Dominica has recently updated its Citizenship by Investment (CBI) program, aiming to bolster the program’s credibility and attract reputable investors. A key amendment is the exclusion of applicants who have been denied visas by the European Union (EU), United Kingdom (UK), the U.S., and Canada and have not subsequently acquired a visa or residence permit in these countries. Furthermore, individuals who have been rejected visas from countries that have a visa-free arrangement with Dominica are also disqualified. This change narrows the pool of potential applicants but enhances the program’s overall integrity.
Despite these restrictions, opportunities still exist for interested candidates. Those who have not previously applied for visas in countries that have a visa-free agreement with Dominica might consider applying for Dominican citizenship first. Success in this could potentially improve their chances of visa approvals in these countries, positioning Dominica as a preliminary screening mechanism for global investors.
The program has also significantly increased application and renewal fees for agents and promoters. Promoters now require a contractual relationship with an authorized agent to obtain a license. External agents not based in Dominica must apply in person and establish a local office with a minimum of three employees. They are also required to visit the country bi-annually for license renewal. These measures aim to ensure agents and promoters are genuinely committed to the program and the country.
Moreover, Dominica has introduced mandatory interviews for all applicants aged 16 and over and enhanced due diligence for applicants from certain high-risk countries. This process, which includes additional fees, involves thorough background checks and investigations to confirm applicants' identities and the veracity of their application details.
In summary, these enhancements to Dominica’s CBI program are designed to maintain its respectability and integrity, which has been established over its 30-year history.
Pros:
Increases the integrity and credibility of the program by ensuring only reputable individuals are accepted.
Encourages a deeper commitment and connection to Dominica from external agents and promoters.
Strengthens security through enhanced due diligence and mandatory interviews.
Cons:
Potentially reduces the number of eligible applicants due to stricter eligibility criteria.
Increases costs for applicants and agents, possibly limiting accessibility.
May require additional resources and time for the enhanced due diligence and interview processes.
Despite these restrictions, opportunities still exist for interested candidates. Those who have not previously applied for visas in countries that have a visa-free agreement with Dominica might consider applying for Dominican citizenship first. Success in this could potentially improve their chances of visa approvals in these countries, positioning Dominica as a preliminary screening mechanism for global investors.
The program has also significantly increased application and renewal fees for agents and promoters. Promoters now require a contractual relationship with an authorized agent to obtain a license. External agents not based in Dominica must apply in person and establish a local office with a minimum of three employees. They are also required to visit the country bi-annually for license renewal. These measures aim to ensure agents and promoters are genuinely committed to the program and the country.
Moreover, Dominica has introduced mandatory interviews for all applicants aged 16 and over and enhanced due diligence for applicants from certain high-risk countries. This process, which includes additional fees, involves thorough background checks and investigations to confirm applicants' identities and the veracity of their application details.
In summary, these enhancements to Dominica’s CBI program are designed to maintain its respectability and integrity, which has been established over its 30-year history.
Pros:
Increases the integrity and credibility of the program by ensuring only reputable individuals are accepted.
Encourages a deeper commitment and connection to Dominica from external agents and promoters.
Strengthens security through enhanced due diligence and mandatory interviews.
Cons:
Potentially reduces the number of eligible applicants due to stricter eligibility criteria.
Increases costs for applicants and agents, possibly limiting accessibility.
May require additional resources and time for the enhanced due diligence and interview processes.