Citizenship by Investment Countries & Programs List in 2024

An increasing number of people are showing interest in obtaining additional citizenship, especially during times of crisis and uncertainty when having a second citizenship and passport could be very helpful.

This interest has led to the development of citizenship by investment (CBI) programs, which many governments have incorporated into their immigration frameworks to recognize exceptional services to the country. CBI programs are widespread, with at least 23 countries across different continents offering them, and around 11 of these countries provide citizenship or long-term visas in exchange for substantial one-time fees.

Different countries have their own versions of investment programs, which offer investors citizenship in exchange for significant contributions to societal advancement, cultural development, or economic development. Some of these programs provide a direct route to citizenship, while others require applicants to go through a naturalization period before they can submit a citizenship application.

In this article, you’ll learn about these investment programs, the benefits of applying for them, and the list of countries offering them.

What is Citizenship By Investment?

A citizen is an active member of a social and political community. Citizenship is gained by fulfilling the legal and eligibility requirements of a national, state, or local government, as well as an ethnic community. After citizenship, a nation provides certain rights and privileges to its citizens.

The definition of CBI, or economic citizenship, is a legal mechanism many countries use wherein foreigners are granted citizenship in return for their substantial contributions and merits to the nation’s welfare.

CBI programs serve as strategic tools to draw foreign investment and global talent, paving the way for long-term economic growth. Through successfully applying for a citizenship program, investors and their family members gain a new citizenship with access to the benefits, privileges, and rights of being citizens in a second country.

Second citizenship refers to the legal status that grants individuals the rights and privileges of being members of two countries. The advantages include a second passport, which in most cases provides increased global mobility through additional visa free travel to countries worldwide. Expanded business opportunities, enhanced quality of life, asset protection, and access to social services such as healthcare and education are just a few additional benefits gained through acquiring second citizenship.

An appealing aspect of economic citizenship application is that it allows prospective applicants to avoid naturalization, the process in which foreign citizens acquire citizenship of another country after fulfilling a lengthy period of residence, among other requirements.

Nevertheless, it is vital to recognize that each country’s immigrant investor program offering citizenship varies in its advantages and eligibility criteria, including financial obligations and character assessments that foreign investors must fulfill for a successful application.

What are the benefits of investment citizenship?

Countries With Citizenship by Investment Programs

With the number of CBI countries increasing, here is a list of all the nations that currently have active programs:

Antigua and Barbuda

The Antigua and Barbuda citizenship by investment program is one of the most popular in the Caribbean, offering a second passport and improved visa free travel.

Austria

Austria’s citizenship by investment program sets a high entry bar. Still, it offers investors the advantage of EU citizenship and a permanent tie with one of the world’s most politically stable and prosperous countries.

Cambodia

While Cambodia’s citizenship by investment isn’t prevalent among CBI countries, the program is accessible. The country’s low cost of living and the additional right to own land make gaining citizenship in Cambodia attractive.

 Dominica

The Caribbean island of Dominica presents one of the most cost-effective and fastest pathways to obtain second citizenship through investment.

Egypt

Providing Africa’s only CBI program, investing in Egypt has a natural appeal. The country offers fantastic real estate investments with the bonus of receiving citizenship in return.

Grenada

While the Caribbean hosts multiple CBI programs, Grenada has a unique appeal for several reasons. No hurricane risks and an option to obtain a US E2 Visa are just a few reasons to opt for Grenada citizenship.

Jordan

In a region not known for readily granting citizenship to foreigners, Jordan sets itself apart, allowing investors to earn citizenship in the historically significant country through investing in real estate and businesses.

Malta

Economic citizenship is in the European Union is made possible through Malta’s Citizenship by Naturalization for Exceptional Services by Direct Investment (CES) program, providing third-country nationals with an EU passport.

Moldova

An EU candidate country with potential future EU membership benefits, Moldova’s low investment requirement may be a strategic and cost-effective opportunity for investors seeking international mobility and potential access to the European Union.

North Macedonia

North Macedonia’s CBI program provides a gateway to a country with a strategic location and potential economic opportunities in the heart of the Balkans.

St Kitts and Nevis

With the longest-running CBI scheme and the most visa free countries, St Kitts and Nevis citizenship facilitates seamless travelling abroad for investors who qualify for its program.

St Lucia

As a stable Eastern Caribbean island low crime rate and affordable investments to acquire citizenship, St Lucia offers a competitive and rewarding CBI program.

