The Citizenship by Investment (CBI) industry is already a $5 billion annual industry with 10 countries actively running CBI programs today.

Global uncertainties fuel a great demand for second passports acquired through CBI schemes.

Failing economy, recession and changing political situations such as new governments have a dramatic effect on CBI schemes to come and go. While some countries have made billions, selling passport, more countries are thinking about it, while others completely oppose it. We have seen that in the case of Moldova, when the new government came in after elections, Moldova citizenship scheme was suspended with immediate effect.

Citizenship by investmnet schemes have come and gone and there is a history since the 1980’s

So which countries will likely open a new citizenship by investment in the future?

Take a look below..these countries have a strong likelihood to open a CBI scheme in the future.

1. Greece

Greece is already working on €2 million citizenship scheme for investors. It will launch in mid-2020 and limited number of 200 citizenships granted to property investors, usually 200. This scheme is expected to compete heavily with Cyprus.

Greece will funnel €400m investments raised from citizenship scheme into luxury property sector annually.

Greece Citizenship by Investment

Greek passport is also powerful document in the world with visa free access to 183 countries (US, Canada etc)

2. Albania

Albania passed new laws in 2019, offering a provision for citizenship granted to investments made in the country. Albanian passport will also be issued for investors in the interest of the state.

Albania citizenship by investment

Albanian citizens had visa-free or visa on arrival access to 113 countries and territories include EU schengen states.

3. Georgia

Georgia also may open citizenship by investment scheme in the future.

The President of Georgia may grant Georgian citizenship by exception to investors in the interest of state, who made a significant contribution to the state. Currently Georgia offers investor visas for buying real estate for $100,000. Last year, Georgia legalized permitting dual citizenship.

Georgia Citizenship by Investment

Georgian passport had visa free travel to 113 countries in the world, including EU schengen states, Turkey, Brazil etc.

4. Croatia

Croatia may relax its laws in the future offering citizenship to investors who bring economic benefit to country including creating jobs. In 2015, Croatia explored citizenship for investment scheme for €300,000 but he scheme was abandoned.

Croatia is a EU member state but does not participate in the schengen area.

Croatia citizenship by investment

Croatia has a very good EU passport, as of 2019, Croatian citizens had visa-free or visa on arrival access to 167 countries and territories to Canada, Australia,

5. Serbia

Serbia does not have any official citizenship by investment scheme, as of today. However a business investment of €100,000 creating jobs will lead to permanent residency. Considering Serbia is neither EU member state, nor a schengen country, the investment scheme is not very attractive.

Serbia may consider fast track citizenship option, in the future.

Serbia Citizenship by Investment

Serbian passport is not a bad passport after all, currently serbian nationals have visa free access to 131 countries. These include EU schengen area, Russia, China, United Arab Emirates etc.

6. North Macedonia

North Macedonia already offers citizenship for investments to foreigners who invest atleast €400,000 and create atleast 10 jobs. But the scheme is not widely promoted and the scheme is not widely popular. There are certain restrictions that investments cannot be made in hotel or trade sectors. The country could simplify its investment rules in future making it attractive to foreigners interested in passports.

As of 2 July 2019, citizens of North Macedonia had visa-free or visa on arrival access to 123 countries and territories including EU schengen states.  Visa not required for China for passports endorsed on business.

7. Russia

Russia the biggest and largest country in the world with rich natural resources and oil wealth, currently offers simplified citizenship to investors investing $10m the far east. Another route is invest $160,000 in a russian company and naturalize for citizenship after 3 years.

Russia may offer fast track citizenship by investment scheme relaxing the above rules in the future.

Russia Citizenship by Investment

Russia significantly relaxed rules related to dual citizenship recently, allows to keep dual nationality with prior permission. Although russian passport holders need a visa to travel to Europe, UK, Canada etc, the passport has visa free access to Turkey, South Africa, South Korea, Bahamas, almost all of South America.

The Russian government is committed to expand its visa waiver program (VWP) with many countries.

8. Mauritius

Mauritius explored the idea of opening citizenship by investment scheme in 2018 for $500,000 in sovereign bonds. The scheme was abandoned due to criticism within the country.

The country may further explore a CIP to boost economic growth.

Mauritius citizenship by investment

The Mauritius passport is very interesting, because is as good as grenada passport with visa free access to China, Russia, UK, Europe etc. A visit required to visit Canada and United States.

