The Release of the CBI Index 2024: A Comprehensive Review of Citizenship by Investment Programmes

The CBI Index 2024 released today, is the group's eighth edition, under the theme “Transparency meets Transition”. This year’s report is to give investors and policymakers an in-depth and data-driven review of the world's top Citizenship by Investment (CBI) programmes.

At a time of increasing global pressure, geopolitical tensions, and growing calls for more transparency, this year's report arrives at a timely and important juncture to assess how CBI programmes continue to adapt to such challenges. The index ranks the 12 active CBI jurisdictions on nine core pillars, providing a trusted tool for discerning investors as they navigate the prevailing complex global landscape.

The 12 countries with the active CBI Jurisdictions are:

1.   Austria

2.   Turkiye

3.   Malta

4.   Jordan

5.   Egypt

6.   St Kitts and Nevis

7.   Antigua and Barbuda

8.   Dominica

9.   Saint Lucia

10.  Grenada

11.  Cambodia

12.  Vanuatu

As the investment migration industry continues morphing in shape, the 2024 CBI Index comes in as a supreme guide that should help one understand the strengths and weaknesses of the leading CBI programmes in a year typically filled with heightened due diligence and transparency.

 What Is the CBI Index?

The CBI Index is an annual ranking of operational Citizenship by Investment programmes, designed to provide a clear, data-focused view of the industry. It was created by James McKay, an independent research consultant with a specialisation in global trend analysis. Each programme is measured according to nine distinct pillars which translate into key elements of a successful CBI programme.

‘The CBI Index has established itself as a vital instrument for individuals embarking on the daunting journey of choosing a CBI programme in the current climate. Just as we're seeing in financial markets, investors are having a particularly tough time maintaining and safeguarding the value of their portfolios whilst navigating the elevated macroeconomic and geopolitical instability of today. And here, investment migration is no different,’ claims James McKay.

Indeed, since its establishment nearly a decade ago, the CBI Index has provided comfort and direction for global investors. It provides both an overall view of CBI programmes and an in-depth analysis of specific issues, thus enabling investors to base their investment decisions on their priorities such as global mobility, speed in achieving citizenship, or investment thresholds. The methodology used by the CBI Index relies heavily on official sources and data from recognized international institutions in order to make it credible.

Now, more than ever, CBI Index proves to be essential as the industry faces increasing scrutiny from international peers: the European Union and the United States. Calls for greater transparency and due diligence in CBI programmes, this index could offer just that timely look at the state of affairs in the industry and may provide insight into how these programmes handle issues at a global level.

The Country Rankings Based on the Nine Pillars

For the fourth successive year, St. Kitts and Nevis took the top position in the CBI Index rankings, with a score of 84% and leading in a number of pillars. This Caribbean country shone through well in Mandatory Travel or Residence, Ease of Processing, Due Diligence, and Certainty of Product, scoring a perfect score in all these pillars.

Other Caribbean nations make up the rest of the top five spots for 2024, with Dominica scoring 80%, Grenada 77%, Saint Lucia and Antigua and Barbuda at 74%. Dominica, Grenada, and the countries of Saint Lucia, Antigua and Barbuda are aided by a strong reputation, fast processing times, and high due diligence requirements.

Jordan, Cambodia, and Austria are at the bottom of the list. These countries mainly reflected challenges about global mobility, standard of living, and processing efficiency. Austria has an extremely high standard of living but scored lower than others when it comes to slow processing times and thresholds too high for investment.

The rankings in this year's Index reflect the growing significance of regional cooperation, an example of which is the recent agreement in March 2024, signed by the five highest ranked Caribbean CBI nations and contained within a Memorandum of Agreement (MOA). The MOA stipulates a minimum investment threshold and promotes information sharing to assist in the facilitation of more effective due diligence and compliance.

St. Kitts and Nevis: Four Years of Leadership

St. Kitts and Nevis has topped the CBI Index for the fourth consecutive year confirming its position as the global leader in the Citizenship by Investment industry. There must be a reason for that everlasting leadership position. A matter of a transparent regulatory environment, strict due diligence procedures, and a flexible structure of the programme that this country provides, should truly appeal to the need for safety and opportunities for each investor.

In the 2024 CBI Index, St. Kitts and Nevis continues to be a country that recorded a perfect score in four of the nine pillars set up: Mandatory Travel or Residence, Ease of Processing, Due Diligence, and Certainty of Product. This exceptional performance reflects the steady pursuit of excellence in matters that will create the highest degree of confidence and satisfaction in investors.

In fact, St. Kitts and Nevis is capable in its openness in the due diligence process in granting citizenship, including full background checkups and interviewing applicants, and delving heavily into security issues to only engender responsible investors. In its regulations, St. Kitts and Nevis aligns with other global best practices, such as the EU and US, for instance.

The country's Certainty of Product provides a strong argument for it being at the top. St. Kitts and Nevis offers a remarkably stable, well-regulated programme and has been able to adapt to changes in the global landscape for over three decades.

