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Top Citizenship By Investment Programs 2024

Prabhu Balakrishnan Avatar
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Travel Passport

Citizenship-by investment programs attract a number of high net worth individuals in developing nations, looking to add a second passport  in their investment portfolio. A second passport provides a greater mobility along with visa free travel freedom. The CBI market has turned into a $20 billion dollar industry annually along the Golden visa market is valued at another $30 billion. Together the Investor Residence and Citizenship market is a combined $50 billion as of 2025 and is projected to grow further every year.

Joachim Stern (2011) coined the term jus pecuniae for acquisition of citizenship through financial contributions and to describe the bureaucratic fees for citizenship applications.

St Kitts introduced the first citizenship by investment program in 1984, then Dominica joined in 1993 and it was only in 2014 many more countries joined the CIP club and the market for investment citizenship gained momentum giving rise to a $2 billion dollar industry. Recently St Lucia and Vanuatu joined the citizenship by investment market along with Malta and Cyprus in Europe.

According to IMF article   “Offering citizenship in return for investment has been a “win-win” for some small Caribbean states. The substantial inflows of funds from these programs have helped boost employment and growth. Inflows to the public sector alone in St. Kitts and Nevis had grown to nearly 25 percent of GDP as of 2013”.

Another IMF article says Citizenship by investment is a growing phenomenon –  The rapid growth of private wealth, especially in emerging market economies, has led to a significant increase in affluent people interested in greater global mobility and fewer travel obstacles posed by visa restrictions, which became increasingly burdensome after the terrorist attacks of September 11, 2001. This prompted a recent proliferation of so-called citizenship-by-investment or economic citizenship programs, which allow high-net-worth people from developing or emerging economy countries to legitimately acquire passports that facilitate international travel in Europe and Schengen Area.

A second citizenship is like an insurance policy of the 21st century Christian Kalin, Chairman of Henley and Partners

Benefits of Second Passport

  • Safety and protection in a second country.
  • Mobility and visa free travel freedom (visa waiver)
  • Perfect gift for your family transferring citizenship through generations.
  • A Plan B option for Asset protection offshore
  • Must in an investment portfolio for family offices, bankers and hedge fund managers
  • Safety, privacy and protection from war, political problems.
  • Protect you wealth offshore in a stable country with strong currency.
  • Dual citizen status becoming a Global citizen expanding  freedom across the globe.
  • World class education for children at best universities abroad.
  • Opportunity to invest in international real estate markets to setup second home.
  • Tax free planning on your worldwide income
  • Passport is a modern day insurance policy of the 21st century
  • Ease of doing business without wasting time waiting for visas.

The most important reason why these ‘citizen by investment’ programs gained so much popularity recently, citizenships are approved  very fast within 2-3 months without any trip to the country and there are no residency requirements. Exceptions are Malta requires one year residency, Cyprus requires 6 months prior residency.

Quick Comparison

Country Price USD/EUR Citizenship / residency Investment Time (months) Visa free
Antigua and Barbuda $100,000 Citizenship Donation / Real estate ($200k) 3 150
St Kitts and Nevis $250,000 (New Price 2024) Citizenship Donation / Real estate ($400k) 3 157
Vanuatu $135,000 Citizenship Donation / Real estate ($200k) 2 135
Grenada $150,000 Citizenship Donation / Real estate (200k) 3 144
St Lucia $100,000 Citizenship Donation / Real estate ($300k) / Bonds ($250k) 3 146
North Macedonia €200,000 Citizenship Private investment 3 125
Dominica $100,000 Citizenship Donation / Real estate (200k) 3 144
Portugal €500,000 Residency Investment fund 6 187
Hungary €250,000 Guest Investor Real estate 6 186
Greece €250,000 Residency / Golden visa Real Estate 6 185
Cambodia $200,000 Citizenship Business 4-6 53
Samoa $1,100,000 Citizenship Business 20 130
Egypt $250,000 Citizenship Real estate 3 52
Jordan $1.5m Citizenship Capital 12 52
Spain €500,000 Residency Real Estate 3 189
Italy €250,000 Residency Startups 3 189
Latvia €250,000 Residency / Golden visa Bonds / Property 3 181
United States $900,000 EB-5 Residency Business 12 186
Turkey $400,000 Citizenship Real Estate 3 110
Cyprus €300,000 Residency Real Estate 3 176
Malta €600,000 Citizenship Donation 12 185
Malta €300,000 Residency / Golden visa Real Estate 3 185

New updates 2024

  • Portugal golden visa is closed for real estate. New rules now allow 350,000 euros invested in investment funds or cultural or art projects.
  • All caribbean countries have implemented mandatory interviews virtually.
  • UK revokes visa free access to Dominica and Vanuatu passports.
  • Greece to double minimum GV investment to EUR 500,000 from May 1, 2023 only for Athens and suburbs. Other regions remain EUR 250,000 unchanged.
  • Turkey increased CBI property investment to USD 400,000. Sale of land to foreigners is not allowed.
  • St.Kitts & Nevis makes key changes to CBI, increase prices doubling to USD 250,000 (donation) and USD 400,000 (real estate)
  • Greece doubles minimum investment to EUR 500,000 for Golden visa for Athens from Aug 1 for certain regions. The EUR 250,000 available for inner regions.
  • St Lucia now issues e-Passports and cut average CIP processing times to 60 days.
  • Dominica removes addition of siblings for CBI program.
  • Nationals of Russia, Belarus are banned from applying for All Golden visa and passport programs.
  • Bulgaria citizenship by investment scheme is closed. Montenegro CBI is permanently closed from Jan 1, 2023. Ireland and UK have closed down their investor visa programs.
  • European commission has imposed strict complying requirements with investor residence schemes to comply with money laundering, tax evasion and abuse of such schemes by oligarchs.
  • Processing times for Portugal golden visa is stretched to 6-10 months. From 2022, Portugal has raised the investment for bank term deposits and treasury bonds to EUR 1.5 million
  • EU has imposed full visa suspension for Vanuatu passport holders (applied through CBI) from entering schengen area until Aug 3, 2024.

