Dominica: A Closer Look at the ‘Golden Passport’ Controversy
Photo source: Reuters
The Commonwealth of Dominica, a small island nation in the Caribbean, has long been known for its lush landscapes, vibrant culture, and a unique economic program that has become the subject of recent scrutiny. Dominica’s Citizenship by Investment (CBI) program, also known as the ‘golden passport’ scheme, has been under the radar for its alleged issuance of a higher number of passports than officially disclosed. Dominica’s CBI program was established in 1993 as a means to stimulate the country’s economy. This program allows foreign nationals to attain Dominican citizenship through a significant financial contribution to the country’s economy, either via a donation to the Economic Diversification Fund or an investment in pre-approved real estate projects. In exchange for this contribution, the investors and their families receive Dominican citizenship, which comes with visa-free travel to over 130 countries, including the EU Schengen zone and the UK.
While the CBI program has been largely beneficial for Dominica’s economy, recently conducted analyses suggest that the number of ‘golden passports’ issued may be significantly higher than what the government has publicly declared. These suspicions arose from differences in the yearly financial reports and the number of passports the government claims to have issued. For instance, the revenue generated from the CBI program, as stated in the annual reports, does not seem to align with the number of citizenships declared to have been sold. If the minimum investment amount per passport is considered, the difference suggests that thousands more passports may have been issued. The alleged discrepancies raise several concerns. First, the transparency and integrity of the CBI program come into question. This could potentially affect the reputation of the nation and the program, leading to international scrutiny and affecting investor confidence in the long run. Second, the possible undervaluation of the actual number of passports issued could have implications for immigration and national security in countries where Dominican citizens have visa-free access. If the number of new citizens is indeed underreported, it could signify a much larger influx of people with visa-free access to these countries, which may not have been accounted for in their immigration policies. Finally, there may also be implications for the distribution of the CBI’s revenues within Dominica. If more passports have been sold than reported, it raises the question of where the surplus funds have gone, and whether they have been used effectively for the benefit of the Dominican populace. The Dominican government needs to address these allegations swiftly and transparently. If discrepancies are found, it is vital that measures are taken to rectify the situation and restore confidence in the CBI program. An independent audit of the program could go a long way in ensuring transparency, accountability, and the future success of the program.The ‘golden passport’ controversy serves as a reminder of the importance of transparency and accountability in economic programs, particularly those that offer paths to citizenship. As nations around the world seek innovative ways to boost their economies, careful oversight and transparency must be paramount to ensure such programs serve their intended purpose and maintain their integrity.
By Roberto Casseli
