The European Union (EU) has laid down a number of stringent rules that must be adopted by countries with Citizenship by Investment (CBI) programs that it says will ensure enhanced safety and security of countries in Europe. Robust due diligence, mandatory interviews, the enhancement of security measures, and increase in investment thresholds are some of the measures CBI countries must develop, the EU has mandated.
Additionally, the EU is demanding that these countries must make sure CBI investments actually reach the host country and all promotional materials for passports must be abolished. First on the list of the EU Commission’s guidelines is the matter of due diligence. Just last week, the British government imposed restrictions on holders of Dominican passports saying there was poor due diligence around applications for Dominican citizenship.
The EU is now calling for a strict and robust due process around the applications.
“This will enable the countries to eliminate risks related to the fraud, money laundering or any other illegal activities which may hamper the EU or any other nation,” a press editorial from the EU Commission says.
“Under strict due diligence, a reputable third-party due diligence firm will conduct an in-depth examination of the applicant’s history, financial dealings, money sources, and overall credibility.”
Furthermore, according to the EU Commission’s guideline, this “due diligence will only be taken into consideration if conducted by highly reputed firms based in the EU, US or UK.”
“It is necessary for these companies to be reputable and independent in order to provide an objective, expert, and thorough evaluation, which improves the credibility and safety of the CBI programmes,” according to the EU press editorial.
The EU is demanding that there must be a mandatory interview with every CBI applicant.
“This is significant for getting a more in-depth knowledge about the investor and his intentions/motives to apply for alternative citizenship and to provide an additional layer of inspection to the overall application process,” the editorial says.
“Notably, these interviews could be conducted in person (if possible) or through online platforms, making them
accessible despite of geographical restrictions. Recording these interviews helps authorities keep a detailed record for future reference or investigation. This ensures that the application process is transparent, accountable, and thorough in every aspect.”
Another demand by the EU is the complete prohibition of mailing citizenship documents to applicants.
“As per the EU Commission, dispatching sensitive documents can potentially expose them to theft, loss or fraud,” the EU editorial continues.
“Through this principle, the EU aims to safeguard the sanctity of citizenship and lessen the possibility of misuse of identity. The EU said that the new citizens must get these documents through verified means such as in person or the government could find any other reliable alternative.”
The EU is also telling CBI countries that they must raise the price of applications to at least US$200,000 per applicant and those applying for the real estate option must invest a minimum of US$400,000.
“This increased financial requirement ensures that CBI programmes attract only those high net worth individuals with a significant capacity to contribute economically to the host nation. This emphasizes how important it is for applicants to be fully committed to becoming a citizen. It shows that citizenship is not something that can be bought but rather
a significant and sincere connection between the applicant and the country they are seeking to join,” the EU press editorial states.
Other guidelines include the strict monitoring of funds via direct transfer of funds to host CBI country.
“This principle stresses the direct transfer of the investment amount to the host nation without being diverted to accounts in other countries. It strives to assure high standards of traceability, transparency, and legitimate usage of funds in the CBI programmes,” the EU said.
“This principle helps the host nation to improve its economic development along with a guarantee of direct inflow of funds. It also prevents possible misuse of the programme for illegal activities.”
Lastly, the EU is demanding that CBI countries stop promoting or marketing their programs on the basis of visa-free advantages to the EU, UK, or any other nation.
“This principle asks the countries to shift their focus from just investing in alternative citizenship for the mere advantage of global mobility,” the EU editorial says. According to the editorial, “these recommendations will serve as guiding parameters for nations providing such programmes, promoting stringent measures which will balance the economic advantages with ethical and legal obligations.”
Also, European Commissioner for Home Affairs, Ylva Johansson, will be leading an oversight committee to monitor the overall operations of these third-nation programmes over six months, the editorial states.
The tough new guidelines come as no surprise, especially after the EU held a meeting with leaders of Caribbean CBI countries in Brussels last week and the UK’s visa regime on Dominica and other countries. Just a day after the new visa restrictions, Prime Minister of St Vincent and the Grenadines, Ralph Gonsalves warned that an EU CBI hammer was coming down soon.
