LONDON, Dec. 23, 2022 (GLOBE NEWSWIRE) — The global market for immigration investment is expected to grow exponentially, with countries around the world imposing international travel restrictions as a result of Covid-19. We are already seeing significant growth during this time. Pandemic. As immigration and border controls become more and more important for countries and countries around the world, the role of immigration and investment due diligence will grow.
The longest and most reliable citizenship by investment program is found in the Caribbean, so let’s see what these countries can tell us about this growing industry.
What is immigration and investment due diligence?
In a nutshell, due diligence usually refers to investigations conducted on individuals or entities before engaging in financial transactions. With respect to immigration and investment, this means that certain background and other checks will be performed on applicants wishing to immigrate or invest in certain countries or territories.
Each region in which an applicant intends to invest has its own requirements. This also applies to Citizenship by Investment (CBI) programs. Its first program was launched globally in 1984 by the twin island nation of Saint Christopher and his Nevis in the Caribbean.
Why is investment immigration due diligence important?
Different countries have different ways of conferring citizenship. Some countries confer citizenship through naturalization, such as by birth in that country, the descendants of a parent who is a citizen, or by marriage to a citizen or long-term residence in that country. The Citizenship by Investment program allows successful applicants to obtain citizenship by making a significant investment in the country.
Many families and entrepreneurs are turning to citizenship through investment programs as an alternative to diversifying their assets. Global uncertainty has increased the desire among wealthy individuals to incorporate second citizenship as part of their portfolios. However, countries offering CBI programs require applicants to be rigorously screened before being granted citizenship. This is to maintain the specific standards of the CBI program and to ensure that applicants comply with specific national and international standards to support safety and security. This is because the screening process also includes a criminal background check.
More information on Caribbean CBI program requirements can be found here.
How is the Caribbean leading the way?
Since accepting funds from CBI programs poses a high level of risk to most banks operating in the Caribbean, there is typically only one US bank providing corresponding banking services in each of the CBI countries. Caribbean banks tend to be very careful. When scrutinizing new customers. Therefore, local Caribbean banks perform their own vetting process for each CBI applicant before allowing funds from the applicant to enter the local banking sector. This review process usually takes place before an applicant’s application is submitted to her CBI unit of the receiving government for processing, as it forms a very important part of the success of each application. This dual process of scrutiny by banks and by the agency responsible for CBI adds a necessary and additional level of security to his CBI program in the Caribbean.
For example, the Dominica CBI’s due diligence process has four steps. Internal checks including anti-money laundering and anti-terrorist financing reviews by Citizenship by Investment Unit. A mandatory international due diligence firm conducts online and on-site checks. Local and international crime prevention agencies verify that you are not on any wanted or sanctioned lists.
Caribbean governments have also continued to improve the CBI program and have worked hard to ensure the quality of the program and the quality of applicants accepted through the program. Saint Kitts and Nevis recently welcomed a new administration, and he has already announced changes to strengthen the CBI program. In a recent move, a new head of the CBI division was appointed.
The Caribbean has very open and strong relationships with international actors and is always heeding what international law enforcement agencies say. For example, security concerns of international law enforcement always take precedence over due diligence service providers. If a due diligence agent has given an applicant a clear review, but that same applicant receives red flags from international law enforcement, the country will refuse to grant citizenship on investment to that applicant.
Another reason an applicant may be denied second citizenship is if the applicant is denied a visa from a country that the Caribbean has visa-free access to.
“When you look at countries like the Caribbean that are highly rated, you can see that they are doing a lot to not only meet the minimum standards, but to increase the scale of their programs. always strives to achieve best practice by regularly asking our due diligence agents how they can improve their risk-based approach and how they can better assess applicants, and we are committed to our due diligence process from start to finish. At a due diligence webinar hosted this year by the Financial Times publication Professional Wealth Management (PWM), Karen Kelly, director of strategy and development at Exiger said: “We found that countries that are already involved with top-notch due diligence intelligence companies have consistent standards across their CBI programs.”
For more information on the Caribbean CBI program, its offerings and benefits, please visit www.csglobalpartners.com.
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