In 2022, IMI launched the world’s first Citizenship by Investment (CBI) Transparency Index to encourage program integrity and address one of the most common criticisms of the industry; its tendency to be opaque.
Nearly two years later, we are updating the index to reflect recent changes to transparency measures.
See the full results of the 2024 CBI Transparency Index here to learn who is best in class and who are laggards.
The results are disappointing: Since our last survey in 2022, CBI programs have become less – not more – transparent. On average, the transparency ranking of the CBI sector has fallen from 37% to 33%.
To be sure, some programs have shown considerable improvement: Three Caribbean CIPs are quickly closing the gap to Malta’s MEIN, which has previously been the global benchmark for CBI transparency.
At the same time, the programs that were only somewhat transparent in 2022 have now become almost entirely opaque.
This is driving a divergence: The top four programs do a reasonable job of transparency, while the remaining seven appear to no longer even attempt to be anything but opaque.