Investment Options

There are number of investment options available under citizenship-by-investment.

  • Donation or Contribution to Government fund (one time and non-refundable)
  • Approved Real estate investment (buyback shares by developer / residential villas or properties with title)
  • Approved Government bonds, Share capital or Investment funds (refundable)
  • Bank term deposits (refundable)
  • Lump sum Tax (non-refundable)
  • Investment funds (refundable)
  • Enterprise Companies / Startups / SME businesses

Among all the investment options, bank term deposit, government treasury bonds will give you a peace of mind, as these are fully refundable investments (with interest) paid back guaranteed by government after 5-6 years. Investment fund is a choice if you have experience in investing taking higher risk more the returns. Many property developers will give you buyback share option where you investment is returned after fixed period of five years (with returns/rental).

As of 2022, there are some 15 citizenship by investment available in the world.

The following list of countries that have official and legal citizen by investment programs. We will also compare the value of these passports using three different passport ranking indexes.

  • St Lucia is the cheapest citizenship program for single persons
  • Antigua is the cheapest citizenship program for families
  • St Kitts is the most powerful caribbean passport in terms of visa free travel.
  • Grenada, Turkey, Montenegro have E-2 treaty with United States, so becoming a citizen you have the chance to apply for E-2 non immigrant visa to United States

Cheapest CBI

The Caribbean citizenship by investment are currently the cheapest CBI for individual investors and families. You can see the true costs of CBI by donation which is more affordable than real estate for many people.

In a nutshell, for one person St Lucia is the cheapest. For families Antigua is the cheapest. Grenada / Antigua is the best family friendly CBI for siblings.

These are our rough price calculations on four CBI programs, to give you a better understanding if you can afford..

Prices 2024

Note: Above are total costs you pay to government (agency fee not included). The family of 4 assumes two children below 10. Family of six assumes two children below 12 and two parents/siblings.

Donation

The one time donation to national fund is the most popular route for many investors. It is also a cheapest and fastest route applying for citizenship by investment starting from USD 100,000. All countries including Malta now have donation investment route. The money paid into the fund are used by small countries for welfare of people (pensions) and public infrastructure projects, pay national debts, disaster prevention and climate resilience.

Country Name of State Fund One Time Contribution
Antigua & Barbuda National Development Fund (NDF) USD 100,000
Dominica Economic Diversification Fund (EDF) USD 100,000
Grenada National Transformation Fund (NTF) USD 150,000
Malta National Development & Social Fund (NDSF) EUR 650,000
North Macedonia Fund for Innovation and Technology Development (FITD) EUR 200,000
Saint Kitts Sustainable Island Contribution Fund (SICF) USD 250,000
Saint Lucia National Economic Fund (NEF) USD 100,000
Vanuatu Development Support Program (DSP) USD 130,000

Government bonds

The Government bonds/stocks are debt securities issued by governments is a very popular investment route for those who want a peace of mind with their investments. These are risk free investments fully refunded after 5 years without interest. Only a few nations offer bonds for the purpose of citizenship or residency.

  • St Lucia – USD 300,000 (Citizenship / 5 year investment)
  • Spain – EUR 2 million (Residency)
  • Turkey – USD 500,000 (citizenship / 5 year investment)
  • Italy – EUR 2 million (Investor Visa)
  • Vanuatu – AUD 150,000 (citizenship)
  • North Macedonia – EUR 400,000 (Citizenship)

Real Estate

The Buyback shares in commercial real estate (eg. hotels) besides residential properties is a very interesting option invested  in five star hotels/resorts in Portugal, St Kitts, Grenada, Dominica etc. for Residency/Citizenship. It is possible to buy residential or hotel resorts as a fractional share in the developer’s company or limited share in the property or full title deed.  The  advantage of investing in shares making it a fully refundable investment, with developer usually guarantees 3-4% returns and the entire share is bought back by the same developer after 6 years. In Europe, the price of properties exceed 2500,000 or more.

Top Citizenship by Investment

These are the best citizenship by investment programs for 2023 with the top spots captured by

  1. St.Kitts and Nevis
  2. Grenada
  3. St Lucia
  4. Antigua and Barbuda
  5. Dominica
Best CBI Programs 2023

Source: Best Citizenships CBI Rankings for 2023

As of 2021, two programs Moldova and Cyprus suspended. Travel has become impossible due to global pandemic. As a result CBI programs that dont require a personal visit for passport have become extremely popular. Caribbean countries has slashed prices for investors applying for citizenship by investment programs. Many of these small countries have been desperate to raise revenues as a result of economic fallout caused by pandemic.

Top Golden Visas

The following are the top golden visa programs offering a immediate permanent residency against real estate or similar investments. The top spots were captured by all european countries

  1. Portugal (closed for real estate)
  2. Greece (250K real estate)
  3. Spain (500K real estate)
  4. Italy (companies)
  5. Malta (300K real estate)
Best Golden Visas

Source: Best Golden Visa Rankings 2021

Citizenship by Investment (CBI)

Let us take a look on the most popular programs as of 2021/22.

1. St.Kitts and Nevis

St Kitts and Nevis has become the top citizenship program in the Caribbean. St Kitts and Nevis requires USD 250,000 one time contribution or USD 400,000 real estate investment to qualify citizenship. There are no residency requirements, nor a visit required to get the Kittitian passport.

