Turkey, Jordan, Egypt among top countries offering citizenship by investment

Caribbean nations rank high on CBI Index 2022
Aug 23, 2022

At least three Muslim nations Turkey, Jordan, and Egypt are among the countries offering citizenship through investment, according to the Citizenship by Investment (CBI) Index 2022.

The index was released on Monday by PWM Magazine, a publication from the Financial Times, in collaboration with CS Global Partners. It offers a glimpse into the future of the citizenship by investment industry.

PWM Magazine calls the index “the world’s most definitive guide on citizenship by investment.”

The latest index is released “amid a year that has, again, been marked by heightened uncertainty, increased security risk, political instability and intensifying calls to act on the global warming threat,” the magazine said.

The CBI Index assesses all countries with operational CBI programs, which, in 2022, include Antigua and Barbuda, Austria, Cambodia, Dominica, Egypt, Grenada, Jordan, Malta, Montenegro, St Kitts and Nevis, St Lucia, Turkey, and Vanuatu.

CBI criteria

The CBI Index rates CBI programs according to the following nine pillars: Freedom of Movement, Standard of Living, Minimum Investment Outlay, Mandatory Travel or Residence, Citizenship Timeline, Ease of Processing, Due Diligence, Family and Certainty of Product.

Freedom of Movement measures the relative strength of each country’s citizenship based on three equally weighted factors: the number of destinations to which a country’s passport allows travel without restriction, the number of prime business hubs to which it provides access, and the degree to which a given citizenship provides settlement rights in other nations.

The Standard of Living pillar is a measure of the quality of life offered by the 13 CBI jurisdictions under assessment and this pillar is vital to those who yearn to relocate and secure a prosperous and fulfilling lifestyle. Similarly, it is key to those wanting to take advantage of local business opportunities or needing to transfer and safeguard their assets.

The Minimum Investment Outlay pillar measures one of the most practical and foremost considerations of CBI – how much capital is required for the investor to become an eligible applicant for the programme of their choosing. The cost of applying for CBI increases with the number of dependants — or qualifying family members — included in an application. In some jurisdictions this increase is proportional, while in others the cost only increases following the inclusion of multiple dependants.

Mandatory Travel or Residence examines the travel or residence conditions imposed on applicants both before and after the granting of citizenship.

The Citizenship Timeline pillar looks at the average time taken for citizenship to be secured by the applicant.

The Ease of Processing pillar measures the end-to-end complexity of the CBI application process. In some jurisdictions, the application process can be a labour-intensive and painstaking task that is time-consuming for the applicant; in others, it is streamlined, and the applicant receives clear directives on how to proceed. The overall effortlessness of the application process is a particularly important component, and the promise of a smooth, hassle-free process can generate readiness to engage with a programme.

The Due Diligence pillar focuses on each nation’s commitment to ensuring that their programme remains transparent and effective at evaluating potential candidates for citizenship. It is therefore a measure of each programme’s integrity.

The Family pillar measures the extent to which investors can obtain citizenship for their immediate and extended family. The CBI Index recognises that the rise of increasingly complex family relationships is driving investors to seek programmes that allow for a more diverse range of family members to be included under a primary application.

Lastly, Certainty of Product encompasses a range of factors that measure a programme’s certainty across five different dimensions: longevity, popularity and renown, stability, reputation and adaptability. Additionally, it assesses a programme’s responsiveness to major global events, such as the Covid-19 pandemic and the war in Ukraine that have had a significant impact on global mobility and due diligence requirements.

Muslim nations offering CBI

Egypt, Turkey and Jordan are the only three Muslim countries the offcer citizen by investment. On the CBI Index 2022, they rank at 8th, 10th, and 11th position, respectively.

Egypt secured only 1 point out of 10 on freedom of movement, 5 on the standard of living, 8 each on minimum investment layout, mandatory residence and citizenship timeline, 10 on ease of process, 7 on due diligence, 5 on family, and 4 on certainty of product.

Jordan scored 1 point on freedom of movement, 5 on the standard of living, 4 on minimum investment layout, 10 on mandatory residence, 9 on citizenship timeline, 7 on ease of process, 2 on due diligence, and 4 each on family and certainty of product.

Turkey — which is probably one of the most sought-after travel destinations for Pakistanis — scored 3 points on freedom of movement, 7 each on the standard of living and minimum investment layout, 8 each on mandatory residence and citizenship timeline, 7 on ease of process, 3 on due diligence, and 5 each on family and certainty of product.

Caribean nations ranked the highest on the index with Dominica on the top and St Kitts and Nevis, St Lucia, Grenada, Antigua and Barbuda following in that order.

European destinations of Malta and Montenegro were the next.

Vanuatu, a far-flung nation off the continent of Australia, was ranked eighth.

Then came the three Muslim countries followed by Austria and Cambodia, which were ranked 12th and 13 respectively.

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