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The Professional Wealth Management (PWM) magazine from the Financial Times group of publications has released the fifth edition of the rating of the best citizenship for investment programs "A guide to global citizenship: The 2021 CBI Index".
The study evaluates citizenship by investment (CBI) programs around the world according to nine criteria that are considered a priority for investors who want to apply for participation in such programs: freedom of movement, standard of living, minimum investment costs, mandatory entry or residence in the country, terms of obtaining citizenship, ease of processing the application, verification of trustworthiness, options for the family and the reliability of the product.
Leaders. In the annual report of the best Citizenship by Investment programs CBI Index 2021, the Commonwealth of Dominica and the Federation of Saint Kitts and Nevis shared the first place in the ranking. While Dominica has become the best citizenship by investment program for the fifth time, Saint Kitts and Nevis, the program of which was established in 1984, took the first place for the first time.
"We are pleased that we were recognized as the best in this prestigious report. We have long been industry leaders, and our trusted program reflects the importance of a rigorous due diligence process," said Prime Minister Timothy Harris.
Les Khan, Head of the Citizenship for Investment Department of Saint Kitts and Nevis, commented: "The Saint Kitts and Nevis Program continues to meet the needs of the investors by providing reliable and fast ways to obtain a second citizenship. We are glad to receive the highest marks on numerous criteria, in particular in the direction of "Family", because now we have expanded the definition of "dependent" to include brothers and sisters. We are glad that we were recognized as the best, because our efforts are aimed at providing the most respected program in the industry."
Both countries received excellent marks for the absence of mandatory requirements for applicants to travel or live in the country, a simple and clear verification process for reliability, as well as family-oriented options. In addition, Dominica received excellent marks on criteria such as "minimum investment contribution" and" product reliability", and for the second year in a row, Saint Kitts and Nevis became the only country that received the highest marks on the criterion of "terms of obtaining citizenship". All due to the accelerated application process, which allows successful applicants to obtain citizenship within 60 days, and in some cases the process can take as little as 45 days.
The Caribbean countries again entered the top five in the report for 2021: Dominica and Saint Kitts and Nevis are followed by Grenada, Saint Lucia and Antigua and Barbuda. With many years of industry experience, CBI's Caribbean programs have evolved rapidly to meet the changing priorities of investors during the COVID-19 pandemic. Among the changes, limited proposal to reduce the amount of the investment contribution, which is currently in effect in Saint Lucia and Saint Kitts and Nevis, as well as expanding the rights of the family by including additional dependents in the application.
The limited-time offer of Saint Kitts and Nevis is valid until December 31, 2021 and allows families of up to four people to obtain citizenship for a contribution of $150,000 (at the cost of one applicant), which is a discount of $45,000 for a family of two spouses and two other dependents (excluding siblings).
In general, the citizenship by investment industry has undergone a number of changes over the past year: new countries such as Egypt have entered, and Cyprus has canceled its long-standing program. The demand for CBI programs in 2021 has generated increased interest, as more and more investors have begun to look for legitimate solutions to the restrictions caused by the pandemic outside of traditional markets.
Yuri Bender, Editor-in-chief of PWM, comments: "Both private banks and law firms report about the increased interest from clients who want to get a new citizenship and passports after the outbreak of the pandemic. According to them, wealthy investors began to appreciate mobility only after it was suddenly withdrawn due to COVID-19."
The industry has adapted to the needs of this growing demographic group: "Trends include the expansion of family rights, a constant focus on the security check procedure, as well as an increased focus on real estate projects available for investment under certain CBI programs," the report notes.
Micha-Rose Emmett, CEO of CS Global Partners, a London-based law firm, comments: "The trends of 2021 best reflect the ability of citizenship-by-investment programs to adapt to current needs in order to attract a large number of investors. We are not only observing how new investment programs leave the market or appear, but also how flexibly the oldest and most reputable programs, in particular, the programs of Saint Kitts and Nevis and Dominica, cover new investor needs, without reducing the emphasis on reliability and a strict verification process for reliability."
Source: Press release
