The 2020 CBI Index
The industry has continued to evolve since last year, with key developments including investment changes, moves towards greater family inclusiveness, and increased oversight of agents and real estate stakeholders. Sponsored by CS Global Partners
Entering its fourth year of publication, the CBI Index is the world’s most reliable comparison tool for active citizenship by investment (CBI) programmes. It serves as a practical guide for individuals and entities wishing to learn more about economic citizenship while providing a comprehensive, data-driven study of the CBI industry and the issues that shape it.
Further reading
A guide to global citizenship: The 2020 CBI Index
Sourced from research commissioned by CS Global Partners
The industry has continued to evolve since the publication of the 2019 Index. Key developments include investment changes, moves towards greater family inclusiveness, and increased oversight of agents and real estate stakeholders.
Significant threshold changes were implemented in the Caribbean. In Antigua and Barbuda alone, the government decided to make its limited-time offers on real estate purchases and National Development Fund (NDF) contributions a permanent feature of its programme. It also added a new real estate option for US$200,000, modified its University of the West Indies Fund option, and standardised Government Fees.
The Caribbean also spearheaded several adjustments to its family provisions — most notably in Dominica and St Lucia.
After a difficult 2019, in which the Cypriot government revised its criteria for awarding economic citizenship, Cyprus set new CBI regulations in the summer of 2020. These are reportedly tied to
anti-money laundering legislation to bolster the programme’s credibility. Malta also announced that significant changes can be expected under the ‘second version’ of its Individual Investor Programme, set to be unveiled in September.
An unprecedented challenge for the industry came in the form of the Covid-19 pandemic which, in addition to tragic loss of life, led to the imposition of national lockdowns and the closure of international borders. In response, many CBI programmes were forced to adapt their processing procedures, resulting in both temporary and long-term changes.
In the 2019 CBI Index, new market entrant Montenegro was not featured in the rankings. However, after issuing its first CBI approval in February 2020, its CBI programme has now been included.
As such, the 2020 CBI Index assesses the CBI programmes of 14 countries: Antigua and Barbuda, Austria, Bulgaria, Cambodia, Cyprus, Dominica, Grenada, Jordan, Malta, Montenegro, St Kitts and Nevis, St Lucia, Turkey, and Vanuatu.
Reflecting industry trends, a new Family Pillar has been introduced. A separate Certainty of Product Pillar has also been added, absorbing previous stability measurements and incorporating further considerations such as programme caps. Considerable adjustments were also made to the Freedom of Movement Pillar, where settlement rights were integrated into scores.
As always, data was collated from relevant industry sources, including legislation; government circulars and memoranda; programme application forms and guidelines; official media and statistics channels; and direct correspondence with governments and their authorised representatives.
The data is used to give each country a final score out of 90, as well as a percentage score.
