Making investments in government-authorized funds or real estate in exchange for legal immigration status is becoming increasingly popular among wealthy people worldwide. This year, the CBI Index released by Professional Wealth Management Magazine of Financial Times ranked the citizenship by investment programmes in thirteen different jurisdictions to make the selection process easier for investors who are seeking alternative citizenship.
This year the Index was launched under the title “A Guide to Global Citizenship: The 2022 CBI Index” on Monday, 22 August 2022. One more time, the Caribbean country Commonwealth of Dominica has been ranked as the world’s best, along with the isle sister St Kitts and Nevis.
These are the only two countries which are offering the world’s oldest and longest-running CBI Programme.
“This is the second year running, and this year St Kitts and Nevis join Dominica as the highest ranked programmes in the CBI Index,” CBI Index released by PWM Magazine of Financial Times.
Apart from Dominica, St Kitts and Nevis, one more Caribbean country, Saint Lucia, came in top positions and replaced Grenada this year, becoming the third best programme.
There are thirteen countries featured in the 2022 CBI Index Report, in which five countries are from the Caribbean only, and all are securing the top five positions. These programmes maintained a perfect score of ten for the “Ease of Processing” Pillar for the sixth year.
All the Caribbean islands featured in the report gave the donation option in which they can directly invest in government funds in exchange for citizenship for themselves and their families, which is totally non-refundable.
The ranking of the CBI Index is totally based on the nine pillars. The social and government developments worldwide are also observed in order to prepare the Index, which was launched in 2017, said Researcher.
The CBI Index report allows looking at the programme closely so that investors can make intelligent choices based on their requirements.
Dominica, Saint Lucia, St Kitts and Nevis scored seven in the pillar Freedom of Movement. Report also stated that St Kitts and Nevis has visa-free as well as visa-on-arrival access to the highest number of countries (156).
Saint Lucia gives access to 15 of the 20 key business hubs assessed in the 2022 CBI Index, followed by Dominica with access to 14.
The judgement based on the pillar of Standard of Living, Saint Lucia ranked in the fourth position, while Dominica, St Kitts and Nevis secured the fifth position. Among all jurisdictions, Dominica has the highest life expectancy of 78.2.
In this year’s CBI Index report, Dominica and Saint Lucia secured the highest place in the pillar of Minimum Investment Outlay with a perfect score of ten due to their minimum investment outlay of just USD 100,000.
St Kitts and Nevis gain the top position in the “Citizenship Timeline” pillar with a perfect score of ten. At the same time, Dominica and Saint Lucia scored second because of their three-month processing time.
The five Caribbean authorities of Antigua and Barbuda, Dominica, Grenada, Saint Lucia, and St Kitts and Nevis maintain a perfect score of ten for the Ease of Processing pillar for a sixth consecutive year. This process is totally based upon a straightforward application process which is offered by the CBI authorities.
In the 2022 CBI Index, Dominica, St Kitts and Nevis retained perfect scores for the “Due Diligence” pillar because of their multi-layered, comprehensive background checks on each applicant and their dependants over the age of sixteen.
There is a strict process for Due Diligence in which they make sure national and global security remains maintained. These two nations also demand police certificates from both parties (applicant’s country of residence and country of citizenship).
Dominica and St Kitts and Nevis expressly ban or order enhanced due diligence on applicants from some nationalities and require detailed supporting information to understand the applicants’ source of funds.
However, the scoring of the Family pillar is the same as last year for Dominica, Saint Lucia, St Kitts and Nevis. The report added that the family eligibility criteria remain unchanged across all the programmes.
There are so many reasons that Dominica received a perfect score of ten this year alongside St Kitts and Nevis in the pillar “Certainty of Product.”
According to the report, Dominica maintained its top position for six consecutive years, and that is all based on a combination of things such as an affordable minimum investment outlay, comprehensive due diligence, a streamlined application process, and sustainable development projects funded through CBI funds.
Dominica, St Kitts and Nevis remain the fastest due diligence in processing time among all the CBI authorities. However, it falls behind Dominica in due diligence.
Moreover, Saint Lucia also developed a lot over the years. It jumped into third overall in the CBI Index 2022 due to its prominent improvements in due diligence and minimum investment outlay in life, with Dominica at USD 100,000 that is for a single applicant.
The Small Island Developing States (SIDS) such as Dominica, St Kitts and Nevis and Saint Lucia utilize the CBI funds to meet their economic needs. Citizenship by investment programme plays a crucial role in all Caribbean nations to keep their sustainable developments running.
These countries are often the victim of climate change that is revving natural disasters; by using CBI revenues, these countries curtail the impacts by building resilience. The CBI Index highlighted that in Dominica, St Kitts and Nevis, the inflows have improved the fiscal outcomes and stimulated economic growth.
“The CBI is helping many other island nations in order to fulfil their true ambitions in a bid to become independent, developed, prosperous countries,” mentioned CBI Index 2022.
Every year since 2017, the Citizenship by Investment Index, mostly famous with the name CBI Index, has been released by the Professional Wealth Management (PWM) Magazine of Financial Times. For years, it has developed into a practical tool, especially for those who wish to compare CBI Programme as a whole and for those who want to compare specific aspects of each programme.