Dominica enhances CBI regulations

Dominica enhances CBI regulations

Dominica updates its CBI regulations, prioritising due diligence and integrity. 

In recent years, the Commonwealth of Dominica has emerged as a leading player in the Citizenship by Investment (CBI) industry. This small Caribbean nation has attracted investors from around the world, thanks to its robust due diligence process, attractive investment options, and commitment to maintaining the integrity of its CBI Programme. 

In a move to further strengthen its position, Dominica has recently consolidated its regulations and taken steps to underscore the integrity of its CBI Programme. 

Key areas of focus

One of the key areas of focus for Dominica has been enhancing its due diligence procedures. 

The Government has recognised the importance of conducting thorough background checks on applicants to ensure that only individuals of good character are granted citizenship. 

By further strengthening its obligations on Authorised Agents (AAs) and Licenced Promoters adherence to promotional guidelines, Dominica aims to maintain the reputation and credibility of its CBI Programme. 

Furthermore, Dominica already conducts enhanced due diligence on applicants from high-risk jurisdictions and monitor the financial transactions of CBI applicants. 

The regulations firmly establish mandatory interviews as a legal requirement and solidify the legal framework for information sharing between the CBI Unit and the Joint Regional Communications Centre (JRCC). 

Applicants

Applicants should take note of a minor change regarding dependants in the new regulations. According to the new regulations, adult children must now meet the requirement of being fully supported in order to be eligible for CBI. 

Additionally, the tightening of regulations extends to citizens who subsequently decide to change their names. Dominica now holds the authority to revoke citizenship if applicants change their names within five years of obtaining their certificate of naturalisation. 

Authorised Agents

To ensure compliance and uphold the highest standards of integrity, the new regulations strengthen the specific requirements for AAs in Dominica. 

The government has implemented measures to prevent unauthorised agents from operating in the CBI market and tightened its licencing regime, imposing stricter regulations on service providers.  

This ensures that only qualified and reputable agents are involved in facilitating the CBI process. 

AAs must be citizens of Dominica and operate registered offices within the country, employing at least three staff members. 

Additionally, AAs are subject to independent due diligence checks, emphasising Dominica’s commitment to maintaining integrity throughout its Programme. 

Furthermore, the updated regulations introduce increased fees for AAs to register and renew their licences. These adjustments reflect the heightened responsibilities and enhanced requirements placed on AAs, aligning with Dominica’s dedication to implementing robust regulations for all individuals involved in the Programme. 

The regulations also extend their impact to Licenced Promoters, as part of Dominica’s comprehensive approach to enforcing stringent guidelines. By formalising the application process and raising the application and renewal fees for Licenced Promoters, the nation reinforces its commitment to maintaining a watertight system across all facets of the Programme. 

Licenced Promoters

Moreover, the regulations ensure that Licenced Promoters stay informed and up to date on promotional guidelines. These guidelines, previously contained in a circular, have now been incorporated into the regulations as a schedule. This consolidation aims to provide clarity and streamline the adherence to promotional standards by Licenced Promoters. 

Promotional collateral

In a further effort to tighten promotional guidelines, the new regulations explicitly prohibit the utilisation or publication of images depicting certificates of naturalisation. This measure reinforces Dominica’s commitment to safeguarding the integrity and security of its CBI Programme. 

By enacting these comprehensive regulations, Dominica solidifies its commitment to transparency, accountability, and maintaining the highest standards throughout its CBI Programme. 

Consolidation of regulations

The consolidation of regulations and the emphasis on integrity in Dominica’s CBI Programme are expected to be well-received by investors and industry experts alike. The streamlined regulations provide clarity and certainty to applicants, while the heightened focus on integrity instils confidence in the Programme. These measures not only safeguard the interests of investors but also ensure that Dominica continues to attract individuals who will make positive contributions to its economy and society. 

Dominica’s efforts to consolidate regulations and underscore the integrity of its CBI Programme are commendable. The country’s commitment to conducting thorough due diligence and promote transparency sets it apart as a leading player in the global CBI industry. 

As Dominica continues to attract investors from around the world, its focus on maintaining the integrity of its CBI Programme will undoubtedly contribute to its long-term success. 

 

 

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