CBI Index 2024: St. Kitts and Nevis Leads as the Caribbean Five Dominate Rankings.
London, UK – October 11, 2024 —
The 2024 edition of the Citizenship by Investment (CBI) Index has once again crowned St. Kitts and Nevis as the top-ranked jurisdiction for its Citizenship by Investment programme, marking its fourth consecutive year at the pinnacle.
As the global citizenship industry faces increased scrutiny, regulatory shifts, and a call for transparency, the Caribbean island nation continues to stand out for its ability to adapt, leading a bloc of five Caribbean nations that dominate this year’s Index.
Released on September 25, 2024, the CBI Index measures the performance of 12 CBI jurisdictions across a nine-pillar framework, evaluating aspects such as Freedom of Movement, Standard of Living, Investment Options and threshold, Mandatory Travel & Residence, Citizenship Timeline, Ease of Processing, Due Diligence, Family, and Certainty of Product. This year’s report, themed “Transparency Meets Transition- A CBI Reset,” highlights the growing demand for tighter regulatory frameworks, increased cooperation among jurisdictions, and the importance of flexibility in a world marked by geopolitical and financial instability.
St. Kitts and Nevis has maintained its winning streak by scoring an impressive 84% and full marks in the four pillars of excellence such as due diligence, ease of processing, and certainty of product. This reflects the nation’s commitment to upholding the highest standards in vetting applicants, ensuring the integrity of its program, and rapidly responding to international regulatory recommendations.
The Citizenship by Investment Unit of St. Kitts and Nevis has made significant strides in enhancing the programme’s transparency by establishing a statutory body that oversees its operation. This move ensures that the programme meets international standards for compliance, making the country a trusted option for high-net-worth individuals seeking alternative citizenship. The introduction of a Board of Governors to supervise the unit has further strengthened the programme’s governance, a step praised within the report.
A key factor in St. Kitts and Nevis’ continued dominance is its ability to adapt to evolving global expectations while maintaining a streamlined and efficient citizenship timeline, often completing the process within four to six months. This balance between efficiency and rigorous due diligence continues to attract foreign investors seeking security, mobility, and access to global markets.
The success of St. Kitts and Nevis is mirrored across the Caribbean Five, a bloc comprising St. Kitts and Nevis, Dominica, Grenada, Antigua and Barbuda, and Saint Lucia. These nations have consistently ranked at the top of the CBI Index, credited to their collaborative approach to harmonizing CBI practices. In March 2024, these nations signed a Memorandum of Agreement (MoA) that standardizes key aspects of their programmes, such as due diligence and a minimum investment threshold of USD 200,000.
Dominica continues to hold its second-place position with 80%, praised for its stringent due diligence protocols and its contribution to the country’s sustainable development initiatives. Grenada, ranking third with 76%, is noted for offering a unique blend of investment options and its visa-free access, a distinct advantage for investors. Antigua and Barbuda and Saint Lucia with 74% also performed well, both benefiting from strong governance structures and consistent enhancements in their programme operations.
The 2024 CBI Index reveals that transparency and adaptability are now the core values driving the investment migration industry. With increasing geopolitical tensions ranging from the war in Ukraine to the instability in the Middle East, high-net-worth individuals (HNWIs) are more inclined than ever to seek alternative citizenship as a “Plan B.”
In response to these global requirements, Caribbean nations have worked to strengthen their programmes through increased collaboration and alignment with international partners. The introduction of mandatory interviews in several programmes, including Antigua and Barbuda, reflects a commitment to enhancing due diligence, which is crucial in maintaining investor confidence and international credibility.
In contrast, European programmes like those in Malta and Austria have faced mounting challenges. Malta, in particular, is grappling with ongoing litigation with the European Commission, which questions whether its programme violates EU principles. Despite these challenges, Malta has managed to retain its position in the CBI Index due to its strong ‘freedom of movement’ pillar, allowing citizens to live and work across the Schengen Area.
Despite the overall growth of the CBI industry, some nations have fallen behind. Saint Lucia, which once ranked higher, has experienced a decline due to a backlog of applications that has extended its processing times. This, combined with the need for increased capacity to handle rising demand, has negatively impacted its score in the Citizenship Timeline pillar.
Similarly, Egypt and Vanuatu, two relatively new programmes have struggled to compete with the more established Caribbean and European offerings. Egypt’s limitations in visa-free travel and concerns about Vanuatu’s compliance with EU regulations have contributed to their lower rankings.
As global economic and political landscapes continue to shift, the need for robust, adaptable CBI programmes has never been more critical. The 2024 CBI Index suggests that those programs that prioritize transparency, good governance, and collaboration with international partners will be best positioned for long-term success.
For the Caribbean Five, the path forward seems clear: continued regional cooperation and an unwavering focus on due diligence will likely sustain their dominance in the years to come. However, European programs may need to navigate the complexities of EU regulations to remain competitive, while newer entrants like Egypt will need to improve their offerings to attract more investors.
In an industry marked by uncertainty, St. Kitts and Nevis remains the platinum standard, offering a blend of efficiency, reliability, and adaptability that continues to set it apart as the leading CBI jurisdiction in the world.
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Publish date : 2024-10-10 16:24:00
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