The CBI Index Report 2024: A Major Year for the Caribbean

The CBI Index Explained

The CBI Index is a standard rating system developed to measure the performance of citizenship by investment (CBI) programs across various indicators. The CBI Index Report 2022 was published by the Professional Wealth Management (PWM) Magazine of the Financial Times on 22 August 2022, with notable performers being Caribbean countries. The CBI Index 2023 is due to be published in August.

The CBI Index is a practical and reliable comparison tool forCBI programs. It is an ultimate guide for those looking to learn more about economic citizenship programs through a data-driven approach. In the CBI Report 2022, 13 countries were evaluated, namely, Antigua and Barbuda, Austria, Cambodia, Dominica, Egypt, Grenada, Jordan, Malta, Montenegro, St. Lucia, St. Kitts and Nevis, Turkey, and Vanuatu.

In this article, we shall delve into the details of the CBI Index, simplifying graph data to determine how the countries that offer CBI programs fared this year.

What is a CBI Index?

First and foremost, a CBI program is a global citizenship program implemented to attract foreign investment. It is an opportunity to acquire a second citizenship and passport in another country by investing in its economy.

The performance and appeal of the countries that offer CBI programs are validated using a CBI Index rating system across a diverse range of indicators that evaluate core economics like inflation, and key considerations such as due diligence standards.

CBI benefits extend beyond what the host country receives, providing successful applicants with a new home, security, and access to new opportunities. The CBI Index assists those looking for second citizenship through citizenship by investment (CBI) to compare the available CBI programs and make informed choices based on individual priorities. There are a lot of changes and challenges in the citizenship by investment industry, and the overall performance of countries can fluctuate from year to year. The CBI Index provides prospective applicants with a comprehensive ranking system for reputable programs to help them research their second citizenship destination.

The Dimensions Included in the CBI Index

The below indicators constitute the nine pillars, which help estimate the CBI Index.

• Freedom of movement
• Standard of living
• Minimum investment outlay
• Mandatory travel or residence
• Citizenship timeline
• Ease of processing
• Due diligence
• Family
• Certainty of product

Freedom of movement

The freedom of movement estimates the relative strength of each country’s citizenship. It is measured using three weighted factors:

• The number of destinations one can travel to without restriction using the country’s passport.
• The number of key business hubs the government provides access to.
• The extent to which citizenship provides settlement rights in other nations.

Standard of living

The standard of living metric is used to assess the quality of life offered by the countries. The standard of living is critical to those planning to relocate and secure a flourishing and content lifestyle. It is also vital to those interested in local business opportunities or looking to protect their assets.

Minimum investment outlay

The outlay of minimum investment is critical in estimating the CBI Index, measuring the investment required from the investors to be eligible for the program. The CBI investment increases based on the number of dependents included in the application.

Mandatory travel or residence

The mandatory travel or residence indicator measures the residence and travel restrictions levied on the applicants before and after receiving global citizenship.

Citizenship timeline

The citizenship timeline is the metric used to measure the average time taken by the country to offer citizenship to the applicants applying through the CBI program.

Ease of processing

The ease of processing indicator measures the end-to-end complexity of applying for CBI. In some countries, the process is intensive and time-consuming, while other countries have modified immigration processing for CBI, streamlining the application process with clear directions on how to proceed. The CBI application process must be effortless, smooth, and hassle-free, and only then will the program be considered in most applicants’ decision-making.

Due diligence

Due diligence is the indicator to measure the integrity of the CBI program. It focuses on the nation’s dedication to ensuring the process is transparent and effective at assessing the potential candidates for citizenship.

Family

The family indicator assists in measuring the extent to which one can acquire citizenship for their immediate family. In the era of increasingly complex relationships, investors search for programs that accommodate a diverse range of family members under the primary application.

Certainty of the product

The certainty of the product is determined across five dimensions: Stability, popularity, renown, reputation, and adaptability. Also, it measures the responsiveness and adaptability of the program to major global events that impact global mobility and due diligence requirements, such as the COVID-19 pandemic and the Russia-Ukraine war.

The CBI Index Report 2022

The CBI Index Report 2022 was released by the Professional Wealth Management (PWM) magazine of the Financial Times on 22 August 2022. The sixth edition of the CBI Index once again has two Caribbean countries at the top. According to the CBI Index, the Dominica and St. Kitts and Nevis citizenship by investment (CBI) programs ranked as the world’s best.

