By Moustafa Daly
Dominica announced a set of new regulations for its citizenship by investment program (CBI).
The new regulations are seemingly in compliance with the European Union (EU)’s six principles or demands made to CBI programs in the Caribbean. Thus far, only St Kitts and Nevis have applied the ‘unofficial’ EU demands – now Dominica is following suit.
The new regulations also aim to address the concerns of the United Kingdom, which recently halted visa-free travel with Dominica, citing abuse of the program by illicit individuals.
The new regulations will ensure no CBI applicants can change their names when obtaining Dominica citizenship, which until recently was an option. It specifically mentions that individuals who change their name within five years of obtaining citizenship will have it revoked.
Applicants will now have to go through a personal interview before moving forward with their CBI applications, a major demand by the EU, the U.S., and the UK. The fees for the interview are $1,000.
Also, individuals who have been denied visas to the US, UK, or the EU, won’t be able to apply for Dominica citizenship.
The new regulations also state the agents authorized to handle and process Dominica CBI applications now must be Dominican citizens with registered local offices that employ at least three Dominicans and will be thoroughly vetted by the government before obtaining authorization. The fee for registering Authorized Agents is also set to be hiked to $20,000.
Similarly, licensed promoters of the programs will undergo further checks by the authorities, and have to pay a hiked fee for license application and renewal.
Applicants seeking to include their adult children in their application must also showcase ‘full support’ of their adult children before they can be listed as dependents.
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