Citizenship by Investment Countries & Programmes List in 2024

How Many Countries Offer Citizenship by Investment?

Approximately 50,000 people obtain citizenship through Citizenship by Investment Programmes each year, with just over 20 countries having legal provisions for citizenship by investment. Citizenship by Investment Countries with active programmes include Antigua and Barbuda, Dominica, Grenada, Saint Kitts and Nevis, Saint Lucia, Malta, North Macedonia, Egypt, Jordan, Türkiye, and Vanuatu. Only 9 of these programmes are properly structured and popular.

CBI programmes began in 1984 with St. Kitts and Nevis, setting a precedent for other nations. Throughout the 2010s, the five Caribbean programmes became particularly dominant, accounting for about 90% of all global applications. These five Caribbean Citizenship by Investment programmes — Grenada, Antigua and Barbuda, St. Kitts and Nevis, Dominica, and Saint Lucia — plus the Malta programme remain the most competitive and attractive among Citizenship by Investment Countries due to their extensive visa-free access. 

While other countries with Citizenship by Investment, such as North Macedonia and Egypt, also offer CBI programmes, in recent years, only Türkiye has had significant interest from investors comparable to the five Caribbean CBI programmes.

In a world full of misleading information about CBI Countries, it’s important to know that if global mobility is your priority, only six programmes are truly worth considering. These include the five Caribbean citizenship by investment programmes plus Malta. These passports are the only ones that provide visa-free or visa-on-arrival access to the most important global destinations, including Europe.

Caribbean Countries Offering Citizenship by Investment

Among the Citizenship by Investment options available worldwide, the five Caribbean Citizenship by Investment programmes are known for their transparent processes, ease, and speed in obtaining a second passport.

1. Grenada

• Minimum Investment Amount: a donation of US$235,000 or a real estate investment starting at US$270,000.
• Time to Obtain Passport: ~4 to 6 months.
• Visa-Free or Visa on Arrival Countries: over 140 countries, including the UK, Schengen Area, Argentina, Brazil, China, India, and Russia.

2. Antigua and Barbuda

• Minimum Investment Amount: a donation of US$230,000 or a real estate investment starting at US$325,000.
• Time to Obtain Passport: ~3 to 4 months.
• Visa-Free or Visa on Arrival Countries: over 150 countries, including the UK, Schengen Area, Brazil, China, India, and Russia.

3. St. Kitts and Nevis

• Minimum Investment Amount: a donation of US$250,000 or a real estate investment of US$400,000.
• Time to Obtain Passport: ~4 to 6 months.
• Visa-Free or Visa on Arrival Countries: over 150 countries, including the UK, Schengen Area, Argentina, Brazil, India, and Russia.

4. Dominica

• Minimum Investment Amount: a minimum of US$200,000.
• Time to Obtain Passport: ~3 to 4 months.
• Visa-Free or Visa on Arrival Countries: over 140 countries, including the Schengen Area, Argentina, Brazil, India, and Russia.

5. Saint Lucia

• Minimum Investment Amount: a donation of US$240,000 or a real estate investment of US$300,000.
• Time to Obtain Passport: ~4 to 6 months.
• Visa-Free or Visa on Arrival Countries: over 140 countries, including the UK, Schengen Area, Argentina, Brazil and India.

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European Countries Offering Citizenship by Investment 

The only EU programme is Malta Citizenship by Investment. However, this programme is more of a hybrid between a Golden Visa and a straightforward CBI scheme, as it requires a period of residency before citizenship is granted. This distinguishes it from the five Caribbean CBI programmes, which offer a more direct path to citizenship without needing prior residency.

Malta introduced the Individual Investor Programme in 2012, later replacing the Citizenship for Exceptional Services by Direct Investment Regulations under the Maltese Citizenship Act Cap. 188, LN437 of 2020. This updated scheme features stricter requirements, including a mandatory residency period. It allows for granting citizenship by a naturalisation certificate to foreign individuals and their families who contribute to Malta's economic development.

Requirements include:

● A non-refundable contribution of Є600,000 and a legal residence in Malta for at least 36 months, or Є750,000 for a minimum residence period of 12 months.

● Purchase of a residential property in Malta of at least Є700,000, which must be held for 5 years; or lease of a residential property with a rental value of at least Є16,000 per annum, also held for 5 years.

● A valid Malta residence card confirming the period of residency.

● A donation of Є10,000 to a registered sport, cultural, scientific, philanthropic, animal welfare, or artistic non-governmental organisation approved by the Community Malta Agency.

● Main applicant minimum age of 18 years and additional €50,000 non-refundable contribution for each dependant.

● Payment of various fees that include: (i) residence application fees of €10,000 per application plus €1,000 per each dependant; (ii) Due Diligence Fees of €15,000 for the main applicant and €10,000 for dependants over 13 years old.

