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You’re ready to invest $100,000, $250,000, maybe more, for a second passport or permanent residency. But do you know exactly where that money will end up?
CBI programs often promise access to citizenship, real estate, and global mobility. What they don’t always tell you is how your funds are handled once you hit “send.”
After months of digging through government reports, financial statements, and national budget documents that most investors never see, we can now confidently tell you how CBI money is managed.
This article ranks some of the most popular island-based citizenship by investment (CBI) programs in 2025 based on one critical factor: transparency. If you want to protect your investment, avoid scams, and support legitimate national development, this ranking is your essential guide.
Every investor wants two things: results and accountability. But in many citizenship programs, once your money leaves your account, it vanishes into a system with limited or no financial tracking.
Full transparency protects your capital, shields your family, and helps you avoid red flags. Knowing how funds are managed is crucial for smart decision-making.
In October 2013 Antigua & Barbuda launched its citizenship by investment program to offer qualified investors a chance at dual citizenship within months through a donation or investment. It’s become one of the most popular and robust programs in the CBI space since its inception.
Minimum Contribution: US $230,000 to the National Development Fund (NDF)
Where It Goes: Antigua & Barbuda publishes detailed six-monthly reports that most other programs wouldn't dare release. We analyzed their latest data, and the numbers tell a fascinating story.
In the first half of 2024, the National Development Fund collected $62.975 million from citizenship applicants. The government publishes every single contribution (date, nationality, number of persons, amount) in spreadsheet format. No other program comes close to this level of detail.
Even more impressive, they publish line-item disbursements showing exactly where the money goes: transfers to the Accountant General, National Urban Housing & Renewal Co., Antigua & Barbuda Defence Force, public works projects, and maintenance contracts. It reads like a government check book.
The breakdown shows 82.68% of applications chose the donation route, while only 14.61% went with real estate investments. This transparency should be the gold standard, but unfortunately, it's the exception rather than the rule.
Other Investment Options: Their real estate program deserves special mention. Unlike most Caribbean programs that offer shares or units you'll never see, Antigua actually lets you own freehold title to tangible properties like bungalows. Starting around $430,000, it's expensive but at least you get something real.
Key Takeaway: Antigua is one of the few Caribbean nations where the Citizenship Unit submits detailed reports to Parliament. You can verify where the money flows and what sectors it funds. This level of public accountability is rare in the region.
Essential Investor Protections:
Demand These Documents:
· Official CIU evidence: Six-Monthly Report extract (period covering your file) showing NDF contribution receipt (amount, date, reference).
· Treasury/NDF proof: Government receipt and transaction reference (match to the Six-Monthly Report).
· Due-diligence proof: Identity of the screening provider; written confirmation tests run (sanctions, adverse media, litigation).
If choosing Real Estate:
· Government approval letter for the project; sale & purchase agreement; escrow agreement identifying release milestones.
· Title packet (Land Registry folio, survey plan), independent valuation, building permits, completion/occupancy certificate (or performance/completion bond if off-plan).
· Developer pack: audited financials (last 2 years), construction contract (GMP if possible), development timetable, insurance and hurricane resilience specs, rental/HOA terms.
Verification steps
· Cross-check your payment against the Six-Monthly Report line items and Appendix V (Government Transfers) timing.
· Confirm escrow is with a recognized bank in Antigua & Barbuda; funds released only on objective milestones (title/CO).
· Validate no undisclosed promoter commissions are being cut from your principal.
Red flags
Project not on the approved CIU list; missing escrow; “reservation deposits” wired offshore; refusal to share Land Registry evidence.
Saint Lucia’s Citizenship By Investment was launched in December 29, 2015 (official CIU launch event). Applications began January 1, 2016; the program is under the Citizenship by Investment Act No. 14 of 2015, with regulations commencing October 2, 2015.
St. Lucia offers one of the Caribbean’s most flexible programs, with multiple pathways and one of the lowest overall application costs. The government also leads in transparency compared to regional peers.
