean nations offering citizenship by investment employ strict due diligence, The Commonwealth of Dominica & St Kitts and Nevis are the nations regarded as the top players in this segment. This claim is solidified further by the CBI Index published by the Financial Times.
According to the publication, Dominica and St Kitts and Nevis lead the way for the five Caribbean nations and retain the top spot in terms of robust due diligence procedures. The credit for these nations’ best in-line due diligence goes to the internationally renowned third-party due diligence firms based in the United States and the United Kingdom.
Both Dominica and St Kitts and Nevis employ the services of these third-party firms known for their thorough investigative abilities. They assist the nations in getting a comprehensive assessment of potential applicants. One of the most important indicators of these firms’ success is that they consist of people who previously held key offices in major international investigative agencies.
The experience of these people working in international investigative agencies such as the CIA (Central Intelligence Agency), Interpol and the Federal Bureau of Investigation, among others, gives them an added advantage and edge, adding significantly to their capabilities. This allows them to provide unmatched quality of work and assurance of security.
Anthony Morris covers stories related to politics and regional developments. His in-depth reporting about governance and reforms makes him stand out in regional journalism, with a deep analysis of political trends and their impact on Caribbean communities.