Eligible Investments  Minimum investment
Sustainable Island Contribution Fund (SICF)  USD 250,000 (one time non refundable) (single)
USD 300,000 (couple)
USD 350,000 (upto family of four)
Real Estate USD 400,000 (held for 7 years)
Public Benefit Option USD 250,000
Private Homes USD 800,000 (single homes or condominiums cannot be sold for 5 years)

Effective Jul 27, 2023, The Government of Saint Kitts and Nevis has announced important changes to the SKN Citizenship by investment program

1. Donations to Sustainable Growth Fund (SGF) has been closed, replaced with new investment option – Sustainable island state contribution (SISC). The minimum required investment  is $250,000 for SKN citizenship by donation to this fund.
2. The Limited Time Offer (LTO) under SGF fund has been removed effective immediately.
3. Accelerated applications process where applications processed within 60 days has been removed. Now all applications will undergo 120 day standard processing times to give enough time for background checks.
4. Minimum investment contributions has been increased (doubled) for donation ($250k) and real estate ($400k) investments.
5. Real estate properties cannot be sold for 7 years and wont qualify next buyer for SKN citizenship.
6. The due diligence process has been strengthened further in line with the EU recommendations. Internationally reputable vetting firms from UK, US and EU will be used for background checks.
7. Mandatory interviews imposed for all applicants above 16 years or more. They must appear for interviews virtual or in person.
8. Now possible to buy condominiums for $400,000 and private homes for $800,000 or more (property cannot be sold for first seven years)9. Minimum eligibility criteria has been set, candidates must have had a visa refusal from partner countries and application not already refused by another CBI nation.
9. Major changes to family members also announced: From now on, siblings and grandparents cannot apply, but minimum age of parents increased to 65 years to be included in the applications (in other words, parents under 65 years cannot apply)
10. The Due diligence fees for enhanced background checks has been increased to $10,000 (main applicant) and $7,500 for spouse and other dependents above 16 years.
11. SKN citizens now eligible for visa free access to Canada (eTA required) provided if they already held canada visa or non-immigrant US visa.
12. Blacklisted countries added – Afghanistan, Iran, Iraq, Russia, Belarus, North Korea

St Kitts passport issued under CIP is valid for 10 years.

St Kitts Passport Ranking
CBI Index #2
Best CBI Rankings #4
Arton Passport Index #28
Nomad Passport Index #47
Henley Passport Index #25
Best Passport Rankings #37

In 2023, St Kitts passport has visa free access to 157 countries in the world, one of the best caribbean passports in the world..

2. Saint Lucia

St Lucia requires USD 100,000 (contribution) or USD 200,000 (real estate investment) to get citizenship. The citizenship processing time is 2-3 months. You can also park USD 300,000 in Bonds issued at 50% discount issued by Government of St Lucia (GOSL) which is paid back after 6 year lock period (no interest paid for zero coupon bonds)

St Lucia in 2017 amended their citizenship laws to decrease the investment amount $100,000 making it one of the competitive and attractive CIP’s in the Caribbean. There are no residence requirements and no visit to St Lucia required to get the St Lucian passport.

Eligible Investments  Minimum
National Economic Fund  USD 100,000 (one time non refundable)
Real Estate USD 200,000 (share or titled property in resort/hotel)
Special Government Bonds (non interest bearing) USD 300,000 (refunded after 5 years)  Limited option available in 2023
Business Investment USD 3.5 million

Effective Jan 1, 2023, Saint Lucia launched Interest free Special national action government bonds issued by treasury for USD 300,000 held for 5 years (single or family with unlimited dependents).

After this period, the minimum Govt bonds will be available only for USD 500,000. These are risk free investments, fully guaranteed and returned by the SL Govt after the 5 year holding period. The Government has waived additional processing fees. A family of 5 can apply for $250,000 covid bonds only increasing the holding period.

As of 2020, Saint Lucia has made number of changes to the CIP regulations to make the program simple and  more accessible. These changes are

  • Average CIP application processing times reduced to 60 days (reduced by 50%) making Saint Lucia fastest CBI program in the Caribbean.
  • St Lucia now issues e-Passports to all citizens with upgraded passport security.
  • The category of ‘qualifying dependant’ has been expanded and now includes the option to “add-on” qualifying dependants in all investment options for the granting of citizenship. Besides your spouse, you can now include children up to the age of 30 as well as parents over 55 if they are fully supported by you. An unmarried sister or brother who is under 18 can also be included in your application.
  • E-Payment platform launched cutting delays for payments.

The St Lucian passport is valid for 5 years.

St Lucia Passport Ranking
CBI Index #4
Best CBI Rankings #1
Nomad Passport Index #59
Arton Passport Index #33
Henley Passport Index #32
Best Passport Rankings #49

In 2020, Saint Lucia passport has visa free access to 145 world countries, according to Henley passport index.

3. Vanuatu

Vanuatu has the fastest citizenship by investment program in the world and only CIP in the South Pacific offering a commonwealth passport run by the Vanuatu Citizenship Commission. Vanuatu is extremely popular for its speed of processing, easy and simple application process. Approvals are issued within 20-30 days compared to 2-3 months taken by Caribbean countries.

Note: Vanuatu citizens are now required to apply for visa to visit  UK and Schengen states.

Vanuatu operates two citizenship programs for investments

  1. Vanuatu Development Support Program (DSP) $130,000 (All countries)
  2. Vanuatu Honorary citizenship contribution program (VCP) $130,000 (Reserved for China/HK)
  3. Real Estate Option (REO) $200,000
    1. Vanuatu Government Bonds (IGBO) $150,000

Both programs have same investment requirements.

Vanuatu requires USD 130,000 for one person(one time contribution for DSP/VCP scheme) to receive citizenship and passport.  The contributions rise for families The minimum selling prices set by Government is all inclusive, officially published by the Vanuatu Citizenship Commission. No other additional fee apply.

All inclusive Prices  DSP/VCP
Single Applicant $130,000
Married Couple $150,000
Couple  + 1 Child $165,000
Couple + 2 Children $180,000
Additional Dependents (child) $10,000 per person

Source: Vanuatu Citizenship Commission

P.S: Additional due diligence fee USD 5,000 per application apply.