Minimum Contribution: US $240,000 to the National Economic Fund for a single applicant
Where It Goes: St. Lucia stands out for its professional approach to financial reporting. Their audited annual reports rival those of publicly listed companies, with detailed reconciliations of donations collected, fees retained, and distributions to government accounts.
For fiscal 2023/24, they collected EC$23.98 million in National Economic Fund donations but retained EC$4.8 million (20%) for marketing and investor relations. The net EC$64.1 million transferred to the NEF included adjustments from prior years and surplus transfers.
Here's the fascinating part: they also transferred EC$58.6 million directly to the Consolidated Fund (general government revenue). The split was roughly 52.2% to the NEF for designated projects, 47.8% to general government spending.
St. Lucia's 2024/25 budget totals EC$1.894 billion, with CIP contributing an estimated EC$75 million to revenue. The government actually publishes where this money gets spent across ministries:
Economic Development receives the largest capital allocation at EC$130 million, including EC$67.2 million for St. Jude Hospital reconstruction. Infrastructure gets EC$85.1 million for highway projects and renewable energy. Education receives EC$47.3 million for human capital initiatives.
Other Investment Options: Investors can also choose from real estate or government bond routes. The bond route offers full refunds, making it the preferred choice for most applicants. Real estate investments involve purchasing shares in resort development projects rather than actual units. While financial reporting remains transparent, we recommend avoiding this route due to the lack of tangible freehold titles. Investors should proceed with extreme caution when considering development shares over actual property ownership.
Key Takeaway: Unlike other programs, St. Lucia publishes annual audited financial reports, making it easier for investors to see how contributions are allocated. The government separates revenue from CIP donations and often discusses the impact in its fiscal strategy reports.
Essential Investor Protections
Demand These Documents:
· CIP audited annual report (latest) with the NEF remittance and Consolidated Fund distribution lines.
· Official receipt for your NEF donation and confirmation of when it will appear in the next report.
Real estate/shares route:
· Approved-project letter; subscription/SPA; escrow agreement.
· SPV financials (audited), use-of-proceeds schedule, waterfall/exit mechanics, valuation policy, and insurance.
· Construction pack: permits, timetable, contractor agreement (and performance/advance-payment bonds if applicable).
Verification steps
· Confirm the donation amount equals your principal (fees are billed in addition, not netted).
· Trace the project on the approved list and request quarterly progress reports (photos, invoices, drawdowns) until completion/CO.
Red Flags:
· “All-inclusive” donation where the principal is quietly reduced by marketing/agent fees; share offerings with no exit path or unaudited SPVs.
Nauru launched its citizenship program in December 2024, and it's generating a lot of interest. The program leads to direct citizenship and a passport in just 3 months, the fastest and lowest-cost option in 2025.
Minimum Contribution: From US $105,000
Where It Goes: The Pacific island nation claims your money funds climate adaptation through their Higher Ground Initiative, relocating 90% of the population from vulnerable coastal areas to elevated ground.
The program targets $60 million in its first phase for green housing, solar power, and land rehabilitation. It sounds noble, but here's the catch: Nauru has been operating for less than a year, and there are no detailed financial reports yet. Hence it has yet to be seen what the reports at the beginning of 2026 will show for it’s initial year of launching and managing the report.
Government bulletins mention the Higher Ground Initiative in aspirational terms, but it is too early to receive and review the completed project reports as of this date. For a country with a troubled financial history (remember the phosphate mining boom and bust) it is yet to be seen if Nauru can make a comeback.
Key Takeaway: With the program less than a year old and no financial reports available, transparency is extremely limited. The government mentions climate projects in vague terms, and no completed project documentation exists. Given Nauru's troubled financial past with the phosphate mining boom-and-bust cycle transparency remains questionable.
