Dominica implements mandatory CBI applicant interviews to enhance due diligence

The Commonwealth of Dominica has recently introduced another extensive step into their due diligence process, now all applicants including their dependants aged 16 or over are subject to give interviews. The mandate will come into effect from 17 July 2023 onwards.

Significantly, while focusing on the due-diligence procedure, the Commonwealth of Dominica became the first-ever country in the world to mandate personal interviews for the applicants applying for alternative citizenship. Only the applicants who pass the interview checks will be granted citizenship.

The decision comes after the five CBI offering Caribbean countries met with US officials earlier in February for US- Caribbean Roundtable discussions, headed by the Deputy Assistant Secretary of the US Department of Treasury on 25 February 2023.

Due Diligence – a vital layer for Caribbean

CBI Programme offered by the five Caribbean countries – Antigua and Barbuda, Dominica, Grenada, Saint Lucia and St Kitts and Nevis, is known for providing strict and robust due diligence and background checks. These nations are globally recognised for adopting a streamlined approach during the stringent vetting of the applicant(s). Each applicant undergoes a thorough and careful audit to make sure that security, financial crime and reputational risks are not at stake.

The procedure of due diligence and background checks plays a central role in maintaining the integrity of the programmes, which is why the process of Dominica, St Kitts and Nevis is conducted by renowned international firms from the United States and the United Kingdom. Accordingly, the Citizenship of these nations is only provided after a green flag is given by these third-party agencies.

The five programmes, especially the CBI Programme of Dominica and St Kitts and Nevis, were also renowned by the Citizenship by investment index (CBI Index), published by the PWM Magazines of the Financial Times. With a score of 10/10, the investment immigration programmes of Dominica and St Kitts and Nevis are known for the strongest and best due diligence, making it tough for any disreputable investor to get Citizenship.

While all five Caribbean countries are known to have robust due diligence processes on their CBI Programmes, Dominica, St Kitts and Nevis have excelled in this field. These two countries are also among the world’s top nations, offering CBI Programmes as per the CBI Index 2022 released by the PWM Magazine of Financial Times.

Necessity for Due Diligence

Due diligence is a process to investigate, audit and review the applicants to confirm the facts and details. To maintain the standard, the agencies conduct two (2) types of checks – online and offline, so that each and every application is properly reviewed and surveyed.

In addition to this, the financial profile of the applicant is verified to determine the actual source of income. The third-party agencies and the citizenship by investment unit of the host countries jointly verify bank account numbers, bank statements, information about income, sources of wealth and employment history are some of the documents to determine the credibility of the applicant.