The idea of investment migration has been around for some time, but it’s certainly gained traction over the last few years, with more and more countries being added to the pool of those that grant citizenship and other privileges to investing foreign nationals.
People increasingly find the concept of additional citizenship alluring, especially in times of crisis and uncertainty where a second citizenship and passport could prove invaluable. Central to these interests is citizenship by investment (CBI), a proposition that governments worldwide have incorporated into their immigration frameworks as a reward for exceptional services to the nation.
Several countries run their versions of citizenship by investment programs, granting investors citizenship in exchange for significant contributions to societal advancement, cultural development, or economic development. Some of these citizenship by investment programs provide a direct route to citizenship, while others require applicants to complete a naturalization period before submitting a citizenship application.
In this article, you’ll learn about citizenship by 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 citizenship by investment (CBI), or economic citizenship, is a legal mechanism many countries use wherein foreign nationals 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 citizenship by investment?
Ultimate backup plan in times of political unrest
Enhanced global mobility with visa-free travel
Diversification of your investment portfolio
Wealth protection and considerable tax benefits
Security in the form of a second/dual passport
What kind of individuals apply for citizenship by investment in 2024?
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 citizenship by 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 investments 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 real estate investment or second home overseas may provide an additional source of income or bolster their retirement funds.
Investment Options for Citizenship by Investment
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 citizenship by 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:
- Bank deposits in a national bank
- Real estate investment in residential property, government-approved real estate projects, or commercial real estate
- Joint investments in new or existing enterprises, real estate, or infrastructure projects
- Job creation for residents and citizens
- Purchase of government bonds
- Donations to development funds, such as a sustainable growth fund or economic diversification fund
The minimum investment amount for citizenship programs
Similar to investment choices, the qualifying investment amounts for citizenship by investment 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 investments 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 the cheapest European citizenship program offered by an EU country.
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 real estate investments have a higher investment threshold, often with a mandatory holding period of at least five years.
Citizenship by Investment 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 citizenship by 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.
A Comprehensive List of Citizenship by Investment Countries
With the number of citizenship by investment countries increasing, here is a list of all the nations that currently have active citizenship by investment programs.
Country | Program Highlights |
Antigua and Barbuda | From $100,000 non-refundable contribution
|
Austria | From €2 million
|
Cambodia | From $245,000 non-refundable contribution
|
Dominica | From $100,000 non-refundable contribution
|
Egypt | From $250,000 non-refundable contribution
|
Grenada | From $150,000 non-refundable contribution
|
Jordan | From $750,000
|
Malta | From €690,000
|
Moldova | From €100,000 non-refundable contribution
|
North Macedonia | From €200,000 non-refundable contribution
|
St Kitts & Nevis | From $250,000 non-refundable contribution
|
St Lucia | From $100,000 non-refundable contribution
|
Turkey | From $400,000
|
Vanuatu | From $130,000 non-refundable contribution
|
The 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 citizenship by 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 citizenship by investment 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 citizenship by investment 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 Apply for Citizenship by Investment
- Choose the alternative citizenship and investment program that best matches your preferences and investment capacity.
- 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.
- 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.
- 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.
- Submit your citizenship application along with all the required documents and proof of investment to the relevant government authority. Pay the necessary application fees.
- Wait for due diligence checks to be completed. The processing time for approval varies depending on the country and the complexity of your application.
- Once your application is approved, retrieve your certificate of citizenship.
- After acquiring your citizenship certificate, you can apply for a second passport.
Citizenship by Investment and Dual Citizenship
The proposition of receiving citizenship by investment 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 citizenship by investment, 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 citizenship by investment 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 growth 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 citizenship by investment.
Frequently Asked Questions about Citizenship by Investment
What are the five best countries offering citizenship by investment 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.
Is it a good idea to get help for my citizenship by investment application process?
It is a good idea to seek assistance when lodging your CBI application. CBI programs are complex and involve various legal and financial intricacies. Many companies, like Global Citizen Solutions, offer a one-stop-shop for investment migration and relocation services, providing bespoke residence and citizenship solutions to ensure a successful application.
What is the easiest country to get citizenship by investment?
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 citizenship by investment?
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 real estate 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 citizenship by investment 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 citizenship by investment if you buy a property?
Several countries provide a route to citizenship and a second in exchange for a qualifying real estate investment. These countries include:
- St. Kitts and Nevis
- Antigua and Barbuda
- Dominica
- Grenada
- St. Lucia
- Turkey
- Egypt
- Jordan
How many family members can I add to my application for citizenship by investment?
Many countries offer citizenship by investment and permanent residence permits to qualifying individuals and extend those rights to their immediate family members. You can generally include family members like your spouse and financially dependent children; however, several other countries extend eligibility to parents, parents-in-law, grandparents, and siblings.
After holding the legal status of citizenship for a certain number of years, it can typically be passed down to future generations if the country’s immigration law centers around citizenship by descent.
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 visa-free travel to 150 countries.
You can find additional information on how Caribbean passports fare against each other in the Caribbean Comparison Guide.
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.
Can I sell my investment or property after obtaining citizenship by investment?
When you can sell your investment or property used to gain citizenship depends on the country. Most investments to obtain citizenship have a minimum holding period of five to seven years as a condition of the investment program.
Certain countries offer the flexibility to relinquish your initial investment during the process of making a new investment, provided that the qualifying investment amount is maintained.
Are there any tax implications for obtaining citizenship by investment?
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 citizenship by investment 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 citizenship by investment?
Citizenship by investment 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 investment 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.