Government Bonds

According to the Order, the Reserve Bank of Vanuatu (RBV) will issue 500 units of zero interest government bonds for this option, ranging from AUD 150,000 to AUD 180,000, depending on the time to maturity:

  • Bonds maturing in 3 years (36 months) — AUD 150,000
  • Bonds maturing in 2.5 years (30 months) — AUD 170,000
  • Bonds maturing in 2 years (24 months) — AUD 180,000

Real Estate

The New Real Estate option (REO) for CBI has been launched in Aug 2021.  Minimum investment required is USD 175,000. There are currently four approved VGA Projects as follows:

  •  “Pacific Springs” situated at Rentabao on the island of Efate;
  •  “Narpow Point Coral Bay” situated at Narpow Point on the island of Efate;
  •  “FPF Rainbow City Project” situated at Narpow Point on the island of Efate;
  •  “Milai” situated on the island of Espiritu Santo.

Vanuatu has reduced passport processing time is fastest in 1.5 months. One main advantage of Vanuatu passport is it has visa free travel to Russia. There are no residence requirements but there is a personal visit required to Vanuatu for receiving the passport. You can start the application process by just paying $5,000 towards due diligence and the  rest after approval (standard procedure)

Vanuatu has visa free access to 130 countries in the world, according to Henley visa index 2019. Vanuatu CIP passport is valid for 5 years and validity can be extended.

Vanuatu has been a largely a tax free countries in the world (no income, no wealth or no inheritance tax and non-FATCA)

Vanuatu Passport Ranking
CBI Index #6
Best CBI Rankings #4
Nomad Passport Index #69
Arton Passport Index #39
Henley Passport Index #40
Best Passport Rankings #53

4. Dominica

Dominica is the most popular citizenship program in the Caribbean. Dominica requires USD 100,000 (contribution) or USD 200,000 real estate investment to qualify for becoming a Citizen of Dominica. The processing time for passport is 6 months. There are no residence requirements nor visit to the country required to become a ‘Dominica Citizen’. Dominica passport issued under CBI is valid for 10 years.

Eligible Investments  Minimum required
 EDF donation  USD 100,000 (one time non refundable)
Real Estate  USD 200,000 (held for 3 years)

Dominica CBI unit processes all applications within 60-90 days after background checks. Post citizenship additions now possible and Dominica CBI program is more accessible for family members.

Dominica Passport Ranking
CBI Index #1
Best CBI Rankings #2
Nomad Passport Index #64
Arton Passport Index #32
Henley Passport Index #35
Best Passport Rankings #44

In 2023 Dominica passport has visa free access to 145 world countries, according to Henley.

5. Grenada

Grenada’s CBI program one of the best passports in the Caribbean that comes with extensive passport benefits for the right price. Under the Grenada CBI program, Grenada requires USD 150,000 (contribution) or USD 350,000 (real estate investment ) to become a ‘Grenadian citizen’. The processing time for passport is 2 months. There are no residence requirements and no visit to Grenada required to get the citizenship.

Eligible Investments  Minimum Required
National Transformation Fund (NTF)  USD 150,000 (one time non refundable)
Real Estate  USD 220,000 (held for 5 years) as refundable buyback shares in five star resorts

Grenada has small advantage compared to other caribbean passports for these reasons.

  • Only CBI passport which has visa free waiver with China, Russia.
  • Only CBI passport which has option to apply for E-2 treaty visa to US.  (E2 is cheaper EB-5 alternative which is a non immigrant visa. To get E-2 visa from US embassy, you must live in Grenada for 3 years, new rules from 2023. It is not possible to apply without living.  )

The Grenada Government has not provided special offers under the CBI program for Covid-19

Grenada Passport Ranking
CBI Index #3
Best CBI Rankings #3
Nomad Passport Index #66
Arton Passport Index #35
Henley Passport Index #33
Best Passport Rankings Index #38

Grenadian passport has visa free access to 145 countries in 2023. Grenada passport issued under CBI program is valid for 5 years currently has visa free access to China, Russia, United Kingdom and EU schengen area.

6. Antigua and Barbuda

Antigua and Barbuda requires USD 100,000 (contribution) or USD 200,000 (joint real estate investment) to become a Citizen under the CIP Antigua and Barbuda program.  There are no residence requirements when you apply for passport for the first time, but when you renew your passport after expiry, you must have visited Antigua for 5 days in the previous 5 year period, else you lose citizenship and passport.  There is also no requirement to visit the country for receiving citizenship or passport initially. The passport processing time is 4 months. Antigua CIP passport is valid for 5 years before expiry. After first renewal the passport is valid for ten years.

Eligible Investments  Minimum required
National Development Fund  USD 100,000 (one time)
Real Estate  USD 200,000 (Fully refundable after 5 years)
University of West Indies Fund (UWI)  USD 150,000 (one time donation, only family of 6 can apply)
Business Enterprise Investment  USD 1,500,000

Antigua remains one of the cheapest CBI passport scheme out there for families. The Government in a decision taken by cabinet in Oct 2019 has permanently extended the limited time 50% discount offer for citizenship investors.

Antigua Cabinet launched University of West Indies (UWI) fund as an additional option offering a huge savings for big families (six or more).

The Government has made some changes to the program in 2020 making it easier and affordable.

Antigua & Barbuda Passport Ranking
CBI Index #5
Best CBI Rankings #5
Nomad Passport Index #56
Arton Passport Index #29
Henley Passport Index #29
Best Passport Rankings #38

Antigua and Barbuda passport has visa free travel to 150 countries according to Henley passport index 2020.  Antigua and Barbuda recently lost their visa waiver agreement with Canada causing its passport to drop its value.

7. North Macedonia

North Macedonia offers immediate european citizenship for investing in a private fund or investments in state bonds or securities. It is a low tax country ranks high in human development and healthcare systems in Europe. The processing timeline for citizenship takes about 4 months. Passport holders can travel to 125 visa free countries.

