The Cabinet Decision (attached) is reflective of the Government’s intention to reward and further incentivize those who originate the files, thereby increasing the application flows to the Programme.
As indicated in the Release, Authorized Representatives and/or Suppliers are to be paid the commission. Note that where the Licensed Agent is the originator of the application, she/he will be paid the appropriate commission.
We urge those individuals/entities interested in being remunerated for their efforts and are not yet Authorized Representatives, to submit their applications soonest. There are currently no fees charged for assessing the application. However, it is the Unit’s intention to institute an annual registration fee of US$5,000 to cover the costs of conducting thorough background checks on ALL Authorized Representative applicants. For those already approved, the fee will be payable on the one year anniversary of the approval.
The Unit is enlisting the cooperation and assistance of Agents and Authorized Representatives to ensure the smooth implementation and operation of this innovative initiative.
To this end, we outline the process below:
The AB5 form (attached) has been amended to provide a space for the Authorized Representative’s name to be inserted and the cover letter should also make clear the originator of the file. For those applications already being processed, we are requesting the Agents indicate that information at the bottom of the AB5 and in their cover letter,
After approval and payment of all outstanding fees and investment sums, the Authorized Representative/Supplier/originator or his/her Agent will submit an invoice for the amount owing (multiple applications may appear on the same invoice),
This invoice will indicate, among other things, the name of the main applicant, APP number , approval date, investment option and amount, commission payable and payment instructions,
The Unit will verify the information and, once satisfied, the Accountant General will be provided with a request to pay on the NDF files. The Unit will make payments directly for real estate transactions,
For clarity, commission is to be paid on files submitted on Monday October 10th and onwards.
We thank you for your usual assistance and useful feedback on this and any CIP related matters.