A group of leaders in the global investment migration industry, wants avenues to be created to explain to the European Commission why the Citizenship by Investment Programme (CIP) in countries such as Dominica, is vital to the economy.
To put it simply, The EU wants CIP (referred to as CBI in Dominica) programmes to end. It was in February that the EU Parliament shocked the Caribbean when it asked the European Commission to come up with a plan requesting that all countries with Citizenship-by-Investment Programmes shut down those programmes as soon as possible.
The group of leaders, which consists of representatives from all CIP countries, met virtually last week to discuss ways they can help save the program, which offers citizenship by investments.
The group believes that once an avenue is created, the European Commission will understand the depth of global due diligence performed on all applicants, including using the services of international due diligence firms as well as various national and international law enforcement agencies.
They are also suggesting an ‘urgent’ meeting between the Prime Ministers of CIP countries and the President of the European Commission.
Stéphane Tajick, a leading Investment Migration researcher and industry stakeholder said the June 15th deadline for the EU Commission to report to parliament is drawing closer, leaving little time to address the grave issue.
“I don’t think the situation developing in Europe has sunk in quite yet. It seems that local politicians are not realizing how much poorer their country and their constituents are about to get if the EU Commission abruptly forces the closure of their CIPs,” Tajick said.
He said “The 5 Caribbean CIP countries are being put on “trial” in Brussels right now, without any invitation to defend themselves. If the local leaders don’t start putting up a defense by mid-May, it might be too late. The consequence of the EU Commission verdict might affect Caribbean people for generations.”
Tajick said other industries in the Caribbean could crash if the CIP is no more.
“We are talking about 20% – 50% of the government budget being wiped out. The tourism industry will be in tatters, and many active hotel projects are dependent on CIP investors to raise capital. In those countries, everyone is about to get much poorer.” Tajick said
The group is also calling for a meeting with officials of the European Commission, to include the CIP governments, due diligence agencies, as well as members of the legal, banking and financial services communities of the CIP countries, in addition to a dialogue with the EU Parliamentarians, to address their concerns.
“explain to the European Commission why the Citizenship by Investment Programme (CIP) in countries such as Dominica, is vital to the economy.”
What is there to explain?
How can anyone justify the sale of Dominica passports, to the worlds criminals is
absolutely necessary, important; or essential to the economy of Dominica, when for the very same reason the European’s have suggested that Roosevelt phase out the sale of the nation passports!
If the sale of Dominica passports were vital to the economy, it would have resulted in the creation of jobs for the youths of the country.
Thus far we see only a certain bourgeoisie selected benefiting from such sale.
The greater amount of the proceeds goes into the pocket of the sales person, even Middle Eastern scoundrels, as well as local politicians.
The EU Commission, is aware of how many thieves are already caught caring Dominica diplomatic passports, in Europe; these murderess and thieves use our passports to move freely…
Con:
The EU are very much aware that some of the crooks posing as Dominica diplomats a crooks running from their country after committing crimes such as embezzling billions of dollars from their government.
One example, is the thief from Iran Roosevelt had hiding out in Dominica, until foreign agents, from Iran or elsewhere penetrated our country, and arrested the criminal.
Why should a nation support a Banana Republic which prime minister is adamant that it is better to base his nations economy on the corrupted sale of the nations passport, rather than promote the creation of industries, and seeking foreign investment, into the country, but rather has chased every foreign operating company out of the country.
Countries are run by revenue collected via income tax, paid by the people, no employment means taxes cannot be paid, hence, the nation become a beggar nation, both people and government!
I don’t like CBI but the EU is too powerful. Britain was once a super power but now it’s only equivalent to any other EU country. China provides an uneasy but necessary counterbalance.
I have a question, what is the fate of people who have previously obtained Dominican citizenship? And what is the fate of the Dominican passport’s strength? Will it be affected by the decision of the European Union Commission and become ineligible to enter the European Union countries?
You bet it does! Skerrit knows from then on he has a dead horse for sale. We still don’t know where all the money is when the going was good. Certainly not in Dominica!
A Dominican passport remains the property of the state and can be cancelled at any time. It says so inside the passport. Dominican citizens with would still be able to visit E.U.countries and the U.K. but require a visa just like we do for Canada and the U.S.A.
There is real panicking from all Caribbean countries who depend almost exclusively on the CBI program for their economic survival.
Instead of devising creative ways to build a sustainable economy, these ‘leaders’ sell our patrimony to many foreigners who have no interest in residing on island or developing the local economy.
Now this program is under serious threat of demise the Heads of Government are running around and fluttering like headless chickens.
Most of these ‘CBI’ countries have fertile soils; get copious rainfall; all year sunshine; have young, healthy, intelligent human resources; green, lush vegetation; surrounded by calm seas with fertile, fishing grounds.
