2023 Citizenship by Investment (CBI) Program Rankings: A deep dive 

  • 5 minutes
  • Jan 29, 2024

In the ever-evolving world of Citizenship by Investment (CBI) programs, the year 2023 has been particularly noteworthy. Amidst the crescendo of international regulatory pressure, Caribbean CBI programs have once again proven their mettle. However, the performance of each program has displayed significant nuances in response to this scrutiny. 

1. The Dominance of the Caribbean Programs 

Caribbean programs, thanks to their affordability, simplicity, and efficiency, continue to hold their place at the top of the CBI Index 2023. The decisive and immediate actions taken by these programs, such as mandatory interviews, higher investment thresholds, and enhanced due diligence, have helped them maintain their lead in the face of increasing regulatory pressure. 

1.1 St Kitts and Nevis: A Leader in Action 

St Kitts and Nevis, with a score of 77 points, has taken the top spot in the 2023 CBI Index. Their proactive adoption of the ‘6 Principles’ framework is a testament to their commitment to good governance, regional harmonization with international partners, and the long-term sustainability of the industry. 

1.2 Dominica: Striking a Balance 

In second place, with a score of 75 points, Dominica is balancing international demands for enhanced vetting and transparency with the need to ensure the long-term health of its program. 

2. St Lucia: A Top Contender 

Despite falling six points from the previous year, St Lucia maintains its position in the top three. The introduction of National Action Bonds, replacing the Covid bond option, is one of the many positive changes implemented by the country. 

2.1 St Lucia’s Nine Pillars of Success 

St Lucia’s remarkable performance as the leading Citizenship by Investment (CBI) program is underscored by nine key factors: 

  • Mandatory Travel/Residence: There is no mandatory travel or residence requirement for applicants.
  • Citizenship Timeline:  The processing time for citizenship is relatively short. 
  • Ease of Processing:  The application process is straightforward and efficient. 
  • Due Diligence:  St. Lucia conducts rigorous due diligence checks on all applicants. 
  • Family:  The program allows for the inclusion of family members in the application. 
  • Certainty of Product:  The benefits and requirements of the CBI program are clear and reliable. 

3. Grenada: A Rising Star 

Emerging in the top three is Grenada, which has shown significant improvement in Due Diligence, Standard of Living, and Certainty of Product. The country’s swift implementation of the ‘Six Principles’ measures further cements its position as a key player in the CBI industry. 

3.1 Antigua and Barbuda: Holding Steady 

Antigua and Barbuda maintain their fifth position overall, despite a drop in the Due Diligence and Ease of Processing Pillars. 


4. Malta: A Slow Climb 

Malta has held onto its sixth rank, despite less interest in its Maltese Exceptional Investor Naturalisation (MEIN) program. A push for new due diligence enhancements could help it rise in the rankings. 

5. Vanuatu: On the Up and Up 

Vanuatu’s rise to the seventh position is not merely due to the downfall of Montenegro but is testament to the efforts made to stabilise the program and introduce tighter vetting procedures. 

6. Türkiye: Steady Progress 

Türkiye has moved up to eighth position, thanks to efforts to improve its program’s perception and the subsiding of political pressure. 

7. Austria: Hindered Progress 

Despite moving up to tenth place, Austria continues to face challenges due to its high minimum investment requirement, a long citizenship timeline, and a lack of transparent mechanisms. 

8. Cambodia and Jordan: Room for Improvement 

Rounding out the rankings are Cambodia and Jordan, who still have strides to make in tightening due diligence processes to raise their market profile. 

9. The Future of CBI 

Despite the economic downturn and uncertainty brought on by the pandemic, the CBI industry continues to thrive. As countries recalibrate their programs to meet changing demands and regulatory pressures, the industry is set to see further growth and evolution. 

The CBI industry is undergoing a metamorphosis, looking to younger generations and their digital-first view of the world. With the rise of decentralized finance, perhaps now is the time for jurisdictions to reconsider their stance on new methods of payment, such as cryptocurrencies. 

10. The Importance of Due Diligence 

One aspect that remains crucial is the importance of stringent checks, not just to protect the reputation of CBI jurisdictions, but also to ensure the safety of their citizens. Multilingual due diligence could play a vital role in mitigating risks. 

11. The rise of digital nomadism 

CBI jurisdictions stand to benefit from the new work-from-home normal, and from the employees who want to trade in office life for a chance to work overseas. 

12. Debunking misconceptions about CBI 

There is a common misconception that citizenship by investment is the same as buying a new passport. However, it’s not just about a new passport – it’s about providing opportunities for families to stay together, building stronger and more resilient economies, and creating a global future that’s full of opportunity. 

In conclusion, the landscape of Citizenship by Investment programs is an ever-evolving one, reflective of global economic and social trends. As countries navigate international demands and regulatory pressures, the industry continues to innovate, adapt and thrive. 

For a comprehensive overview of passport rankings for all countries and details about the programs we offer, please visit our website and explore the Passport Index section. 

At Bluemina, we always strive to keep you informed about everything related to second citizenship and permanent residency programs. Bluemina is your first, reliable, and closest choice