Dominica remains at the top for the sixth consecutive year, and St. Kitts and Nevis remained in the same position for the second year in a row. St. Lucia, another Caribbean country relatively new to the CBI industry, moved up one place and secured third. These three Caribbean nations have pushed the other ten countries in the Caribbean, Europe, and Asia down and secured the top positions.

Dominica

Dominica once again scored a perfect score in six of the nine pillars under assessment for the sixth consecutive year. The CBI Index highlighted the efficiency of Dominica in streamlining the application process, due diligence, and sustainable development projects facilitated by CBI funds.

Dominica scored 81 points (90 percent) in the 2022 CBI Index. It has secured the top spot in six pillars, including mandatory travel or residence, east of processing, due diligence, family, certainty of the product, and minimum investment outlay.

The Dominican citizen by investment program was introduced 30 years ago and is continuing to offer investments with hassle-free application processing. It consistently provides clarity in the departments of due diligence and the CBI fund usage. Additionally, the country imposes no travel or residency requirements on CBI applicants.

Dominica also has a perfect score for its family friendliness, allowing immediate and extended family members, including children under 18 (over 18 under special cases), to be included in the CBI application of the main applicant.

St. Kitts and Nevis

St. Kitts and Nevis joined Dominica at the top for the second year in a row, scoring a perfect ten in six pillars of the CBI Index. St. Kitts and Nevis scored 81 points (90 percent) in the report. The pillars that got perfect scores in the report include mandatory travel residence, citizenship timeline, ease of processing, due diligence, family, and certainty of the product.

The only CBI program that secured full points in the citizenship timeline is the St. Kitts and Nevis citizenship by investment program. This is because it offered an accelerated application processing for an additional fee; however, the accelerated process is no longer available.

St. Lucia

With the most recent Caribbean economic citizenship program, St. Lucia jumped ahead of Grenada to third in the CBI Index 2022. This is mainly because of the due diligence, specifically the biometric passports, and a minimum investment outlay in line with Dominica, which costs US$100,000 for a single applicant.

The nation has secured top spots in three out of the nine pillars of the CBI Index, namely minimum investment outlay, ease of processing, and mandatory travel and residence.

According to the report, St. Lucia secured full points in the ease of processing pillar for six consecutive years.

You can read more about St Lucia CBI program in our article: St. Lucia citizenship by investment – The ultimate guide by experts.

Final Scores

The final scores obtained by the 13 jurisdictions in the CBI Index 2022 are listed below.

Frequently Asked Questions about the CBI Index

Are there any differences in the investment options available among the Caribbean countries?

There are differences in the investment options available among the Caribbean countries offering citizenship by investment programs. Each country designs its CBI program based on economic needs, development goals, and priorities. As a result, the investment options offered by one country vary from those of another.

Which Caribbean CBI is the best?

The best Caribbean CBI programs are the Dominican and St. Kitts and Nevis CBI programs, which topped the rankings of the CBI Index for 2022.

What is the cheapest CBI?

Dominica has the cheapest CBI program, with a total investment of $110,000 for a single applicant, including government fees.

The cheapest CBI program for a family of four is the Antigua and Barbuda CBI program, with a total investment of $145,000 to $153,000., including government fees.

How can I compare the overall costs and benefits of different Caribbean citizenship by investment programs?

Conduct comprehensive research on each program to effectively compare the overall costs and benefits of different Caribbean CBI programs, documenting the minimum required investment and the included processing fees. The ultimate guides for each program also list the benefits in detail. With our Caribbean Citizenship by Investment Comparison Guide, you can effortlessly compare and identify programs that align perfectly with your priorities.

Where can I find reliable resources or experts to assist me in comparing Caribbean citizenship by investment programs?

At Global Citizenship Solutions, our team of migration specialists is ready to support you in comparing and identifying the Caribbean citizenship programs that best suit your needs. Additionally, we provide online resources like the Caribbean Citizenship by Investment Comparison Guide and Caribbean Citizenship by Investment 2024, providing valuable insights into how Caribbean CBI programs function, their investment prerequisites, and their advantages based on your unique circumstances.