Dominica Confident Of CBI Program Integrity
by Mike Godfrey, Lowtax.net, Washington
09 June, 2015
The due diligence framework in place in Dominica to protect the integrity of the nation's Citizenship by Investment (CBI) program should be an example to other territories, the territory's Prime Minister, Roosevelt Skerrit, said.
Skerrit was speaking on progress made since the launch of the territory's new CBI Unit earlier this year. He said the CBI scheme should be considered a benchmark for the region and affirmed his continued commitment to a high standard of due diligence.
"Our program is highly rated and highly respected by the international community and the security agencies of the UK, the European Union, Canada, and the US Government. These governments highly regard the kind of scrutiny which we exercise."
"They have said to us and other governments in the region that if [they] want to have this program, [they] should seek guidance and advice and see what Dominica is doing. You will see independent people rating our program and indicating the due diligence process."
"This Government is not prepared to gamble with its integrity and its image for any applicant of the Citizenship by Investment program. As much as we appreciate the funds which we get from it, we are not prepared to compromise the integrity of the state for these funds at all. This is why we are very careful with the security mechanisms which we have in place and the due diligence process which we follow. I can tell you that we have never, and will never, compromise the integrity of our due diligence process," he concluded.
In Dominica, there is no wealth, gift, inheritance, foreign income, or capital gains tax. Only those residing in the country are subject to personal income tax.
Applicants under the CBI, which has been in place since 1999, may be granted citizenship by making a substantial investment, such as through an investment in real estate worth at least USD200,000.
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