Enquiry into Caribbean CIPs’ Due Diligence Announced

Granada Prime Minister and chairman of the Monetary Council of the Eastern Caribbean Central Bank (ECCB), Keith Mitchell, has revealed that he will be conducting a formal investigation into the practices of the region’s citizenship by investment programs (CIPs).

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Granada Prime Minister and chairman of the Monetary Council of the Eastern Caribbean Central Bank (ECCB), Keith Mitchell, has revealed that he will be conducting a formal investigation into the practices of the region’s citizenship by investment programs (CIPs).

The Caribbean is home to a range of CIPs, where applicants can gain a fast-tracked visa with donations or real estate investments in the jurisdiction in question. However, in accordance with regional agreements, these visa applicants must undergo regional security due diligence, which is the process that Keith Mitchell is intending to scrutinise. 

Mitchell explained: “There are reports circulating of some citizenship by investment applicants receiving passports without the regional body getting the data about the applicant and not conducting the relevant due diligence.”

As a result, the ECCB Monetary Council will now be expected to audit the records of the Caribbean’s various vetting agencies, and to compare them with those of the CIPs. Should any discrepancies be found, Mitchell promised to either confront the relevant department head on or pass on his findings to the appropriate governing authority.

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