Caribbean: Among 14 citizenship by investment jurisdictions, the Commonwealth of Dominica and St Kitts-Nevis tops the chart in nine pillars that measures global citizenship by investment (CBI) programme features and jurisdictional desirability.
Financial Times’ PWM (Professional Wealth Management) released the fifth edition of the annual CBI Index (2021), which illustrates the comprehensive analysis of countries offering citizenship by investment programme with nine pillars formula, such as:
- Freedom of Movement
- Standard of Living
- Minimum Investment Outlay
- Mandatory Travel or Residence
- Citizenship Timeline
- Ease of Processing
- Due Diligence
- Family
- Certainty of Product.
For the first time in the history of the CBI index, St Kitts and Nevis joins Dominica in the first place overall, making Dominica and St Kitts and Nevis the best CBI programmes in the industry has to offer in 2021. Both nations were crowned as leading citizenship by investment programme offering countries with a coequal score of 80 points (89%).
Pillar 1 – Freedom of Movement: Schengen area countries maintain their highest score of 10 in this year’s index. In comparison, the citizenship of the Caribbean countries of Antigua and Barbuda, Grenada, Saint Kitts and Nevis and St Lucia offers the greatest mobility with a score of seven, while Dominica scores six. Notwithstanding its lower number of visa-free or visa on arrival destinations, Dominica was the Caribbean nation with the greatest increase in its visa-free and visa on arrival offering for the second year in a row.
Pillar 2 – Standard of Living: Austria emerges as a leader in the standard of living with 9 points, while Caribbean countries scored about 6 to 5 points with a high life expectancy rate as Dominica only has 78.2 years life expectancy.
Pillar 3 – Minimum Investment Outlay: This year’s CBI index reflects the fact that several jurisdictions have altered their minimum investment threshold for applicants. This has resulted in some score changes under the minimum investment outlay plan, which excluding the new entrant, had remained unchanged since the 2019 CBI index. Within the minimum contribution amount of US $100,000, Dominica and St Lucia continue to offer the lowest threshold among all 14 jurisdictions of assessed by the index. Antigua and Barbuda and Vanuatu remained on the second position with US $130,000 minimum investment outlay.
Keeping up with the demand, St Kitts and Nevis also introduced a limited period offer for a family of four with a minimum investment outlay of US $150,000.
Pillar 4 – Mandatory Travel or Residence: Keeping up with the previous assessment, Dominica, Grenada, St Kitts and Nevis, St Lucia and Jordan remained on the perfect score with no travel requirements while processing of CBI application. While other countries require one trip to their new country of citizenship and others require applicants to take the oath of allegiance – however, due to COVID-19, applicants are asked to take oath remotely.
Pillar 5 – Citizenship Timeline: St Kitts and Nevis under the Sustainable Growth Fund (Fund Option) leads the citizenship timeline pillar by virtue of its Accelerated Application Process, which offers citizenship to qualifying applicants within a maximum of 60 days and in certain cases as little as 45 days.
The federation is also among the top in the timeline even if applicants do not opt-in for the Accelerated Application Process. The country also offers a standard processing time of 90 days. Grenada is on the second position adhering to a 60-business day response time. Whereas, Dominica, Grenada, Jordan, Montenegro, St Lucia and Vanuatu continue to complete the application process at pace and are given 9 points.
Pillar 6 – Ease of Processing: The Caribbean countries achieve scores of 10 for their continued commitment to ensuring the CBI process in a very straightforward way. “The region’s CBI units work to maintain accessible, up to date programme websites and applicants are not burdened with mandatory interviews, examinations or requirements to demonstrate business acumen,” CBI Index states.
Antigua and Barbuda, Dominica, Grenada, St Kitts and Nevis and St Lucia scores total points with effective CBI units. Apart from the Caribbean, Vanuatu is also scoring 10 points.
Pillar 7 – Due Diligence: Exhibiting rigorous Due Diligence process has once again earned the top position for Dominica, St Kitts and Nevis, Grenada and Malta in the index. Notably, since the CBI index’s introduction in 2017, this has been a consistent outcome for Dominica, Malta and St Kitts and Nevis, while Granada has attained a perfect score every year since 2019.
Dominica and St Kitts and Nevis have been conducting strict vetting processes on each CBI applicant, which are driven by the third party agencies for the transparent course.
Pillar 8 – Family: Another most important pillar is family; Dominica and Grenada have maintained their top score this year’s as well, while Antigua and Barbuda, and St Kitts and Nevis are crowned with the highest rating in the CBI Index 2021.
Pillar 9 – Certainty of Product: Dominica offering a transparent and highly renowned programme of citizenship, is the only country that received 10 points in the ninth pillar: Certainty of Product. “At 28 years old and with a track record of good governance, the Dominica CBI programme has led the way in providing clarity as to how CBI funds are used, this year embarking US $370 million for the construction of an international airport. Furthermore, 2215 applications were approved in the 2019/2020 fiscal year showing strong interest even amid the COVID-19 pandemic.”
In conclusion, CBI Index states, “For Dominica, first place has been a consistent result for more consecutive years. Maintaining a perfect score and six out of the nine pillars assessed, Dominica once again promises among other things, an affordable minimum investment outlay, streamlined application process and certainty to investors. However, the head taken to Dominic has economy as a result of COVID-19 ultimately lowered Dominica’s overall score.
Prime Minister of Dominica, Roosevelt Skerrit said: “Those who become Dominican citizens are considered a part of our family. They help build roads, hospitals and schools through your investment in our CBI Programme.”
While boasting top position Prime Minister of St Kitts and Nevis, Dr Timothy Harris extolled the programme as industry-leading, “As the oldest and most established citizenship by investment programme we are pleased to have been recognised as the best by this prestigious report. We have long been industry leaders, and our trusted programme reflects the importance of a stringent due diligence process.”
CBI-Index-2021
