Dominica has made a substantial changes on the eligibility conditions of Dominica Citizenship by investment program (DCBIP)
From now on, Dominica has placed a ban on three countries Iran, North Korea and Sudan applying for citizenship by investment program with an exception the nationals of these 3 high risk countries, who lived outside their country for last 10 years and no business/financial connection can apply for DCIP. Further applicants from these countries will be subjected to Enhanced due diligence (EDD) checks and applicants have to bear the costs.
Dominica in 2020, celebrates 27 year of since launching the second oldest CBI program in the World in 1993. The CBI program has completely transformed the island and the new developments taking place all over the island keeps investors and potential clients interested in the country.
“There are a number of issues right now, for example the issues with Iran; and so we are trying to ensure that our due diligence continues to be on top. So we have put a ban on Iranians who live and or work in Iran. We will deal with Iranians but only those who live outside of Iran and have their revenue coming outside of Iran for the last ten years or at least ten years. So that takes us from operating in the hotspots,” said Ambassador Nanthan, head of CBI unit, in a recent press conference.
The Dominica CBIU website updated announcement says
Please be advised that applications from citizens of Iran, North Korea, and Sudan will only be accepted where such persons
(1) have not lived in these countries for the last 10 years,
(2) have no substantial assets there, and
(3) are not performing and have not performed any business or similar activity, in whole or in part, in or with these countries.
All applications from citizens of Iran, North Korea, and Sudan who meet the above requirement will be subjected to enhanced due diligence, the cost of such enhanced due diligence to fall on the applicant as part of his or her Due Diligence Fees.
Please also be advised that all applications from citizens of Syria will be subjected to enhanced due diligence, the cost of such enhanced due diligence to fall on the applicant as part of his or her Due Diligence Fees.
Ambassador Nanthan said that the country’s CBI is a solid programme with clear benefits.
The CBIU head has further attributed the success of Dominica’s Citizenship by Investment Unit to a solid market of investors and proper marketing.
“We continue to do what we have to do, going to the different conferences, engage our promoters, engage CS Global in our marketing and selling the program in the areas where we believe, the market is solid and where there is a demand for our program,” Ambassador Nanthan added.
The Commonwealth of Dominica citizenship by investment program remains on the competitive and successful CIP in the world. The CIP has transformed Dominica into one of the prosperous countries in the Caribbean creating more jobs, tourism hotels and resorts, bringing much needed revenue for Government.
