Roseau, Dominica: The Citizenship by Investment Unit of Dominica announced the new regulations to uplift the legal framework of the programme. The new guidelines showcased the commitment of the country to maintain the integrity, transparency and accountability of the programme.
The first regulation of the CBI Programme was unveiled for the applicants who changed their names. The new regulations added that if applicants seek to change their name within five years of receiving their certificate of naturalization, then Dominica has full power to revoke their citizenship.
Besides this, the rules were also made for the additional dependants. Under the new changes, adult children must also be fully supported to be eligible under the category.
As per the new regulations, the applicants who were denied any visa or right to enter the EU, the UK, the USA, Canada or any country covered under Dominica’s visa-free travel access will not be granted citizenship. The step is taken to enhance the international partnerships and multilateralism of Dominica.
Dominica has also announced some rules for law information sharing between the CBIU and the Join Regional Communications Centre (JRCC). The new regulations said that information sharing between CBI countries and other jurisdictions is important.
Besides this, minor changes were also unveiled for the six principles, which were the outcome of the US-Caribbean roundtable. The changes will keep the focus on the tightening of the responsibilities and requirements of Authorised Agents (AAs) and Licenced Promoters.
The Authorised Agents (AAs) must be citizens of Dominica and possess registered office in the country with at least three staff as per the new guidelines. Now, the due diligence checks have been mandatory for these agents, retiring the commitment of Dominica towards the reputation of the programme.
The fees for the registration and renewal of the licences of AAs have also increased in the new regulations.
On the other hand, the new regulations stated that the requirements for applying to become a Licenced Promoter have been formalised. Now, the application and renewal fees for Licenced Promoters have also increased.
The new regulations have made it compulsory for Licenced Promoters to work and promote the Citizenship by Investment Programme within the promotional guidelines.
The aim of these steps is to ensure the true promotion of the programme. The new regulations have also outlined the accurate promotion guidelines for the Citizenship by Investment Programme.
With these rules, the CBIU has been working to reiterate its commitment to ensuring that Authorised Agents and Licenced Promoters maintain the highest standards with the promotional guidelines. These regulations will also ensure that these agents will consistently follow the promotional guidelines, enhancing the integrity and reputation of the programme.
Citizenship by Investment Programme of Dominica
The revelation of the new regulations has showcased the commitment of Dominica to strengthening the due diligence procedures of the CBI Programme of Dominica. The steps aimed to improve the credibility and integrity of the programme.
The showcase of the Six Principles into these regulations also marked the approach of Dominica to evolve global standards and collaboration with international partners.
Enhancing the due diligence practices, the government of Dominica has been working tirelessly to ensure the highest standards of integrity and transparency in the Citizenship by Investment Programme. The regulations also recognised the significance of closing all loopholes. The decisive actions are aimed at reinforcing the framework of the programme by addressing any vulnerabilities.
The regulations also aimed to erase any doubts and enhance its reputation as a responsible and ideal destination for investment. These new changes will also help in positioning a great picture of the country among the global community and international partnerships.
Investors will be provided a chance to invest in the transparent and accountable Programme. The CBIU wants to ensure that the funds raised by the Citizenship by Investment Programme will be utilised to drive sustainable development initiatives in the country. It will also enhance the work of the country in becoming the world’s first climate-resilient nation.
The Citizenship by Investment Programme of Dominica has been assisting in the vision of the country through funding numerous developmental projects, such as a geothermal power plant and building climate-resilient infrastructure.
The government of Dominica also vowed to construct 5,000 climate-resilient homes. The construction of these homes is progressing in the country with the funds of the CBI Programme. The programme is also assisting the country in deepening its investments in green energy.
On the end of eco-tourism, the CBI Programme has also assisted the country and funded numerous projects such as the construction of international airports, new bridges and new roads. The infrastructure will allow tourists to enhance the eco-tourism initiatives of the country with five-star eco hotels and protected marine parks.
While enhancing the position of the programme, the regulation will enhance the integrity of the programme and make it an ideal destination for investment.
The regulations showcased the dedication of the government in upholding the standards of the programme in the face of rigorous scrutiny and true promotional guidelines.