Roseau, Dec. 19, 2023 (GLOBE NEWSWIRE) -- In a proactive move demonstrating Dominica's commitment to the integrity of its Citizenship by Investment Programme, the country has implemented watertight regulations to reinforce the legal framework of the Programme and its Unit. The new regulations are the next step in Dominica's due diligence vision.
The new regulations strengthen the position of the Citizenship Unit, with the added support and oversight by the Committee, led by the Government's attorney general. These new regulations formally protect the Government of Dominica's ongoing commitment to due diligence. By consolidating its regulations into a single set of regulations that encompasses all aspects of the citizenship by investment process.
Dominica's international partnerships are more important than ever to maintain, given the nation's integral role as a leading member of the Caribbean Community (CARICOM), the Commonwealth of Nations and the Organization of Eastern Caribbean States (OECS).
In a step indicating Dominica's multilateralism and deep commitment to its international partners, the nation builds on cross-country collaboration by denying citizenship to applicants who were denied any visa or right to enter the EU, UK, USA, or Canada, and to any other country that Dominicans can travel visa-free to.
The new regulations also enshrine into law information sharing between the CBI Unit and the Joint Regional Communications Centre (JRCC).???This means that information sharing between CBI countries and other jurisdictions is, and will remain, paramount.
Therefore, Dominica continues to take a proactive approach in making sure international partners are kept apprised of the CBI process and advancing the due diligence protocols to ensure the country continues to meet international best practice. Dominica is ensuring all loopholes are closed and are strengthening every part of the Programme.
Dominica set the standard for CBI due diligence earlier this year as the first country to introduce mandatory interviews as part of the country's CBI application process. These regulations continue the work of the nation's CBI Unit to uphold the Programme's reputation of transparency and accountability.
The Six Principles, agreed upon in the US-Caribbean roundtable, deepen the collaboration between the Caribbean and US in maintaining the highest standards for integrity in CBI programmes.
There are minor changes in the regulations which affect applicants, but the majority of the new regulations tighten the responsibilities and requirements of Authorised Agents and Licenced Promoters.
The CBIU has formalised its commitment to ensuring its Authorised Agents and Licenced Promoters uphold the highest standards with the promotional guidelines now enshrined in the regulations.
Dominica made changes in 2022 to applicable dependants which are reflected in this consolidated version of the CBI Regulations. One additional change that affects applicants concerns the degree of dependency of certain eligible dependants. Under the new changes, adult children must now be fully supported to be eligible dependants.
The tightening of regulations also affects applicants who change their names. Under the new rules, Dominica has the power to deprive citizenship if applicants seek to change their name within five years of receiving their certificate of naturalisation.
Authorised Agents (AAs) have the most to pay attention to with the new rules. The new regulations shore up Dominica's CBI Programme through adding enhanced requirements and responsibilities for AAs.
AAs must be a citizen of Dominica and have their offices registered in Dominica with at least three staff. AAs must also undergo independent due diligence checks, indicating Dominica's commitment to integrity at every point in its programme.
The new regulations also increase the fees for AAs to register and renew their licences, reflecting AAs responsibility and enhanced requirements.
Licenced Promoters are also affected by the new regulations, consistent with the nation's focus on watertight regulations to apply to each and every person involved in the Programme. The new regulations formalise the requirements for applying to become a Licenced Promoter and increase the application and renewal fees for Licenced Promoters. The new regulations also make sure that Licenced Promoters are acting in accordance with the promotional guidelines.
The promotional guidelines themselves, previously in the circular, have been incorporated into the regulations as a schedule. The new regulations are explicit in the do's and don'ts of the promotion of the Programme globally.
Dominica's CBI Programme retains its commitment to its robust due diligence procedures and stringent regulations. The Government's commitment to continuous improvement demonstrates its proactive approach. The enshrinement of the Six Principles into these regulations indicate Dominica's push to adapt to evolving global standards and reinforce the Programme's credibility.
Consistent with the nation's ongoing efforts to uphold stringent due diligence practices, the Government of Dominica remains steadfast in its commitment to ensuring the highest standards of integrity and transparency in its CBI Programme. Recognising the importance of closing all loopholes, Dominica has taken decisive action to reinforce its regulations and strengthen the Programme's framework by addressing any vulnerabilities head-on. Dominica aims to dispel any doubts and maintain its reputation as a responsible and trustworthy destination for investment. Dominica is proud of its role in the global community and its rewarding international partnerships.
Investors can be confident in the transparency and accountability of the Programme, knowing that their contributions will be utilised to drive sustainable development initiatives that benefit both the country and its citizens.
Indeed, the CBI Programme has contributed to Dominica's remarkable vision to be the world's first climate-resilient nation. CBI has assisted in realising this vision, through funding a geothermal power plant and building climate-resilient infrastructure.
Thanks to CBI, the nation can build 5,000 climate-resilient homes, and deepen its investments in green energy.
CBI has also enhanced the country's ecotourism offering, funding an international airport, new bridges, and new roads. This infrastructure allows ecotourists to make full use of the island's multiple natural parks, four and five-star ecohotels, and protected marine parks.
These reinforced regulations not only strengthen the integrity of the CBI Programme but also reinforce Dominica's position as a leading destination for investment.
The Government of Dominica's unwavering dedication to enhancing the CBI Programme demonstrates its commitment to upholding rigorous compliance standards, even in the face of scrutiny.
