Weighing Up Second Passport Power in Small States: A SWOT Analysis of the Citizenship-by-Investment Industry

Since their inception in the mid-1980s, citizenship-by-investment (CBI) programmes are often accused of commodifying citizenship, unfairly favouring the very wealthy, and facilitating money laundering, tax evasion and other criminal activities. This paper seeks to take a practical and balanced approach to assessing CBI programmes as a source of revenue, specifically for small states.