St Lucia Citizenship by Investment operates a “rigorous due diligence process which entails engaging law enforcement and third-party due diligence firms.” It does not make any decision on applications until receiving external feedback. This process applies to you and every dependent 16+.
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Due Diligence in Residency and Citizenship by Investment
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RIF Trust on the Importance of DD in Residency and Citizenship by Investment
RIF Trust CEO Mimoun Assraoui appreciates that everybody has an idea what they think due diligence (DD) means: “The phrase ‘do your due diligence’ has become ubiquitous. You see it here, there, and everywhere.”
“However, this article addresses what the term means in the context of the world of Residency and Citizenship by Investment.”
Our CEO elaborates: “Whether you apply for a new residency or second citizenship, you have to satisfy due diligence requirements. There is a broad overlap with subtle difference between programs.”
What Is Due Diligence?
In common parlance, ‘do your due diligence’ is something that you do. Imagine you’re buying a new car or property. Smart buyers research the car’s performance levels and the history of the real estate unit, amongst other factors.
You want to know any issues in advance. This prevents you feeling any buyers’ regret. You’re also thinking long-term in terms of reselling the motor or property.
Due diligence, by contrast, is something done to you. Residency and Citizenship by Investment Units judge your application against strict DD conditions. If your circumstances don’t match these, your application will be denied.
The administrators of the programs are also mindful of acquainting themselves with their potential new resident or citizen ahead of time. They’d rather an unsuccessful application than the later stripping of residency or citizenship. It’s a case of rooting out the bad apples before they spoil the cart.
Due Diligence and Residency by Investment Part 1
Around 5 months is the time the Canada Start-up Visa‘s due diligence process takes. Proof of funds is an area of concern for the Canadian government regarding this Residency by Investment. As is the reputational risk an investor and their family pose to the country with vigorous background checks carried out.
The Hellenic Republic Ministry of Migration & Asylum apply due diligence to all Greek Golden Visa applicants. As investing in residency is a standard financial transaction, there has to be the necessary DD. The ministry want to ensure that your source of funds is legal and that the reputation of you and your dependents is clean.
Residency Malta Agency is the government body in charge of the Malta Permanent Residence Programme (MPRP). It defines “due diligence data” as “any personal data pertaining to the applicant collected and processed by the Agency as part of the due diligence process, excluding the personal data collected by the Agency directly from the applicant.” This reinforces the notion of due diligence as a measure that is applied to assess your program eligibility.
European and international compliance standards guide the Portuguese Golden Visa. These are set up in opposition to money laundering. The DD focus, as elsewhere, is on a criminal background check and source of founds.
Due Diligence and Residency by Investment Part 2
There is rigorous vetting of Spanish Golden Visa applicants too. This is to prevent any corruption of the system. It means that only lawful investors receive this European residency whilst criminals miss out.
UAE Golden Visa applications are subject to stringent global due diligence guidelines. It’s a Residency by Investment program that’s anti money launderers. It also prohibits the funding of terrorism.
There are two stages of DD relating to the UK Innovator Founder Visa. First, the Endorsing Body will need to assess if the applicant is a Politically Exposed Person (PEP) and whether this makes them unfit or improper. Then, “on receiving an application for an Innovator visa the Home Office will carry out its own checks related to character and conduct.”
The US EB-5 Investor Visa targets upright applicants. U.S. Citizenship and Immigration Services (USCIS) forms part of the U.S. Department of Homeland Security. USCIS arranges for investors to receive “required background checks to protect national security and public safety.”
Citizenship by Investment and DD Part 1
Antigua and Barbuda Citizenship by Investment includes a basic non-refundable due diligence charge of $8,500 for you and $5,000 for your spouse. You’ll pay $2,000 per dependent 12-17, $4,000 per dependent 18 and over, and $5,000 per Benefactor. This is “to ensure that only meritorious applicants are granted citizenship of Antigua and Barbuda.”
The DD process in Dominica Citizenship by Investment takes roughly 3 months. It involves internal scrutiny by the Dominica Citizenship by Investment Unit and external checks from the likes of the Joint Regional Communications Centre (JRCC), an extension of the CARICOM Agency for Crime and Security. Sometimes they require enhanced checks and extra fees, with Iranian applicants currently paying $25,000 rather than the standard $7,500 charge.
Grenada Citizenship by Investment is a 5-stage process, covering due diligence in the 4th stage: “Each application is vetted by the Government through a thorough due diligence background check, during which time submitted information is examined and verified. The CBIC considers application files in light of this due diligence check, and then issues a recommendation about the application. Final approval is in the hands of the Minister of Citizenship.”
The Community Malta Agency governs Maltese Exceptional Investor Naturalization (MEIN). They use “a four-tier due diligence process, which is considered the most stringent, and of the highest standard, in the industry.” RIF Trust participates in the first Know Your Client tier with the agency.
Citizenship by Investment and DD Part 2
In St Kitts and Nevis Citizenship by Investment, there’s a due diligence fee of $10,000 to pay for you as the main applicant and $7,500 for each of your dependents over the age of 16. This involves an interview for you and these adult dependent. You can arrange this in person or online.
The Presidency of the Republic of Türkiye Investment Office oversees Turkish Citizenship by Investment. The Provincial Census and Citizenship Directorate issues the citizenship file and sends it to Directorate General of Civil Registration and Citizenship Affairs. Before the application goes any further, they investigate “whether there are any impediments with respect to national security and public order.”
Vanuatu Citizenship by Investment comprises of 10 steps before you receive a Vanuatu passport. 3 of them relate to due diligence. First, Vanuatu’s Financial Intelligence Unit (FIU) carries out checks before applicant screening by the Vanuatu Citizenship Commission Office.
How to Negotiate Due Diligence in Residency and Citizenship by Investment
DD begins from the moment you consult a Residency and Citizenship by Investment authority such as RIF Trust. Honesty is always your best policy as immigration services prefer to hear of any issues directly rather than indirectly. So, contact us now, and we’ll show you how to start your application for a new residency or second citizenship today without delay.