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 passport market has turned into a $5 billion industry annually.

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.

 “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”.

Benefits of Economic Citizenship

• Mobility and visa free travel freedom (visa waiver)
• Safety, privacy and protection from war, political problems
• Dual citizen status
• Better education for children.
• Opportunity to invest in international real estate markets.
• Tax planning on worldwide income
• Ease of doing business

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.

Investment Options

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

• Contribution to Government fund
• Approved Real estate investment
• Approved Business/Enterprise investment
• Approved Government bonds, Share capital or Investment funds
• Bank deposit

In 2019, there are some 14 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.

• Dominica and St Lucia are the cheapest citizenship programs for single persons
• Antigua is the cheapest citizenship program for families
• Vanuatu has the fastest passport times 1.5 months of all schemes
• 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

Top CBI Schemes

These are the best citizenship by investment programs for 2020

As of 2020, due to Covid-19 pandemic, 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.

1. Montenegro

Montenegro opened a brand new special program from Jan 1, 2018. Foreigners must invest EUR 250,000 in real estate (north of montenegro) and also donate to government EUR 100,000 in application fee. So in total Montenegro will require EUR 350,000 plus other fees and investors issued permanent residence within a month and citizenship within 6 months. Each application must pay $100,000 for citizenship.

It is important to understand Montenegro is a leading candidate for achieving EU membership on 2025 or later. Investing in Montenegro is a great future investment considering the real estate prices lowest in the Europe. Montenegro is also a low tax country.

Only investing in Govt approved hotels will qualify for citizenship. Remember if you want to invest in southern parts of montenegro where it is beautiful with resorts and sea side areas the minimum investment increases to EUR 450,000. There is also a provision to invest EUR 5 million creating 60 jobs in developing new five star hotels and resorts.

This is a limited economic citizenship scheme to 2000 applicants. The scheme will run only for 3 years and will permanently close in 2022.

CIP now open for applications from 202o onwards.

Montenegrin passport has visa free travel to 124 countries, according to Henley passport index 2020. Citizens can travel to EU schengen area. Montenegro has not signed visa waiver with United Kingdom.

2. St Kitts and Nevis

St Kitts and Nevis has the oldest citizenship program in the Caribbean. St Kitts and Nevis requires USD 150,000 one time contribution or USD 200,000 real estate investment to qualify citizenship. There are no residency requirements, nor a visit required to get the Kittitian passport.

There is 60 day fast track application process available with St Kitts and Nevis.

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

In 2020, St Kitts passport has visa free access to 154 countries in the world, one of the best caribbean passports in the world..

3. Saint Lucia

St Lucia requires USD 100,000 (contribution) or USD 300,000 (real estate investment) to get citizenship. The citizenship processing time is 2-3 months.

Saint Lucia launched Covid-19 relief government  bonds for USD 250,000 held for 5 years (valid until end of 2020). 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.

The St Lucian passport is valid for 10 years.

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

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 CIP is valid for 10 years.

In 2020 Dominica passport has visa free access to 139 world countries, according to Henley passport restrictions index.

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 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.

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 )

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

Grenadian passport has visa free access to 142 countries in 2020. 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 CBI program. The limited time 50% discount will apply until Oct 2019. 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.  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.

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 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. Vanuatu

Vanuatu has the fastest program in the world and only CIP in the South Pacific offering a commonwealth passport. Approvals are issued within 20-30 days compared to 2-3 months taken by Caribbean countries

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 prices announced by Government is all inclusive fee by the Vanuatu Citizenship Commission. The total fee proposed includes $50,000 (law firm and agent fee) and $80,000 one time contribution to Government. No other additional charges apply except due diligence fee ($5000)

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.

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)

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 when launched is limited to 1800 applicants as a whole.

Malta requires a total EUR 900,000 investment in Malta to become a Maltese citizen (also EU citizen). You have to pay EUR 650,000 one time contribution to Govt, plus invest in Govt stocks for another EUR 150,000 There is a one year (12 month) residency requirement and it takes about 15 months to get the Maltese passport. The application approval time is 2 months.

Malta IIP 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 under IIP 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 2020.

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

9. Cyprus

Cyprus also has a legal and official citizenship program in Europe. Cyprus requires EUR 2,200,000 investment in Real estate, Bonds or in Enterprise projects. You have to visit the country to receive citizenship and there is a new 6 month residency requirement (hold residence card) before applying for Cypriot passport.

You become a full EU citizen by getting a citizenship in Cyprus. The application processing time is about 3 months. It takes all in all 6 months to get the Cyprus passport after making the investment.

Cyprus has made a number of changes to the citizenship scheme tightening the vetting process in 2020 after negative publicity in the media. The prices also increased by EUR 200,000 (must donate to development of cyprus) in 2020 besides buying a permanent home for EUR 500,000 plus VAT.

The Cyprus investor citizenship scheme has a limited to only 700 passport applications annually. Another important change made was parents can be included if they buy additional home for EUR 500,000 plus VAT

Cyprus passport is one the best travel documents highly respected in the world with visa free travel to 174 world countries in 2020.

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

11. Turkey

Turkey launched a new citizenship by investment program under Official Gazette on January 12, 2017.  In 2018 Turkey reduced prices for citizenship. Foreign investors qualify for Turkish citizenship buying $250,000 worth of real estate in Turkey or $500,000 enterprise investment in Turkey or $500,000 worth of Government bonds or Bank deposit.

Turkish passport has visa free access to a total of 111 world countries in 2020.

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.

12. 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.

13. Bulgaria

Bulgaria offers fast track citizenship strictly through residency. Foreign investors are required to invest EUR 1 million in Government bonds locked for five years.

The Bulgarian citizenship is fast tracked within two years or in 18 months. Bulgaria offers full EU citizenship as Bulgaria is a member state of the EU.

There are couple of things you should know about Bulgaria

1. Full EU member country
2. Does not participate schengen area (like Cyprus)

Bulgarian passport is also very valuable since it offers full rights of establishment in EU member states and United Kingdom and also has visa free travel to Canada. Language requirements also apply as Bulgaria recently tightened their citizenship rules.

Bulgaria strictly requires to maintain EUR 1 million investment for atleast 5 years else citizenship will be stripped under the constitutional laws. This program has been largely unpopular for a number of reasons.

Financing option is also possible for bond or treasury securities investment.

In 2020, Bulgarian passport had visa free travel to 171 countries.

14. Moldova

Moldova opened new citizenship by investment program in Nov 2018. It is the cheapest citizenship by investment program in eastern europe which requires EUR 100,000 one time contribution with processing time 3 months. There are no residence requirements. Moldova is not a EU member state and neither participates in Schengen area. Moldova passport has visa free travel to Turkey, EU schengen area and other countries. Moldova has E-2 treaty investor visa with US

This Program is suspended as of 2020 by the Government. No applications will be received

In 2020, Moldova passport has visa free access to 120 countries in the world

15. 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.

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.

Note: We do not assist clients with Cambodia, Jordan, Samoa, Egypt etc.

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

Citizenship shop is an online platform. We do not assist clients directly, instead we work directly with Government authorized lawyers and appointed agents, without middlemen or agents for citizenship by investment schemes.