As of April 2019, Brunei, Grenada, Seychelles and Mauritius are the only countries whose citizens may travel without a visa to China, Russia, Schengen Area and the United Kingdom.

9. Tuvalu

Tuvalu is a polynesian island country located in the Pacific Ocean, midway between Hawaii and Australia. It is a small country only with a population of 11,000 residents. It is also smallest in terms of land area only 10 sq,miles. Tuvalu became fully independent within the Commonwealth on 1 October 1978

Tuvalu passport act allows Investment Passport Committee to grant economic investors a passport valid for 5 years. It wont be a surprise Tuvalu opening a citizenship by investment scheme in the future.

Tuvalu citizenship by investment

 

Tuvalu passport is interesting one, with visa free travel to 126 countries. These countries include Schengen states, United Kingdom, Singapore, Hong Kong etc.

10. Marshall Islands

Marshall islands ran a citizenship for sale scheme back in the 1980’s and sold several  hundreds of passports along with other pacific countries and later it was abandoned due to international pressure.

Marshall islands is a sovereign state in free association with the United States.

Marshall Islands Citizenship

Marshallese citizens had visa-free or visa on arrival access to 122 countries and territories including United States. Marshall Islands signed a mutual visa waiver agreement with Schengen Area countries on 28 June 2016.

11. Guyana

In 2019, Citizenship by investment was suggested to Guyana for $300,000 per investor to bring numerous benefits to Guyana over the next decade and revenues from citizenship sales, could be invested in housing and infrastructure developments benefiting Guyanese.

The proposed scheme only limited to 300 foreigners annually, bringing US$900M annually. This sum could provide about 240,000 houses at $G7.5M each to low-income Guyanese families across the country.

There is a small possibility that Guyana could open the next citizenship by investment scheme in the future.

Guyana Citizenship by Investment

The Guyanese passport could be interesting for those who want to travel to Russia, South Africa and other 86 countries visa free. A separate visa is required to visit Europe, UK, Canada etc.

12. Slovenia

Slovenia has no minimum investment requirements, but citizenship may be granted in the interest of the state for scientific, economic, cultural, national or similar reasons. This provision requires a one-year period of actual residence in Slovenia.

Slovenia has granted a small number of citizenships for investment based on residence permits issued to investors between 2012 to 2017

It is possible the country may waive the residence period to grant immediate citizenship to significant investments. Hence there is a chance of citizenship by investment in the future.

Slovenia citizenship by investment

Slovenia has powerful EU passport, as the passport has visa waiver agreements with United States, Canada, United Kingdom giving full citizenship rights to live and work in the EU member states.

13. Slovakia

Slovakia may consider you for exceptional citizenship if you invest €100 million and create 300 jobs for economic investment. This is a very discrete scheme is not widely known, for major investor. Slovenia already granted small number of citizenship for investments.

Slovakia may consider relaxing the investment rules for investors but it wont come cheap, probably in millions of euros.

Slovakia citizenship by investment

The Slovak passport is a very powerful EU passport as it has visa free access to United States, Canada, Mexico, Australia offering full rights of establishment to live work and study in the EU member states.

14. St Vincent and Grenadines

St Vincent and Montserrat are the only countries in OECS  that does not have a citizenship by investment scheme in the Caribbean. Five other OECS countries (St Kitts, Dominica, Grenada, St Lucia, Antigua) have benefited significantly raising millions from running a CBI scheme.

The Citizenship by Investment (CBI) is hotly debated in the country and the opposition have called for introduction of CBI scheme in the country.

We may see a new future citizenship by investment scheme in this country as the political climate changes.

St Vincent Citizenship by Investment

St Vincent passport like other caribbean CBI passports, have visa free access to 144 countries. These include Russia, EU schengen area, United Kingdom, Ireland etc.

15. Romania

Romania is a great prospect for a citizenship by investment scheme in the future. Currently if you invest $1 million in Romanian companies, you probably will get passport after one or two years.

Romania has EU membership but does not participate in the schengen area. Romania passport is still EU passport.

Romania citizenship by investment

Romanian passport has visa free access to Canada, comes with full EU citizenship rights of establishment in the member states and visa free access to UK/Ireland.

16. Tonga

Tonga operated an unofficial citizenship by investment scheme in the 1990’s offering Tongan protected person passport for cash. The passport did not grant rights to enter or settle in Tonga.