Honestly… We don’t need to go to the EU. Our Great Leader, His Excellence Prime Minister Roosevelt M Skerrit has secured visa free entry to Russia and China.
The European Union (EU), United States of America (USA) and Canada all running broke.
We supporting our Great Leader… and we following Skerrit all the way where ever he goes…
Who vex let them bust…Skerrit all the way
I hope dominica moves ahead with honesty as it’s a beautiful country with hard working people,losing uk visa free is a start,government should improve its self and win back what they have lost by corruption and
Dishonesty,never cut the branch you sit on.
The European Union 🇪🇺, UK 🇬🇧 and USA 🇺🇸 should demand that the one-man rogue regime prime crime mistake to bring in all CBI funds that’s out wherever to the treasury and stop all no bid contracts that’s ongoing!!!
Admin, is this article a DNO article? I take offense with the word noose in your head line.
According to the EU document outlining the guidelines section 6 is very clear:….The abolition of all promotional material of passports from these third countries that shows the benifit of vis free access to the EU….NO other nation/ country was mentioned.
It seems the new EU requests were solely geared towards Dominica. They didn’t single out Dominica. We are the only ones redirecting CBI funds to overseas accounts. We have one of the cheapest at US$100,000 and below. We are poor due diligence if ever. We have foreigners overseeing CBI funds in private undertakings: no transparency, accountability, or traceability. Shameful!
It is shameful for the EU to give us guidance which should have been built into the program in the first place. But if wr had done that, it would mean fewer dollars going to Skerrit and his band of miscreants.
Good on the EU to tell this rogue regime how to steer away from corruption and move toward transparency and good governance.
This program had nothing to do with investment and everything to do with selling our birth rights to all and sundry which allowed these new citizens easy access to places that real Dominicans could visit.
I am digging into your behind Roosevelt; even the United States has an CBI program; nevertheless, the recipients of that privilege must invest into a business in the United States, capable of employing at least twenty-five (25) people.
it is not a program where a passport is handed to someone in exchange for a few dollars.
If by any chance there was a CBI program in Dominica, based on the unknown amount of passports you Roosevelt sold, there would be an unknown amount of jobs in the country where whomsoever wants a job could find one.
That is the whole idea of a CBI program which first started in Ireland somewhere around 1962/1963, when the Irish government invited investors into depressed areas of Ireland with high unemployment to invest, in exchange for citizenship!
It had nothing to do with selling passports to criminals, to roam the the world and commit crimes!
The sale of Dominica passports is collapsing, your system Roosevelt is imploding, one of my premonitions!
“The EU is demanding that there must be a mandatory interview with every CBI applicant.
“This is significant for getting a more in-depth knowledge about the investor and his intentions/motives to apply for alternative citizenship and to provide an additional layer of inspection to the overall application process,” the editorial says.” (EU).
Here is the kick in Roosevelt corrupted behind; this is the hammer which Roosevelt Skerrit that corrupted crook friend Ralph Gonzalez spoke about.
Roosevelt problem is Dominica passports are sold to crooks and criminals whom are not investors, but, rather money launderers, and every undesirables; who uses Dominica citizenship to travel internationally to conduct criminal activities.
When that smart little boy; rat, believe the requirements by the British and EU will not affect his corrupted sale of passports, as he said; I am sure he is defecating out of his mouth, and anus right at this very moment at the same time.
UK, EU, US has power…
The opposition hate that news item.They thought the EU would isolate Dominica and totally destroy the CBI programme.Crooks habitual criminals and traitors.The opposition are propagandist and gossipers.Do you know what CBI funds are doing for Dominicans?More than 5,000 in the housing revolution.4,500 NEP.2,700 senior citizens are being paid $300 monthly.More than 300 in the Yes We Care.And the opposition is trying to destroy the programme for years.When they finish they’re talking about diaspora votes.You expect to rob senior citizens of their right to live and expect them to vote you.
