![\"\"](\"https:\/\/dominicanewsonline.com\/news\/wp-content\/uploads\/2023\/07\/pexels-dusan-cvetanovic-12541596-642x428.jpg\")
<\/p>\n<\/p>\n
<\/p>\n
<\/p>\n
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.<\/p>\n
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.<\/p>\n
The EU is now calling for a strict and robust due process around the applications.<\/p>\n
“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.<\/p>\n
“Under strict due diligence, a reputable third-party due diligence firm will conduct an in-depth examination of the applicant\u2019s history, financial dealings, money sources, and overall credibility.”<\/p>\n
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.”<\/p>\n
“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,”\u00a0 according to the EU press editorial.<\/p>\n
The EU is demanding that there must be a mandatory interview with every CBI applicant.
\n“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.<\/p>\n
“Notably, these interviews could be conducted in person (if possible) or through online platforms, making them
\naccessible 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.”<\/p>\n
Another demand by the EU is the complete prohibition of mailing citizenship documents to applicants.<\/p>\n
“As per the EU Commission, dispatching sensitive documents can potentially expose them to theft, loss or fraud,” the EU editorial continues.<\/p>\n
“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.”<\/p>\n
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.<\/p>\n
“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
\na significant and sincere connection between the applicant and the country they are seeking to join,” the EU press editorial states.<\/p>\n
Other guidelines include the strict monitoring of funds via direct transfer of funds to host CBI country.<\/p>\n
“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.<\/p>\n
“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.”<\/p>\n
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.<\/p>\n
“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.”<\/p>\n
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.<\/p>\n
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\u2019s 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.<\/p>\n","protected":false},"excerpt":{"rendered":" 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…","protected":false},"author":13,"featured_media":305832,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_cbd_carousel_blocks":"[]","footnotes":""},"categories":[286,77,235,76,12,14],"tags":[],"class_list":["post-305830","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-governance","category-homepage","category-homepage-carousel","category-international-relations","category-politics","category-regional"],"acf":[],"yoast_head":"\n