London, Aug. 15, 2022 (GLOBE NEWSWIRE) -- The CBI Index which is a yearly report that compares citizenship by investment programmes by ranking their performances and desirability is due for release later this week. The index ranks programmes through nine pillars of excellence that measures their overall performance and appeal.
Released yearly by the Financial Times’ PWM Magazine, the CBI Index rating system uses a wide range of indicators to measure how well global citizenship by investment (CBI) programmes work and how appealing they are. Its goal is to provide a rigorous and systematic way to evaluate programmes and make it easier for people to take informed choices about economic citizenship.
The 2021 CBI Index featured fourteen countries from around the world, with five from the Caribbean region: Antigua and Barbuda, Dominica, Grenada, Saint Lucia and St Kitts and Nevis. The index also featured nine countries from Europe, Africa, the Middle East and Asia, including Austria, Bulgaria, Cambodia, Egypt, Jordan, Malta, Montenegro, Turkey and Vanuatu. The Caribbean region are pioneers of the CBI industry, with St Kitts and Nevis launching the world's first citizenship by investment programme in 1984.
Since the launch of the CBI Index in 2017, the Commonwealth of Dominica has been topping the charts and is regarded as one of the world's leading citizenship by investment programmes. The Dominica CBI has continued to post exceptional scores for each of the nine pillars. Launched in 1993, it is the second oldest CBI programme in the world, with the government utilising the inflow of revenue to mitigate the impact of climate change and natural disasters.
In the 2021 CBI Index, Dominica scored a maximum score of ten in five out of the nine pillars, while scoring a solid nine in the citizenship timeline pillar. The minimum investment outlay, mandatory travel, ease of the process, due diligence, family, and certainty of product pillars showed the performance of the Dominica CBI, which scored a final score of 80. There are speculations that Dominica might emerge as the best CBI programme this year.
St Kitts and Nevis made its debut in the top rankings in the 2021 CBI Index and claimed the top position as the most popular and number one citizenship by investment programme. Over the years, the programme has increased the scope of its definition of a dependant by including siblings of the main applicant or spouse (provided they are 30 years or younger, unmarried, childless and financially dependent on the main applicant). The programme also scored a total of 80 points in the final results and was the leader in the pillars of mandatory travel, citizenship timeline, due diligence, and family and scored a nine in the certainty of product.
The Citizenship Investment Programme (CIP) of Saint Lucia, 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 2022 Index report. Last year, Saint Lucia’s total score was 74. The Saint Lucia CIP scored high in the pillar of minimum investment outlay, mandatory travel, citizenship timeline and ease of the process while scoring seven points in the pillar of due diligence and freedom of movement and six in the certainty of product and standard of living. It also became the first country to score one point higher in the standard of living pillar in the 2021 report.
With Saint Lucia’s change of leadership, it is expected that the programme will enter the top three in the 2022 CBI Index Report as the new administration has been working hard to re-brand the programme in an attempt to position itself amongst the world's leading programmes.
The CBI Index utilises official sources and publications from several institutions with the highest international standings, as well as specialised information from CBI industry experts to conduct its research. The points are awarded after thorough evaluation of evidence, data and the letter of the law. All programmes are ranked based on the nine pillars below:
- Freedom of Movement
- Standard of Living
- Minimum Investment Outlay
- Mandatory Travel or Residence
- Citizenship Timeline
- Ease of Processing
- Due Diligence
- Family
- Certainty of Product
James McKay who heads up the research for the report believes that the CBI Index has established itself as the industry's resource for a high-level, data-driven, impartial appraisal of available CBI programmes that help investors and their families to stay informed about investment decisions in a rapidly changing world.
Citizenship experts around the world eagerly await the results of the 2022 CBI Index which is expected to be released later this week. The Dominica and St Kitts and Nevis CBI programmes are expected to retain their top rankings with the Saint Lucia CIP making a steady upward climb through the rankings.
In a world where the notion of traditional citizenship is blurring, people are looking for more options to expand their boundaries. In such situations, citizenship by investment programmes help with portfolio diversification and successful applicants receive citizenship for life that are not based on where the person chooses to live.
As more programmes emerge, due diligence remains the utmost priority for these countries. Dominica and St Kitts and Nevis are recognised for having vigorous due diligence procedures utilising reputable due diligence agencies based in the UK and USA. All applicants and their dependants over the age of 16 undergo multi-layered background checks conducted by the world's leading government and private agencies. The CBI Index report understands the gravity of due diligence and also evaluates programmes based on global safety and security. In recent years, family inclusiveness has become a critical factor which CBI nations can utilise to enhance the integrity of their offerings allowing them to move closer to harmonised due diligence standards.
