Dominica IMPLEMENTS NEW CBI Due Diligence and Mandatory Interview in 2023
Dominica IMPLEMENTS NEW CBI
Due Diligence and Mandatory Interview in 2023
Being the frontrunner of the World Citizenship by Investment Programs, Dominica is on a course to increasing the integrity and uprightness of its Citizenship by Investment Program. The country has taken a position to do deeper due diligence investigations and background checks on Iranian Nationals applying for the country’s citizenship.
Dominica also introduces a mandatory interview process for all applicants. This means that the five Caribbean Countries having the Citizenship by Investment Program must hold interviews with all CBI applicants. We dealt with this in our previous newsletter.
We now concentrate on the deeper due diligence investigation with the corresponding increase in due diligence fees for Iranian Nationals.
It is widely believed that the implementation of these measures Wasa request of the US. On February 23, 2023 saw Dominica Prime Minister Hon. Dr. Roosevelt Skerrit, Deputy Prime Minister & Minister of Finance Hon. Dr. Irving McIntyre, Financial Secretary Ms. Denise Edwards and Head of CBI Unit Ambassador Emmanuel Nanthan attend a US-Caribbean Roundtable on Citizenship by Investment meeting with US Senior Consular Officials in Saint Kitts and Nevis with fellow Eastern Caribbean States, Antigua and Barbuda, Grenada, and St Lucia in attendance. It is said that an agreement was reached whereby six Citizenship by Investment principles were adopted as the way forward to improve the soundness of the Caribbean Citizenship by Investment Programs.
Dominica, as usual, has started the implementation of the principles.
CBI: Leading the Way
The First Eastern Caribbean country to put policy into action was Dominica. The country’s parliament IN JULY 2023 enacted the Commonwealth Of Dominica Citizenship by Investment (Amendment) Regulations, 2023.
Emmanual Nanthan and his CBI team took the lead and ran with it. They have started with the Iranian Nationals. With Iranian applicants, they “mandate one or more professional firms to conduct enhanced due diligence background checks on the main applicant and all dependants aged twelve and over”.
With respect to Iranian applicants, the CBI Unit has commissioned the due diligence authorities to deepen their due diligence and background checks on the main applicant and on all other dependants aged twelve and above.
The increased due diligence fees for Iranian Nationals are as follows:
- $25,000 for the Main Applicant
- $15,000 for Spouse
- $15,000 for all dependants aged 16 and above.
- $10,000 for any dependants aged between 12 and 15.
Dominica IMPLEMENTS NEW CBI
Due Diligence and Mandatory Interview in 2023
Being the frontrunner of the World Citizenship by Investment Programs, Dominica is on a course to increasing the integrity and uprightness of its Citizenship by Investment Program. The country has taken a position to do deeper due diligence investigations and background checks on Iranian Nationals applying for the country’s citizenship.
Dominica also introduces a mandatory interview process for all applicants. This means that the five Caribbean Countries having the Citizenship by Investment Program must hold interviews with all CBI applicants. We dealt with this in our previous newsletter.
We now concentrate on the deeper due diligence investigation with the corresponding increase in due diligence fees for Iranian Nationals.
It is widely believed that the implementation of these measures Wasa request of the US. On February 23, 2023 saw Dominica Prime Minister Hon. Dr. Roosevelt Skerrit, Deputy Prime Minister & Minister of Finance Hon. Dr. Irving McIntyre, Financial Secretary Ms. Denise Edwards and Head of CBI Unit Ambassador Emmanuel Nanthan attend a US-Caribbean Roundtable on Citizenship by Investment meeting with US Senior Consular Officials in Saint Kitts and Nevis with fellow Eastern Caribbean States, Antigua and Barbuda, Grenada, and St Lucia in attendance. It is said that an agreement was reached whereby six Citizenship by Investment principles were adopted as the way forward to improve the soundness of the Caribbean Citizenship by Investment Programs.
Dominica, as usual, has started the implementation of the principles.
CBI: Leading the Way
The First Eastern Caribbean country to put policy into action was Dominica. The country’s parliament IN JULY 2023 enacted the Commonwealth Of Dominica Citizenship by Investment (Amendment) Regulations, 2023.
Emmanual Nanthan and his CBI team took the lead and ran with it. They have started with the Iranian Nationals. With Iranian applicants, they “mandate one or more professional firms to conduct enhanced due diligence background checks on the main applicant and all dependants aged twelve and over”.
With respect to Iranian applicants, the CBI Unit has commissioned the due diligence authorities to deepen their due diligence and background checks on the main applicant and on all other dependants aged twelve and above.
The increased due diligence fees for Iranian Nationals are as follows:
- $25,000 for the Main Applicant
- $15,000 for Spouse
- $15,000 for all dependants aged 16 and above.
- $10,000 for any dependants aged between 12 and 15.
For more information consult WhinChester at:
- + [971] 52 208 9024
- +1 [767] 440 8800
- +1 [767] 275 8800
- +[971] 58 645 3924
- services@whinchesterpowerhouse.co.uk
- dominicaoffices@whinchesterpowerhouse.co.uk
- dubaioffices@whinchesterpowerhouse.co.uk
- 1/Flr British American Commercial Bldg. Office - Unit 1003B No. 4 Cross Lane, Roseau Commonwealth of Dominica