Dominica, St Kitts and Nevis, along with Malta, excel in Due-Diligence: CBI Index 2022

The Citizens are the true identity of a nation. Every citizen bears responsibility for upholding and uplifting the dignity and integrity of the nation. The Government of a nation is the head of its citizens that works towards their welfare and betterment. This is a closely knit relationship between the Government and the citizens of the nation.

With the changing dynamics of Citizenship around the globe, the scenarios have been complex and demand closer and careful scrutiny of its citizens from the respective governments. The Russia-Ukraine War has been pivotal in pushing the countries toward knowing their citizens better.

Citizenship basically refers to a nationality status or a state of being a citizen of a particular country. 

There are certain countries that entitle an individual to its Citizenship upon meeting certain criteria that have been set up by their governments. It might be Citizenship by birth, by residency or by Investment.

Citizenship By Investment refers to the acquisition of Citizenship of a country by investing a certain amount in its economy through various modes like government bonds, real-estate, development funds and so on.

The CBI Index is a comprehensive evaluation of the Citizenship by Investment Programmes of thirteen jurisdictions. It is annually released by PWM Magazine of the Financial Times. It compares the CBI programmes of these countries on nine parameters called as nine pillars of excellence. The performance in these 9 pillars makes it far easier for the investors to decide on the country they’d be investing in. These include :

1- Family

2- Minimum Investment Outlay

3- Freedom of Movement

4- Due Diligence

5- Standard of living

6- Citizenship Timeline

7- Ease of Processing

8- Mandatory Travel or Residence

9- Certainty of Product

 Before providing with Citizenship by Investment to these high net-worth individuals, the Governments indulge in rigorous background checks, detailed information about the source of investment funds, criminal records and police certification from the applicant’s country of Citizenship or residence. This is referred to as ‘Due Diligence checks.

This is highly crucial as there are many individuals with criminal records who may apply for Citizenship by Investment or alternative Citizenship that could be their escape from the country they’ve been residing in. To minimise the risk of damage to the goodwill and the reputation of the programme and the country, the applicant should be assessed for his credibility before the country bestows its Citizenship.

The Caribbean nations Dominica, St Kitts and Nevis, along with Malta have secured 10/10 in the Due diligence pillar in the CBI INDEX, 2O22.

These nations implement stringent and robust background checks to ensure the national safety and dignity of the programme. The island nations combine internal government checks with research from specialist third-party firms and assessments by regional and international bodies. The countries have mandated the provision of fingerprints or a biometric passport, which really enhances the reliability of these programmes. Thus, making them the safest countries to invest resources in.

While Dominica has continued its streak from the past six years,St Kitts and Nevis have secured the top rank along with Dominica for the second year in a row, both scoring 81 points in CBI Index 2022. These countries have worked with independent third party firms from UK-US to conduct due diligence checks. 

Saint Lucia that is a newcomer in the CBI industry has secured the third position overtaking Grenada with 78 points. This development in rankings is directly linked to improvements in Due-Diligence verifications, specifically the biometric passports and the minimum investment outlay of 100000 USD, that is totally in line with the topper of the index Dominica.

Malta, being the third country with the best due diligence procedures, secured 60 points, thus jumping at number six in the CBI Index 2022. The CBI Index reported, “Malta’s stringent due diligence regime, which mirrors the requirements of the Caribbean CBI programmes, and its swift reaction to the banning of Russian and Belarusian application. However. Malta demands for investment outlay of €705,000, which is way more than the Caribbean nations. 

Thus, making the Caribbean nations the most preferred countries for the investors to invest in for a safer and fulfilling life.