Citizenship by investment (CBI) has become increasingly popular and has become $3 billion dollar annual industry.. Small countries have significantly benefited from revenues CBI schemes selling passports. Further billions of dollars have been raised through inflows of investments in real estate.
But how transparent are these investor citizenship schemes running in more than 10 countries?
Malta is the only country that has the most transparent citizenship by investment scheme in the world, closely followed by Antigua and Grenada. All other countries running CBI schemes are not well known for transparency.
Transparency and full disclosure is very important when it comes to administering CBI schemes and recently IMF and European Commission have recommended Governments to implement full transparency.
Take a look below
1. Malta
- CBI scheme: Direct investment by exception scheme replacing Individual Investor Program (IIP)
- CBI Legislation: YES
- Annual report: YES, published by IIP regulator Oriip every december
- CBI revenues: YES, Full disclosure in annual report
- Applications (received, rejected etc): YES
- Reveal names of Citizenship holders to Public: YES, Government Gazette (publishes names of IIP citizens clubbed with naturalized citizens)
- Applicants by country: YES
- Authorized agents list: YES
- Use of CBI funds in welfare projects: YES (NDSF)
- Application forms: online download
- Dedicated Citizenship Unit: YES (Community Malta Agency)
2. Antigua
- CBI Scheme: Antigua Citizenship by Investment (ACBI)
- CBI Legislation: YES
- Annual report: YES, published by CIU Antigua twice a year
- CBI revenues: YES, full disclosure in annual report
- Applications (received, rejected etc): YES
- Reveal names of Citizenship holders to Public: NO (assures privacy for economic citizens)
- Applicants by country: YES
- Use of CBI funds in welfare projects: YES
- Citizenship Investment Unit operations and expenses:YES
- Authorized agents list: YES
- Approved real estate projects: YES
- Dedicated Citizenship Unit: YES, CIU Antigua
3. Grenada
- CBI Scheme: Grenada Citizenship by Investment (GCBI)
- CBI Legislation: YES
- Annual report: YES, published by Finance Ministry of Grenada, every quarter
- CBI revenues: Full disclosure in annual report
- Applications (received, rejected etc): YES
- Reveal names of Citizenship holders to Public: NO (assures privacy for economic citizens)
- Applicants by country: NO
- Use of CBI funds in welfare projects: NO
- Authorized agents list: YES
- Approved real estate projects: YES
- Dedicated Citizenship Unit: YES , CBI Grenada
4. St Lucia
- CBI Scheme: Saint Lucia Citizenship by Investment (SLCBI)
- CBI Legislation: YES
- Annual report: YES, published annually
- CBI revenues: YES, Full disclosure in annual report
- Applications (received, rejected etc): YES
- Reveal names of Citizenship holders to Public: YES (in annual report)
- Applicants by country: YES
- Use of CBI funds in welfare projects: YES
- Authorized agents list: YES
- Dedicated Citizenship Unit: YES, known as CIP Saint Lucia
- Revoked citizenships: Published in Gazette
- Approved real estate projects: YES
5. Cyprus
Note: scheme is suspended
- CBI Scheme: Cyprus Investment Scheme (CIS)
- CBI Legislation: YES
- Annual report: NO (assured full transparency after introduction of new rules)
- CBI revenues: NO
- Applications (received, rejected etc): NO
- Reveal names of Citizenship holders to Public: NO (assures privacy for economic citizens)
- Applicants by country: NO
- Approved real estate projects: YES
- Authorized agents list: YES
- Dedicated Citizenship Unit: NO, but Supervisory and Audit Committee exists consisting of representatives of the Ministry of Finance, the Ministry of Interior and the Invest Cyprus organization for monitoring and improvement of the Cyprus Investment Program,
6. Dominica
- CBI Scheme: Dominica Citizenship by investment program (DCBIP)
- CBI Legislation: YES
- Annual report: NO
- CBI revenues: NO
- Applications (received, rejected etc): NO
- Reveal names of Citizenship holders to Public: YES (published in Govt Gazette twice a year)
- Applicants by country: NO
- Use of CBI funds in welfare projects: YES
- Authorized agents list: YES
- Approved real estate projects: YES
- Dedicated Citizenship Unit: YES, known as CBIU Dominica
7. St Kitts and Nevis
- CBI Scheme: St Kitts and Nevis Citizenship by Investment (SKNCBI)
- CBI Legislation: YES
- Annual report: NO
- CBI revenues: NO
- Applications (received, rejected etc): NO
- Reveal names of Citizenship holders to Public: NO (assures privacy for economic citizens)
- Applicants by country: NO
- Use of CBI funds in welfare projects: NO
- Authorized agents list: YES
- Dedicated Citizenship Unit: YES, known as CIU St Kitts
- Approved real estate projects: YES
8. Montenegro
Montenegro is newly launched CBI scheme, so little details are available
- CBI Scheme: Montenegro Special Citizenship by Admission Program (MSCAP)
- CBI Legislation: YES
- Annual report: NO
- CBI revenues: NO
- Applications (received, rejected etc): Unknown
- Reveal names of Citizenship holders to Public: Unknown
- Applicants by country: Unknown
- Use of CBI funds in welfare projects: Unknown
- Authorized agents list: YES
- Govt Approved real estate projects: YES
- Dedicated Citizenship Unit: YES, known as Montenegro Investment Agency
9. Vanuatu
- CBI Scheme: Vanuatu Development Support Program (DSP) and Vanuatu Contribution Program (VCP)
- CBI Legislation: YES
- Annual report: NO
- CBI revenues: YES (every quarter)
- Applications (received, rejected etc): NO
- Reveal names of Citizenship holders to Public: NO
- Applicants by country: NO
- Use of CBI funds in welfare projects: NO
- Authorized agents list: YES
- Dedicated Citizenship Unit: YES, known as Vanuatu Citizenship Commission
10. Turkey
- CBI Scheme: Turkey Citizenship by Investment (TCBI)
- CBI Legislation: YES
- Annual report: NO
- CBI revenues: NO
- Applications (received, rejected etc): NO
- Reveal names of Citizenship holders to Public: NO (assures privacy for economic citizens)
- Applicants by country: NO
- Use of CBI funds in welfare projects: NO
- Authorized agents list: NO
- Approved real estate projects: NO
- Dedicated Citizenship Unit: YES, Invest Turkey and Ministry of Interior are responsible
11. Bulgaria
- CBI Scheme: Bulgaria Fast Track Citizenship by Investment Program (BCBI)
- CBI Legislation: YES
- Annual report: NO
- CBI revenues: NO
- Applications (received, rejected etc): Published in Presidential decree on granting citizenship
- Reveal names of Citizenship holders to Public: NO (assures privacy for economic citizens)
- Applicants by country: NO
- Use of CBI funds in welfare projects: NO
- Authorized agents list: NO
- Dedicated Citizenship Unit: NO, Ministry of Justice is responsible.
- Revoking citizenship: Published in presidential decree
12. Moldova
Note: scheme is suspended
- CBI Scheme: Moldova Citizenship by Investment (MCBI)
- CBI Legislation: YES
- Annual report: NO
- CBI revenues: NO
- Applications (received, rejected etc): NO
- Reveal names of Citizenship holders to Public: NO
- Applicants by country: NO (but country names published in presidential decree order of granting citizenship)
- Use of CBI funds in welfare projects: NO
- Authorized agents list: YES
- Dedicated Citizenship Unit: YES, CBI Moldova