It has a very minimal Mandatory Travel or Residence requirement, making the programme attractive to busy global citizens. This is also matched by Ease of Processing, ensuring that applications are carried out efficiently with clear guidelines and an easy process.

The Nine Pillars of the CBI Index

The CBI Index evaluates programmes based on nine pillars, each designed to measure different aspects of a CBI programme’s performance and appeal. These pillars provide investors with a comprehensive view of the strengths and weaknesses of each programme, allowing for informed decision-making.

1. Standard of Living

This pillar assesses the overall quality of life offered by a CBI jurisdiction, considering factors such as wealth, comfort, life expectancy, education, safety, and income. Countries like Malta and Austria score highly in this category due to their strong economies and high human development indicators.

For many investors, the standard of living is a crucial consideration, particularly for those looking to relocate with their families or establish a business in a stable, prosperous environment.

2. Freedom of Movement

Freedom of movement is a key attraction for global investors, and this pillar measures the strength of a country’s passport in terms of visa-free access, business hub connections, and settlement rights. European nations like Austria and Malta score the highest in this pillar due to their membership in the European Union, granting extensive global mobility and settlement opportunities.

In contrast, Caribbean nations like St. Kitts and Nevis and Antigua and Barbuda offer respectable scores, benefiting from strong regional and international partnerships.

3. Investment Options and Threshold

This pillar assesses the diversity of investment options available, and the minimum investment threshold required for eligibility. Countries like Antigua and Barbuda, Egypt, and Saint Lucia score highly due to their competitive investment thresholds and variety of investment opportunities, ranging from real estate to government bonds and philanthropic contributions.

In 2024, the Caribbean nations aligned their investment thresholds at US$200,000 following the signing of the MOA, making their programmes more attractive to a broader pool of investors.

4. Mandatory Travel or Residence

This pillar evaluates whether CBI applicants are required to travel or reside in the country before or after citizenship is granted. Many investors, particularly those with international business commitments, prefer programmes with minimal travel or residency requirements. Dominica, Grenada, Jordan, and St. Kitts and Nevis score perfectly in this category, as their programmes impose no mandatory travel or residency obligations.

5. Citizenship Timeline

The Citizenship Timeline pillar measures the average time it takes for an applicant to obtain citizenship. Countries with streamlined processing procedures, such as Dominica, Jordan, and Vanuatu, score highly, offering citizenship within a few months. Delays due to application backlogs, however, negatively impact some programmes, such as Saint Lucia, which saw a slight decline in this category in 2024.

6. Ease of Processing

This pillar evaluates the complexity of the application process, including the administrative burden and the availability of official information. Countries like Dominica, Grenada, Malta, and St. Kitts and Nevis excel in this area due to their clear guidelines, efficient application procedures, and long passport validity periods.

7. Due Diligence

Due diligence is a critical pillar that measures each country’s commitment to transparency and effective vetting of applicants. St. Kitts and Nevis leads the way with stringent due diligence processes, including mandatory interviews and extensive background checks. Other Caribbean nations, such as Dominica and Grenada, also score highly, demonstrating their dedication to maintaining the integrity of their programmes.

8. Family Inclusiveness

The Family Inclusiveness pillar assesses how well CBI programmes cater to family members, including spouses, children, parents, and siblings. Antigua and Barbuda and Grenada score highest, allowing a wide range of dependents to be included in a single application. This is particularly important for investors with large or extended families seeking citizenship for all members.

9. Certainty of Product

This pillar evaluates the overall stability and longevity of a CBI programme. St. Kitts and Nevis excels in this category, having established itself as a reliable, adaptable programme over the past three decades. Investors seek certainty in their investments, and countries that offer long-term stability, reputation, and flexibility score highly in this pillar.

 The Imperative of Transparency in Shaping the 2024 CBI Index

The 2024 CBI Index marks a moment at which transparency emerges as a critical feature of the evolving Citizenship by Investment programmes. All investors wish to be certain that a programme, they might be interested in, is legitimate and conducts business in an ethical way. And so, the context requires clearer application processes, more rigorous due diligence procedures, and publicly available performance metrics.

This increased demand for accountability mostly comes from increased scrutiny and support for investor protection by regulatory authorities and stakeholders alike. A good CBI programme is characterized by a higher level of due diligence that serves as an antidote against fraud and other malpractices that imperil investors' resources.

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Global investors are highly concerned with sustainability and other social responsibility issues, so options that are provided by CBI need to be associated with those values. Currently, a change in the programme coupled with the infusion of modern technology is necessary to provide better transparency in it.

With geopolitical tensions and volatility in financial markets mobilizing the wealthy to explore other citizenship opportunities, commitment to transparency remains imperative. Here again, the 2024 CBI Index serves as a tool that identifies the credible and sustainable practices of investment migration for stakeholders.

Download the 2024 CBI Index Report Here