Dominica’s recent announcement of a series of new regulations, consistent with a recently signed Memorandum of Agreement (MOA), demonstrates the country’s strong commitment to the integrity of the Citizenship by Investment Programme.
The new regulations are in accordance with the Memorandum of Agreement (MOA) agreed upon between the five Organisation of Eastern Caribbean States (OECS) Heads of Governments with operative Citizenship by Investment (CBI) programmes. Clause 2 of the MOA regards the implementation of the US$200,000 minimum investment threshold by 30 June 2024.
The MOA constitutes a flagship effort to standardise CBI practices across the region, harmonise CBI practices in the Caribbean, and strengthen regional ties. 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 programmes; the MOA showcases the signatories’ shared commitment to the principles of cooperation, dialogue and the rule of law.
Offering the highest standards of due diligence is not only a commitment from Dominica but also an ongoing journey. Dominica will continue to improve and consolidate its Programme while protecting it from risks.
Dominica is well-connected to international organisations globally as a leader in the Caribbean region. This means that the protection of the Citizenship by Investment (CBI) Programme is paramount, and it is done best in concert with integral international partners.
Dominica’s leading role in the Organisation of Eastern Caribbean States (OECS), the Caribbean Community (CARICOM), and the Commonwealth of Nations positions the country to maintain constant collaboration with the international community.
The new regulations clearly focus on Dominica’s CBI Programme’s integrity, particularly the landmark establishment of the Financial Intelligence Unit (FIU) within the CBI.
The FIU will share with the Joint Regional Communications Centre of CARICOM IMPACS (JRCC) the names and biodata of all applicants who have been denied Dominica citizenship.
Furthermore, the FIU will conduct due diligence checks on applicants and require main applicants and dependants aged 16 or over to attend an interview.
The JRCC is authorised to share applicant names and bio data information with other Caribbean CBI jurisdictions to ensure that the Caribbean region collaborates in an effort to ensure the highest standards of integrity.
The FIU shall commission all background and due diligence checks and engage approved due diligence agencies to conduct them.
Applicants must make the minimum investment to obtain citizenship, and in accordance with the MOA, the minimum investment price has increased.
The Economic Diversification Fund (EDF) minimum investment is two hundred thousand United States dollars for the principal applicant, an increase from the previous price of one hundred thousand dollars.
Further, the EDF minimum investment is two hundred and fifty thousand United States dollars for a main applicant and up to three qualifying dependants.
The real estate option remains at two hundred thousand United States dollars.
Government fees have, however, increased. These fees apply to each CBI application made through an investment in real estate or other approved project. The fees are seventy-five thousand United States dollars for the principal applicant and one hundred thousand United States dollars for a main applicant and up to three dependants.
Dominica’s previous set of regulations, gazetted in December, consolidated and strengthened the changes to the CBI Programme. The regulations followed on the heels of the country’s introduction of mandatory interviews as part of the CBI application process — the first country to do so. The new regulations are the next step for the CBI Unit to uphold the highest CBI standards.
Progress towards maintaining the highest quality of the CBI programme is never finished. Accordingly, the country will continue its dialogue with partners, agents, and investors to improve the Programme and its due diligence capabilities.
Dominica is committed to transparency and accountability of the Programme. This commitment keeps communities safe and secure in the Commonwealth.
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