Citizenship by Investment (CBI) Programs have again received approval, this time from the Chairman of the Caribbean Development Bank (CDB) Dr. Warren Smith who paid a visit to Dominica.
At a joint press conference with Prime Minister Roosevelt Skerrit Thursday 14 September 2017, he said CBI is a legitimate form of raising revenue for a country.
“Some of the most respectable countries in the world, the United States, Canada, United Kingdom have Citizenship by Investment Programs in one shape or form. There is nothing wrong with it, what I have indicated in the past is that for small countries there is more risk involved because the world we live in today is one with criminal elements operating through the financial systems that we have,” he explained.
Smith said the due diligence required therefore is where the challenge for him adding however it is not an insurmountable problem but if not address could have very negative blow back on countries offering it.
“I think if you look at St. Kitts and Nevis, if you look at Antigua, right here in Dominica you will see that the Citizenship by Investment Program can generate a lot of cash…so we’re happy for the countries that are having success in the Citizenship by Investment Program,” he said.
Smith added that the CDB is “very happy” for the countries offering CBI and just urges that they be cautious exercising the right due diligence “so that it doesn’t have the negative blow back that we have seen in some instances”.