Dominica is among five countries that have collectively committed to six Citizenship by Investment principles proposed by the United States of America, in a bid to safeguard the program.
Prime Minister Roosevelt Skerrit, along with Tourism Minister Denise Charles and Head of CBI Unit, Ambassador Emmanuel Nanthan, recently attended a round table discussion on the CIU in St Kitts and Nevis.
According to reports, both parties engaged in a frank discussion on the threats and challenges faced by these programmes and the important contribution that they have made to national development in these small states.
The US recognized that the CBI Programmes provide a legitimate service and have assisted in the survival of the participating economies by providing revenues, particularly considering the existential threat to our vulnerable small island states–emanating from the climate emergency–and the onslaught of recent adverse external shocks, including the ongoing war in Ukraine.
CBI revenues are invaluable for funding major infrastructural and development projects, and for building resilience.
It was accepted that dismantling these programmes would severely compromise the prosperity and prospects of the countries, triggering a plethora of negative social consequences domestically and potentially leading to an upsurge in criminality, among other pathologies.
Both parties affirmed their commitment to a collective fight to safeguard their respective financial systems against threats posed by illicit actors.
The five Governments collectively committed to six CBI principles proposed by the US, several of which had previously been proactively adopted by the OECS states of their own volition as part of their risk management framework to strengthen and safeguard the integrity of their CBI Programmes.
The six principles agreed to include a collective agreement on the treatment of denials, additional checks, audits, and retrieval of passports.
The countries also agreed to suspend processing applications from Russians and Belarusians.
Four jurisdictions have already suspended applications and Grenada which processes applications from Russians and Belarusians with enhanced due diligence will suspend processing new applications from Russia and Belarus from March 31, 2023.
It was recognized and accepted that the implementation of this measure has and will continue to have significant adverse revenue impact on the CBI states.
Both Parties also agreed to convene a technical discussion within the next four to six months to assess the status of implementation of the agreed six principles.
Additionally, at this next engagement, the OECS States requested further discussion on the US Government’s risk management framework for the EB-5 Immigrant Investor Program as it relates to the processing of applications from Russians.
Given these agreements, the CBI States requested that the US Government facilitate a similar engagement with the European and United Kingdom Governments based on the six agreed principles. Both Parties reiterated their commitment to ongoing constructive engagement that takes account of the special circumstances of small states and their needs.
According to reports, the highly productive and mutually beneficial engagement involved delegations of the five Eastern Caribbean states with Citizenship by Investment (CBI) Programmes led by their Prime Ministers and a delegation of the Government of the United States led by the Deputy Assistant Secretary of the US Department of the Treasury.
Besides Dominica, other Eastern Caribbean countries which currently have citizenship by investment programmes are St. Lucia, Antigua and Barbuda, Grenada, and St. Kitts and Nevis.
Also in attendance were the Governor of the Eastern Caribbean Central Bank and the Director General of the Organisation of Eastern Caribbean States.
Your article is vague. What are the 6 principles referred to and which 5 countries have agreed to them?
To get a first Dominican passport one has to pay $150 ec.We all know to get a green,will cost about $5,000ec,travel,medical,accomodation ect.I am asking Dr.Ibo France how much does it cost for a green card holder to get their first US passport?
Lawyer you are a LIAR,you said the US was waiting to arrest Skerrit for selling passports to international criminals.If you want to know how much BS you posting,google Dominica CBI programme.Skerrit cannot sell passports,and all smart Dominicans know that.
Imagine this! How shameful and belittling it is for our ‘leaders’ to have the selling of our patrimony ( passports) as our main economic earner. This is a most damning indictment on our people and region.
Can’t we grow, produce, manufacture, invent things to carve out a good living for ourselves using our ingenuity?
They have no shame…!!
So why do we always have to bow down to Uncle Sam and give in to his demands, yet we get nothing from him in return? He spends billions in weapons to Ukraine to prop up a silly war, yet doesn’t spend a penny in the region to help poor countries right in his backyard develop. He sends billions annually to Israel to help them keep their occupation of Palestine while we have to sell our passports to help us keep our heads above the water. It is time we start telling Uncle Sam where to go when he come wielding his big stick but offering us nothing in return. Just saying!
Hi DNO. I always commend you for Your work in bringing news and information to the public.
This time though, you have fallen a bit short: From start to finish of the article, mention is made of the Six Citizenship by Investment Principles: Can you state them clearly and concisely?
This will help readers to better understand and evaluate what is being reported on. Thanks.
ADMIN: Thank you for your usual thoughtful and considerate criticism of us. We do appreciate you looking out for us and holding us accountable.
However, the principles are included in the article in as concise a manner as we could state it. The lines containing the description of the principles have been bolded within the article and are also copied below:
“The six principles agreed to: include a collective agreement on the treatment of denials, additional checks, audits, and retrieval of passports.
The countries also agreed to suspend processing applications from Russians and Belarusians.”
I’m not just defending DNO, but at one reading the 6 principles are stated, what have we been smoking? I’d go to Caricom web site if more detail is needed. It’s an exercise in how you get strong-armed by a super power that can destabilize you implied; like how they demanded many African countries to Washington just to bully the Congo to sign all rights to their Cobalt over to the bully, and most of us say nothing.
You know the CBI program is nothing we should be ashamed of. Even the US has a similar program called the EB-5. Grant it you first get a Green Card but again that’s the “richest” country in the world we’re talking about.
So we should protect and defend the CBI program because it has way more pros than cons for our country. This program essentially started under the Freedom Party and expanded over the years by succeeding administrations.
Asking for accountability though, is a very legitimate demand pf the citizens of Dominica.
And what might these 6 principles be? Who is going to ‘police’ them. I mean particularly in Dominica the CBI is shrouded in complete secrecy. What about the proceeds? I hope they put something in place that prohibits the likes of Skerrit and Nathan to skim off.
Waiting for the UWP idiotic acolytes and the media whore on q95 to give it their spin.
Yes master USA…