How Does the Due Diligence Process Operate in the Caribbean?

As Heyrick Bond Gunning, CEO of S-RM explains, The Caribbean citizenship by investment programs are generally associated with far-reaching due diligence.

Due diligence bases its’ quality on the transparent process and monitoring of the applicants that are under way in case their conditions differ and establishes its’ difference dramatically across citizenship by investment (CBI) programs. While there are transparent but strong, at times challenging requirements, The Caribbean due diligence process is still a good choice not only because of its’ complete clarity around on-board decision-making procedure but also because of its’ consistency in structure with all of the processes. The processes’ requirements include a mix of supporting documentation, thorough inspection by independent and professional firms, and information traffic with both regional and international entities concerned with crime detection. This structure is the main reason for investors to feel discouraged from using the Caribbean’s CBI programs to overcome the Common Reporting Standard (CRS) or to take part in other illegal activity.

The increasing interest paid to immigration by possible immigrants or specifically investor immigrants makes it important to provide clear information on the steps that have to be taken in examining the individual who has applied to CBI in some authorities.

Each report should include the following areas:

Address verification: Every applicant should give the details regarding his or her residential history for at least the last 10 years. The verification of their current residential address handled either through a site visit or through associates located in the country who are conversant with the applicant.

Passport verification: The applicants or any of the dependents’ passports are confirmed through an algorithmic control and by the appropriate issuing jurisdiction.

Police authorization certificates: The applicants or any of the dependents’ who are older than a certain age must provide a record clean from any criminal activities for each of the authorities they have resided in within the last 10 years. In case of any authorities to be found, the CBI authorities request police clearance certificates. These police clearance certificate’s reliability is substantiated through the issuing authorities.

Business profile: The applicants must explain all business interests and employment activities they had in the past 10 years the lowest. The positions they explain are substantiated, and further searches are managed to make sure there are exclusion. Examinations are done to make sure these entities conform to law, both in terms of registration and their business activities.