Tonga, is a Polynesian sovereign state and archipelago comprising 169 islands, of which 36 are inhabited, with a population of 100,000.  The economy depends on foreign currency is the remittances of Tongans living abroad, followed by tourism.

A future citizenship by investment scheme in Tonga could bring much needed revenues for the economy, considering the GDP growth of only 1.9% expected for 2019.

In 2019, Tongan citizens had visa-free or visa on arrival access to 123 countries. These countries include China, United Kingdom, EU schengen area.

17. Samoa

Samoa already has an active citizenship by investment scheme launched in 2017 for $1.5m invested in the country. The only problem with the scheme gives only immediate permanent residency and citizenship possible only after 3 years. Because of the high investment and long time in getting passport, this scheme never took off.

If Samoa relaxes the citizenship time from years to months, this could become an interesting citizenship by investment scheme for investors.

Samoa citizenship

Samoan passport is also a very good passport as the country has visa waiver agreements with Russia, Canada, EU schengen, United Kingdom and Ireland

18. Belize

Belize operated a citizenship by investment program  was running from 1985 until 2002, after amendments were made to citizenship act offering passport to investors who made a substantial contribution to the economy.  The security concerns in the US, abuses and financial issues forced Belize to close its citizenship for sale scheme.

As of today it is still closed, and a citizenship by investment scheme is unlikely to open in the future.

Belize Citizenship by Investment

The Belize passport is not very appealing because as of 2019, it has visa free access to less than 100 countries.

19. Cape Verde

Cape Verde amended its citizenship laws in 1993 providing a path for foreigns who make invest, create jobs and actively participate in economic development.

Even Cape verde opens a citizenship by investment scheme in the future, its passport is not very exciting as it seems, recognized only in 65 countries for travel.

Cape Verde Citizenship by Investment

20. Seychelles

Seychelles currently offers permanent residency to foreign investors has invested $1 million US Dollars or more in a business or companies. Seychelles and citizenship possible if the investor has resided for just 1 year in Seychelles. One year is relatively a fast time to acquire a passport.

If the Government slightly simplifies this scheme to grant a fast track citizenship, then we have our citizenship by investment in Seychelles, considering Seychelles passport is very valuable and attractive.

Seychelles citizenship by investment

Seychelles passport is a very good passport comparable with Grenada, for visa free access to 150 countries. These countries  Russia, China, EU schengen area, United Kingdom etc.

21. Austria

Austria has citizenship laws that offer exceptional citizenship  in the interest of the state for economic investment in the country. Probably if you invest $10m or more, create 100 jobs it may not be enough, you need to do much more to convince austrians and qualify for discretionary citizenship.

Austria wants to attract new technologies, new innovations that brings real benefits to austrian people.

Austria

As of now it is impossible to become Austrian without living 10 years through naturalization. Again the problem is the ordinary naturalization route require you to renounce previous citizenship (which is not the case with exceptional citizenship)

The future prospects of Austria opening a citizenship scheme for investments is quite bleak.

22. Ukraine

Ukraine currently offers immediate permanent residency for $100,000 investment in business or companies. The current path for citizenship is only through naturalization after 5 years.

Ukraine’s President Volodymyr Zelenskiy in 2019 has ordered an overhaul of the process for granting Ukrainian citizenship, in response to a Russian decree expanding the number of Ukrainians who can apply for fast-track Russian passports.

With so many reforms going on, the idea of Ukraine opening a citizenship by investment scheme looks incomprehensible, may well happen, nobody knows. Doing so, Ukraine has also to relax dual citizenship laws.

Ukraine Citizenship by Investment

Ukraine passport has visa free access to 126 countries in 2019 including Russia, EU schengen area.

23. Nauru

Nauru is the third-smallest country in the world behind Vatican City, and Monaco in terms of land mass only 21 km2 and resident population of 11,200

Nauru operated a citizenship by investment scheme in the 1998 to 2002 and sold close to 1000 passports during that period. Considering it is a very small country, it is a big money!

Nauru Citizenship by Investment

The Nauru passport is only interesting if you want visa free travel to United Kingdom, Ireland, Russia. As of 2019, Nauruan citizens had visa-free or visa on arrival access to only 85 countries and territories. A visa needed to visit schengen area