Thank you for the amended version of the original article, DNO. This version now indicates, albeit vaguely, a potential source.
There also need to be an audit of the DIPLOMATIC passports handed out and illegitimate ownership of those passports should be immediately revoked
IF any diplomatic passport is issued is HAS to be known to public as even our neighbors have this dodgy practice in the past to give diplomatic status to dodgy elements of the society.
Let’s see what will be the actions. We need to hear what they wanna do, what changes to implement.
And there must be statistics known to public, so the process is transparent.
In every dark cloud there is a silver lining. Going forward due diligence should be genuinely robust, monies made go directly in the consolidated fund, no ‘rice pudding’ cost for our birthright, proper accounting of every cent that is made, all these should hopefully dedound to the benefit of the people.
The overnight millionaires and billionaires would not be able to suck the breast of the program no more.
What can Skerrit “honestly” do to resist an EU hammer on Dominica CBI program.
Declare all CBI funds achieved and transfer the same to de consolidated fund?
Declare total number and names of CBI beneficiaries-holders of Dominica passport?
Revoke passports already paid by applicants because of suspicion.
Deny and revoke passport selling status to suspicious CBI agents?
De EU hammer is evident……….how will Skerrit react to de sudden loss…..eyes open people…….and watch your wallets…..mind your spending!!!!!!
Improve on your due diligence, increase the size of donations and investments for applicants, monies should go directly to account in the CBI country, adopt a more secure way to transmit immigration documents to applicants, CBI promotion must not include the benifits of having visa waiver access to the EU, interview all applicants. The aforementioned is what the EU is requesting and I am yet to see any request that is unreasonably or designed to hammer the CBI into oblivion. It must also be mentioned that there are countries within the EU that also operate CBI programs and the EU authorities did not want to offend them.
“Through this principle, the EU aims to safeguard the sanctity of citizenship”
This says it all.
In dominica sanctity has been burned buried and lost. It is no longer unique to be Dominican all because of the insatiable greed of a few. The nastiness of it is those entrusted with the stewardship of the country are complete sellouts and traitors.
It is in Dominica’s interest to implement the EU measures for greater transparency and security of the CBI program. It will also be beneficial to Dominica for approved applicants to invest at higher rates and to pay higher application rates. Dominica stands to benefit from the improved measures.
Lol! It seems like the EU is the new authority in certain independent states. SMFH! I am sure someone will tell them something discretely.
What is the source of this EU information, DNO?
Te E U. Is our largest donor an benefactor by far. How could we treat them so shabbily with disrespect Roosevelt? It isLike biting the hand that feeds you. Surely there are more honourable ways to show appreciation and gratitude.
Well there we have it. The CM will find it difficult to sell many more passports now under these new guidelines. In particular the due diligence checks conducted by reputable companies in either the EU, USA or UK will put a massive dent in the future of Skerrits cash cow.
He’s is now handicap; he is like someone standing with one foot in their grave and the other foot outside of the grave!
It is one thing to have political power, nevertheless, political power without economic power is no power at all!
He may think he is big, and wheal power; and is loved in Dominica, when in fact he is nothing, our people smile to get his free gifts, but the majority of the people hate that sucker and what he has done to the country.
Roosevelt is a nobody, running his mouth, talking all sorts of crap: Recently that ignorant guy, advise China government not to fall into some trap supposedly set for China in regards to Taiwan.
He is so pathetic, and does not know a damn thing, do not know that China is the nation trying to annex Taiwan for as long as that nation became an independent democratic nation.
So, which nation set a trap for China, if not the government of China?
His stupidity has brought this proclamation, on Dominica. When stupidity was sharing, he…
I hope our government will do everything and even more that is being asked by EU!
Don’t hold your breathe the main pull of Dominica CBI was that it’s cheap and easy to get now if they implement this it will be harder, expect the CBI income to take a hit
No doubt it will be a hit, but look at Saint Kitts, which had shady past with CBI person under Interpol red notice and revoked Canada visa waiver, people weren’t interested in their program and now, completely different side of the story. Time will show and it will take a while.