The 2021 CBI Index

Now entering its fifth year, the CBI Index provides a comprehensive, data-driven analysis of the world’s active citizenship by investment (CBI) programmes and has become known as the industry’s most reliable comparison tool for CBI programmes. It also serves as a practical guide for individuals and entities wishing to learn more about the CBI industry, the issues that affect it, and its future direction.

Last year, prolonged disruption to worldwide travel resulting from the Covid-19 pandemic forced many CBI programmes to adapt their processing procedures and requirements. This year, programmes have continued to adjust. Antigua and Barbuda and Grenada, for example, made provisions for the virtual administration of their oaths of allegiance in February 2021 and November 2020 respectively, while Vanuatu’s travel requirement remains suspended.

In the Caribbean, two limited-time offers implemented in the wake of Covid-19 were extended to 31 December 2021. St Lucia extended its Covid-19 Relief Bond option, originally due to expire at the end of 2020, while St Kitts and Nevis extended its limited-time offer on applications under the Sustainable Growth Fund, from its original end date of 15 January 2021.

New investment options have also been introduced since the 2020 CBI Index. St Kitts and Nevis launched a private home option, under which applicants can purchase a private home worth U$400,000, and an ‘alternative investment option,’ under which applicants can invest in local approved projects not necessarily linked to real estate or the tourism industry. Meanwhile, Bulgaria scrapped its government bond investment option, but now offers a wide variety of qualifying investments, such as in undertakings for collective investment in transferable securities, alternative investment funds, and a range of Bulgarian companies.

Elsewhere in Europe, despite the promise of new CBI regulations in the summer of 2020, the Cypriot government took the decision to abolish its Programme following mounting pressure from the European Commission. In another unexpected exit, after its first appearance in last year’s CBI Index, Montenegro announced its CBI programme would not be extended beyond 2021. As the Programme remains open for applications until 31 December 2021, Montenegro will still be included in this year’s rankings.

While Malta discontinued its Individual Investor Programme, it unveiled an altogether new CBI policy, which this year’s Index will assess, along with Egypt’s new CBI Programme. North Macedonia is only now establishing the necessary frameworks for an international audience to fully engage with its CBI offering. As such, the CBI Index will continue to monitor its progress as it transitions from its current phase to a fully operational programme.

The 2021 CBI Index therefore examines the CBI programmes of 14 countries, and evaluates them against nine pillars that reflect investor priorities. 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.