Everything you need to know about the CBI Index

The CBI Index evaluates the performance and appeal of operational citizenship by investment programmes against a consistent set of measures. These programmes allow eligible applicants and qualifying family members to seek citizenship after meeting the financial and statutory requirements of the host country.

Programme structures differ across jurisdictions, making direct comparison difficult. The Index applies a common methodology so readers can compare overall performance and understand the differences that shape each programme.

FAQs

What is citizenship by investment?

Citizenship by investment is a legal process whereby, subject to the fulfilment of certain requirements, an applicant receives citizenship of a country in return for an investment in that country’s economy. Investment options vary from country to country, routes commonly include a non-refundable contribution to a government fund or an investment in approved real estate.

The CBI Index scores each programme across nine pillars, covering both the programme itself and the wider jurisdiction: Standard of Living, Freedom of Movement, Investment Options and Threshold, Mandatory Travel or Residence, Citizenship Timeline, Ease of Processing, Due Diligence, Family, and Certainty of Product. Read more about the CBI Index methodology here.

The CBI Index is an independent rating system for operational citizenship by investment programmes. It scores each programme across nine pillars using a consistent methodology, so readers can compare performance overall and on the factors that matter most to them. Read more about the CBI Index.

The CBI Index is a practical comparison tool for people considering citizenship by investment and the professionals advising them. It also gives policymakers and programme administrators an independent view of how their programmes compare internationally.

The 2025 CBI Index assessed 14 jurisdictions: Antigua and Barbuda, Austria, Cambodia, Dominica, Egypt, Grenada, Jordan, Malta, Nauru, St. Kitts and Nevis, Saint Lucia, São Tomé and Príncipe, Türkiye and Vanuatu. Nauru and São Tomé and Príncipe both entered the Index for the first time in 2025. North Macedonia was excluded because its announced programme was not operational.

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“The CBI Index independently evaluates and compares operational citizenship by investment programmes through a consistent methodology.”

Previous Reports

2024
2023
2022
2021
2020
2019
2018
2017

ABOUT OUR RESEARCHER

The CBI Index was created by James McKay, an independent research consultant with expertise in global trend analyses and the end-to-end implementation of data-driven research projects.

James McKay

Independent Research Consultant | McKay Research

James McKay is an independent research consultant specialising in global trend analysis and data-driven research. As founder and principal of McKay Research, he has more than 18 years of experience delivering research for market intelligence firms and private clients.

Guided by the OECD’s Handbook on Constructing Composite Indicators, James uses a three-stage process to produce each edition of the CBI Index.

Stage One: This first stage entailed extensive primary and secondary research to map significant developments in the field of economic citizenship over the preceding 12 months.

Stage Two: This stage involved an in-depth analysis of official macroeconomic and programme statistics to assess the performance of countries within the CBI Index.

Stage Three: The third and final stage focused on the critical analysis and integration of all collected data, with meticulous attention to preserving the statistical continuity and integrity of the original index framework.