CBI Index 2021: Dominica, St Kitts and Nevis tops the chart

Financial Times' Professional Wealth Management released their Citizenship by Investment (CBI) Index on Tuesday. Two Citizenship by Investment Programmes of Caribbean countries has topped the charts in terms of efficacy and security, among others. CBI of Commonwealth of Dominica, St Kitts and Nevis managed to secure the top position, becoming world's best such programmes.

The CBI Index is an annual report published by the Financial Times' Professional Wealth Management (PWM) magazine. The ranking is based on nine pillars: ease of processing, due diligence, citizenship timeline, family, and Mandatory Travel or Residence. 

While the Citizenship by Investment Programme of Dominica maintained on the top for a fifth consecutive year, besides Dominica, St Kitts and Nevis' CBI Programme also secured the top position for the first time and is also ranked the "World's Number One Citizenship by Investment Programme". 

Both countries left behind 12 other countries offering similar programmes in the Caribbean, Europe, Asia, and beyond.

Citizenship by Investment Programme of Dominica triumphed in six out of nine pillars of excellence, while CBI of St Kitts and Nevis received five out of nine.

CBI Index ranking of Dominica in 2021

Dominica has been holding the top CBI ranking for the past four years. The recent CBI Index has added another stone into the crown, with the country becoming on top for the fifth consecutive year. 

Citizenship by the Investment Programme of Dominica has been regarded in six areas of excellence as followed:

1. Minimum Investment Outlay
2. Mandatory Travel or Residence
3. Ease of Processing, 
4. Due Diligence
5. Family
6. Certainty of Product. 

The index report added that Dominica continues to offer a minimum investment outlay followed by a smooth application process that provides certainty to the investors. 

Dominica was the only country to get full points in the Certainty Product Pillar, where the report recognized the transparency and prominence of the CBI product. 

First established 28-years ago, the Citizenship by Investment Programme of Dominica continues to lead the path in providing clarity in terms of usage of CBI funds, the report added.

The Head of the Citizenship by Investment Unit (CBIU) Dominica, Ambassador Emmanuel Nanthan, said that Dominica has been utilizing the Citizenship by Investment revenue to reduce the impacts of natural disasters. He also said that the department is honoured to be on the top of the CBI Chart for the fifth year in a row.

Nanthan noted that Dominica continues to lead the way in the Citizenship by Investment industry with its excellence. 

Scores of Dominica in all nine pillars

• Freedom of Movement: CBI of Dominica gives greater mobility to its applicants; the report added that it is the only country in the region to significantly increase the list of visa-free and visa on arrival countries in just two years.
• Standard of Living: Dominica, in particular, scored highly with a life expectancy of 78.2 years and a perfect freedom score.
• Minimum Investment Outlay: With a minimum contribution amount of US$100,000, Dominica continue to offer the lowest threshold of all 14 jurisdictions assessed and receive a score of 10
• Mandatory Travel or Residence: Dominica continues to maintain its perfect score as it requires neither travel nor residence on the part of applicants.
• Citizenship Timeline: Dominica scored a nine in terms of its citizenship timeline that accesses the duration to get the application processed. 
• Ease of Processing: Dominica ranked ten for its continued commitment to ensuring the CBI process is as straightforward as possible. The CBI Unit works to maintain accessible, up-to-date programme websites and applicants are not burdened with mandatory interviews, examinations or requirements to demonstrate business acumen, the report noted. 
• Due Diligence: Dominica earned top scores in the Due Diligence Pillar. Since the CBI Index's introduction in 2017, this has been a consistent outcome for Dominica.
• Family: Dominica again scored a full ten in this pillar. The report said that in the 2021 CBI Index, countries are only awarded points in the Family Pillar if a particular family member receives citizenship at the same time as the main applicant.

CBI Index ranking St Kitts and Nevis in 2021 

For the first time in the history of the CBI Index, St Kitts and Nevis join Dominica in first place overall, making Dominica and St Kitts and Nevis the best CBI programmes the industry has to offer in 2021. 

St Kitts and Nevis remains the CBI nation with the fastest processing time and is the Caribbean country with the largest visa-free or visa-on-arrival offering.

Citizenship by the Investment Programme of St Kitts and Nevis has been regarded in five areas of excellence as followed:

1. Mandatory Travel or Residence
2. Citizenship Timeline
3. Ease of Processing
4. Due Diligence
5. Family

The index report added that St Kitts and Nevis continues to offer the fastest Citizenship by Investment Programme across the globe. CBI Index noted that the Accelerated Application Processing (AAP) makes the process even swifter under the Sustainable Growth Fund (SGF). 

The report further said that SGF is a permanent feature of the Programme that was established in March 2018. The SGF substituted the temporary Hurricane Relief Fund (HRF), whose establishment in 2017 resulted in high application numbers. 

Under the SGF, a single applicant must make a minimum donation of US$150,000. This option is also attractive for families. Under a limited-time offer set to expire on 31 December 2021, families of up to four persons (excluding siblings) can obtain citizenship under the SGF for the exact cost as a single applicant.

Mr Les Khan, CEO of St Kitts and Nevis Citizenship by Investment Unit, said the high ranking in the CBI Index is a result of years of hard work.

Khan said the Accelerated Application Process (AAP) under the Sustainable Growth Fund makes the Citizenship by Investment Programme of St Kitts and Nevis stand as the finest in the world. 

"AAP ensures an application is completed within 60 days with some applications completed in as early as 45 days," added Les Khan.

St Kitts and Nevis stand to be proud to be the first country in the world to start a Citizenship by Investment Programme in 1984. 

Scores of St Kitts and Nevis in all nine pillars

• Freedom of Movement: As per the CBI Index 2021, St Kitts and Nevis offers the greatest mobility with a score of seven. As it is also part of Caricom Single Market and Economy (CSME), which comprises 12 member states and facilitates the right to work for certain categories of workers.
• Standard of Living: The report said that St Kitts and Nevis presents its citizens with more rights and freedoms. The country scored five in this category. 
• Minimum Investment Outlay: St Kitts and Nevis scored nine in the segment as the minimum contributions remain at US$150,000. While the under the limited time offer under Sustainable Growth Fund (SGF), families of up to four persons (excluding siblings) can obtain citizenship under the SGF for the exact cost as a single applicant.
• Mandatory Travel or Residency: St Kitts and Nevis received top-scoring of ten in this category. It continues to maintain the perfect score as neither travel nor residence is required on the part of applicants
• Citizenship Timeline: St Kitts and Nevis once again lead the Citizenship Timeline pillar by virtue of its Accelerated Application Process (AAP) under the Sustainable Growth Fund. The country remained at a score of ten. AAP offers processing of applications within a maximum of 60 days.
• Ease of Processing: Citizenship by Investment Programme of St Kitts and Nevis again scored a full ten in the category for offering a straightforward process. 
• Due Diligence: St Kitts and Nevis received top scores in the Due Diligence segment. 
• Family: St Kitts and Nevis received the top spot in the Family Pillar in this year.
• Certainty of Product: The industry's most longstanding programme St Kitts and Nevis, scored a nine. This score also reflects St Kitts and Nevis' ability to adapt to present needs and to attract high numbers of investors.

Dominica and St Kitts, and Nevis performed exceptionally well in the CBI Index 2021. Both countries have secured the World's Number One Ranking. While St Kitts and Nevis is on the top for the first time, Dominica maintained its position for the fifth consecutive year.