Sunday, 8th December 2024

CBI Index – Dominica Continues to Top Rankings

The Citizenship by Investment Programme is one that is constantly in flux and is not to be entered lightly.

Tuesday, 20th August 2019

According to the CBI Index, the third edition of which was released on 19 August 2019, the citizenship by investment (CBI) industry is one that is “constantly in flux” and not to be entered “lightly.” It is also one that Dominica has mastered, receiving the best overall score on the CBI Index for the third year in a row.

The CBI Index, published by Financial Times subsidiary Professional Wealth Management (PWM), analyses active CBI programmes on the basis of seven pillars, which range from a programme’s due diligence procedures to processing times. It also presents an analysis of the CBI industry, commencing with a review of past achievements and outlining the possibilities that lie ahead.

“This year,” says the CBI Index, “marks the 35th anniversary of CBI – a concept that was pioneered by the newly-independent St Kitts and Nevis and that became an essential feature of its nation-building process.” The concept was then “incorporated in the legislation of a number of countries, ultimately providing the necessary legal basis for citizenship by investment programmes seeking to improve the socio-economic landscape of the nations that implemented them.”

Among these nations, the CBI Index notes that it is in the Caribbean that “the greatest strides have been made towards intergovernmental cooperation and data sharing, particularly with respect to assessing applicants and their source of funds in investments.” This is unsurprising, with nations such as Dominica leading the industry’s growth.

Dominica’s CBI Programme has also provided a ray of hope to this small island country, which was recently devastated by one of the worst natural disasters in Caribbean history: Hurricane Maria. Hurricane Maria struck in September 2017 and was preceded by Tropical Storm Erika in August 2015. By the support of the CBI Programme, it became possible for the construction of hurricane-resilient homes for 6,680 households to secure the future of Dominica’s inhabitants. In addition, the Programme is currently funding the construction of five hotels and ecolodges that will have a total capacity of 628 rooms, create over 1,000 construction jobs, and provide employment for approximately 900 hospitality workers. Indirect employment will also be provided to farmers, fishermen, taxi drivers, and tourism operators.

The rankings released by PWM place Dominica on the top, with a 91% overall score. St Kitts and Nevis received a creditable 89%, Grenada 87%, St Lucia 84%, Antigua and Barbuda 79%, Vanuatu 78%, Cyprus 66%, Malta 65%, Turkey 61%, Bulgaria 57%, and Austria and Cambodia at 54%. Jordan came lowest in the list, with only 51% rating points calculated by the CBI Index.

The CBI Index concludes that “interest from applicants is expected to continue in its upward trend,” but that citizenship by investment “is not an industry to enter lightly” and that “2019 and 2020 will be a vital time for new entrants to iron out wrinkles and get their programmes off the ground.” The Caribbean, it states, “will likely maintain its dominance, using its lengthy experience to provide certainty and, where necessary, refine processes.”

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