Citizenship is traditionally granted by right – on the basis of birthplace or parentage – or acquired through naturalisation – on the basis of sustained residency and allegiance to the state. Yet, many small countries are increasingly “selling sovereignty” through Citizenship by Investment (CBI) or Residence by Investment (RBI) schemes. These “golden passports” and “golden visas” generate sizeable revenues for many small island developing states (SIDS), but they have also come under scrutiny from powerful states and international organisations, especially the European Union.
In this episode of Small Islands Big Picture, Emily and Matt explore the proliferation of these schemes, asking, ‘If all states – including the very wealthiest – have them, why do smaller states seem to be under the greatest surveillance?’. They discuss the long-term sustainability of these schemes, where the money they generate is going, examples of good practice, and how the international community can support SIDS to ensure they continue to profit from CBI/RBI schemes while also strengthening their governance.
In “Island Voices”, we hear from CEO of the Daphne Caruana Galizia Foundation, Tina Urso. In the “Explainer”, Matt and Emily discuss the different kinds of CBI/RBI schemes that exist around the world. Dr Dan Hammett and Dr Owen Parker join “The Big Picture” to discuss why the CBI and RBI industry is booming, and why Brussels is increasingly uneasy about it. Finally, in “No Stupid Questions”, Matt and Emily ask, “If CBI and RBI schemes are so problematic, why does then international community not simply ban them?”.
Featuring:
- Emily Wilkinson (host) | RESI Director and Senior Research Fellow at ODI
- Matthew Bishop (host) | RESI Director and Senior Lecturer at the University of Sheffield
- Tina Urso | CEO, The Daphne Caruana Galizia Foundation, Malta
- Dan Hammett | Senior Lecturer in Human Geography, University of Sheffield
- Owen Parker | Senior Lecturer in European Politics, University of Sheffield
Resources:
- Programme page | Resilient and Sustainable Islands Initiative (RESI)
- Investigative journalism from Malta | The Daphne Project
- Dan and Owen’s SIDS Future Forum paper | Sovereignty sales, economic revitalisation and inclusive development in Small Island Developing States (SIDS)
- Dan presenting on CBI Schemes at the SIDS Future Forum | Session 1 (Resilient Economies)
