2025 Report

The CBI Index 2025 underscores both continuity and change in the global citizenship by investment landscape. The Caribbean programmes continue to lead the rankings, reflecting their ability to adapt to external pressures and maintain investor demand, while new entrants from the Pacific and Africa point to the industry’s continuing expansion. Across the board, enhanced due diligence, closer regional cooperation, and ongoing European legal scrutiny remain defining features of the year. Regional cooperation through the Caribbean Memorandum of Agreement continues to shape standards, with enhanced information-sharing and harmonisation of due diligence practices creating a more consistent investor experience.

St. Kitts and Nevis retains its place at the top, climbing to 78 points. The jurisdiction has consolidated its reputation as the industry benchmark through a series of reforms, including the integration of biometrics to enhance identity verification, prevent fraud, and align with international travel security standards. The launch of a digital platform has modernised application processing with full digitisation, real-time status updates, and a secure communication system, boosting responsiveness and efficiency. Additionally, the Citizenship by Investment Unit (CIU) introduced new layers of due diligence through advanced technology, to ensure compliance with global standards. These measures, coupled with the CIU’s evolution into a statutory body, reinforces its position as the standard-setter in the industry.

Dominica holds second place with 73 points, showing stability in the face of significant external pressures. The loss of visa-free access to the United Kingdom weighed heavily on its reputation, yet the government’s swift implementation of enhanced due diligence and a strong application pipeline demonstrate that demand remains robust. Despite these headwinds, Dominica remains one of the highest-volume programmes globally, highlighting its continued appeal among investors seeking established options.

Grenada maintains its third-place ranking with 70 points. The programme’s ability to preserve its position amid declining application volumes highlights the strength of its regulatory framework and its adaptability, as evidenced by a more inclusive approach to dependents. Efforts to clamp down on agent misconduct and revoke improperly issued citizenships have supported its credibility, even as the exclusion of Russian nationals continues to limit its growth.

In fourth place, Saint Lucia improves to 68 points, reflecting progress in clearing its application backlog and strengthening its due diligence standards through the introduction of mandatory interviews. While concerns over discounting still linger, its operational improvements and steady investor demand have supported its rise within the regional rankings. The programme’s revenue outlook for 2025 suggests one of its strongest years on record, underscoring its recovery from pandemic-era disruptions.

Antigua and Barbuda takes fifth place with 66 points, one point lower than last year. This slight decline comes in spite of remarkable growth in demand, with the programme building on the surge in applications in 2024. Enhanced due diligence measures, including fingerprint collection, have bolstered its compliance framework, while its consistent alignment with regional cooperation agreements underscores its commitment to maintaining credibility.

As the first of two new entrants, Nauru makes a strong debut in sixth place with 62 points. Like the more established Dominica, its programme is framed around climate resilience and development, giving it a philanthropic dimension that distinguishes it. The inclusion of broad family eligibility and evidence of external due diligence partnerships indicate an awareness of compliance standards from the outset, though the absence of an established track record means its long-term credibility remains untested.

Vanuatu moves up one point to 58 as it deepens its due diligence framework with biometric data collection, interviews, and a clearer separation of financial checks. Although the suspension of its visa-free agreements with the EU and UK continues to weigh on its reputation, revenues have stabilised and new sustainable investment options point to efforts at differentiation. Much of its future will depend on sustaining demand from markets less affected by the suspension of European access, a challenge the government continues to navigate carefully.

Europe’s programmes present a more complex picture. Malta has undergone a fundamental transition with the closure of the Maltese Exceptional Investor Naturalisation (MEIN) framework and the launch of the new Citizenship by Merit programme. Its score slips marginally to 57 points, but the broader story is one of reinvention under legal pressure. The European Court of Justice continues to scrutinise the compatibility of CBI with EU citizenship principles, and Malta’s future trajectory will be closely watched as a test case for the viability of such programmes within the EU.

Türkiye climbs to 56 points, up from 54, ranking in the ninth spot and supported by the introduction of new biometric and police certificate requirements. Investor interest remains high thanks to its extensive travel benefits, though political uncertainty continues to cloud its long-term positioning.

Rounding off the top 10 is the second newcomer to the CBI Index, São Tomé and Príncipe, which enters in 10th place with 55 points. With little available information on application volumes or due diligence, the programme currently lacks transparency, but its launch illustrates the continued geographical diversification of the industry. Its mid-table debut shows both the breadth of the CBI Index and the difficulty that new entrants face in proving credibility without a track record of application volumes or compliance.

Egypt holds steady at 53 points, but at 11th place has slipped in the rankings as a result of the new entrants. Its programme remains notable for the diversity of its investment options and gradual reforms to the real estate framework. However, the lack of transparency on application volumes and due diligence outcomes limits its standing.

The second European country of Austria remains unchanged at 49 points, ranking in 12th position. Austria’s procedures remain opaque and expensive, and the absence of meaningful reforms continues to limit its competitiveness. Paradoxically, European scrutiny of other CBI programmes has allowed Austria to maintain its discreet position, even as questions around transparency remain unresolved.

With both jurisdictions having failed to issue a meaningful programme update in several years, Jordan and Cambodia round off the CBI Index 2025 in 13th and 14^th place respectively. Jordan rises slightly to 46 points following its shift toward job-creation-based investment routes, but it remains hampered by its limited transparency and accessibility. Cambodia’s 44 points means that it slips to the bottom of the rankings in 2025. Recent legislation granting the government sweeping powers to revoke citizenship has reinforced its status as the weakest programme for credibility.