IMF Working Papers

Drivers and Effects of Residence and Citizenship by Investment

By Sofronis Clerides, Maria Delgado Coelho, Alexander D Klemm, Christos Kotsogiannis

January 10, 2025

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Format: Chicago

Sofronis Clerides, Maria Delgado Coelho, Alexander D Klemm, and Christos Kotsogiannis. "Drivers and Effects of Residence and Citizenship by Investment", IMF Working Papers 2025, 008 (2025), accessed January 20, 2025, https://0-doi-org.library.svsu.edu/10.5089/9798400298042.001

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Disclaimer: IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

Summary

This paper discusses under what circumstances residence and citizenship by investment (RBI or CBI) schemes could be used by individuals engaging in tax avoidance or evasion. It describes the market for CBI and RBI and how features of the offered programs might reveal the underlying motivations of governments offering them. The paper then presents empirical evidence on the conditions under which such schemes are offered. Finally, the paper estimates the impact of such schemes on investment, house prices, and public revenues.

Subject: Housing prices, Inflation, Personal income tax, Population and demographics, Prices, Revenue administration, Tax evasion, Taxes

Keywords: Caribbean, CBI program, Citizenship by Investment, CRBI data, CRBI program, CRBI scheme, Global, House price growth, Housing prices, Inflation, Investment requirement, Personal income tax, Residence by Investment, Tax evasion, Tax Evasion.

Publication Details

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