About the report - CBI Index

Everything you need to know about the CBI Index

The CBI Index is a rating system developed to assess the performance and attractiveness of Citizenship by Investment (CBI) programmes based on a diverse range of measures. CBI programmes enable eligible individuals and their families to acquire citizenship by making a significant financial contribution to the host country.

However, it is well-known that the CBI industry is a fragmented one, with each country managing its own distinct programme, each with varying benefits, requirements, and regulations. Consequently, it can be challenging for investors to evaluate the relative merits of each programme, either as a whole, or according to the specific factors most important to them.

The purpose of the CBI Index, therefore, is to bring value to the CBI industry by offering a practical, data-driven tool for appraising programmes and facilitating the decision- making process for individuals considering them.

“The value of the CBI Index’s mandate to both provide readers with the biggest changes in the industry and appraise all key elements of active citizenship by investment programmes for individuals considering them has arguably never been greater,” says James

FAQs

CBI is a 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, although countries tend to prefer fund contribution or real estate purchase models.

The CBI Index is built around nine pillars. These are designed to measure global citizenship programme features as well as desirability per jurisdiction. The nine pillars are: Standard of Living, Freedom of Movement, Investment Option 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 intended as a practical tool, both for those who wish to compare CBI programmes as a whole, and for those who wish to compare specific aspects of each programme including but not limited to Ultra-High and High Net worth Individuals, Family Offices, Wealth Managers, Private Bankers, Accountants, Immigration Lawyers and anyone else in the industry with an interest in Citizenship by Investment.

The CBI Index assesses all countries with operational CBI programmes, which, in 2025, include the following 14 nations: Antigua and Barbuda, Austria, Cambodia, Dominica, Egypt, Grenada, Jordan, Malta, Nauru, St. Kitts and Nevis, Saint Lucia, São Tomé and Príncipe, Türkiye, and Vanuatu. With North Macedonia’s much-publicised programme still not operational, Nauru and São Tomé and Príncipe are the latest additions to the CBI Index in 2024 and 2025 respectively.

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“The CBI Index is the only independent study that comprehensively evaluates and compares all active Citizenship by Investment programmes in the world.”

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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 the comprehensive execution of data-driven research projects. As the founder and principal of McKay Research, he brings 18 years of experience delivering strategic research services to leading global market intelligence firms and a diverse portfolio of private clients, including technology companies and investment firms.

Guided by the OECD’s Handbook on Constructing Composite Indicators, James employed a rigorous three-stage process to generate the insights and data presented in the 2025 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.