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Caribbean CBI Powerhouses Reign Supreme in 2024 CBI Index Despite Controversies

St. Kitts and Nevis Tops CBI Index, but Programme Faces Scrutiny Over Secrecy and Declining Applications

The Caribbean continues to dominate the global Citizenship by Investment (CBI) industry, as the 2024 CBI Index ranks five Eastern Caribbean nations among the top performers in the world. St. Kitts and Nevis once again claims the #1 spot in the prestigious rankings, followed closely by Dominica, Grenada, Saint Lucia, and Antigua and Barbuda. Despite their strong scores across nine critical pillars, questions loom over transparency and recent declines in application volumes due to controversial policy changes.

Released under the theme “Transparency meets Transition – A CBI Reset,” the 8th edition of the CBI Index highlights the resilience of Caribbean CBI programmes, which continue to lead despite mounting challenges. St. Kitts and Nevis, in particular, retained its title as the world’s best CBI programme with an impressive score of 84%. Dominica followed at 80%, Grenada at 77%, and both Saint Lucia and Antigua and Barbuda secured 74%.

Yet, behind the glossy ranking lies a programme grappling with fallout from regulatory missteps. The St. Kitts and Nevis CBI, historically a platinum standard in the industry, has seen a dramatic decline in applications after Prime Minister Dr. Terrance Drew’s administration introduced sweeping, and some argue ill-advised, changes—most notably a sharp increase in the minimum investment requirement. The programme, which has long shrouded the number of citizenships sold in secrecy, is under fire for not releasing public data on passport sales, unlike its Caribbean counterparts.

Former St. Kitts and Nevis Citizenship by Investment Unit (CIU) CEO, Michael Martin, confirmed a significant drop in applications following the controversial price hike and regulatory shifts. Martin’s resignation earlier this year added to concerns over the future of the programme. However, with a new Chairman, Calvin St. Juste, at the helm and a planned global tour to restore investor confidence, the CBI programme is hopeful for a revival.

Despite these challenges, St. Kitts and Nevis’ #1 ranking in the 2024 CBI Index offers a glimmer of optimism. The programme continues to score highly in critical areas like due diligence and ease of processing, reinforcing its reputation for security and efficiency. Its success across the nine key pillars—Standard of Living, Freedom of Movement, Investment Options, Citizenship Timeline, and more—reflects the enduring appeal of the Caribbean’s CBI offerings, even as the industry faces pressure for greater transparency.

While other Caribbean nations, such as Grenada and Dominica, continue to publish detailed reports on citizenships granted, St. Kitts and Nevis remains tight-lipped, fueling concerns over accountability. As the global landscape for economic citizenship evolves, these transparency issues are likely to remain a focal point of debate.

The upcoming tour led by St. Juste, along with a reduction in the elevated investment price, offers a critical chance for the St. Kitts and Nevis CBI programme to reclaim its former glory. With the CBI Index adding another feather to its cap, the industry awaits to see whether these efforts will indeed lead to a renaissance of the programme once dubbed the “platinum standard” of economic citizenship.