Caribbean countries with Citizenship by Investment Programs (CIP) are being advised to take pronouncements by the European Union about ending CIPs in the Caribbean seriously.
Dominica, and other countries selling citizenship look set to be given an ultimatum by the EU – to end their CIP or face visa restrictions.
The EU Parliament voted to ask the Commission to formulate a strategy to eventually request CBI programs be phased out in Dominica and all other countries offering citizenship by investment.
In essence, these countries could be given ultimatum by the EU, to end their Citizenship by Investment Program or face visa restrictions
Nuri Katz , President for Apex Capital Partners, a licensed agent throughout the world for CIP, said although any such move could take a while, regional leaders should take it very seriously.
“I certainly think the CIP countries should worry about it. I believe that the EU is worried about how rigorous the due diligence is being done on candidates receiving citizenship. I’ve always said that due diligence is the best known to man,” he added.
He said Dominica and other countries offering CIP should begin to rally around the stakeholders in the industry.
“They need to begin to develop strategies to try to work with the EU to fashion a response that will allow the CIP countries to maintain the programs and the visa free travel to Europe,” he added.
He said action must be taken now, agreeing that any such move could seriously hurt the economies of the countries, whose economies rely largely on the sale of passports for investments.
“I would hate to even think about it. In countries like Dominica, the international airport is being built using CIP money and that could end up being scrapped. So many houses are being built on using CIP money…”Katz said
According to the CIP expert, any move to phase out the CIP in Dominica and any other country, could see the crashing of their economies.
“Many of the economies of the Caribbean really heavily rely on CIP funds for the governments to function. This would be a huge challenge. This would be a hard blow. I can’t imagine how difficult that would be,” he added.
Antigua and Barbuda’s Prime Minister Gaston Browne is among the first regional leaders to write to the European Union, requesting that it reconsider its intention to phase out the Citizenship by Investment Programs in the Caribbean.
Credit: https://dominicanewsonline.com/news/homepage/news/pm-skerrit-among-caribbean-leaders-advised-to-take-eu-threat-of-ending-cbi-seriously/
