Last Updated on September 15, 2023, 8:03 AM AST by Anthony Morris
The CBI Index for the year of 2023 has been launched officially and the twin island federation of St Kitts and Nevis has emerged at the top position for the third year in a row. The index, as featured in the Financial Times was officially unveiled in the morning of Thursday, September 14. CBI Index features 12 jurisdictions from various regions across the globe, including Europe, Africa, Middle East, Caribbean Asia and Oceania.
Like the previous years, this year’s edition of the CBI Index has also ranked the Jurisdictions of the Caribbean at the top. Out of a total of 12 jurisdiction which went under review for the index, St Kitts and Nevis has emerged at the top. Dominica has slipped a spot from their previous rank and landed in the second place. Meanwhile, Saint Lucia has retained the third position for the second consecutive year.
This year, Grenada is tying for the third position with Saint Lucia. Meanwhile the fifth spot was claimed by Antigua and Barbuda
Click Here to download the 2023 CBI Index
St Kitts and Nevis, which is the top ranking jurisdiction in the 2023 CBI Index was the first country in the world to offer Citizenship by Investment to the High-Net-worth individuals across the globe. The island has remained a frontrunner of the investment migration industry for almost forty years. The pristine quality and substance of the programme was further reinforced by the 2023 CBI Index.
Twelve jurisdictions from all over the world which offer citizenship by investment to high net worth individuals (HNWIs) were reviewed and scrutinized diligently in relation to nine pillars. These pillars were:
Pillar One: Standard of Living
Pillar Two: Freedom of Movement
Pillar Three: Minimum Investment Outlay
Pillar Four: Mandatory Travel or Residence
Pillar Five: Citizenship Timeline
Pillar Six: Ease of Processing
Pillar Seven: Due Diligence
Pillar Eight: Family
Pillar Nine: Certainty of Product.
These nine pillars affectively summarize the needs of the High Net Worth individuals looking to invest in the investment migration sector, particularly the Citizenship by Investment Market. By ranking the twelve jurisdictions on the basis of these pillars, the index assists the investors in making the right decision to diversify their investment portfolio,
St Kitts and Nevis has earned an overall total of 77 points in the CBI Index, comstituting a percentage of 86%. Talking about the individual pillars, the best ranked Citizenship by Investment programme of the Index scored perfectly in four of the nine pillars , which are:
Pillar Four Mandatory Travel or Residence
Pillar Six: Ease of Processing
Pillar Seven: Due Diligence
Pillar Nine: Certainty of Product
The programme received the second-best points (9) in the Minimum Investment Outlay Pillar, meanwhile, the points for the remaining four pillars were:
Pillar One: Standard of Living: 6 points
Pillar Two: Freedom of Movement: 7 Points
Pillar Five: Citizenship Timeline: 8 Points
Pillar Eight: Family: 7 points
St Kitts and Nevis offers one of the most reputable and safe Citizenship by Investment programme to the HNWIs. In the last four decades, St Kitts and Nevis has received a number of awards and acknowledgements for being the front-runner and industry leader. Ever since the establishment of the programme, St Kitts and Nevis has been working diligently to create and maintain its reputation as the premium standard of CBI.
Once an investor has the Citizenship of St Kitts and Nevis, they can get access to a number of benefits, including but not limited to business opportunities, investment diversification, safety and security among others. One of the most important benefits of getting the Citizenship of St kitts and Nevis is that it offers a safe haven to the investors and their families.
Recently, the world leaders called on the governments of the nations offering Citizenship by Investment to HNWIs and urged them make some changes to their programmes in order to make the programmes more secure and efficient to meet the needs of the investment.
CBI Index acknowledged that St Kitts and Nevis has already started working on these requirements, having introduced several additionally measures including mandatory interviews, higher investment thresholds, and partnering with external due diligence providers. This makes the Citzienship by Investment Programme of St Kitts and Nevis stand out among all the other programmes.
They took immediate and decisive action based on the ‘Six Principles’ framework, which played a significant factor behind achieving the top spot in this year’s CBI Index. They also credited the government of the country for taking a proactive leadership role in the long-term sustainability of the industry through good governance, enhanced due diligence, and regional harmonisation with international partners.
According to the CBI index, the performance of Caribbean programmes across the nine pillars of the CBI Index continues to reflect their affordability, simplicity, and efficiency. Citizenship by Investment Programmes offered by Caribbean Nations have managed to retain their lead in the 2023 edition of the CBI Index and have seen remarkable growth in their offerings.
Click Here to download the 2023 CBI Index
James McKay, an independent research consultant and expert in global trend analyses and the end-to-end implementation of data-driven research projects offered his services to produce the 2023 CBI Index. He used guidance from the OECD’s Handbook on Constructing Composite Indicators and employed a three-stage process to produce the insights and information presented in the index.
The first phase involved comprehensive primary and secondary research to chart all major developments in the world of economic citizenship over the past 12 months. The second phase comprised a detailed exploration of official macroeconomic and programme statistics to be used in evaluating CBI Index country performance.
The third and final stage involved critically analysing and inputting all data collected throughout the research process, paying careful attention to maintaining the statistical continuity and integrity of the original index architecture.
The 2023 CBI Index was a result of meticulous research, thorough investigation and hours upon hours of discussions among Citizenship by Investment Industry experts. They examined the credibility, performance and appeal of the twelve countries’ Citizenship by Investment (CBI) programmes across a diverse range of indicators and measures.
Anthony Morris covers stories related to politics and regional developments. His in-depth reporting about governance and reforms makes him stand out in regional journalism, with a deep analysis of political trends and their impact on Caribbean communities.