There is no real estate option with this program.

  • Private fund – EUR 200,000 (2 years)
  • Bonds/Securities – EUR 400,000
  • Business 10 jobs – EUR 400,000
Montenegro Passport Ranking
CBI Index #8
Best CBI Rankings
Nomad Passport Index #82
Arton Passport Index #114
Henley Passport Index #42
Best Passport Rankings #58

8. Malta

Malta has the official citizenship by investment program (Malta IIP)  in Europe. This program officially known as Individual Investor Program of Malta (“IIP”). The scheme was suspended after reaching 1800 applicants as a whole.

A new scheme was replaced by Exceptional naturalization for direct investments which was launched in Nov 2020 run by Komunita Malta Agency with a limited quota of 400 investors naturalized annually for economic investments. There is a total cap of 1500 investors.

Under this new scheme, Malta requires a total EUR 600,000 non refundable contribution to Government fund to become a Maltese citizen (also EU citizen) after 3 years of living. There is another quicker path if you pay EUR 750,000 to the agency, 3 years is reduced to one year. Dependants pay another EUR 50,000 per person plus there are several additional costs for Due diligence (10K euro), residence permit (5K euro), agency fee (10K euro) etc..

Malta citizenship program has very strict due diligence and vetting policy and application refusals are very high (refusal rates hitting 25-30%) .  They are very careful who they grant citizenship. Malta passport issued is valid for 10 years.

Maltese passport is one of the best and highly respected travel documents in the world with visa free access to 183 world countries, according to Henley passport index 2023.

Malta Passport Ranking
CBI Index #7
Best CBI Rankings #7
Nomad Passport Index #8
Arton Passport Index #7
Henley Passport Index #8
Best Passport Rankings Index #12

As of 2020, this scheme has expired and the government will be introducing a new program with limited 700 applications every year.

Malta Residency Program

If you want a cheaper stripped down version of permanent residency program without citizenship, just go for Golden visa (MPRP program) . It is also cheapest golden visa residency program in Europe through donation or real estate.

The cheapest option is you pay EUR 100,000 one off donation to Maltese government ( you must also rent a home) or buy a property for 300,000 euros. Remember this is also a cheapest golden visa europe comes with a permanent residency in the schengen area. This program will be perfect if you are happy with residency and dont want citizenship.

Please note: To apply for maltese MPRP program you must show you have 500,000 euros as total assets (eg. cash, investment, property – can also be proven jointly with family members) to become eligible to apply.

9. Turkey

Turkey launched a new citizenship by investment program  under Official Gazette on January 12, 2017.   Foreign investors qualify for Turkish citizenship buying $400,000 worth of real estate in Turkey or $500,000 enterprise investment in Turkey or $500,000 worth of Government bonds or Bank deposit. The Turkey Investment Office has published guidelines for citizenship acquisition through investments.

In 2022, Turkey hiked the minimum investment for real estate to USD 400,000 (from $250k). Stateless people cannot buy property but can invest in bonds or bank term deposit to get Turkish citizenship. New 2022 rules requires you convert all foreign currency to turkish lira through central bank to invest in property. The Turkish CBI scheme is very popular with Arab investors and billions already invested in Turkish real estate market through the citizenship scheme.

Eligible Investments  Minimum required
Real Estate  USD 400,000 (5 years)
Bank deposit  USD 500,000
Government bonds  USD 500,000
Business or VC funds  USD 500,000

Turkish passport has visa free access to a total of 111 world countries in 2023. Turkish citizens (passport holders) still need visas to travel to Schengen Area, Canada or United Kingdom. In 2020, Turkey has made the program simple and accessible. Citizenship can be applied through Turkish consulates anywhere in the world by purchasing real estate without visiting Turkey.

Turkey Passport Ranking
CBI Index #11
Best CBI Rankings #8
Nomad Passport Index #95
Arton Passport Index #24
Henley Passport Index #51
Best Passport Rankings #66

10. Samoa

Samoa has a citizenship by investment program in the Pacific and a commonwealth country. Samoa requires US$ 1,000,000 investment in Tourism, Real estate, Manufacturing or in a Government fund under the Citizenship Investment Act 2015 and its Regulations 2015.  Initially permanent residence card is granted to the investors which is then converted to Samoan citizenship after 3 years. Citizens of Samoa also qualify for a Samoan passport.

The Samoa passport has visa free travel to Russia, Canada, Schengen Area, United Kingdom etc, a total 131 world countries according to Henley passport index 2020.

The Samoa program remains largely unpopular and the Government reported in 2018 no applications were received for citizenship

Samoa Passport Ranking
CBI Index
Best CBI Rankings #10
Nomad Passport Index #80
Arton Passport Index #40
Henley Passport Index #39
Best Passport Rankings Index #50

11. Cambodia

Cambodia offers citizenship against cash donation USD 250,000 to economic rebuilding of Cambodia, according to Article 12 Law of 1996 Nationality Act. No residence requirements. An investment of USD 1.5 million also qualify for citizenship by investment in a Asian country.

Cambodia is probably the only Asian country that has a citizenship by investment program. This program largely remains unofficial.

Cambodian passport has visa free access to 54 countries in the world  in 2019 including Thailand, Vietnam, Malaysia, Singapore etc.. according to Henley visa index.

Cambodia Passport Ranking
CBI Index #13
Best CBI Rankings
Nomad Passport Index #147
Arton Passport Index #63
Henley Passport Index #86
Best Passport Rankings #109

12. Egypt

Egypt opened a new fast track citizenship by investment program in 2019 after amending citizenship laws. Foreigners could become Egyptian citizens buying a real estate for $500,000. There are other investment options for citizenship such as bank deposit, Govt bonds, capital investment also available.

As of 2020, Egypt passport has visa free access to only 49 countries in the world.

