Professional Wealth Management, a Financial Times publication, has launched its comprehensive guide to the programmes that populate the economic citizenship industry – the Citizenship by Investment (CBI) Index.
A niche sector, that sees the overlap of investment and immigration, economic citizenship – also known as citizenship by investment – has become increasingly popular among high net worth individuals, in a global climate of change and innovation.
Rating 12 countries that offer CBI programmes, the CBI Index, evaluates their performance and appeal through a wide list of indicators that are relevant to an applicant’s decision-making process.
The methodology is the brainchild of researcher and analyst, James McKay who utilises seven indicators, identified in the report as ‘pillars’, to rate the countries’ programmes. Freedom, standard of living, minimum investment outlay, mandatory travel or residence, ease of processing, citizenship timeline and due diligence are used as the pillars in the CBI Index.
The process relied upon a five-stage approach of both qualitative and quantative analysis, to create the first ever up-to-date comprehensive breakdown of today’s CBI programmes:
“The Citizenship by Investment Index is innovative in design – with its reliance on official sources and statistics of the highest quality – and I am pleased to have had an opportunity to contribute to this most dynamic of investment industries.”
The CBI Index results found that the Caribbean island-nations of Dominica and St Kitts and Nevis made the top position, with Dominica receiving a perfect score for minimum investment outlay, mandatory travel or residence, ease of processing, and due diligence. The results reflect a streamlined process which is supported by a strong framework of due diligence in the Caribbean jurisdictions, as well as the relative affordability of the programmes.
St Kitts and Nevis, Malta, and Dominica were rated the highest in the due diligence pillar due to the strict parameters it has set for vetting a potential applicant. These countries all collect either fingerprints or other biometric data, require police certificates from more than one country, including the country or residence, and gather detailed information on the applicant’s family and source of funds.
According to the CBI Index, the search for second citizenship is not synonymous with certain national groups or regions:
“…as home countries continue in their pursuit of restrictive policies and uncertain strategies, more and more international applicants will be attracted to the prospect of dual nationality in a welcoming, open nation.”
An inaugural publication, the CBI Index can be viewed here.
