The Caribbean nations offering Citizenship by Investment (CBI) programs have once again cemented their dominance in the global migration industry, as evidenced by the latest 2024 CBI Index. For the fourth consecutive year, St Kitts and Nevis has been named the top-ranking nation, securing an impressive score of 84%. Other Caribbean nations, including Dominica (80%), Grenada (77%), Saint Lucia (74%), and Antigua and Barbuda (74%), round out the top five, continuing to lead in the highly competitive global CBI market.
Released under the theme “Transparency Meets Transition – A CBI Reset,” the eighth edition of the CBI Index was officially unveiled on Wednesday, offering detailed insights into the ever-evolving global citizenship industry. The report evaluates 12 jurisdictions based on nine critical pillars and showcases the continued leadership of Caribbean nations. The region has remained at the forefront of the industry due to its focus on transparency, efficiency, and maintaining a high standard of due diligence.
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St Kitts and Nevis Leads Once Again
St Kitts and Nevis, for the fourth year running, has been awarded the highest position in the 2024 CBI Index, reflecting its enduring appeal to high-net-worth individuals (HNWIs) seeking alternative citizenship. The nation’s robust CBI program, which balances swift processing, strong vetting, and global mobility, continues to attract global investors. The program’s ability to adapt to changes and its commitment to stringent due diligence procedures have played a significant role in securing its leadership position.
Following St Kitts and Nevis, Dominica has retained its position as the second-best CBI destination globally. While the island saw a slight drop in points compared to the previous year, the report clarifies that this does not reflect any decline in the program’s efficiency or standards. Dominica’s strong due diligence and reliable processing systems ensure that it remains a top choice for investors.
Caribbean Dominance in the CBI Index
The report highlights the dominance of the “Caribbean Five,” which includes St Kitts and Nevis, Dominica, Grenada, Saint Lucia, and Antigua and Barbuda. These nations have consistently excelled in delivering high-quality CBI programs that balance processing efficiency, comprehensive vetting, and substantial global mobility for applicants. Their ability to offer a combination of benefits, including high standards of living, freedom of movement, and flexible investment options, has helped them maintain their top rankings in 2024.
Despite growing competition from European and Asian nations, Caribbean CBI programs continue to outshine their global counterparts. European nations such as Malta and Austria performed well in certain pillars, with Malta securing the highest score in the Standard of Living pillar. However, the comprehensive and well-rounded nature of the Caribbean CBI programs ensures they remain at the top of the overall rankings. Turkey also showed improvement, moving up to seventh place with a score of 63%, while Egypt held onto the ninth position with an improved score of 59%.
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Nine Key Pillars of Evaluation
The CBI Index’s unique methodology, which evaluates programs based on nine pillars, provides investors with a clear understanding of what each program offers. These pillars include 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. Each pillar reflects the criteria that HNWIs consider when choosing alternative citizenship.
In the Standard of Living pillar, Malta retained its top spot, scoring 9 points for its performance in life expectancy, safety, and personal freedom. Caribbean nations like Grenada, St Kitts and Nevis, and Dominica also performed well, maintaining competitive rankings. When it comes to Freedom of Movement, Malta and Austria led the way with perfect scores of 10, reflecting the advantages of EU membership. The Caribbean nations followed closely, with strong mobility options for their citizens.
In the Investment Options and Threshold pillar, Antigua and Barbuda, Egypt, and Saint Lucia led the rankings, offering attractive investment diversity and flexible thresholds for applicants. St Kitts and Nevis was not far behind, maintaining its strong position with a score of 8. The Mandatory Travel or Residence pillar remained unchanged from the previous year, with Dominica, Grenada, and St Kitts and Nevis standing out for having no travel or minimum residency requirements, further boosting their appeal.
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The Citizenship Timeline pillar saw Dominica, Jordan, and Vanuatu at the top, offering the quickest application processes, with most applicants completing their citizenship process in under four months. The Ease of Processing pillar also showed Caribbean nations leading, with Dominica, Grenada, and St Kitts and Nevis offering efficient and streamlined application processes without compromising on vetting procedures.
The Importance of Due Diligence
One of the most significant aspects of the CBI programs, particularly in the Caribbean, is their emphasis on due diligence. In the 2024 CBI Index, St Kitts and Nevis once again secured the highest score in this pillar, thanks to its implementation of stricter due diligence standards and the introduction of a Continuing International Due Diligence Unit. This commitment to ensuring only legitimate investors are granted citizenship has earned St Kitts and Nevis the trust of both investors and partner nations.
In the Certainty of Product pillar, St Kitts and Nevis achieved a perfect score, reflecting its swift and decisive responses to international pressures, which have affected all Caribbean CBI programs in recent years. Dominica followed with a strong performance, thanks to its adoption of tighter vetting and compliance standards.
Caribbean Nations Set the Global Benchmark
The 2024 CBI Index reaffirms the Caribbean’s leadership in the global CBI market. While European nations like Malta and Austria offer certain advantages, such as EU mobility, the overall balance of benefits provided by the Caribbean programs continues to make them the top choice for investors worldwide. The Caribbean nations’ ability to adapt to international trends, uphold stringent due diligence, and offer flexible investment options ensures that they will continue to dominate the CBI industry for years to come.
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The 2024 report also underscores the growing emphasis on regional cooperation, transparency, and continuous improvement in the CBI sector. As the global landscape shifts, Caribbean nations remain committed to maintaining the highest standards, ensuring their programs remain competitive and attractive to investors.
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