Essential Investor Protections
Demand These Documents:
- Treasury Fund or Citizenship Investment Unit receipt for your contribution (bank confirmation from the Ministry of Finance/Treasury), not from an intermediary
- Escrow structure: contribution held in bank escrow (onshore) with release only on passport issuance (and refunds specified if refused)
Verification Steps:
Obtain Program Office letter confirming Treasury deposit and budget allocation
Red flags
Funds wired to non-Treasury accounts; refusal to provide Treasury receipts; purely aspirational HGI references with no budgets or contracts.
Dominica: Large Revenue Source, Minimal Accountability
Dominica first introduced economic citizenship in 1993; the modern CBI framework was overhauled in 2014, when the approved real-estate option was introduced.
Minimum Contribution: US $200,000 to the Economic Diversification Fund, though industry insiders admit nobody pays the full amount, discounted fees are widely available.
Where It Goes: Here's where the transparency ends. Unlike Antigua, Dominica doesn't publish detailed use-of-funds reports. We had to piece together information from audited revenue lines, budget speeches, and a single PwC impact study from 2019.
The latest audited figures show CBI revenue hit EC$458.6 million in fiscal 2021/22, representing 54% of the government's recurrent revenue. That's a staggering dependency on foreign investment for basic government operations.
The 2019 PwC assessment claimed CBI supported 7,000 homes, EC$175 million in water infrastructure, and EC$29.7 million in agriculture between 2013-2019. But that data is five years old, and there's been no updated accountability report since.
The current budget allocates EC$934.9 million in capital expenditure, with the Prime Minister's Office receiving the largest share at EC$490 million. What specific projects get funded? The government lists aspirational goals like the international airport and geothermal plant, but there's no direct link between your EDF contribution and named projects.
IMF reports note that CBI revenues finance "post-disaster reconstruction and public investment," reaching roughly 30% of GDP. Translation: your investment is supporting general government spending, not necessarily the development projects marketed to investors.
Other Investment Options: Unfortunately the Dominica real estate route is just ‘shares’ in a project and considered very scammy. You’ll never recoup close to the full value or be able to liquidate your investment. Stay fully clear of such investment options in Dominica. The public infrastructure projects are most likely the best option compared to the donation and real estate investment, as they have clear structures in place in terms of where your money is spent for the public projects.
Key Takeaway: Despite the program’s economic significance, Dominica does not publish public audits. Disclosures are limited to political speeches or marketing documents. Investors have little visibility into where and how their money is used.
Essential Investor Protections
Demand These Documents:
- Official government receipt showing EDF contribution credited to the Consolidated Fund (head/account reference).
- Donation route: confirmation of total fees vs. amount actually credited to EDF (showing no netting of “processing” from your principal).
- Real estate route (if used): project government approval, escrow agreement, title packet, building permits, completion guarantees, insurance, and independent valuation.
Verification steps
Match your Treasury receipt to the CBI revenue head used in the Auditor-General tables.
For projects, ask the Ministry/Implementing Agency to confirm inclusion in the current Public Sector Investment Programme (PSIP) and funding status.
Red Flags:
Donation routed to private accounts; no Treasury receipt; reluctance to share budget/AG extracts; large “marketing” deductions from your principal.
The truth is that it really depends on what matters most to you, whether it's speed, transparency, investment return, or simply acquiring a second passport.
If you're donating: Your primary goal may be citizenship, not financial return. In this case, fund transparency might be less critical as long as the program is legitimate and leads to a passport. Still, basic safeguards, like official government receipts, are non-negotiable.
If you're investing in real estate or other assets: Be 100% clear on what your money will get you. Know who owns the property, what legal rights you have, and how funds will be used. Any vagueness in ownership, development stages, or documentation is a red flag.
Always match the program structure to your risk tolerance and personal priorities. Never sign or transfer funds without an independent legal review and documented evidence of how the funds are handled.
Book a strategy session with Ingwe Immigration to assess which investment programs align with your goals and provide true financial clarity.
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