A recent report from the US State Department made reference to citizenship by investment (CBI) authorities in Europe and the Caribbean. The International Narcotics Control Strategy Report (INCSR) demonstrated satisfaction for the most part with the CBI authorities’ vetting standards, however concerns were raised regarding Dominica’s due diligence process.
The INCSR states that under Dominica’s CBI, due diligence has been “lax”, putting this down to the inconsistent use of “available regional mechanisms, such as the Joint Regional Communications Center (JRCC), to properly vet candidates.” The report goes on to state that the CBI unit sometimes grants citizenship to applicants who are “red flagged or given negative dispositions from the JRCC and other institutions.”
The report also highlighted a general concern among American authorities surrounding the increasing number of Citizenship by Investment Programs.
The report explains that the US law enforcement’s concerns around the expansion of Citizenship by Investment Programs arise from the risk of local corruption and the visa-free travel afforded to applicants as well as their ability to open bank accounts.
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