Dominica Suspends Russians and Belarusians From CBI Program

• Dominica has suspended, with immediate effect, applications from nationals of Russia and Belarus seeking citizenship under the island’s Citizenship by Investment Program (CBI) that caters to large foreign investors. 
• Dominica’s position to suspend nationals from Belarus and Russia from the CBI program follows Moscow’s invasion of Ukraine and the United Nations General Assembly (UNGA) decision to condemn Moscow for its action. This measure is to safeguard the Dominica community and the integrity of the Dominica Citizenship by Investment Program. 
• In 2020, Prime Minister Roosevelt Skerrit told Parliament that the CBI had earned Dominica EC$1.2 billion (One EC dollar=US$0.37 cents) over the last three years, and for the fiscal period 2017-2020, and 5,814 applications had been approved. 
• To qualify for the CBI, the investment made by foreigners is expected to be large enough to positively impact the island’s socio-economic conditions. The approved CBI residents, up to 2020, totalled around eight per cent of the Dominican population.
• Notably, in March last year, Skerrit said his administration had been utilizing the CBI funds to pay off debts, meet the current expenditure of the government, and sustain ongoing projects in the public sector.

 (Caribbean National Weekly)