Loading...

Dominica Citizenship by Investment due Diligence Process

Dominica Citizenship by Investment due Diligence Process

dominica-citizenship-by-investment-due-diligence-process

One of the major reasons why Dominica is ranked among the top countries in the world in the Citizenship by Investment industry is the vigorous due diligence process and the framework of which applicants are vetted, which ensures that only reputable and credible applicants are accepted. 

Dominica carries all the background checks internally and through external parties to protect the integrity of the citizenship by Investment program as there are many international concerns regarding these programs. It is important to know that due diligence is a mandatory requirement for all applicants above 18 years old. 

First Stage of the due diligence process

The Citizenship by Investment Unit (CBIU) performs initial screening and document verification for applicants, noting that the CBIU mandates applicants to submit police reports for any country they resided in for a period of 6 months or more, afterward, the Unit forwards the potential applications to the Joint Regional Communication Center (JRCC), which is a sub-agency from the Caribbean Community Implementation Agency for Crime and Security (CARICOM IMPACS), this sub-agency vets the applicants against their internal databases, and then forwards their results to the CBIU. 

Second Stage of the due diligence process

The CBIU in the second phase forwards the documents to one of the pre-contracted investigative agencies that specialize in evaluating and screening corruption, terrorism, and money launderings, such as S-RM and Thompson Reuters, to evaluate whether the applicant can be considered of high risk to the country, these private firms then perform a comprehensive due diligence screening to confirm the applicant’s suitability for citizenship. 

Applicants who pass these steps are then automatically granted the approval in principle to proceed with the rest of the application. 

The due diligence process in Dominica is comprehensive and detailed, and it is one of the major reasons of the program scoring first on Citizenship by Investment programs index that was published in 2018 by Professional Wealth Management (PWM), which is a publication of the Financial Times.

Sources: 

Investment Migration Council Due diligence report

 Professional Wealth Management CBI report

Caribbean Community Implementation Agency for Crime and Security

S-RM Security and Investigations

Thomson Reuters Corporation