Egypt Passport Ranking
CBI Index
Best CBI Rankings #10
Nomad Passport Index #161
Arton Passport Index #64
Henley Passport Index #90
Best Passport Rankings #113

16. Jordan

Jordan launched a citizenship by investment scheme in Feb 2018 and then the investment requirement further reduced in 2019. The threshold is quite high for Jordan compared to other countries

  • Bank deposit of zero interest, of $1 million at the Central Bank of Jordan (CBJ) instead of $1.5 million for 3 years instead of years.
  • Treasury bonds valuing $1 million, instead of $1.5 approved by CBJ.
  • Securities at a value of $1 million instead of $1.5 million, from an active investment portfolio.
  • Small and Medium Enterprises (SMEs)  $750,000 instead of $1 million in SMEs and for a period of at least three years, instead of five years
  • Significant Investments: Make $1.5 million investment in any location in the country, or $1 million if the project is registered in any Governorate other than Amman, provided such a project creates at least 20 job opportunities and remains operational for at least three years.

As of 2020, Jordanian passport had visa free access to 51 countries and territories in the world.

Jordan Passport Ranking
CBI Index #14
Best CBI Rankings #11
Nomad Passport Index #158
Arton Passport Index #62
Henley Passport Index #89
Best Passport Rankings #112

EU Golden Visa / Residency

If you are not interested in citizenship, we offer residency residency schemes.  We suggest going for residency schemes, for investors coming from countries, who are prohibited from holding dual nationality.

Portugal is extremely popular because it does not impose ‘live in the country’ requirement, with a path to EU citizenship. Note that from Jan 1, 2022 Portugal will increase minimum GV investments to 350k euro (from 280K euro) and these investments will be shifted to inner regions.

  • Malta – 135,000 euro (permanent residency for one time contribution)
  • Portugal – 500,000 euro (VC fund) (Citizenship after 5 years)
  • Greece – 250,000 euro (real estate) (Citizenship after 7 years)
  • Spain – 500,000 euro (real estate) (Citizenship after 10 years)
  • Latvia – 250,000 euro (bonds/real estate) (Citizenship after 9 years)
  • Italy – 250,000 euro (Startups) (Citizenship after 10 years)
  • Bulgaria – EUR 300,000 (Real Estate)
  • Cyprus –  EUR 350,000 (Real Estate)
  • Hungary – EUR 250,000 (Real Estate)

1.  Portugal

Portugal announced closure of Golden visas for real estate investments to prevent housing crisis. 

Portugal is No.1 residence and citizenship program in Europe. Portugal is a schengen state within the European Union. Portugal is very popular with nationals from US, UK, Canada and Latin America due to its geographic proximity to these countries and possibility to receive EU citizenship after 5 years without compulsory living requirements. Applicants have to meet 7 day residency during first year and 14 days from second year onwards.

Portugal does not offer instant citizenship, only instant residency.

Portugal offers a number of interesting investment options for investors.

  • Cultural or art projects -EUR 250,000 (refundable)
  • Investment funds – EUR 500,000 onwards (refundable)
  • Business – EUR 350,000

Please note Portugal grants Permanent residence permits (PRP) valid for 5 years for 500k euro and above investments, all investments below this will receive Temporary residence permits (PRP) valid for one or two years with extensions. GV scheme offers path to become Portuguese citizen after 5 years, while maintaining all investments plus passing A2 language test and no criminal record. There is no civic citizenship test in Portugal.

The processing times for GV applications average 10 months plus. We expect significant last minute rush towards end of closing of program.

2.  Greece

The Greece GV program is immensely popular among middle eastern investors. It is a simple and straightforward residence and citizenship program. Greece is part of schengen zone and also EU member state.

Greece golden visa investments available for reduced 250,000 euros in all 90% Rest of Greece (eg. Corfu, Rhodes, Piraeus, Crete, Patras, Evia, Tinos, Chalkidiki)

Athens and suburbs is doubled to  EUR 500,000 from Aug 1, 2023. After this date the minimum investment will double to 500,000€ in particular areas Regional Units of Northern, Central and Southern Athens, in the Municipality of Vari – Voula – Vouliagmeni, Thessaloniki, Mykonos, Santorini.

The important difference you should know is Greece issues permanent residence permits valid for 5 years with extensions and also for family members. The Greek GV program has a number of investment routes.

  • Real estate – EUR 250,000 (residential, commercial or hotel buyback shares outside Athens). EUR 500,000 for Athens properties.
  • Bank term deposit -EUR 400,000 (held for 1 year)
  • Government bonds – EUR 400,000 (held for 3 years)
  • Strategic investment – EUR 250,000 (business capital)

It is also possible to apply for Greek citizenship (not instant) after 7 years of strict living. You have to pass, language and civic test and evaluation of applications takes another 2-3 years.

Greece has zero residency requirement, but if you want citizenship option, you have to spend 7 years of time living in Greece.

3.Hungary

Hungary has opened a new golden visa program starting in July 1, 2024 for real estate under the name “Guest investor program” to property investors. Key attraction of this program is, Property investors will get long term 10 year residence permits buying premium properties in Budapest. Family members can also receive residence permits. Once renewed it is valid for another 10 years. Investors are not required to live in Hungary, however they need to visit once to receive their permits in hand.

  • Real Estate (Fund) – €250,000 (refundable with 4% returns)
  • Real Estate (Property) – €500,000 (high end premium)
  •  Cultural Public Donation – €1 million euro

4. Canada

Canada’s Quebec immigrant investor program have been running for almost three decades.  This scheme attracts rich families who invest CAD 1.2m (financing costs $250,000) plus prove net assets of atleast $2 million.

The Quebec government has announced the QIIP will open in 2024 for CAD $1,200,000 ($1m Bond + $200k donation). Must live in Canada for 6 months.

6. Spain

Spain has active golden visa program where you can buy spanish residency by investing. This program is active and running attractive for manny US investors. The residence permit is issued for 2 years for property investment and can be prolonged subsequently. To apply for spanish citizenship, must live for period of 10 years under naturalisation route, although this time is reduced to 3-4 years for nationals of other spanish speaking countries.

