What makes the top CBI Index
ranked countries stand out
Despite the buzz around European Citizenship by Investment (CBI) programmes, the much anticipated 2024 CBI Index ranked the five Caribbean countries as the best in the world.
St. Kitts and Nevis took the top spot, followed by Dominica in second place. Grenada, Saint Lucia, and Antigua and Barbuda rounded out the top five, respectively. Malta trailed, ranking sixth, with Austria in a distant tenth out of the twelve countries studied.
According to the data, Caribbean programmes stand out from their European counterparts. This begs the question; how have these programmes managed to innovate and surpass their European counterparts?
From regional cooperation to transparency to adaptability, this is what makes the Caribbean Five the top CBI programmes, according to the CBI Index.
Regional cooperation coming to the fore
European programmes such as Malta and Austria have not yet pursued a region-wide agreement to strengthen the quality of their CBI offering.
Not so with the Caribbean: their regional integration has helped its members take the CBI Index’s top spots.
Collective agreement on pursuing the highest standards of transparency, information sharing, and due diligence has signalled to international partners that the Caribbean is serious about ensuring programme integrity.
The CBI Index featured a spotlight on one agreement in particular: the landmark Memorandum of Agreement (MoA).
According to the CBI Index, the MoA ‘harmonised CBI practices between the five Caribbean CBI programmes, mandating minimum investment thresholds, information sharing between Unit heads and uniform operational standards.’
Regional cooperation ensures accountability. When programmes work together to hold each other accountable to certain standards or practices, they can flourish and continually improve.
The MoA was not the first time that the Caribbean region collaborated for the sake of integrity, however. In 2023, the five Caribbean CBI programmes partnered with the United States to agree to Six Principles governing CBI programmes, principles that were focussed on ensuring the integrity of CBI.
This indicates a trend of accountability and principled governance which ensures the strength and fortitude of Caribbean CBI.
Transparency matters more than ever
Transparency within the CBI market is fundamentally important, and Caribbean CBI programmes have risen to the challenge.
The CBI Index measures indicators of transparency, and these factors weigh upon the overall scores.
The CBI Index’s rigorous methodological design examines the 12 operative CBI programmes across the world through the lens of nine factors, denoted as ‘pillars’. Each programme studied by the Index receives a score in each pillar.
According to the CBI Index, ‘The Due Diligence Pillar focuses on each nation’s commitment to ensuring that their programme remains transparent and effective at evaluating potential candidates for citizenship. It is, therefore, a measure of each programme’s integrity.’
The Index adds, ‘The CBI Index focuses on the ability of governments to obtain information on and from applicants, which includes internal and external due diligence checks. Indicators comprise police certificate requirements — including the number of nations from which a certificate must be provided — as well as requests for fingerprints and/or biometric data.’
St. Kitts and Nevis received a ten out of ten, perfect score on this metric, indicating the multitude of steps that the programme took to fortify its programme against potential threats and maximise its transparency.
Namely, St. Kitts and Nevis restructured the Citizenship by Investment Unit (CIU) into a statutory body with a Chairman and Board of Governors. A statutory body is a body set up by law with the authority to implement certain legislation.
Other Caribbean programmes scored highly on the Due Diligence Pillar, with Dominica and Grenada receiving 9 out of 10 points. Dominica recently unveiled an Independent Due Diligence Unit, with members of this new Unit vetted by the Regional Security System (RSS) and the Government’s Risk Compliance Committee (GRCC).
Antigua and Barbuda and Saint Lucia also scored well, with 7 points out of 10 points.
Adaptability as a key consideration of sustainable CBI
The ability of a CBI programme to adapt and overcome challenges while also staying ahead of industry trends is paramount.
As geopolitical tensions continue to mount in the Middle East, Europe and beyond, programmes that do not adapt to these pressures will be left behind. As the 2024 CBI Index writes:
‘Without adaptability built into CBI, programmes are left at a disadvantage and could be left vulnerable to potential shocks that could impact the CBI industry. An adaptable CBI programme can respond to, and even predict, the needs of applicants in the CBI industry.’
‘The strongest CBI programmes build resilience into their offerings, constantly keeping abreast of industry changes and geopolitics across the world. These programmes can stay one step ahead by making changes or adding regulations and restrictions to their CBI programme.’
Programme adaptations have been especially led by Caribbean programmes. From the MoA and its accompanying due diligence and minimum investment thresholds, to banding together to ban risky nationalities, the Caribbean has collaborated to continually adapt and overcome challenges.
The CBI Index cites the Russia-Ukraine war as an example of a geopolitical crisis that the Caribbean moved quickly to address, by banning Russian and Belarusian nationals.
The proactive approach taken by the Caribbean set the standard for responses by other CBI programmes across the globe.
Conclusion
The Caribbean Five stood out and the CBI Index highlighted their strengths. Leading on regional cooperation, transparency, and adaptability, the region’s five CBI programmes have impressed the world with their innovation.
With St. Kitts and Nevis taking the Index’s the top spot, closely followed by Dominica, Grenada, Saint Lucia, and Antigua and Barbuda, the data is clear: Caribbean CBI is here to stay as the market leader.
