Dominica tightens requirements for CBI agents & more in new guidelines

Roseau, Dominica: The Commonwealth of Dominica implemented strong regulations to strengthen the legal framework of the Citizenship by Investment (CBI) Programme. 

The newly implemented regulations involved a single set of rules containing all the aspects of the Citizenship by Investment Programme.

In the new set of regulations, the country has added cross-country collaboration by denying citizenship to those whose visas were denied by countries like the UK, USA, EU or Canada. This also includes denied visas by any country where visa-free travel is allowed by Dominicans.

As the country is the leading member of the Caribbean Community (CARICOM), the commonwealth of Nations and the Organization of the Eastern Caribbean States (OECS), this action states Dominica’s spirit of maintaining international relations.

Considerably, the transparency to the international partners for the CBI process is fostered through this. Such a step has been assured by advancing the due diligence protocols by ensuring the closure of all the loopholes. And, it will remain important to share the information between CBI countries and other jurisdictions.

Significantly, the country has also been the first to introduce mandatory interviews as part of Dominica’s CBI application process. This has set a standard and has made a hold on the programme’s reputation of transparency and accountability.

Emphasizing on the changes made to the regulations, minor changes have been laid for the applicants, however major are to tighten the requirements of Authorized Agents and the Licensed Promoters. 

Changes in case of Adult Dependents 

In case of applicants, a change has been added to the regulations already made in 2022. Most importantly, the new addition states that the adult children must now be fully supported to be eligible dependants in the CBI application.

New Regulations for Name Change

According to the updated regulations, Dominica can revoke citizenship if applicants attempt to change their name within five years of obtaining their naturalization certificate.

New Requirements to be Authorized Agents

Probing towards the Authorized Agents, the major changes have come into effect as the requirements and responsibilities are enhanced for Authorized Agents. As per the new regulations:

• An authorised agent must be a citizen of Dominica or have their offices registered in Dominica.
• The authorized agents (AAs) must undergo independent due diligence checks to ensure Dominica’s commitment to integrity.
• The fees for AAs have also been increased to register or renew the licenses

All these changes state the stringent policies laid on the Authorized agents to commit the responsibility and integrity at every point in its programme.

Requirements for Licenced Promoters

Moving towards the changes made in case of Licensed promoters, the regulations formalize the requirements for applying to become a Licenced Promoter include:

• They must stick to the promotional guidelines, in case any get violated, strict action will be taken.
• The fees for renewal and registration has also been increased under the new regulations.
• Also, the policies are explicit in the do’s and don’ts of the promotion of the programme globally.

The changes indicate that the new guidelines are aimed to ensure the credibility and the accountability of the licensed promoters.

Importantly, the newly made regulations ensure the closure of all the six principles included in it. And the regulations have been made recognising the importance of eradicating all the loopholes. Through such regulations, the country, Dominica aims to dispel all the doubts to maintain the reputation.