Strengthening Eastern Caribbean Citizenship by Investment Schemes

by World Citizenship Council

The European Commission has published a report exposing serious vulnerabilities with citizenship by investment schemes run by Eastern Caribbean countries. The EU is considering imposing a visa restrictions on EC nations with CBI programs. The CBI industry is at the brink of collapse, unless these security loopholes are plugged by governments. Over 88,000 Golden passports were issued by Caribbean nations alone. 

The World Citizenship Council proposes the following measures to be implemented urgently to protect the integrity of CBI schemes before the UK and EU implements visa restriction. 

1. Block possibility to change name (identity) for investors and family members who received passports.
2. Increase processing time to do more checks (4 months or more)
3. Increase the rejection rate of applications.
4. Impose a net worth requirement of (USD 100,000 or more), so that only those who have the necessary financial means may apply. This will make only eligible people apply for CBI, only fewer passports are responsibly issued only to highly qualifying applicants.
5. Disqualify applicants who apply with loans or financial assistance.
6. Disqualify applicants who originate from sanctioned countries.
7. Tighten regulations involved with purchasing with real estate, that is approve real estate projects where real development occur that creates local jobs and taxes.
8. Implement Genuine link criteria with ties to the nations.
9. Disqualify applicants who have been refused visa by UK, Canada, EU and US.
10. Monitor the applicants who have been issued passports. Trim to passport validity to 5 years.
11. Improve the transparency of CBI to highest standards (disclose statistical date on who has received passports.)
12. Information exchange with applicants’ country of origin or main past residence, must happen in a systematic manner. 
13. Implement to require residence or even physical presence in the country before citizenship can be granted, or even during the application process. 
14. Disclose the thoroughness of the security screening.
15. Decouple private agents who are responsible for security screenings –  who have no access to law enforcement and judicial authorities’ information in the country of origin or main past residence.