Due-Due diligence is a critical step in the Citizenship by Investment (CBI) programme process as host countries need to fully understand to who they are bestowing Citizenship on. Recognizing the significance of streamlined background checks, the CBI Programme offered by Dominica, Malta and St Kitts and Nevis has developed an in-depth, six-step due diligence process to better understand the individual who is applying for alternative Citizenship.
The due-diligence process of these countries has been named by the CBI Index 2022 released by Professional Wealth Management (PWM) Magazine of Financial Times. The Citizenship by Investment Programme of Dominica, St Kitts and Nevis and Malta scored a perfect 10 in a due-diligence pillar of the CBI Index 2022.
The index has crowned the due-diligence process of these countries as the world’s best and applauded the governments of Dominica, Malta, St Kitts and Nevis.
The countries retained their position in the CBI Programme due-diligence process in the CBI Index 2022. The index stated that the countries understand their responsibility to ensure national and international safety and take wise steps to make the streamlined process efficient and best.
While recognizing the significance of robust background checks, the government of the countries have adopted incredible steps and continuously making efforts to uplift the programme. So, the CBI Index have acknowledged their efforts and underlined that the countries have the best “CBI Programme Due Diligence Process”.
The CBI Index 2022 asserted that Dominica, Malta and St Kitts and Nevis adopted the changes in the vetting process immediately and have maintained the due-diligence standards to enhance the virtue of their CBI offering.
The report mentioned that properly executed due diligence protects not only the nation and its population but also the reputations of the programme and its international partners and these three countries scrutinize every application of the CBI Programme through stringent due diligence.
These jurisdictions have high levels of due diligence, and as per the report, the governments of Dominica, Malta, St Kitts and Nevis have taken responsibility for national and international security and worked efficiently to ensure transparency and comprehensiveness in the due-diligence process.
The CBI Index 2022 stated, “As with previous years, Dominica, Malta and St Kitts and Nevis retain perfect scores for the Due Diligence Pillar due to their stringent and comprehensive requirements.”
Explaining the vigorous background checks of the three countries, CBI Index mentioned that the countries all require the provision of either fingerprints or a biometric passport, have robust external due diligence procedures (including on-the-ground checks and/or assistance from international law enforcement agencies, demand police certificates from both an applicant’s country of residence as well as their country of Citizenship, expressly ban or require enhanced due diligence on applicants of certain nationalities and require comprehensive supporting information in respect of an applicant’s source of funds).
The reports said that Dominica and St Kitts and Nevis utilize the finest due-diligence firms to ensure that no illicit individual is granted Citizenship.
Lauding the sense of responsibility of these countries, CBI Index mentioned that the countries never accepted the applicants failed in the vetting process to ensure and the streamlining of the programme, which is comprehensive in the countries. Various strategies of the nations have proved that the countries have worked for their security and safety by granting citizenship to reputable persons.
On August 22, 2022, the PWM Magazine of the Financial Times released the CBI Index 2022, which ranked Citizenship by Investment Programme of Dominica, St Kitts and Nevis as the world’s best.
The programmes have been scrutinized by the CBI Index through the nine pillars of excellence. Six out of nine have been secured by Dominica and St Kitts, and Nevis.
On the other hand, Dominica, St Kitts and Nevis and Malta have secured the due-diligence pillar once again and left behind ten other countries offering similar programmes in the Caribbean, Europe, Asia and beyond.
With a sense of responsibility, the government of these countries ensures the transparency and effectiveness in the checking process of the individuals and fulfils the commitment with the country as it is a matter of the integrity of the programme.
A key component in the CBI programme, Due-Diligence provides streamlined background check procedures and also aids the government in determining the loopholes and risks to the country’s Citizenship programmes.
The process that is carried out by the efficient third-party due-diligence firms offers security at the national and the international level by providing Citizenship to only honourable investors.
The CBI Index also recognized the importance of the due-diligence and stated, “Robust and multi-layered due diligence processes are essential to any successful CBI programme because it combines internal government checks with research by third-party specialist firms and assessments by regional and international bodies.”