Tighter scrutiny for CIP due diligence checks

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Even as government sets a US $200 million target in revenue from the Citizens by Investment Programme (CIP) this year, the head of the Citizens by Investment Unit (CIU) said changes will be made to ensure the due diligence process is not compromised.

The unit’s Acting Chief Executive Officer Thomas Anthony said the process will be tightened in the face of global security concerns.

He added that the entire system will be fully automated to speed up the process of handling the applications for investors and their families who are desirous of obtaining Antiguan and Barbudan citizenship.

“That will help us to process applications more quickly, but the background checks itself will continue to take an average of about 30 days on a good application. Those are people who would have had a footprint in more than one country for more than six months in the last 10 years; it would necessitate a background check in all those countries they would have lived,” Anthony said.

He said the average processing time for an applicant is 30 days given the fact that this service is subcontracted to private due diligence providers who have several years of experience.

Anthony further explained that the unit conducts its background checks by using online resources, many of which are not available to the public.

The data is then compiled and sent to one of three providers attached to the programme; an enhanced check is also completed by another agent.


(More in today’s Daily Observer)