  • EUR 500,000 in Real estate
  • EUR 2 million in Government treasury bonds

7. Italy

Italy has a brand new golden visa program operating since couple of years. You can be eligible to get italian residency by investing. There is no real estate option

  • EUR 250,000 capital investment in italian companies
  • EUR 2 million in spanish government bonds.
  • Investing in properties not allowed.

8.  Malta

Malta has the cheapest golden visa program in Europe.  You can apply for immediate maltese permanent residency (schengen) by paying just EUR 100,000 euros in government fees (consider it donation). There are additional costs such as renting a housing for atleast 10,000 euro per year, insurance etc.

  • Government Donation – EUR 100,000 (approx)
  • Real Estate – EUR 300,000

The catch here you have to prove you have atleast EUR 500,000 (half million) in total net assets (eg. property, investments, savings). You wont become eligible if you dont prove this. Maltese citizenship is possible under the residency route requires 5 years of permanent living but the waiting period is very long in Malta.

9. Bulgaria

Bulgaria offers residence permit for investment such as real estate or business. With Bulgaria joining schengen zone in march 2024, this scheme will become more popular in the future. Citizenship is possible after 5 years of living.

  • Real Estate – EUR 300,000 (Temporary RP)
  • Real Estate – EUR 500,000 (PR status)
  • Business – EUR 250,000 (Temporary)

10. Cyprus

Under the Cyprus Golden visa regulations, The Civil Registry and Migration department grants long term immigration permit valid for 10 years (indefinite renewals) to foreign investors and third country nationals who invest at least 300,000 Euros in real estate such as..

  • Real Estate – Purchase of house or apartment from a development company, which must be a first sale worth at least €300,000 (plus VAT).
  • Commercial properties – Purchase of other types of real estate such as offices, shops, hotels or related estate developments east €300,000
  • Investment fund – Investment worth €300,000 in units of Cyprus Investment Organization Collective Investments
  • Corporate shares – Investment in share capital of a newly registered or existing company. atleast €300,000

Rules have been tightened in 2023, with strict checks on maintaining investments and background.

GV / Q&A

What is Golden visa?

Golden visas are residence programs issued for qualifying investments (eg. real estate, bank deposit or securities). Only a few nations in the world known to operate GV schemes. (eg. US, Canada, UK, Portugal etc.)

Which is the cheapest GV program?

Malta has the cheapest GV program. It will cost you EUR 100,000 in Govt processing and administrative fees. You also have to prove EUR 350,000 in net assets plus 150,000 EUR in liquid savings.

How to decide between GV and CBI programs?

If you are not interested in double citizenship or your home national prevents you from holding dual citizenship, GV schemes will be the best fit for you.

How to apply for GV?

You can start the process through a lawyer and then apply for a visa at the nearest consulate in your country. Once you arrive in the country, you will receive residence cards.

Which GV programs issue permanent residence cards for investments?

Only these countries offer PR cards – Malta, Portugal (500K euro), Ireland

Which are refundable GV investments?

You can invest in the following investment routes. These are fully refundable investments bringing also yields on top.

  • Hotel buyback shares (paid back by developer after 6 years),
  • GV Investment funds (fund management costs may vary)
  • Bank deposits (benefit from fixed bank interest rates )
  • Government securities and bonds (benefit from bond interest rates fully refunded after 5 years guaranteed by state)

Due to Covid, many investors are particular with stable investments, important not waste money from depreciation or risky investments.

Are there any restrictions on why can apply for GV programs?

There are no restrictions. Some GV countries do not accept clients from North Korea, Iran, Sudan etc.

CBI / Q&A

1. Which countries have Active citizenship by investment programs?

At the moment there 10 countries have actively running Citizenship by investment (CBI) schemes. These countries are Antigua, Dominica, Grenada, St Kitts and Nevis, Macedonia, Egypt, Jordan, Saint Lucia, Vanuatu, Turkey.

 2. Which is the cheapest citizenship by investment?

Saint Lucia and Dominica are the cheapest for one person. Antigua and Barbuda cheapest for families. Processing times vary from 3-6 months depending on the program.

 3. Which is the Best citizenship by investment program?

St Kitts and Turkey are the best CBI programs. These programs are also extremely popular.

4.  Which is the fastest citizenship by investment program?

Vanuatu is the fastest program for its speed and simple application process. The entire process can be completed within 1.5 months.

 5. How much it costs to get a passport through investments?

Prices start from USD 100,000 onwards. You can start the process paying a small chunk of initial fees (10%). The rest 90% of the investment you will pay only after government issues approval letter. Be ready with initial set of documents ( police clearance, health certificate, passport copies and birth certificates)

6. How much it costs to get citizenship buying real estate?

Prices for real estate investment start from USD 200,000 plus additional costs.

7. Can i get a refund if my application is not approved?

First you start the process with initial 10% of the total (DD fee + 50% lawyer fee). The rest 90% you will ONLY pay after application is approved by Govt. You don’t pay if your file is not approved. These are Government rules, applies for all real estate and donation option.

8. Which CBI programs do not require personal visit?

Antigua, Dominica, St Kitts,  Vanuatu, Turkey, Grenada do not require personal visit to get citizenship and passports.

9. How do i start the citizenship application process?

You have to apply through a Govt authorized agent. We will help you with this. Our platform is free of charge.

10. Can i include family members?

Yes, you can include all family members in one application. Please note prices increase for each family dependent.

