CBI programmes are typically designed to attract foreign direct investment, stimulate economic growth, create job opportunities and enhance the global reputation of the CBI country. The macroeconomic impact of economic citizenship programmes depends on their design, the magnitude of the inflows and how these are managed. The International Monetary Fund has observed a significant increase in funding to the public sector in countries such as St Kitts and Nevis, Antigua and Barbuda, and Dominica, which can be attributed to new real estate developments and luxury resorts funded through CBI initiatives. These developments have led to the creation of thousands of jobs, particularly in the construction, hospitality, and service industries in the Caribbean. As a result, unemployment has decreased, and the host countries’ economies have become more diversified and resilient.  

 In St Kitts and Nevis, the real estate sector has experienced a construction boom contributing to a growth rate of six per cent in 2013 and 2014—one of the highest in the Western Hemisphere. As of 2024, construction remains a key driver of the nation’s economic growth. The government of St Kitts and Nevis has allocated over $130 million for construction-related capital expenditures. Another CBI route offered by the country is through donations to the Sustainable Island State Contribution (SISC). This option prioritizes environmental conservation and sustainability for the island nation in the face of climate change, with a minimum investment of $250,000. The success of the SISC has helped St Kitts and Nevis realize its goal of becoming a sustainable island state. The funds obtained through its CBI programme are used to increase local food production, facilitate transition to green energy, diversify the economy and address the drastic effects of climate change on the Islands. 

However, while CBI programmes offer substantial economic benefits, they also present challenges such as regulatory compliance, transparency and ethical concerns about granting citizenship in exchange for investment. These issues require rigorous governance and international cooperation to ensure that the programmes operate effectively and ethically. In 2020, the European Commission highlighted the risks associated with CBI and RBI programmes, including money laundering and tax evasion, and recommended that member states phase out or restrict their programmes. As a result, several European countries have either ended or restricted access to these programmes.  

Large and rapid investment inflows into the real estate sector of these host countries can lead to rising cost of living and inflated asset prices, potentially having negative effects on the broader economy. Additionally, the rapid expansion of construction can compromise the quality of new properties, which may eventually harm the tourism sector, as many of these developments are tourist accommodations or are repurposed as such. For example, although real estate investment through RBI generated nearly €398 million in February 2023, Portugal restricted this option, citing concerns over property and rent price speculation. Its programme has undergone several changes, suggesting that it may eventually be cancelled, with these changes making the application process more stringent. 

Furthermore, there is little concrete evidence or statistical data to show that CBI programmes are effectively monitored and assessed or that they truly impact economic growth, despite assumptions about their role in stimulating it. This challenge has generated uncertainties as to whether to treat CBI contributions as taxes, services or transfers, which in turn have different impacts on key macroeconomic variables. While CBI programmes offer financial benefits and opportunities for both individuals and nations, they also raise significant ethical concerns and provoke mixed reactions from the citizens of the host countries, challenging the moral foundations of such initiatives. 

Citizenship is typically assigned by birth or by parentage, and it is a bragging right to be a natural citizen of a developed and prosperous nation as citizens are entitled to state-sponsored education, healthcare, diplomatic protection, access to justice, property ownership, social security and much more benefits. In contrast, being born in a developing country like Nigeria is frequently deemed a significant disadvantage to its citizens as it is characterized by poor infrastructure, minimal healthcare, a struggling educational system, few employment opportunities and diplomatic challenges. Thus, natives of CBI countries find it unethical and unfair that equal rights are given to non-natives because of the investment made in the economy. From the experience shared by Aina, the Kittitian and Nevisian locals he interviewed believed that he was not truly from there because he had obtained his citizenship through investment. They thought he merely had access to the country and could visit at any time he wanted, arguing that to be considered truly Kittitian and Nevisian one must be born and raised there.