DOMINICANEWSONLINE: Dominica has significantly changed its Citizenship by Investment (CBI) program, doubling the minimum investment threshold and implementing stricter due diligence measures. Under the new rules, the minimum price for a passport under the Economic Diversification Fund (EDF) now costs $200,000 for a single applicant. The original price was $100,000.

In terms of family applications, the EDF option now requires a minimum investment of $250,000 for a main applicant with up to three dependents.

The real estate option remains at $200,000 but government fees have increased. Main applicants will now pay $75,000, up from previous levels, while those applying with up to three dependents face fees of $100,000.

Stricter due diligence measures are also part of the new rules with the establishment of the Financial Intelligence Unit (FIU) within the CBI Unit.

According to the Unit, the “FIU will share with the Joint Regional Communications Centre of CARICOM IMPACS (JRCC) the names and bio-data of all applicants who have been denied citizenship of Dominica.”

“Furthermore, the FIU will conduct due diligence checks on applicants and require main applicants and dependents aged 16 or over to attend an interview,” it said in a statement.

The new regulations, which took effect at the beginning of this month, are the biggest overhaul of the island’s CBI program.

They are in alignment with a recent Memorandum of Agreement (MOA) signed by five Organization of Eastern Caribbean States (OECS) countries operating CBI programs.

“The MOA constitutes a flagship effort to standardize CBI practices across the region, harmonizing CBI practices in the Caribbean while also strengthening regional ties,” the CBI Unit said in its statement. “The new regulations are a key aspect of Dominica’s commitment to multilateralism and the shared goals of its international partners. This regional body constitutes the most recent step in facilitating inter-regional cooperation between the Caribbean CBI programs; the MOA showcases the signatories’ shared commitment to the principles of cooperation, dialogue, and the rule of law.”

The statement said that offering the highest standards of due diligence is not only a commitment from Dominica but “is a journey that is ongoing. Dominica will continue to improve and consolidate its Program while protecting the Program from risks.”

“As a leader in the Caribbean region, Dominica is well-connected to international organizations globally,” it stated. “This means that the protection of the Citizenship by Investment (CBI) Program is paramount, done best in concert with integral international partners.”

CBI programs in Caribbean countries have been under intense scrutiny by the European Union (EU) and it has proposed changes that will make it easier to suspend the visas of people who bought passports from countries that sell citizenship to foreigners. It said Caribbean countries that offer visa-free access to the EU “can result in risks or threats to the public policy or internal security of the Member States, including those related to infiltration of organized crime, money-laundering, tax evasion, and corruption.”

EU officials met in Dominica on January 24, 2024, with countries in the Caribbean with a CBI program to discuss concerns. They expressed apprehension over Dominica’s low-cost/high-volume approach to the program.

The United Kingdom (UK) has gone as far as imposing a visa restriction on Dominica because of its CBI program saying it “has shown clear and evident abuse of the scheme, including the granting of citizenship to individuals known to pose a risk to the UK.”

Ireland has also done the same.

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  1. That scamp skerritt is scaring the would be criminal customers to come to him personally to negotiate where he will pocket his takes , that young guy was hoisted on the people of Dominica by Rosie Douglas who thought he was a nice young man, am sure Rosie Douglas turning in his grave, the look of skerritt alone is like a scamp, and they usually develop slick poetical speeches so people can think they are intelligent, but they are dealers not leaders, stop stealing from Dominica and empower them.

  2. Eldread, do you know anything about Dominica or are you just repeating propaganda and the lies fed to you by the Skeritt haters. Just to correct one of your lies, Skeritt became Prime minister of Dominica 4 years after the death of Rosie Douglas and from what I know Rosie Douglas did not leave a will passing the office of Prime Minister to Roosevelt Skeritt…


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