London, Aug. 15, 2022 (GLOBE NEWSWIRE) — The CBI Index, which is an annual report that compares citizenship by investment programs by ranking their performance and desirability, is due out later this week. The index ranks programs according to nine pillars of excellence that measure their overall performance and attractiveness.
Published annually by the Financial Times’ PWM magazine, the CBI Index rating system uses a wide range of indicators to measure the functioning and attractiveness of Global Citizenship by Investment (CBI) programs. Its goal is to provide a rigorous and systematic way to evaluate programs and make it easier for people to make informed choices about economic citizenship.
The 2021 CBI Index included fourteen countries from around the world, including five from the Caribbean region: Antigua and Barbuda, Dominica, Grenada, Saint Lucia and Saint Kitts and Nevis. The index also included nine countries from Europe, Africa, the Middle East and Asia, including Austria, Bulgaria, Cambodia, Egypt, Jordan, Malta, Montenegro, Turkey and Vanuatu. The Caribbean region is a pioneer in the CBI industry, with St. Kitts and Nevis launching the world’s first citizenship-by-investment program in 1984.
Since the launch of the CBI Index in 2017, the Commonwealth of Dominica has topped the rankings and is considered one of the leading citizenship-by-investment programs in the world. Dominica’s CBI continued to post outstanding scores for each of the nine pillars. Launched in 1993, it is the second longest running CBI program in the world, with the government using the influx of revenue to mitigate the impact of climate change and natural disasters.
In the 2021 CBI Index, Dominica earned a maximum score of ten out of five of the nine pillars, while scoring a solid nine in the citizenship timeline pillar. Minimal capital outlay, required travel, ease of process, due diligence, family and certainty of the product pillars showed the performance of Dominica’s CBI, which achieved a final score of 80. There has speculation that Dominica could emerge as the top CBI program this year.
St. Kitts and Nevis debuted in the 2021 CBI Index Top Rankings and won the top spot as the most popular and number one citizenship-by-investment program. Over the years, the program has broadened the scope of its definition of dependent to include siblings of the principal applicant or spouse (provided they are 30 years of age or younger, single, childless and financially borne by the main applicant). The program also scored a total of 80 points in the final results and was the leader in the Mandatory Travel, Citizenship Schedule, Due Diligence and Family pillars and scored a nine in Product Certainty.
Saint Lucia’s Citizen Investment Program (CIP), launched in 2016 and the newest in the Caribbean region ranked fourth in the 2021 CBI Index, is also striving to make its mark in the Index report. 2022. Last year, Saint Lucia’s total score was 74. Saint Lucia’s CIP scored high in the pillar of Minimum Capital Expenditure, Mandatory Travel, Citizenship Time Limits and ease of process while scoring seven points in the due diligence and freedom of movement pillar and six in certainty of product and standard of living. It also became the first country to score one point higher in the living standards pillar in the 2021 report.
With Saint Lucia’s leadership change, the program is expected to enter the top three of the 2022 CBI Index report as the new administration has worked hard to rebrand the program in a bid to position itself among the main global programs.
The CBI Index uses official sources and publications from several institutions with top international rankings, as well as expert information from CBI industry experts to conduct its research. Points are awarded after a thorough evaluation of the evidence, data and the letter of the law. All programs are categorized according to the nine pillars below:
James McKay, who leads the research for the report, believes the CBI Index has established itself as the industry’s resource for an unbiased, high-level, data-driven assessment of available CBI programs that help investors and their families to stay informed about investment decisions. in a rapidly changing world.
Citizenship experts around the world are eagerly awaiting the results of the 2022 CBI Index due to be released later this week. CBI programs in Dominica and St. Kitts and Nevis are expected to retain their best rankings, with CIP St. Lucia steadily moving up the rankings.
In a world where the notion of traditional citizenship is fading, people are looking for more options to expand their borders. In such situations, citizenship-by-investment programs help diversify the portfolio and successful applicants receive lifelong citizenship that is not based on where the person chooses to live.
As new programs emerge, due diligence remains the top priority for these countries. Dominica and St. Kitts and Nevis are known to have rigorous due diligence procedures using reputable UK and US based due diligence agencies. All applicants and their dependents over the age of 16 are subject to multi-level background checks conducted by leading government and private agencies around the world. The CBI Index report understands the seriousness of due diligence and also assesses programs based on global safety and security. In recent years, family inclusiveness has become a critical factor that CBI nations can use to improve the integrity of their offerings, bringing them closer to harmonized due diligence standards.
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