The Residence and citizenship by investment (CBI/RBI) schemes allow individuals to obtain citizenship or residence rights through local investments or against a flat fee for perfectly legitimate reasons, they can also be potentially misused to hide their assets offshore by escaping reporting under the OECD/G20 Common Reporting Standard (CRS).
In particular, Identity Cards and other documentation obtained through CBI/RBI schemes can potentially be misused abuse to misrepresent an individual’s jurisdiction(s) of tax residence and to endanger the proper operation of the CRS due diligence procedures.
Financial Institutions are required to take the outcome of the OECD’s analysis of high-risk CBI/RBI schemes into account when performing their CRS due diligence obligations.
The OECD has analysed over 100 CBI/RBI schemes, offered by CRS-committed jurisdictions, identifying the following schemes that potentially pose a high-risk to the integrity of CRS.
|
Jurisdiction |
Name of CBI/RBI scheme |
|
Antigua and Barbuda |
Antigua and Barbuda Citizenship by Investment |
|
Antigua and Barbuda |
Permanent Residence Certificate |
|
Bahamas |
Bahamas Economic Permanent Residency |
|
Bahrain |
Bahrain Residence by Investment |
|
Barbados |
Special Entry and Residence Permit |
|
Colombia |
Migrant (M) Visa – Category 6 or Category 10 |
|
Colombia |
Residence Visa by Investment (R visa) |
|
Cyprus |
Citizenship by Investment: Scheme for Naturalisation of Investors in Cyprus by Exception |
|
Cyprus |
Residence by Investment |
|
Dominica |
Citizenship by Investment |
|
Grenada |
Grenada Citizenship by Investment |
|
Malaysia |
Malaysia My Second Home Programme |
|
Malta |
Malta Individual Investor Programme |
|
Malta |
Malta Residence and Visa Programme |
|
Mauritius |
Occupation Permit/Permanent Residence Permit |
|
Monaco |
Residence by Investment |
|
Montserrat |
Economic Residency Programme of Montserrat |
|
Panama |
Friendly Nations Visa |
|
Panama |
Economic Solvency Visa |
|
Panama |
Reforestation Investor Visa |
|
Qatar |
Investor Residence Visa |
|
Qatar |
Residence Visa for Real Estate Owner |
|
Saint Kitts and Nevis |
Citizenship by Investment |
| Saint Kitts and Nevis |
Residence by Investment |
|
Saint Lucia |
Citizenship by Investment Saint Lucia |
|
Seychelles |
Type 1 Investor Visa |
|
Seychelles |
Type 2 Investor Visa |
|
Turks and Caicos Islands |
Permanent Residence Certificate via Undertaking and Investment in a Home |
|
Turks and Caicos Islands |
Permanent Residence Certificate via Undertaking and Investment in a Business |
|
Turks and Caicos Islands |
Permanent Residence Certificate via Investment in a Designated Public Sector Project |
|
Turks and Caicos Islands |
Permanent Residence Certificate via Investment in a Home or Business |
| United Arab Emirates |
UAE Residence by Investment |
|
Vanuatu |
Development Support Programme |
|
Vanuatu |
Self-Funded Visa |
|
Vanuatu |
Land-Owner Visa |
|
Vanuatu |
Investor Visa |
Read more in the OECD website