11. What are the investment routes available to get citizenship?

Most popular investment routes are donation, real estate, government bonds (state debt)

12. What are the processing times?

Please expect 2-3 months in general for the process to complete, if all documents are in order. Below is the minimum processing times of the most popular programs, from the time you apply (submit file) to the issue of passport

  • Vanuatu – 45 days
  • St Kitts – 90 days
  • Antigua – 90 days
  • St Lucia – 90 days
  • Dominica – 90 days
  • Grenada – 90 days
  • Malta – 15 months
  • Turkey  – 90 days
  • Bulgaria – 24 months

13. What documents are required to apply?

You must keep these documents ready to start the application process online: Birth certificate, police certificate, medical health certificate, passport and ID cards. Original birth certificate is required during the issue of passport.

14. Which CBI passport has the most visa free access?

EU passports have visa free access to most countries in the world. St Kitts passport is a very powerful passport in the Caribbean.

15. What are the applicable fees?

There are three types of fees you must be aware of: Govt donation (or real estate) plus due diligence fee plus law firm fee. For example Saint Lucia you have to pay $100,000 plus $7500 CIP due diligence plus lawyer fee for one person.

15. Which CBI schemes are suspended?

Three citizenship schemes are suspended. Bulgaria, Montenegro, Moldova (since 2019), Cyprus (Nov 2020) . No applications accepted for these schemes.

15. Which CBI programs offer full citizenship rights?

St Lucia, Grenada, Malta, Turkey, Montenegro and other programs are complete citizenship programs offering all rights including the right to vote, holding public office and exercising political rights. Keep in mind that Antigua, St Kitts, Vanuatu do not offer these rights.

16. Please explain the application and payment process to apply for citizenship schemes?

Most of the programs will only require you to 10% initial fee to start the application filing by lawyers. The rest 90% you pay only AFTER your application is approved by Citizenship Investment Unit (CIU) of the Government. Do not pay the full investment before your application is approved.

Citizenship shop do not charge any fee to clients. Our platform consulting services are free of charge.

17. How to apply for E-2 visas through CBI programs?

Grenada, Turkey, Egypt are the only CBI countries that have E-2 investor visa agreement with United States. New rules require you MUST LIVE as resident for 3 years before applying. Therefore if you become a citizen of these countries you and apply for E-2 visa to US. E-2 visas are cheapest alternative to EB-5 immigrant investor program which requires $900K investment. EB-5 wait times can take years while E-2 visa (issued for 2 years) wait time is only 3 weeks.

The cheapest route is Grenada. Prepare to spend $175K for Grenada citizenship plus $100K investment in US for E-2 visa. You will also need a US immigration lawyer to prepare the filing. The important condition for E-2 visa is creation of atleast 5 jobs.

18. Who cannot apply for CBI programs? 

Nationals of some blacklisted countries such as Russia, Belarus, Syria,  Iran, Sudan, North Korea etc. cannot apply for CBI programs. These restrictions vary depending on where you live and also which program and country they apply.

19. How are background checks done?

All applicants and their family members must undergo strict due diligence checks done by agents, governments and third party due diligence firms who will verify all background information including source of funds, criminal record and other checks.  These checks take months to be completed.

20. What are the common reason for CBI refusals?

Applicants and family members who apply for CBI programs may be refused for several reasons. These include ineligible country, failing background checks, visa denials, failing to prove source of origin of funds,  sanctioned list, false information in application, wanted list, imprisonment etc.

Once you are refused by one country, you could be automatically refused by all other CBI countries.

21. Do you offer financing or loans?

We don’t. Also we do not promote illegal discounting of schemes undercutting the minimum required investment required by government which is set at USD 100,000.

22. What the are visa free benefits that come with CBI?

Visa free travel is also one of the important deciding factors for many investors, especially they want to travel for business, holidays, visiting family and friends and pursuing overseas education for children. These are the important differences you should be aware of when it comes to visa waiver perks..

  • Malta is the only country that has visa waiver agreement with United States. (No other CBI country has this unique benefit)
  • Grenada is the only country that has visa waiver agreement with China
  • Montenegro does not have visa waiver agreement with United Kingdom and Ireland
  • No Caribbean country has visa waiver agreement with Canada
  • Turkey is the only CBI passport with visa waiver to Japan.

22. What are the validity of passports issued under CBI programs?

Long validity passports only benefit investors and also important deciding factor. Upon expiry, passports can be renewed at any nearest consulates.

  • Vanuatu – 10 years
  • St Kitts – 10 years
  • St Lucia – 5 years
  • Dominica – 10 years
  • Antigua – 5 years
  • Grenada – 5 years
  • Montenegro – 10 years
  • Turkey – 10 years
  • Malta – 10 years

Please contact us for a private consultation and we can offer you free pricing quote..

About us

Citizenship shop is an online platform founded in 2016. We work with trusted law firms, property developers and licensed agents.  We make it cheaper for clients without broker firms or middlemen. Our consulting services are free of charge. We do not charge any fee to clients. Our digital business model makes it cheaper, faster and easier for clients applying for citizenship or residency. We work directly with Government authorized law firms and CIP approved property developers in 15 countries, without any brokers or middlemen, making the whole process cheaper, faster and easier for clients.

Contact us

Interested or Questions? Please contact us for a free private consultation. Whatsapp: +36 70 550 4957

References

Below references to official sources on the above offered programs.

St.Kitts & Nevis – https://ciu.gov.kn
Dominica – https://cbiu.gov.dm
Grenada – https://cbi.gov.gd
St.Lucia – https://cipsaintlucia.com
Antigua & Barbuda – https://cip.gov.ag
Samoa – https://www.mcil.gov.ws/
Turkey – https://en.goc.gov.tr/
Malta – https://komunita.gov.mt/en/
Portugal – https://aima.gov.pt
Spain – https://www.exteriores.gob.es/
Italy – https://investorvisa.mise.gov.it
Cyprus –  http://www.moi.gov.cy
Bulgaria – https://www.mvr.bg/
Latvia – https://www.pmlp.gov.lv/en
Canada – https://www.quebec.ca
United States – https://uscis.gov
Vanuatu – https://vancitizenship.gov.vu/
Hungary – http://oif.gov.hu
Greece – https://migration.gov.gr/