CaribPR Wire

CARIBPR WIRE, Basseterre, Aug. 24, 2022: The Caribbean nation of St Kitts and Nevis tops this year’s CBI Index rankings for offering one of the best citizenship by investment (CBI) programmes in the world.

St Kitts and Nevis was rated against 12 other countries with operational CBI programmes, which, in 2022, include Antigua and Barbuda, Austria, Cambodia, Dominica, Egypt, Grenada, Jordan, Malta, Montenegro, St Lucia, Turkey and Vanuatu.

The CBI Index, published by PWM Magazine, a publication from the Financial Times in collaboration with CS Global Partners, is a rating system designed to measure the performance and appeal of global CBI programmes across a diverse range of indicators and its purpose is to provide a rigorous and systematic mechanism for appraising programmes in order to facilitate the decision-making process for individuals considering them, and to bring value to the CBI industry

The primary methodological objective of the CBI Index is to isolate pillars that measure CBI programme features and jurisdictional desirability. The nine pillars that constitute this year’s CBI Index include: Freedom of Movement, Standard of Living, Minimum Investment Outlay, Mandatory Travel or Residence, Citizenship Timeline, Ease of Processing, Due Diligence, Family and, Certainty of Product.

The country received full marks – 10 out of 10 in the Mandatory Travel or Residence, Citizenship Timeline, Ease of Processing, Due Diligence, Family and Certainty of Product pillars.

The Mandatory Travel or Residence pillar examines the travel or residence conditions imposed on applicants both before and after the granting of citizenship.

St Kitts and Nevis, along with the rest of the Caribbean countries, does not have any travel or residency requirements for CBI applicants. This makes it easy for busy entrepreneurs to continue running their businesses and still be eligible to get their second citizenship while not having to fulfil any minimum stay requirements.

St Kitts and Nevis scored top marks for the Citizenship Timeline pillar – which looks at the average time taken for citizenship to be secured by the applicant – due to the Accelerated Application Process where for an additional fee, an applicant can obtain their citizenship within a maximum of 60 days instead of the standard processing time of approximately three months.

Ease of Processing measures the end-to-end complexity of the CBI application process. St Kitts and Nevis makes the process of obtaining citizenship easy and straightforward, the country has an official government website and a dedicated CBI unit. It has also done away with burdensome application requirements such as interviews, language, culture or history tests, proof of minimum business experience and evidence of the purchase of tangible or intangible assets.

The overall effortlessness of the application process is a particularly important component, and the promise of a smooth, hassle-free process can generate readiness to engage with a programme.

One of the areas where Caribbean nations really differentiate their programmes, is the area of due diligence. St Kitts and Nevis’ due diligence process is multi-faceted and is undertaken by the country’s CBI unit, law enforcement and external third-party due-diligence agencies from the UK and USA. This ensures that the process is stringent and comprehensive, applicants are required to provide either fingerprints or a biometric passport, police certificates from both an applicant’s country of residence as well as their country of citizenship and comprehensive supporting information in respect of an applicant’s source of funds.

The CBI Index recognises that the rise of increasingly complex family relationships is driving investors to seek programmes that allow for a more diverse range of family members to be included under a primary application. St Kitts and Nevis retains a perfect score for their family friendliness as, in addition to a main applicant, they allow the applicant’s spouse, children under 18 and over 18 in certain circumstances, siblings, parents and grandparents of both the main applicant or their spouse to be included in an application.

St Kitts and Nevis’ CBI programme is one of the oldest in the industry, having been established in 1984, it assures investors of a certainty of product. The CBI Index measures certainty across five different dimensions: longevity, popularity and renown, stability, reputation, and adaptability – aspects which St Kitts and Nevis’ programme can tick off confidently.

In the 2022 CBI Index, the Freedom of Movement pillar measures the relative strength of each country’s citizenship based on three equally weighted factors: the number of destinations to which a country’s passport allows travel without restriction, the number of prime business hubs to which it provides access, and the degree to which a given citizenship provides settlement rights in other nations. St Kitts and Nevis scored a seven out of 10 in this area as it offers visa-free or visa-on-arrival access to 156 countries.

The Minimum Investment Outlay pillar measures one of the most practical and foremost considerations of CBI: how much capital is required for the investor to become an eligible applicant for the programme of their choosing.

St Kitts and Nevis offers one of the most affordable routes to alternative citizenship, and even though it ended its limited time offer of US$150,000 for a family of four at the end of December 2021, it did not impact its score, five out of 10, as the scores are based on minimum investments for a single applicant.

The St Kitts and Nevis CBI programme is a family-friendly route for those looking for a reputable and trusted programme that prioritises both applicants and its citizens – the stringent due diligence process upon application ensures that only honest hard-working families are approved. The citizenship can also be passed down to future generations, giving investors who want to leave a legacy, peace of mind.