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Key Aspects of Citizenship by Investment Programmes 

Attractiveness of CBI Programmes

Two primary factors influence the attractiveness of Citizenship by Investment Countries: visa-free access and cost per passport. Caribbean CBI programmes excel in both areas, with e.g. Grenada Citizenship by Investment offering visa-free or visa-on-arrival access to over 140 countries, including key regions like the United Kingdom, Europe’s Schengen Area, China, India, Russia, Argentina, and Brazil, at a relatively affordable cost. This combination makes these Citizenship by Investment Countries highly appealing to global investors.

Cost and Financial Requirements

The headline costs vary considerably among the CBI programmes offered by Citizenship by Investment Countries, ranging from under US$ 200K to over EUR 700K. For the costs involved in the Caribbean, we have a handy CBI Cost Calculator.

These figures are only part of the true cost as an applicant will also need to incur various costs such as processing and legal fees, which should be considered as part of the ‘real’ cost of application.

Key Requirements for CBI Investors

Citizenship by Investment Countries typically have specific requirements that applicants must meet to qualify. These include:

• Minimum Investment: Applicants must make a significant financial investment in the host country, either through a government fund or real estate.
• Background Checks: Comprehensive due diligence is conducted to ensure the applicant's background is clear of any legal issues.
• Proof of Funds: Applicants must demonstrate that they have legally obtained the funds required for the investment.

Who Applies for Citizenship by Investment and Why?

Investors typically seek second citizenship from Countries that offer Citizenship by Investment for enhanced global mobility, security, and lifestyle improvements. A second passport can open doors to many countries, facilitating easier business travel and access to new markets. In regions with political or economic instability, a second citizenship provides a secure option for relocation. Additionally, the lifestyle benefits, such as access to high-quality healthcare and education, are significant draws for many investors.

For entrepreneurs and business leaders, Citizenship by Investment programmes offer critical business advantages, including easier international transactions, access to new markets, and potential tax benefits. High-net-worth individuals often use these programmes to optimise tax planning and protect their wealth through favourable legal frameworks.

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Citizenship by Investment Options

Typically, investors choose between the following options:

• donation to a government fund
• real estate investment
• business or entrepreneurial investment

While donations are usually the less expensive option upfront, they are non-recoverable. In contrast, though slightly more expensive, real estate investments offer the potential for a return on investment through property resale after a mandatory holding period, typically five years. Additionally, real estate can generate rental income, making it an attractive long-term investment option.

Increasing Popularity of Citizenship by Investment

The Citizenship by Investment market has seen remarkable growth, now estimated at approximately $20 billion annually. Several global factors contribute to this expansion:

• Increasing Wealth Creation in Countries with Limited Global Mobility: Emerging economies in Asia, Africa, and the Middle East have produced a new class of wealthy individuals whose home country passports often restrict their global mobility. For example, an entrepreneur from Southeast Asia acquiring Grenadian citizenship can access over 140 countries visa-free, vastly enhancing their travel and business opportunities.
• Geopolitical Tensions: Global political instability and conflicts drive demand for Citizenship by Investment programmes. Families in regions facing turmoil seek safe havens to secure their futures. Countries offering stability, security, and peace become attractive destinations for these individuals.
• Lifestyle and Opportunities: Many HNWIs are motivated by the prospect of an enhanced lifestyle. The Caribbean Citizenship by Investment programmes, for example, not only offer citizenship but also provide access to quality healthcare, superior education, and an overall higher standard of living.
• Business Opportunities: Entrepreneurs benefit from the economic mobility offered by Citizenship by Investment programmes. A second passport can open doors to new markets, facilitate easier travel, and provide access to international business networks. For example, a technology entrepreneur from the Middle East may find the business ecosystem in the EU or UK more conducive to growth, and a CBI can provide the necessary access.‍
• Investment Diversification, Tax Planning, and Wealth Protection: HNWIs seek to diversify their investments and optimise tax planning. Many Citizenship by Investment Countries offer favourable tax regimes and robust legal frameworks for wealth protection. For instance, Grenada Citizenship by Investment programme can provide significant tax advantages, including no taxes on global income, capital gains, or inheritance.

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Key Players in the Citizenship by Investment Industry

Your success in obtaining a passport and making the right choice among Citizenship by Investment Countries, among other things, depends on selecting the right partners that operate in the Citizenship by Investment Industry. Choosing the right advisors can streamline your path to obtaining citizenship, ensuring your investment is secure and your application process is smooth. From advisory firms that guide you through the nuances of various programmes to legal advisors that handle your legal paperwork, each participant plays a crucial role in your journey. These participants include:

• Advisory Firms: These firms specialise in residency and citizenship planning, guiding clients through application processes, due diligence, and legal requirements. They provide personalised advice based on the client's specific needs, such as global mobility, tax optimisation, or lifestyle improvements.
• Real Estate Developers: Real estate developers play a crucial role, especially in programmes requiring real estate investment. They often collaborate with advisory firms to offer government-approved projects that meet the criteria for Citizenship by Investment programmes.
• Financial Institutions: Banks and investment firms facilitate the financial transactions involved in Citizenship by Investment programmes, ensuring compliance with international standards and local regulations. They provide essential services such as fund transfers and financial advice.
• Legal Advisors: Legal experts navigate the complexities of immigration law, ensuring that clients meet all legal requirements and advise on the terms of the investment itself. They handle document preparation, compliance issues, and represent clients in all legal matters related to their Citizenship by Investment application.
• Tax Advisors: Specialising in international tax planning, tax advisors help clients understand the implications of acquiring new citizenship and optimise their financial affairs accordingly.