Turkey

The primary bridge between Europe and Asia provides several advantages on its own, and with five investment options, Turkey’s CBI program is inclusive and accommodates a diverse range of investor preferences.

Vanuatu

Transitioning from a foreign investor to a citizen in a mere two months might appear improbable, but this rapid processing time is the reality for investors in Vanuatu’s citizenship by investment initiative.

Different Kinds of Investment Options

The appeal of immigrant investor programs offering citizenship is undeniable, with a simple direct investment through investment opportunities such as real estate and creating jobs paving the way for its benefits.

Through a second passport investment scheme, you can avoid traditional immigration processes, like naturalization, and get a second passport in as little as two months in exchange for investing a lump sum of money in a country’s economy. The investment options differ from country to country, but common investment routes include:

Real estate investment

A qualifying investment in real estate entails investing in residential or commercial property in the destination country. The investment is typically centered on a real estate purchase. Dominica, and Antigua and Barbuda offer two of the most affordable citizenship by real estate programs, allowing eligibility for citizenship through an investment of $200,000.

Caribbean CBI countries like Grenada and St Kitts and Nevis allow investors to qualify through shared ownership in real estate. Malta’s citizenship program offers the only opportunity to obtain citizenship in the European Union through renting property, although it mandates a significant financial contribution in conjunction with the lease.

In most countries, eligibility is tied to investments in specific government-approved commercial and residential properties outlined by the program. However, Turkey and Egypt allow investment in real estate in their programs without restricting investors to pre-approved properties.

Non-refundable contribution

A non-refundable contribution entails a sizeable donation to an approved state fund. Choosing this philanthropic approach allows you to actively support the country’s economic growth and create a positive influence, with the added benefit of citizenship.

Philanthropic donations, characterized by their non-profit nature and absence of financial returns, feature the most accessible qualifying thresholds. St Lucia’s program starts with a financial contribution of $100,000, and you can gain citizenship in Europe by donating €100,000 to Moldova’s government fund.

Business investment

Business investments are a viable route to receive citizenship in several CBI countries. The criteria for qualifying business investments usually encompass three key prerequisites:

• Meet the minimum investment threshold
• Invest in a new or existing business
• Create jobs for residents

Antigua and Barbuda has a high business investment threshold of $1.5 million; however, creating jobs is not required, and investors can qualify with an investment of $400,000 in a shared investment, provided the total investment is at least $5 million. Turkey’s citizenship program does not set a defined minimum investment for business investments but mandates creating a minimum of 50 jobs for Turkish residents.

Bank deposit

Bank deposits into a national bank or financial institution are another way investors contribute to a country’s economy in return for citizenship. Like non-refundable contributions, they do not yield future financial returns, as investors do not receive interest payments or profits generated with the funds. Nevertheless, the deposit is fully refundable after a specified period outlined in the program.

Given their refundability, bank deposits usually have a higher minimum investment requirement. Turkey requires a bank deposit of $500,000, but the minimum hold period is short at three years. Egyptian citizenship can also be obtained through a $500,000 deposit. Investors can withdraw their deposit within the minimum hold period but must donate $250,000 to maintain citizenship.

Government bond investment

Investing in government bonds functions similarly to a bank deposit, offering a comparable risk-free approach without exposing the investor to capital risk or necessitating direct involvement with businesses. Government bond investments benefit from government backing, guaranteeing the full return on investment, although without any accrued interest. A $300,000 purchase of government bonds will qualify investors for citizenship in St Lucia.

Cost and Minimum Investment Amount

Similar to investment choices, the qualifying investment amounts for CBI programs differ across countries, and regional factors also influence the investment requirements. Caribbean programs offering citizenship to foreign investors start from an investment of $100,000, and investors can explore qualifying real estate from an investment threshold of $200,000, usually in government-approved real estate projects.

In contrast, a minimum investment of €690,000 is required for Malta’s program, the cheapest European citizenship program offered by an EU country. An economic contribution of €100,000 is enough for the Moldovan government to grant citizenship; however, this doesn’t come with EU citizenship.

The cheapest investment options, including those starting at $100,000, are non-refundable government contributions to national development funds. Due to the choice of recouping the initial investment, options such as a bank deposit or investment in real estate have a higher investment threshold, often with a mandatory holding period of at least five years.

Citizenship Planning

Who applies for citizenship by investment?