Download the full CBI Index here, to get further insights into the CBI industry and a full evaluation of the CBI programmes of the 12 other jurisdictions in the rankings.

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• St Kitts and Nevis Infographic

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CariibPR Wire, London, Aug. 22, 2022: The world’s most definitive guide on citizenship by investment, the CBI Index, was published today by PWM Magazine, a publication from the Financial Times in collaboration with CS Global Partners and offers readers a view of an industry in metamorphosis.

Released amid a year that has, again, been marked by heightened uncertainty, increased security risk, political instability and intensifying calls to act on the global warming threat, the CBI Index comes at a time when most individuals are reassessing the base they call home and are looking for more stable environments that not only offer security but business, health and education opportunities for generations to come.

Despite a tumultuous global environment and an investment industry harrowed by scrutiny from the EU and USA, this year’s CBI Index hints at opportunity amidst the chaos – opportunity for the CBI industry to evolve and perhaps be the answer to those who look to it to harness the world’s offerings.

Often thought of as a Plan B, the CBI Index infers that in a post-pandemic reset, there has been a shift in trust away from government as individuals obtain second, or multiple citizenships, and take control of their destinies. The new global citizen will look to invest in ‘Plan A’ and a more positive future for people and planet.

While the CBI Index is a rating system designed to measure the performance and appeal of global citizenship by investment (CBI) programmes across a diverse range of indicators, it is also a voice for the industry and a forward-looking manual that offers readers a glimpse of what the industry could be provided that industry players come together and shape its regulatory environment to benefit not only host countries, but citizens around the world who have realised that home need not be their place of birth, but where opportunities lie.

This 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.

Its purpose is to provide a rigorous and systematic mechanism for appraising programmes, to facilitate the decision-making process for individuals considering them, and to bring value to the CBI industry.

The CBI Index assesses all countries with operational CBI programmes, which, in 2022, include Antigua and Barbuda, Austria, Cambodia, Dominica, Egypt, Grenada, Jordan, Malta, Montenegro, St Kitts and Nevis, St Lucia, Turkey and Vanuatu.

The CBI Index rates CBI programmes according to these nine pillars: Freedom of Movement, Standard of Living, Minimum Investment Outlay, Mandatory Travel or Residence, Citizenship Timeline, Ease of Processing, Due Diligence, Family and Certainty of Product.

Freedom of Movement measures the relative strength of each country’s citizenship based on three equally weighted factors: the number of destinations to which a country’s passport allows travel without restriction, the number of prime business hubs to which it provides access, and the degree to which a given citizenship provides settlement rights in other nations.

The Standard of Living pillar is a measure of the quality of life offered by the 13 CBI jurisdictions under assessment and this pillar is vital to those who yearn to relocate and secure a prosperous and fulfilling lifestyle. Similarly, it is key to those wanting to take advantage of local business opportunities or needing to transfer and safeguard their assets.

The Minimum Investment Outlay pillar measures one of the most practical and foremost considerations of CBI – how much capital is required for the investor to become an eligible applicant for the programme of their choosing. The cost of applying for CBI increases with the number of dependants — or qualifying family members — included in an application. In some jurisdictions this increase is proportional, while in others the cost only increases following the inclusion of multiple dependants.

Mandatory Travel or Residence examines the travel or residence conditions imposed on applicants both before and after the granting of citizenship.

The Citizenship Timeline pillar looks at the average time taken for citizenship to be secured by the applicant.

The Ease of Processing pillar measures the end-to-end complexity of the CBI application process. In some jurisdictions, the application process can be a labour-intensive and painstaking task that is time-consuming for the applicant; in others, it is streamlined, and the applicant receives clear directives on how to proceed. The overall effortlessness of the application process is a particularly important component, and the promise of a smooth, hassle-free process can generate readiness to engage with a programme.

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 Family pillar measures the extent to which investors can obtain citizenship for their immediate and extended family. The CBI Index recognises that the rise of increasingly complex family relationships is driving investors to seek programmes that allow for a more diverse range of family members to be included under a primary application.

Lastly, Certainty of Product encompasses a range of factors that measure a programme’s certainty across five different dimensions: longevity, popularity and renown, stability, reputation and adaptability. Additionally, it assesses a programme’s responsiveness to major global events, such as the Covid-19 pandemic and the war in Ukraine that have had a significant impact on global mobility and due diligence requirements.

As the CBI industry undergoes its own challenges and metamorphosis, the CBI Index gives worldly investors a reliable analysis of reputable programmes that will enable them to choose second citizenship in destinations that will fulfil their needs.

Download the full report here to see which of the thirteen countries took top spot and gain further insight into the CBI industry.

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