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History of Citizenship by Investment Countries

Citizenship by Investment programmes have developed over several decades, offering citizenship in exchange for investment. Here’s a concise timeline of notable programmes:

• 1984: the first formal St. Kitts and Nevis CBI programme was launched and then relaunched in 2006.
• 1993: Belize introduced a programme but discontinued it within a few years due to international concerns over security and due diligence.
• 1995: Grenada's first CBI programme was short-lived as it was suspended in 2001 following international criticism of its due diligence standards.
• 1997: Dominica's Citizenship by Investment was launched, which has since become a key economic driver, contributing significantly to national development.
• 1999: Mauritius introduced a CBI-like programme requiring a residency period before granting citizenship, differentiating it from traditional CBI schemes.
• 2007: Antigua and Barbuda Citizenship by Investment programme, officially launching it in 2013.
• 2008: Cyprus launched a CBI programme, which became one of the most popular in the EU but was terminated in 2021 due to misuse concerns.
• 2010: Montenegro opened a CBI programme, which lasted 3 months, then launched it again in the beginning of 2020 but ended in 2022 due to various challenges.
• 2012: Malta introduced the Individual Investor Programme, later replaced by Citizenship for Exceptional Services by Direct Investment Regulations, a CBI-like scheme with stricter requirements requiring a residency period.
• 2013: Grenada Citizenship by Investment Programme was launched.
• 2014: St. Lucia Citizenship by Investment Programme was the last of the five Caribbean countries to be introduced. 
• 2017: Türkiye introduced a CBI programme.
• 2020: North Macedonia introduced a CBI programme, but it remains relatively inactive and less popular.
• 2021: Egypt launched its CBI programme.
• 2022: Jordan introduced its CBI programme.

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Final Thoughts

The five Caribbean Citizenship by Investment programmes — in Grenada, Antigua and Barbuda, St. Kitts and Nevis, Dominica, and St. Lucia — stand out as the best  available. These nations offer a combination of affordability, extensive visa-free access, and stable political environments, making them the top choices for investors seeking second citizenship.

For most families, real estate investment is preferable to the donation option, as the benefits often outweigh the cost differential. For example, in Grenada, the real estate investment option requires a minimum of US$270,000, compared to a US$235,000 donation. While the upfront cost for real estate is slightly higher, it can be more attractive in the long term. Investors have the potential to recoup their investment by selling the property after the mandatory holding period of five years, along with the possibility of earning rental income during that time.

To understand the estimated cost per passport for your family, use our indicative Citizenship by Investment Cost Calculator page. For a more detailed and personalised quote for your chosen country, complete the form on that page, and our team will provide you with tailored information.

At Caribbean Golden Passport Advisors, we aim to secure the best property that meets your needs while advising you on the most suitable CBI programme in the Caribbean, ensuring you make the most informed decision for your future.

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FAQs

Which country is the easiest country to get citizenship from through investment?

The five Caribbean countries - Grenada, Antigua and Barbuda, St. Kitts and Nevis, Dominica, and St. Lucia - are the easiest to obtain citizenship through investment. These countries have formal, well-structured programmes that streamline the process.

Which country is the cheapest to get citizenship by investment?

The five Caribbean countries — Grenada, Antigua and Barbuda, St. Kitts and Nevis, Dominica, and St. Lucia — stand out as the cheapest among quality Citizenship by Investment programmes available.

Which citizenship by investment is the best?

If global mobility and visa-free travel are priorities, only six Citizenship by Investment programmes are truly worth considering. These include the five Caribbean CBI programmes and Malta. These passports provide visa-free or visa-on-arrival access to key global destinations, including Europe.

Is Citizenship by Investment legal?

Yes, Citizenship by Investment programmes are legal. Approximately 20 countries around the world have formal legal provisions for such programmes. In the five Caribbean CBI countries, passports are issued about 4–6 months after the application and are valid for life. The entire family can apply and obtain citizenship, which can be passed down to future generations.

Do I need to visit the country to get citizenship?

In the five Caribbean CBI countries, no visit or physical residency is required to obtain citizenship, except in Antigua and Barbuda, where applicants must reside in the country for at least five days within a five-year period.