It’s a common myth to think that only wealthy individuals and successful investors apply for residency and citizenship by investment programs. While initially favored by wealthy people and prominent individuals, recent years have witnessed a rise in the accessibility of citizenship programs, attracting applicants from diverse financial backgrounds and personal aspirations. Anyone can apply for investment 2024, provided they meet the program’s criteria – most of which include holding a clean criminal record and meeting the minimum investment requirement.

Business owners: Business owners often pursue second citizenship to tap into new markets and unlock fresh business opportunities, leveraging the advantages of their alternative citizenship to increase the ease of doing business abroad and travel visa free to new locations. Global citizenship may also come with the opportunity to transfer one’s tax residency to a CBI country that excludes the obligation to pay taxes such as capital gains, inheritance, and income tax.

Investors: Protecting assets is a paramount objective for numerous investors, and one of the most effective strategies is to diversify their assets across multiple jurisdictions or relocate them to a country with robust consumer protection and financial regulations. Furthermore, real estate is a cornerstone asset, and the real estate market in many CBI countries presents an abundance of lucrative real estate for global citizens to tap into.

Expats: Amidst growing global uncertainties and limitations on personal freedoms, pursuing a second passport has emerged as an effective approach for individuals and their families to secure personal safety and protect individual rights. Additionally, people invest in immigration investment programs to enjoy a higher standard of living and gain a second passport, providing enhanced visa free access.

Retirees: Retirees often apply for investment-based citizenship to secure a better quality of life and greater financial stability during their golden years. By obtaining second citizenship, retirees can access a more favorable tax environment, potentially reducing their tax burden and allowing them to make the most of their retirement savings and income. Moreover, a property investment or second home overseas may provide an additional source of income or bolster their retirement funds.

Processing Times

In summary, investment programs offering citizenship present a remarkable shortcut to obtaining citizenship and second passports. However, it’s important to highlight that, much like investment options and minimum investment amounts, processing times vary from country to country and region to region.

Along with the cheapest investment programs, Caribbean countries offer some of the fastest investment programs. St Lucia grants citizenship to immigrant investors in three to six months. St Kitts and Nevis provides the highest-ranking Caribbean CBI passport to foreign nationals within four months of making their investment.

Most other Caribbean nations offering CBI programs process citizenship applications and grant a second passport in under six months. The small Southern Pacific nation of Vanuatu provides the fastest program for investors who contribute $130,000 to its national development fund. Successful applicants gain a Vanuatu passport within 60 days.

The Malta Citizenship by Naturalization for Exceptional Services by Direct Investment program (CES) takes at least 12 months to complete until investors get citizenship in the European Union.

Requirements for Citizenship by Investment

The act of offering citizenship to an individual, whether by investment or naturalization, is a consequential decision that no country’s government takes lightly, and there is a set of well-defined laws ensuring that only the most suitable individuals are introduced into their society.

While some countries offer investment programs with fewer criteria than others, a common set of prerequisites are generally required in order to successfully apply for a second passport.

Investment

At the core of CBI lies the investor’s foreign direct investment. Foreign nationals can qualify through a range of options. These options include real estate purchases, bank deposits, or purchasing government bonds to donations to development or sustainable funds, or job creation.

As long as they meet the citizenship program’s minimum capital investment requirement, they’re eligible for second citizenship, provided they fulfill the country’s character criteria.

Residency

Completing a minimum residency period is the primary condition for granting citizenship by naturalization. Regarding CBI programs, many governments typically exempt individuals from the obligation to hold a temporary residence permit while pursuing a second passport in exchange for their investment.

However, there may be a requirement to visit the country for a certain number of days within the initial years after acquiring citizenship.

Character

In general, character requirements include:

• Being over 18
• Holding a cleaning criminal record
• Being in good health with no infectious diseases
• Not being a citizen of or have close ties to a prohibited nation

Other prerequisites

Depending on the investment program and country, you may also be required to:

• Pay substantial government fees
• Hold the investment for five years or more
• Have a certain amount of savings
• Have an exemplary employment history
• Not have been denied entry to certain countries

Step-by-Step Guide to Applying

1. Research different CBI programs to find the one that suits your goals and intentions. Look into investment opportunities, minimum investment requirements, processing times, and other details relevant to your needs. Additionally, the country should provide benefits that will fulfill preferences and goals, such as visa free travel, economic stability, and safety for yourself and your family.
   
