Dominica and Caribbean citizenship by investment (CBI) countries agree to enhancing the CBI programme integrity and standardising legislation 

The Citizenship by Investment (CBI) countries within the Organisation of Eastern Caribbean States (OECS) have united to strengthen the integrity of their CBI programmes.  

This initiative, supported by the Government of the Commonwealth of Dominica, marks a significant step in enhancing the transparency and credibility of Caribbean CBI initiatives. 

Memorandum of Understanding (MoU) Signing 

On Wednesday, 20 March, a virtual signing ceremony witnessed the collaboration of four OECS countries: Antigua and Barbuda, Dominica, Grenada, and St Kitts and Nevis.  

The signing of the MoU underscores the collective commitment of Caribbean CBI nations to uphold CBI programme standards and engage in constructive dialogue with international partners. 

Key Provisions of the MoU 

The MoU outlines crucial agreements among the participating CBI countries, including: 

  • Exchange of best practices and due diligence processes. 
  • Establishment of a minimum threshold of USD $200,000, reflecting actual funds received. 
  • Information sharing on applicants. 
  • Enhanced transparency measures, including financial disclosures. 
  • Independent financial and operational audits. 
  • Creation of a regional authority to establish standards. 
  • Adoption of common communication and promotion standards. 
  • Regulation of agents. 
  • Implementation of joint training programmes for CBI administrations. 

Dominica’s Leadership in CBI Integrity 

The Commonwealth of Dominica has played a leading role in driving these legislative changes.  

Prime Minister of Dominica, Honourable Dr Roosevelt Skerrit, announced his agreement to the proposed amendments in his press conference, demonstrating Dominica’s proactive approach to enhancing CBI Programme integrity. 

Addressing EU Concerns 

Honourable Dr Skerrit emphasised the ongoing dialogue with the European Union (EU) regarding CBI programmes and visa-free travel to the Schengen area.  

The collective efforts of Caribbean CBI countries aim to address concerns raised by EU officials, fostering greater transparency and compliance with international standards. 

Alignment with EU Dialogue 

Dominica’s commitment to addressing EU concerns is evident through continuous dialogue and collaborative efforts among OECS countries.  

Honourable Dr Skerrit noted that “Dominica has taken so very comprehensive measures to allay and to set aside the concerns of the European Union and other parties who we engage in on this matter.” 

Standardising legislation, enhancing due diligence procedures, and setting minimum price structures are among the measures undertaken to address EU queries and strengthen integrity. 

Strengthening CBI Programmes 

Standardising due diligence processes and ensuring uniformity in legislation, Caribbean CBI countries aim to fortify their programmes against potential vulnerabilities.  

These measures not only enhance programme credibility but also position CBI nations to effectively respond to concerns raised by international stakeholders, particularly the EU.