Global Citizenship By Investment Program | A Complete Guide

What are citizenship by investment programs:

The Citizenship by Investment (CBI) program is an opportunity provided by certain countries to attract foreign capital. Through a substantial investment, foreigners can quickly obtain citizenship in the destination country.

In short, it is investment in exchange for citizenship.

The history of CBI programs:

The earliest Citizenship by Investment (CBI) program dates back to 1984, launched by the small Caribbean nation of Saint Kitts and Nevis. As of this year, Saint Kitts has been steadily selling passports for forty years.

In the 1990s, other Caribbean islands began to follow Saint Kitts’ example by launching their own passport programs. After the European debt crisis in 2008, many countries in Southern and Eastern Europe also joined the ranks of CBI countries to overcome economic difficulties.

Around 2016-2017, the global market for Citizenship by Investment flourished. At its peak, nearly 20 countries across Europe, Asia, and the Americas offered CBI programs.

However, in recent years, due to security concerns, the EU and the US have continuously pressured CBI countries to tighten their regulations.

Before and after the pandemic, European countries such as Ireland, Cyprus, Malta, and Montenegro successively abandoned their CBI programs.

In 2023-2024, Vanuatu and these five Caribbean CBI countries also began to increase prices and tighten background checks under pressure.

What are the Citizenship by Investment programs available around the world?

As of now, ten countries consistently operate Citizenship by Investment programs. the complete list is as follows:

• Caribbean: Saint Kitts and Nevis, Antigua and Barbuda, Grenada, Dominica, and Saint Lucia.

• Pacific: Vanuatu.

• Middle East: Turkey, Jordan, and Egypt.

• Southeast Asia: Cambodia.

In Europe, after canceling its CBI program, Malta introduced a new fast-track naturalization law called MEIN. Under this program, investors can donate a specified amount of money to ensure naturalization within 1 to 3 years.

Uzbekistan, Armenia, and El Salvador are planning to launch their own Citizenship by Investment programs, but no specific details have been released yet.

Comparative Advantages of Citizenship by Investment Programs:

Although CBI programs generally require a significant investment, they offer several key advantages:

1. Fast Passport Acquisition: In most CBI countries, applicants can obtain a passport within 3 to 4 months, or even a few weeks, once the investment is made.

2. Lenient Background Checks: Despite increased scrutiny due to pressure from the EU and the US, background checks for passport programs in smaller countries remain relatively lenient compared to those for green cards from larger countries. Sometimes, these checks can be superficial.

3. No Residency Requirement: Nearly all CBI countries have zero residency requirements. From the time of application to holding citizenship for life, applicants typically do not need to reside in the country.

4. Broad Dependent Eligibility: Many CBI programs allow the main applicant’s extended family, including grandparents and grandchildren, to be included, regardless of their age or status.

How Much Does It Cost to Buy a Passport?

The minimum investment amounts mentioned here are the official listed prices:

• Vanuatu: The lowest requirement is Vanuatu’s donation-based citizenship program, with a minimum donation of $130,000 for a single applicant. Vanuatu also boasts the fastest processing time globally, with applicants receiving their citizenship within 1 to 2 weeks. 

However, Vanuatu only offers the donation option, and the required donation amount increases with additional dependents.

 Previously, the minimum investment amounts for the five Caribbean countries were similar to Vanuatu, but in 2023-24, their prices nearly doubled.

• Saint Kitts and Nevis: Offers three options: donation, real estate investment, and public utility investment, with a minimum investment of $250,000.

• Antigua and Barbuda: Currently, the minimum cost is $130,000 ($100,000 donation + government fees). This will increase to at least $200,000 after June 30, 2024, with specific details yet to be announced.

• Dominica: Currently, the minimum cost is $100,000. This will increase to at least $200,000 after June 30, 2024, with specific details yet to be announced.

• Grenada: Currently, the minimum cost is $150,000. This will increase to at least $200,000, after June 30, 2024, with specific details yet to be announced.

• Saint Lucia: Currently, the minimum cost is $100,000, which is also expected to increase by June 30, 2024.

While the CBI programs in Vanuatu and the Caribbean are mainly donation-based, the Middle Eastern countries focus more on real estate investment, supplemented by other investment options.

• Turkey: Has the most popular CBI program in the Middle East and globally, with a minimum investment of $400,000, covering various options such as real estate, deposits, and bonds.

• Egypt: Requires a minimum investment of $250,000.

• Jordan: Requires a minimum investment of $750,000.

• Cambodia: The minimum requirement is a $245,000 donation.

• Malta: Offers an indirect investment citizenship program with a minimum cost of €632,000 (including a €600,000 donation + other government fees). Additionally, applicants must buy or rent property locally.

What are the Investment Routes for Citizenship by Investment Programs?

Citizenship by Investment (CBI) programs generally offer four main investment methods: donation, deposits or funds, real estate purchase, and business operations.

• Donation: Most CBI countries, except Turkey and Jordan, offer a donation route for citizenship. For some countries, such as Malta and Vanuatu, donation is the only available option for citizenship.

• Deposits or Bonds: Saint Lucia is the only Caribbean country that allows citizenship through the purchase of interest-free government bonds. Turkey, Egypt, and Jordan also offer citizenship through the purchase of bonds or deposits.

• Real Estate Purchase: All five Caribbean countries, as well as Egypt and Turkey in the Middle East, offer real estate investment options for citizenship.

• Business Operations: Countries that allow citizenship through business investment and operations include Turkey, Egypt, Jordan, Saint Lucia, Antigua and Barbuda, and Cambodia.

Additionally, foreigners can obtain Turkish citizenship by investing $500,000 in the country’s pension system.

Dependent Requirements for Citizenship by Investment Programs:

In the five Caribbean countries, Vanuatu, Jordan, and Malta’s indirect citizenship program, one applicant can obtain passports for three generations, including grandparents and grandchildren.

In the passport programs of Turkey and Cambodia, the main applicant’s spouse and unmarried children under 18 can also obtain citizenship.

In Egypt’s passport program, the main applicant and children under 21 can obtain citizenship immediately, while the main applicant’s spouse must wait two years to receive a passport.

Economic Strength of Countries offering Passport Programs:

A country’s economic strength is a key indicator of the value of its passport. We measure the standard of living in CBI countries by their per capita GDP (calculated at international exchange rates).

According to World Bank estimates for 2023:

Malta: Per capita GDP is $36,989, ranking 25th globally.

Antigua and Barbuda: Per capita GDP is $18,244, ranking 55th globally.

Saint Kitts and Nevis: Per capita GDP is $17,856, ranking 56th globally. The main industries are tourism, offshore finance, and manufacturing.

Saint Lucia: Per capita GDP is $12,264, ranking 70th globally.

Turkey: Per capita GDP is $11,931, ranking 71st globally. Turkey is the 11th largest economy in the world.

Grenada: Per capita GDP is $11,137, ranking 76th globally.

Dominica: Per capita GDP is $9,144, ranking 82nd globally.

Jordan: Per capita GDP is $5,048, ranking 111th globally.

Egypt: Per capita GDP is $3,644, ranking 128th globally. Egypt is also the third largest economy in Africa and the 20th largest globally by purchasing power parity.

Vanuatu: Per capita GDP is $3,188, ranking 136th globally.

Cambodia: Per capita GDP is $1,896, ranking 151st globally.