The Caribbean has appointed a new interim joint CBI regulator to govern the activities of citizenship by investment programs in the Caribbean and ensure due diligence meets international standards.
Joe Rice, Senior Immigration Consultant at Global Citizen Solutions, stated, “A central topic of discussion at the CIS24 in July 2024 was the need to improve due diligence, and all Caribbean islands have responded accordingly by revamping their due diligence processes. A key adjustment has been outsourcing background checks, which, together with being more thorough, has lengthened processing times. Implementing an appointed regulator seeks to maximize efficiency, streamlining the process for all islands while strengthening the security of CBI programs.”
Alongside the standardized minimum investment threshold introduced in June 2024, the new CBI regulator will align application processes, background checks, and risk assessments. Caribbean CBI programs have often been overlooked and this added layer will improve the region’s reputation as a sought-after destination to obtain citizenship by investment.
What this Means for Future CBI Applicants
For potential applicants of Caribbean citizenship by investment programs, the regulator’s presence assures a more secure and trustworthy CBI journey, which could mean changes in the following:
Uniform procedures: A standardized application process across Caribbean CBI nations, streamlining the communication and procedures between applicants and Authorized Agents for all programs.
Enhanced background checks: With Caribbean governments directing their attention toward stricter due diligence agreed in the CBI Memorandum of Understanding, the regulator may implement background checks that increase current citizenship timelines.
Documentary requirements: Enhanced due diligence checks may entail expanding the list of required documents.
Appeals procedure: A standardized appeal process for rejected citizenship applications could increase clarity and equity in Caribbean citizenship decisions.
Sustained compliance: Dominica’s revocation of 68 passports set a precedent for ongoing standards for Caribbean citizenship by investment compliance. This could mean enhanced supervision post-citizenship, including increased periodic checks to ensure successful applicants maintain their eligibility and fulfill obligations outlined in the program.
The CBI Regulator's Key Priorities
The acting regulator’s role will ensure consistent implementation of CBI regulations throughout the operations of Caribbean citizenship by investment programs, including oversight and enforcement of stricter due diligence measures.
Uniformity across all CBI programs
Each of the five countries offering Caribbean citizenship by investment programs has pros and cons; however, inconsistent standards have caused setbacks across the industry. The new regulator will apply the best CBI practices, including a consistent approach to Caribbean citizenship interviews, the application process, and eligibility criteria, while permitting nations to manage their programs independently.
Rebuilding global trust
The European Union and the United States raised concerns over security threats associated with Caribbean CBI programs, some of which led to the removal of visa free access. The regulator will restore the Caribbean’s international reputation by implementing EU and US Treasury-proposed regional guidelines.
Strengthen alliance with the United States
After the United States expressed concerns over security risks and the misuse of CBI programs, the move to introduce an interim joint CBI regulator will address those concerns. This will solidify the alliance between Caribbean countries and the United States while reassuring investors of the credibility and sustained advantages of securing a Caribbean passport.
Aligning economic objectives with compliance
CBI programs are effective solutions to drive Caribbean investment for CBI countries, but the price war gradually compromised their quality and integrity. The regulator will aim to integrate profit goals and meet global compliance measures.
Why use Global Citizen Solutions?
Global Citizen Solutions is a multidisciplinary firm offering bespoke residence and citizenship solutions in Europe and the Caribbean. In a world where the economy and politics are unpredictable, having a second citizenship opens up opportunities and creates flexibility for you and your family.
So, why work with Global Citizen Solutions to obtain Caribbean citizenship?
- Global approach by local experts: We are corporate members of the Investment Migration Council, with local expertise in all five Caribbean CBI programs.
- 100 percent approval rate: We have never had a case rejected and will offer you an initial, free-of-charge, due diligence assessment before signing any contract.
- Independent service and full transparency: We will present to you all the investment options available, and all expenses will be discussed in advance, with no hidden fees.
- An all-encompassing solution: A multidisciplinary team of immigration lawyers, investment specialists, and tax experts will take into consideration all your and your family's mobility, tax, and lifestyle needs.
- Confidential service and secure data management: All private data is stored within a GDPR-compliant database on a secure SSL-encrypted server.
