Dominica, St. Kitts and Nevis, Malta Offers World’s Best Due Diligence Services: CBI Index 2022 | Pro IQRA News

Pro IQRA News Updates.

Russia’s invasion of Ukraine has raised concerns in the minds of the world about what it takes for an applicant to avail or invest in any of the countries that grant economic citizenship.

A major key aspect for any country granting citizenship is to ensure that the particular individuals have a clean and clear image and must come from a country that maintains a good reputation.

The following countries have already focused on improving due diligence and oversight procedures to minimize reputational damage to countries that offer citizenship by investment to investors.

Several countries recognize the importance of due diligence while offering alternative citizenship to high net worth individuals (HNWI).

Recently, the Investment Citizenship Index 2022, published by the Financial Times’ Professional Wealth Management (PWM) magazine, found that small island developing nations such as Dominica, St. Kitts and Nevis and Malta improved their standard due to improved due diligence. checks
Furthermore, the CBI 2022 Index clearly stated: “Due diligence is an important step in the Citizenship by Investment (CBI) process. Host countries must fully understand who they are granting citizenship to.”

PWM Magazine Index added: “Caribbean countries that offer CBI, such as Dominica and St. Kitts and Nevis, have developed an in-depth six-step due diligence process to better understand the individual applying for alternative citizenship. Robust multi-level due diligence is vital to any successful CBI program, as it combines holistic government audits with research from third-party specialist firms and assessments by regional and international bodies.”

Three island countries, Dominica, Malta and St. Kitts and Nevis, scored 10/10 in Due Diligence. The CBI Index highlighted that, as in previous years, Dominica, Malta and St. Kitts and Nevis have perfect scores for the Due Diligence component due to their strict and thorough requirements. These countries require the provision of either fingerprints or a biometric passport and have robust external due diligence procedures.

Notably, all of the incredibly effective countries, including Dominica, St. Kitts and Nevis and Malta, worked with independent international companies from the US or the UK to carry out inspections.

The CBI 2022 Index, published by the Financial Times’ PWM magazine on August 22, 2022, has identified the Caribbean countries of Dominica and St. Kitts and Nevis as having the world’s best citizenship-by-investment program. Dominica was the best in the world for the sixth consecutive year, while St. Kitts and Nevis topped the report for the second year in a row.

Meanwhile, Saint Lucia’s Citizenship by Investment program came third. As the Caribbean’s newest program, Saint Lucia is in its sixth year and jumped from fourth to third in this year’s CBI index with a total of 78 points, ahead of Grenada, the report said

The recent increase in overall scores is due to improvements in background checks, including the introduction of biometric passports and minimum investment costs under Dominica of US$100,000 per applicant. Additionally, increased due diligence requirements and/or the inclusion of grandparents as eligible dependents could make the company a serious contender for the top spot in the 2023 CBI Index.

The third notable country to be recognized for its due diligence, Malta rose to sixth place this year with an overall score of 60. The CBI Index reported that Malta’s “rigorous due diligence regime, which shows the requirements for Caribbean CBI programs, as well as its rapid response to restrictions on Russian and Belarusian applications. Where Malta scores less is its minimum investment cost, currently estimated at €705,000 (more than double all Caribbean programs), residency requirements and citizenship timeline.”


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