Dominica has joined forces with three other countries in the Caribbean to sign a Memorandum of Understanding which is aimed at strengthening their Citizenship by Investment Programs (CBIP).
The move was championed by the prime minister of St Kitts and Nevis, Dr Terrance Drew, to assure the international community that the four countries intend to operate their CBI programs using the exchange of best practices, due diligent processes, and intelligence related to potential security or compliance risks.
The four countries are Dominica, Antigua and Barbuda, St Kitts and Nevis and Grenada. They are all members of the Organization of Eastern Caribbean States (OECS).
The signing of the MOU, which was dated March 20, 2024, was praised by Dr Drew, who said that the countries are committed to increase the minimum threshold of their CBIP to at least US$200,000 no later than June 30, 2024. According to dominicacitizenshipbyinvestment.com, a Dominican passport can be obtained for US$100,000.
He also hoped the MOU will bring an end to ‘underselling’ which he said has been a “scourge to the CBI Industry in the recent past.”
“We have therefore agreed that the minimum investment thresholds for our CBIPs shall represent the actual amount of funds received and applied towards an applicant’s qualification under our respective CBIPs, and not the gross amount of funds paid by an applicant from which deductions, including the payment of commissions, are made,” Dr Drew said, according to the St Kitts Observer. “I commend my fellow Prime Ministers for recognizing that CBIPs are too important to our respective economies to act irresponsibly in their operations. This move will show the world that our four nations are responsible and serious about operating investment migration programmes that respect the rule of law, are sustainable and do not offend the interests of our brothers and sisters in the international community.”
According to the MOU, the four countries agreed to the following:
- share information on CBIP applicants;
- implement enhanced transparency measures such as the disclosure of funds received by CBIPs, the use of the proceeds of CBIs and to conduct independent financial and operational audits to assess CBIs compliance with best practice standards;
- assign or establish a regional competent authority to set standards in accordance with international requirements and best practices and to regulate the CBIPs;
- establish common standards to manage the communications and promotion of the CBIPs;
- establish common standards for the regulation of agents operating in the CBIPs; and
- facilitate joint training programs and capacity-building initiatives for their respective officials and agencies involved in the administration of CBIPs.
CBIPs in the Caribbean have been the subject of scrutiny by the European Union (EU) and it has proposed changes that will make it easier to suspend the visas of people who bought passports from countries that sell citizenship to foreigners. It said Caribbean countries, which offers visa-free access to the EU “can result in risks or threats to the public policy or internal security of the Member States, including those related to infiltration of organized crime, money-laundering, tax evasion and corruption.”
EU officials met in Dominica on January 24, 2024 with countries in the Caribbean with CBIPs to discuss concerns. They expressed apprehension over Dominica’s low-cost/high-volume approach to the program.
The United Kingdom (UK) has gone as far as imposing a visa restriction on Dominica because of its CBIP saying it “has shown clear and evident abuse of the scheme, including the granting of citizenship to individuals known to pose a risk to the UK.”
Ireland has also done the same.
when will we learn? the people who created a problem will not fix this problem. skerrit knows how to make backdoor sales, it’s all a front, tomorrow he’s back to his old ways of exchanging diplomatic placements for tokens of appreciation, just let election season reach.
this week even Türkiye imposed a visa for dominica passport.
can we image Afghanistan passport can apply e visa for Türkiye and Dominica passport have to apply true the ambassy!!!!!!!! this is very strange . Look at the level he has reached Dominica passport ;!!!!!??????!!!!!!
Haha your jack Don KEY,you CANNOT sell a Dominican passport.The passport is and will always remain the property of the government.The $100 one pay is to use the passport.Everybody must fill out a passport application form to apply for a passport.Jacka read CAUTION at the back of you passport if you can read.What is the difference between going to England,Canada,Ireland and the USA?A Dominican must have a visa.So what?That is their decision.The mass murders are not carried out by people with Dominican passport.The execution of Martin Luther King and MalcolmX was not done by people with Dominican passport.The racist murders of black people in the USA and England are not done by people with Dominican passports.
By the time Skerrit is done with Dominica, our passport will be as weak as that of Cuba. No one will allow our passport visa-free access.
What about the MOU with China, why doesnt the PM want to disclose it to the public? What is he trying to hide?
In the strengthening process, these ‘leaders’ in the OECS Countries, who are engaged in selling passports, should listen to the cries of the Dominican people and influence their colleague to account for the billions of dollars of our money in foreign control and transfer all to our Treasury in Dominica, for the benefit of all citizens.
The CBI industry is doing great. We are just constantly under influence and pressure of the E.U, U.S, U.K who have their own but throw a tantrum when we make any economic progress. Similarly, the gambling fiasco where Antigua was reprimanded for doing what the U.K, Nevada etc. have flourishing.
So no more under the table diplomatic passports…Pee Em choki chaybaw
The horse has already bolted, the damage done is irreversible, trust has been permanently destroyed, too little, too late to regain confidence in this much battered and maligned program.
Roosevelt singlehandedly has dealt some devastating body blows, left and right hooks and some uppercuts to the CBI programs of which it is impossible to make a full recovery.
Even with their collective best intentions, the severity of the corrupt practices and lack of transparency and accountability, have left this once cash cow everlastingly maimed.
This analysis is not correct Skrit credited the money and these big blows to the citizenship of Dominica, but there is always time to compensate, these blows are necessary for Dominica to regain its place, the international system and the fixed laws of the region, one must hope and try. . Kurds, it is not impossible to gain trust like England and Canada through political politics
Why is Dominica part of this MOU when Skerrit assured us that we have the most robust vetting system in the world.
Based on what he said, the process that we have in place is as good as it gets.
Was he lying then or is he lying now?
Late but on time You did the right thing, stay strong I hope you can rebuild the broken bridges and gain the trust of England, Ireland and Canada This decision should have been made earlier, but it is good Dominica passports must be sold for 500,000 and only to those approved by the United States of America, the United Kingdom and the European Union. This was Skrit’s best work
lmbo, this clown. the EU is already putting plans in place to cancel visa free travel for countries that offer cbi and now they want to do this? what value will our passport have once EU imposes visa restrictions? these criminals he has been selling our passport to will no longer want it.
How sad and suicidal!!