Citizenship by Investment Programme: Prime Minister Skerrit Defends Programme in Court
Introduction
Prime Minister Roosevelt Skerrit has announced that his administration will defend the Citizenship by Investment Programme (CBI) in the law courts, despite the pending legal action initiated by the main opposition United Workers Party (UWP). Skerrit emphasized that the programme has never been more accountable and transparent than it is now.
Background
The CBI programme allows foreign investors to obtain citizenship of Dominica in exchange for making substantial investments in the island’s socio-economic development. Apart from Dominica, the other islands with a similar CBI programme are Antigua and Barbuda, Grenada, St. Kitts-Nevis, and St. Lucia. The programme requires a minimum donation of US$250,000 or a minimum investment of US$400,000.
Legal Action
The UWP, represented by former Trinidad and Tobago attorney general Anand Ramlogan, has taken legal action against the government over the CBI programme, seeking to disclose a copy of the agreement between the government and its agents for the programme. Skerrit has warned that the projects will be affected by the pending legal action.
Accountability and Transparency
Skerrit emphasized that accountability regarding the CBI programme was only established when his administration came into office. He pointed out that the programme has been more transparent than ever before, with estimates of revenue and expenditure reported in Parliament. He also invited the United States Treasury Department to come to Dominica to get a first-hand look at the CBI programme.
Six-Point Plan
The US government and the five countries of the Organisation of Eastern Caribbean States (OECS) with CBI programmes have agreed to a six-point plan to strengthen the programme’s governance and mitigate money laundering and terrorist financing risks. The plan includes principles such as not processing applications from persons denied applications in any of the other five CBI jurisdictions, conducting interviews with applicants, and running checks on each applicant with the Financial Intelligence Unit of the relevant country.
Conclusion
In conclusion, Prime Minister Skerrit has defended the CBI programme in court, emphasizing its accountability and transparency. He has warned that the programme will be affected by the pending legal action and has questioned the opposition’s motivation in their relentless attacks.
FAQs
Q: What is the Citizenship by Investment Programme (CBI)?
A: The CBI programme allows foreign investors to obtain citizenship of Dominica in exchange for making substantial investments in the island’s socio-economic development.
Q: What are the requirements for the CBI programme?
A: The programme requires a minimum donation of US$250,000 or a minimum investment of US$400,000.
Q: What is the purpose of the six-point plan?
A: The six-point plan is aimed at strengthening the programme’s governance and mitigating money laundering and terrorist financing risks.
Q: Has the CBI programme been affected by the pending legal action?
A: Yes, the programme will be affected by the pending legal action, according to Prime Minister Skerrit.
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