It’s time for us to create sustainable economies by using our lands, water ways, plants, animals, oceans, culture, intelligence. Relying on our own creativity offers better financial and economic security for us as a nation than the unsustainable CBI program.
St. Vincent & the Grenadines does not have a CBI programme and its economy is performing better than ours.
Least we forget when the post as CEO/Manager of the CBI program was advertised the qualifications for the person appointed, should be the holder of a PhD in Economics or equivalent; lo and behold skerrit appointed Emanuel Narnton to that position; “margwey sa” the insult on our intelligentsia is beyond comprehension; in this day and age; no wonder we are where we are. The whole scheme was set up so these bandits could plunder our resources unabated; karma is a bitch that’s what we were taught.
“What a tangled web we weave when we practice to deceive” didn’t our genius leader once state that “IF NOT CBI THEN WHAT” ha! ha! the chicken have finally come home to roost; so these 5 headless Caribbean (chicken) leaders are finally waking up from their slumbers. I disagree with the writer of this article who states “the 5 Caribbean CIP countries are being put on trial in Brussels right now, without any invitation to defend them selves – everyone is about to get poorer” not one damb! according to Tony-ass-ta-fan “they knew! they knew” and were warned. The article further states that”20% – 50% of the government budget being wiped out”; in Dominica it’s 100% period! I want to hear from those “moutoun batallie” enablers especially those on kairi fm, and the diaspora who like to accuse UWP of just wanting to get the hands on (their) CBI monies; “talk nah jack—-s”.
Interesting…are they gonna shut down the US CIP program too?
The US CIP program is different. One has to invest in a business, employ US citizens, and live in the country. You cannot stay in Russia and purchase an American or Canadian passport online.
Stop with the ignorance.
Interesting comment and question Dee, what if they shut it down; guess what the US economy is not dependent on CBI only; food for thought.
The US program is not like the Caribbean’s.
EU’s decision on CBI will not affect the US.
US passport investment
To obtain a US passport, you need to invest $900,000 in an American company, live in the country for five years and obtain citizenship by naturalization.
Any CBI projects underway should be carried through to completion and opened. Current CBI hotels built and open are gorgeous. One very obvious unfinished monstrosity has no completion date in mind, just pour more concrete.
Daily flights have potentially made us less of the place “everyone wants to come to, no one wants to get to”, but an abundance of derelict hotel projects is doing nothing for us. Sadly, the name has changed but the MO remains. Daily flights when they arrive and when your bag comes with you. I look forward to direct flights from Europe and elsewhere when our international airport eventually opens. Ask yourself, where will they stay? We are not ready, will we ever be?
CBi is nothing else than money laundering for the “investors”
what reaction do U expect then, from the EU ?
aye look it just now labour money drying up eh XD
These CBI programs supposedly bring in billions of dollars……I don’t see it in Dominica.
Unemployment is like a curse and we don’t trade in anything.
Dem politicians are lazy!!!!!
Now it appears like de investment migration players don’t want to lose de fees that they make in de CBI programs.
Dominica middle class has shrunk…… while CBI programs bring millions billions…….. suddenly ministers are millionaires!!!!!!
EU do us a favor……. Don’t listen to the politicians……… listen to WE THE PEOPLE……. CLOSE DE PROGRAM!!!
The EU should not listen to those Caribbean rogues!! The EU need to impose sanctions on these rogues selling passports and ban them from entering the EU!!!
What utter rubbish. Is Dominica a European Union member country which has to abide by EU rules?
The globalist agenda is scrambling for survival as we speak so there’s hope for underdogs like Dominica.
I have misgivings about many of the EU’s foreign policies, especially concerning the less developed, ‘black and brown’ countries of the world.
However, because of the lax due diligence with the CBI program, their countries are put at risk. They have to safeguard themselves. Self-preservation always take precedence over all things.
Your statement appears to come from a place of ignorance. Inform yourself.
They can’t be allowed to call all the shots like you are a helpless baby. Stand up, fight now, you can’t keep putting it off to fight later. At the stroke of a pen they get away with too many misdeeds, look how they suddenly made it cheaper and as a result easier, to travel to Australia from EU than to Caribbean destinations a few leagues away. That’s too much power, you lose every time.
Skerrit’s getting scared now
It maybe too late I’m afraid. It is not just lax or fraudulent due diligence but the claim of poverty for our economies is a very flimsy one when, in the case of our own country, the EU is aware of vast sums of money flowing into off-shore accounts, untaxed, with the majority of the population on the breadline, while we are still clambering for aid from the likes of the E.U. It are the rich Dominicans and foreign agents who have most too lose. The vast majority have little or nothing to start with and therefore their lives will be least affected.