{"id":206296,"date":"2024-07-09T14:53:26","date_gmt":"2024-07-09T18:53:26","guid":{"rendered":"https:\/\/antiguanewsroom.com\/?p=206296"},"modified":"2024-07-09T14:53:26","modified_gmt":"2024-07-09T18:53:26","slug":"206296-2","status":"publish","type":"post","link":"https:\/\/antiguanewsroom.com\/206296-2\/","title":{"rendered":""},"content":{"rendered":"
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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.<\/p>

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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.<\/p>\n\n\n\n

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.<\/p>

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

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According to the Unit, the \u201cFIU 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.\u201d<\/p>\n\n\n\n

\u201cFurthermore, the FIU will conduct due diligence checks on applicants and require main applicants and dependents aged 16 or over to attend an interview,\u201d it said in a statement.<\/p>

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The new regulations, which took effect at the beginning of this month, are the biggest overhaul of the island\u2019s CBI program.<\/p>\n\n\n\n

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

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\u201cThe MOA constitutes a flagship effort to standardize CBI practices across the region, harmonizing CBI practices in the Caribbean while also strengthening regional ties,\u201d the CBI Unit said in its statement. \u201cThe new regulations are a key aspect of Dominica\u2019s 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\u2019 shared commitment to the principles of cooperation, dialogue, and the rule of law.\u201d<\/p>

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The statement said that offering the highest standards of due diligence is not only a commitment from Dominica but \u201cis a journey that is ongoing. Dominica will continue to improve and consolidate its Program while protecting the Program from risks.\u201d<\/p>\n\n\n\n

\u201cAs a leader in the Caribbean region, Dominica is well-connected to international organizations globally,\u201d it stated. \u201cThis means that the protection of the Citizenship by Investment (CBI) Program is paramount, done best in concert with integral international partners.\u201d<\/p>\n\n\n\n

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 \u201ccan 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.\u201d<\/p>\n\n\n\n

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\u2019s low-cost\/high-volume approach to the program.<\/p>\n\n\n\n

The United Kingdom (UK) has gone as far as imposing a visa restriction on Dominica because of its CBI program saying it \u201chas shown clear and evident abuse of the scheme, including the granting of citizenship to individuals known to pose a risk to the UK.\u201d<\/p>\n\n\n\n

Ireland has also done the same.<\/p>\n

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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, […]<\/p>\n","protected":false},"author":3,"featured_media":140947,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-206296","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\n- Antigua News Room<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/antiguanewsroom.com\/206296-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:description\" content=\"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. 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