CBI Index 2022 Edition Ranks Caribbean Citizenship by Investment Programs
Lisa Baker, Editor, Welsh Business News & News from Wales
The 2022 Citizenship by Investment (CBI) Index edition, ranked Dominica, Saint Kitts and Nevis, and Saint Lucia as the best countries for CBI worldwide.
These programs were evaluated against more than 10 other investment programs worldwide, and based its ranking on nine pillars that include factors such as:
- freedom of movement,
- living standards,
- minimum investment outlay,
- mandatory travel or residence,
- citizenship timeline,
- ease of processing,
- due diligence,
- family and certainty of product.
The Caribbean has become increasingly popular for investment purposes.
According to the report, people agree that the internal level of compliance offered by the Caribbean Business Council has improved significantly and adjusted to fast-changing regulatory needs.
Dominica has the best citizenship by investment program worldwide
The Dominica citizenship by investment program has topped the CBI index for the sixth year in a row.
Out of the nine pillars in the annual report analysis, the small Caribbean nation scored 10 out of 10 in six pillars, followed by another scoring of nine and five in two other pillars.
The country has been ranked number one since the beginning of the index, in 2017. Some factors which contributed to its ranking, include:
- rigorous due diligence,
- minimum investment portfolio,
- citizenship timeline,
- ease of the process,
- family pillar
- mandatory travel pillar.
Citizenship by investment programs have been available for decades in some Caribbean island nations and are aimed at foreigners willing to invest in their economy with the purpose of granting citizenship in exchange. By receiving a generous contribution, the expectation is that there will be an enhanced economic development in these territories.
In general, it is an opportunity for any investor to have a plan B, even if he resides in a stable country, as it is better to have security in case some extraordinary situation occurs in your country that prevents you from moving around with your passport or keeping your money in a national bank.
However, Caribbean citizenships are especially aimed at all those people who:
- Pay very high tax burdens.
- Are subject to strict exchange controls.
- Are at risk for their citizenship.
- They are not free to work or invest either at home or abroad.
- Are affected by serious political and social problems.
- In addition, Antigua and Barbuda, Dominica, Grenada, Saint Kitts and Nevis and Saint Lucia stand out as their programmes are some of the cheapest in the world: you can opt for citizenship from USD 100,000 (of course, this varies according to the territory).
This represents a great advantage compared to the other types of investment programs offered in Europe, the so-called residency by investment programs, where the minimum investment amount can in some cases exceed millions of euros and don’t give a direct to citizenship.
Benefits of opting for a citizenship in the Caribbean
When you consider obtaining a second citizenship, it is crucial to make sure that the jurisdiction meets some basic criteria, ensuring that you make a good decision when choosing it. These small island nations in the Caribbean have been promoting and working to develop themselves economically.
And they depend on these types of investment programs, so they have developed strong and competitive schemes to attract more and more foreign investment.
That has led to increasing benefits to those who are willing to invest in them.
The main advantages of acquiring a citizenship in one of these territories include:
- Agile and uncomplicated procedures. These are countries that are very interested in receiving more foreign investment, so they do not hinder the process. The main requirement is to have an impeccable reputation and not be involved in illicit acts.
- Fast processes. While in other programs you can wait years for an answer, the wait time in Caribbean jurisdictions is three to six months.
- Beneficial fiscal system. There are no charges for international transactions (generated in another territory) nor for inheritances or donations.
- Opportunities to travel to a wide list of destinations – over a hundred – without having to apply for a cumbersome visa.
- Quality of life. If you want to settle in the Caribbean, you’ll enjoy tropical climates, beautiful scenery, quality healthcare and a plethora of recreational activities.
- Possibility of making the application from a distance. Most Caribbean nations accept that the investor does not reside permanently in the territory.
Source: CBI Index 2022 Edition Ranks Caribbean Citizenship by Investment Programs on Top (Once Again)