2. Choose the alternative citizenship and investment program that best matches your preferences and investment capacity.
3. Engage with a reputable licensed agent or advisor specializing in citizenship through investment, as immigration programs involve significant due diligence before individuals are granted citizenship. A licensed agent or advisor will guide you through the process, ensure your eligibility, and assist with presenting the required documentation.
4. Gather all the required documents, which may include proof of identity, bank statements and financial records proving a legitimate source of funding, passport copies, and criminal record certificates. A migration expert will advise you on any further documentation immigration officials may request.
5. Once your documents are in order, make the qualifying investment as specified by the program. This could involve real estate purchases, contributions to government funds, business investments, or other approved options. Ensure you retain all records to prove you have fulfilled the investment requirement.
6. Submit your citizenship application along with all the required documents and proof of investment to the relevant government authority. Pay the necessary application fees. 
7. Wait for due diligence checks to be completed. The processing time for approval varies depending on the country and the complexity of your application.
8. Once your application is approved, retrieve your certificate of citizenship.
9. After acquiring your citizenship certificate, you can apply for a second passport.

Legalities of CBI

The legalities of CBI intersect with international law, adding a layer of complexity to these programs. CBI programs are subject to the sovereignty of individual nations, and their legal frameworks must adhere to international norms and agreements.

Issues such as due diligence, money laundering prevention, and adherence to global standards are critical components, ensuring that countries offering economic citizenship comply with international legal expectations.

Globalization and international travel highlight the need for strict international regulations. The European Union raised concerns regarding Caribbean CBI programs, and the UK withdrew visa free access for Dominican passport holders, citing security concerns regarding the potential exploitation of its CBI program.

Striking a balance between a nation’s right to determine its citizenship criteria and international legal expectations is essential to the lawful operation of CBI programs within the broader context of international law.

CBI and Dual Citizenship

The proposition of receiving CBI can have varying effects on dual citizenship, depending on the policies of the country offering CBI and the applicant’s home country. Most countries that offer citizenship programs permit dual citizenship, with the exception of Austria, which requires applicants to renounce their citizenship before receiving Austrian citizenship.

While not universally recognized, dual citizenship is permitted in some instances, such as for individuals who acquired citizenship by birthright or marriage, but in the case of those acquiring CBI, they would have to choose between Austrian citizenship and their original citizenship.

How Global Citizen Solutions Can Help

Many foreigners and expats have opted for CBI to enjoy expanded visa free travel, a better quality of life, and enhanced economic freedom. By investing in a citizenship investment program, you not only contribute to the country’s economic strength but gain a second passport, paving the way to accomplishing your life goals.

Global Citizen Solutions is a boutique global citizenship and residence advisory firm providing international clients with second citizenship, residency, and foreign banking solutions. Contact us today to begin your journey to obtain CBI.

Frequently Asked Questions about Citizenship by Investment

What are the five best CBI programs?

Many countries offer CBI schemes, but few offer the perfect combination of a low investment threshold, a high-ranking passport, and a quick pathway to citizenship. Considering those factors, the five best countries are St Kitts and Nevis, Dominica, Antigua and Barbuda, Grenada, and Vanuatu.

• St Kitts and Nevis offers a powerful Caribbean passport, providing visa free travel to 153 countries, including Europe’s Schengen Area.
• Dominican citizenship starts at a $100,000 investment, and the country offers the cheapest real estate among Caribbean CBI countries. 
• Antigua and Barbuda is one of the safest Caribbean countries with long-standing political stability. 
• Grenada is a tropical country in the Caribbean that sits outside the hurricane belt, as well as provides eligibility for the US E-2 Visa. 
• Vanuatu citizenship by investment applicants receive citizenship within 60 days of making their investment. 

What citizenship by investment programs grant European citizenship?

The following countries offer European CBI: Austria, Moldova, and North Macedonia. Additionally, Malta offers expedited European citizenship through naturalization. Austria and Malta are the only countries granting EU citizenship. 

What is the easiest country to get CBI?

The easiest country to get citizenship is Vanuatu. The Vanuatu citizenship through investment route has a 60–day application process from finalizing the required economic contribution.  

Which country is the most difficult to get citizenship?

Vatican City remains the most rigid state to get citizenship, fiercely safeguarding its small population through strict immigration regulations. Another most difficult citizenship example is Liechtenstein, which generally requires 30 years of residency to be naturalized unless the residential community decides to approve the applicant’s Liechtenstein citizenship through a vote. 

Which country grants the fastest CBI?

Vanuatu is the fastest country to grant citizenship by investment. Successful individuals can obtain a Vanuatu passport in as little as 60 days by contributing $130,000 to the country’s national development fund. St. Kitts and Nevis grants second passports within four months. 

