Caribbean island of St. Kitts and Nevis secured the top spot for the fourth consecutive year, showcasing its enduring appeal among investors seeking alternative citizenship. Dominica, following closely behind in second place, maintained its position despite a slight drop in points.
Ranking over 12 CBI jurisdictions, the report included an analysis of the changing landscape of the industry with greater emphasis on transparency.
Aligning with its theme-“Transparency Meets Transition: A CBI Reset”, the CBI Index shed light on the significance of the adaptability for the industry amid the challenges posed by geopolitical conflicts worldwide.
The CBI Index stated that the industry has been evolving for the better with a greater call for effective due diligence, international cooperation and timely improvements in the programmes.
The report also asserted that the global changes would continue to put pressure on the CBI Programmes worldwide and pave them towards integrity and maintaining reputation to suit external and internal audiences in the future.
In this year’s report, the five Caribbean countries with CBI programmes dominated the industry with their evolving and groundbreaking decisions over the years.
St. Kitts and Nevis has been named “World’s best Citizenship by Investment Programme” for the fourth year in a row by the CBI Index.
St. Kitts set a new benchmark, outperforming 12 other jurisdictions with an impressive overall score of 84 percent.
Dominica continued its winning streak, securing second place in the Index with an 80 percent score for the second consecutive year. Close behind, Grenada earned 77 percent, while Antigua and Barbuda, along with Saint Lucia, secured third, fourth, and fifth places with scores of 74 percent each.
According to the CBI Index, the dominance of the Caribbean Five in the index marked their effectiveness and integrity in the Investment Migration Industry. As the five countries secured all leading positions with impressive scores in nine pillars of excellence, the report praised their consistency in maintaining the top spot.
“The Caribbean Five retain their leading rankings for the CBI Index 2024, once again reflecting a good balance of processing efficiency, vetting, and global mobility power, ” the report noted.
Other Programmes Highlighted in the CBI Index
Several European programmes also made significant strides in the index. Malta, known for its robust economic and social benefits, secured the sixth position. Turkey, with its strategic location, ranked seventh. Oceania’s Vanuatu, despite facing a setback recently, still claimed the eighth spot.
Notably, Egypt’s score increased by 2 points, it secured an overall 59%. However, a decline in the performance of Jordan and Cambodia was also marked by the CBI Index.
Cambodia dropped to 12th place this year losing its previous position to Jordan with an overall score of 49 percent.
Indians seeking alternative citizenship
The CBI Index noted that the emerging global conflicts and migration have increased the demand for Plan B.
In this scenario, economic citizenship turned out to be the Plan B for potential investors worldwide, especially for Indians. Citizenship by Investment Programmes offer a direct path to citizenship, an investor is granted citizenship following a significant investment into the country’s economy.
According to the statistics, over 2.5 million Indians chose to migrate to different countries across the world and a large part of them are seeking paths to foreign citizenship.
While the Indian constitution does not allow for alternative citizenship or a second passport, the OCI card grants almost all residency requirements to NRIs. It grants lifetime, multi-entry, multi-purpose access to India.
CBI Index 2024: A Trusted Tool with Nine Pillars of Excellence
The CBI Index is a rating system developed to assess the performance and attractiveness of Citizenship by Investment (CBI) programmes based on a diverse range of measures.
In the fragmented CBI Industry where each country manages its own distinct programme, it can be challenging for investors to evaluate the relative merits of each programme.
The purpose of the CBI Index is to bring value to the CBI industry by offering a practical, data-driven tool for appraising programmes. As the Index has entered its eighth edition and is near its decade of excellence, it is aimed at facilitating the decision-making process for individuals considering the CBI programme operating worldwide.
The ranking in the CBI Index is based on the nine pillars of excellence, which form the foundation of the entire ranking system. The pillars included:
Standard of Living, Freedom of Movement, Investment Options and Threshold, Mandatory Travel or Residence, Citizenship Timeline, Ease of Processing, Due Diligence, Family, and Certainty of Product.
Notably, the Caribbean nation- St Kitts and Nevis secured a perfect score of 10 in four key pillars including Mandatory Travel or Residence, Ease of Processing, Due Diligence, and Certainty of Product and emerged a top performer.
Malta- European nation topped the Standard of Living Pillar with nine points and marked as an ideal destination for relative safety, life expectancy and freedom. Freedom of Movement Pillar was topped by both Malta and Austria with a perfect score of 10.
In contrast, Caribbean countries such as St Kitts and Nevis, Antigua and Barbuda, Saint Lucia and Grenada secured a score of seven.
In the Investment Options and Threshold pillar, Antigua and Barbuda, Egypt, and Saint Lucia received the highest score of 9, with St. Kitts and Nevis close behind at 8. Four Caribbean countries including Dominica Grenada, St. Kitts and Nevis, and Saint Lucia scored a perfect 10 in Mandatory Travel or Residence Pillar.
In the Citizenship Timeline Pillar, the top rankings were secured by Dominica, Jordan and Vanuatu, while the Ease of Processing Pillar was topped by Dominica, Grenada, St Kitts and Nevis and Malta.
St Kitts and Nevis stood alone at the top of the Due Diligence pillar, one of the most critical categories, with a perfect score of 10. In the Family Pillar, Antigua and Barbuda and Grenada shared the top rank.
Lastly, St Kitts and Nevis again stood on the top with a perfect score of 10 in the Certainty of the Product Pillar.
China said on Thursday it will temporarily exempt foreign firms from paying provisional income tax on profits they re-invest into the economy, in a bid to stop foreign firms shifting their operations
The Hong Kong Monetary Authority (HKMA) is preparing a transition finance framework to classify whether activities can help carbon-intensive firms reach net-zero emissions, to support the development
Hong Kong is winning back wealthy Chinese by rolling out the red carpet for the rich while rival Singapore scrutinises foreign money. The Chinese territory is expected to welcome about 200 high-net
Prosecutors allege Hunter Biden received payments from Romanian businessman Gabriel Popoviciu, aiming to influence U.S. government agencies amid a criminal probe in Romania. The trial is set for Sept.