Which is the best country to buy citizenship?

Several countries would make excellent investment destinations for expats and real estate investors interested in acquiring citizenship and a second passport. Deciding which citizenship by investment program is the best depends on your personal, financial, and business goals. If you’re looking for the fastest citizenship, you can opt for Vanuatu’s program, where you’ll receive a second passport within 60 days. 

For those looking for low-cost real estate, you’ll gain access to the cheapest property investments through Dominica’s program. Malta’s naturalization process provides citizenship in the European Union.  

Our Citizenship by Investment Comparison Guide is a citizenship by investment guide offering a more in-depth analysis of CBI programs to help you make an informed decision on which is the best country to obtain a second citizenship. 

What is the cheapest CBI program?

Caribbean countries generally offer the cheapest citizenship schemes, starting with an investment threshold as low as $100,000 in countries like Dominica, Antigua and Barbuda, and St Lucia. Of course, some of those smaller investments are considered donations, which means they won’t yield any returns.

Which countries give CBI if you buy a property?

Several countries provide a route to citizenship and a second in exchange for a qualifying property. These countries include: 

• St Kitts and Nevis
• Antigua and Barbuda
• Dominica
• Grenada
• St Lucia
• Turkey
• Egypt
• Jordan

What is the best Caribbean passport country?

If you are interested in a Caribbean passport, the St Kitts and Nevis passport is best, providing visa free access to 153 countries worldwide. The St Kitts and Nevis passport ranks the highest of Caribbean CBI countries on the Global Passport Index. Antigua and Barbuda also has a powerful passport, offering visafree travel to 150 countries.

Is citizenship by investment guaranteed, or can my application be rejected?

Economic citizenship is not guaranteed, and the outcome of your application is subject to approval or rejection. Each CBI country has specific eligibility criteria, due diligence processes, and evaluation standards before offering citizenship status: The state of being a citizen. 

Your application will undergo comprehensive scrutiny to ensure you meet all the character requirements and that your investment funds are legitimate. An investment migration consultant will know the process and requirements listed by countries in their programs, ensuring there are no factors that may cause a rejection. 

Are there any tax implications for obtaining CBI?

Immigrant investor programs offering citizenship can have significant tax implications, and applicants must consider and understand these implications before proceeding. Common implications include double taxation if your home country and your new country of citizenship don’t have a double taxation agreement, or the existence of taxes, such as capital gains and inheritance tax, that may not be imposed in your original tax jurisdiction. 

Is Montenegro citizenship by investment suspended?

Montenegro’s CBI program was closed at the end of 2022. Foreigners can obtain permanent residency through a real estate investment and apply for Montenegrin citizenship after ten years of residency. 

Can I get citizenship in Canada by investment?

Canada does not have an immigrant investor program allowing foreigners to obtain citizenship by investing. The Quebec Immigrant Investor Program was a way investors could obtain permanent residency through a bank deposit and Canadian citizenship by naturalization after five years; however, the program is currently on hold. 

An alternative option for investors is the Canada Startup Visa, which requires applicants to obtain support from a designated organization for an innovative business idea that is scalable on a national and global level and can potentially create significant economic benefits for Canada. 

What is the use of CBI?

CBI is useful for various individuals, providing additional rights, privileges, and benefits that enhance one’s quality of life.

Business owners expand business opportunities by unlocking new markets and facilitating the ease of doing business abroad; Investors can access unique opportunities while protecting their assets in multiple jurisdictions; Expats gain a second passport and home, increasing personal freedom and individual rights for themselves and their families. 

Is CBI a good idea?

Citizenship by investment can offer expedited access to certain countries but may raise ethical concerns regarding inequality and privilege. It can be beneficial for individuals seeking global mobility and business opportunities but requires careful consideration of its implications on societal values and fairness. Ultimately, its suitability depends on personal circumstances, goals, and ethical considerations.

How much do you need to invest to get citizenship?

The required investment for citizenship varies widely depending on the country’s program you’re applying to, ranging from hundreds of thousands to several million dollars. Each program has its own investment thresholds, which can include real estate purchases, business investments, government bonds, or donations to national development funds.

Can you buy citizenship?

It’s important to note that no country allows the direct sale of citizenship. If you come across any offers that claim to provide a passport in exchange for money, it’s most likely a scam. However, there are some official citizenship programs designed for investors that involve making investments in state funds, real estate, or local businesses. These programs are offered by certain countries.