We give you important tips and advice on what to look for when you apply for citizenship by investment programs from the best experts working in the field for the past ten years.

Our guide will help you to pick the right CBI program for you.

Table of Contents

• Golden  Passport Benefits
• What is Citizenship by Investment?
• Covid Impact
• How to Pick the Right program
• How to Apply?
• How to Make Payments?
• Due Diligence and Background Checks
• Taxation
• How to protect yourself from Scams?
• Citizenship by Investment Units 
• List of of Countries Giving Citizenship by Investment
• Q&A
• Acronyms

Golden Passport Benefits

Golden passport programs allow individuals and their families to buy new citizenship through targeted investments or contributions. These are also known as Citizenship by Investment(CBI/CIP). The Price tags for a golden citizenship—sometimes in only 30-90 days—range from $100,000 to $2.5 million. St Lucia, Dominica, Montenegro, Turkey,Antigua and Barbuda, Cyprus, Grenada, Jordan, Malta, St Kitts and Nevis, and Vanuatu are among the many countries that have offered such deals.

The history of golden passports can be traced back to 1980’s when pacific countries ran a lucrative passport for sale scheme. St Kitts and Nevis was the first country to establish CBI program after independence becoming a global leader today followed by many microstates

A Golden passport is a collectors  item (along with super cars, artefacts, art) and is must in the wealth management portfolio for High-net-worth families, especially family offices who hold millions in assts. The more passports, more merry. It is also modern day insurance policy of the twenty first century for asset protection. These shiny new gold standard investment passports have become an ultimate luxury item – a future investment for generations of family.

• A Plan B passport is a hedge against uncertainties
• About time all country nationals must think about 2nd citizenship. Invest in passport power
• Alternative Citizenship is the best gift for family generations

Recent KnightFrank wealth survey reveals two out of three HNW individuals have already invested in a second passport, while the others are considering one. A passport is the ultimate luxury item replacing super cars, jewelry and antiquities.

Citizenship by investment schemes provide an an excellent opportunity for wealthy families to become dual citizens by investment. One important benefit for dual citizens, is they are allowed to carry more than one passport.

For many a passport gives new identity and new life making you truly a World Citizen. A World without borders opens up for you!

• Second home, visit anytime you want
• Greater travel freedom and mobility
• Get out of your country, when there is Global crisis
• Access to best healthcare and education systems for your children outside your country.
• Access to international financial freedom (open bank accounts)
• Enjoy Retirement to receive pensions
• Citizenship passed to future family generations.
• Escape from mandatory military service (conscription)
• Live, work, study and do business anywhere you want.
• Education abroad for children abroad with best universities
• Reduce your taxes with clever tax planning.
• Expand your business opportunities attending events, conferences, trade shows across the globe.

What is CBI?

Citizenship by investment (CBI) is the process by which investors are given fast track citizenship within months in exchange for investments in the country (eg. Donation to state, Real estate, buying state debt etc). The History of economic citizenship goes back to 1980’s

All CBI programs are backed by proper Citizenship by investment legislation to protect investors. The established CIP legislation requires all applicants including family members are required to pass strict background checks including AML/KYC checks before being issued of passports.

Every country has established its own regulations. Some countries even dont require a physical visit, considering many CBI economic citizens, actually live in diaspora and do not immigrate physically to the second country.

CBI schemes are common referred as “Economic citizenship” in Americas , “Investor Citizenship” in Europe by the European commission. The news and media outlets call “Golden passports”, as many wealthy individuals have acquired second passports by investing.

Citizenship by investment is estimated by industry experts to be worth $10 billion annually with Cyprus receiving good chunk of investments. By 2025, the demand for investment passports are projected to double by 2025. The surplus CBI revenues were used by Governments to reduce debt, disaster recovery, hospitals, schools, public infrastructure, housing and pensions for the local population.

The Biggest CBI schemes are

1. Cyprus
2. Turkey
3. St Kitts and Nevis
4. Malta
5. Dominica
6. Jordan

List of Countries Giving Citizenship for Investments

we have compiled, there are 19 citizenship by investment programs in total, spread across Asia, Europe, Caribbean and the Pacific.

		Price	Status	Investment	Time (months)
1	Austria	€10m	defunct	States Interest	12
2	Cyprus	€2m	closed	Real Estate	7
3	Bulgaria	€1m	Closed (2022)	Business	18
5	Turkey	€400,000	Active	Real Estate (RE)	3
6	Antigua and Barbuda	$100,000	Active	Donation / RE	3
7	St Kitts and Nevis	$150,000	Active	Donation / RE	3
8	Vanuatu	$130,000	Active	Donation / RE	2
9	Grenada	$150,000	Active	Donation / RE	3
10	Saint Lucia	$100,000	Active	Donation / RE / Bond	3
11	Dominica	$100,000	Active	Donation	3
12	Cambodia	$250,000	Active	Donation	12
13	Samoa	$1.25m	Active	Business	20
14	Egypt	$250,000	Active	Real estate	3
15	Jordan	$1.5m	Active	Capital / Bond	12
16	Moldova	€100,000	Closed	Donation	3
17	Montenegro	€350,000	Closed (2023)	Real Estate	3
18	Comoros	$50,000	Closed	Donation	2
19	Malta	€750,000	Active	Donation	12
20	North Macedonia	€200,000	Active	Donation / Invest	3

Top CBI Programs

Every year we make a study on the CBI programs in the world. Our study looked into 37 important indicators from clients perspective assigned PBS scores to each CBI program. This year St Kitts topped the rankings followed by Dominica due to Covid and affects.

Upcoming Citizenship by Investment Programs

These countries may open CBI program in the future for investments..

• Solomon Islands
• Albania
• Bahamas

List of Investment routes

Citizenship by investment regulations provide 5 types of investment options eligible to acquire immediate citizenship.

1. One time Non Refundable Donation to State fund ($100K or more)
2. Real Estate Investment ($200K or more)
3. Government bonds / Treasury securities
4. Business Capital Enterprise Investment
5. Bank deposit

List of Fully Refundable Investments

1. Buy back shares in Real estate (Five star hotels/resorts) – USD 200,000
2.  Private Homes – USD 400,000 (St.Kitts)
3. Government securities, bonds, stocks, treasury bills – USD 250,000
4. Bank Fixed term deposits – USD 500,000
5. Investment funds – USD 1 million

The cheapest, fastest and most popular option for most citizenship investors is Lump sum donation . We have seen over 80% of the clients, go through this route because it easy, simple, cheap and fast.

The second most popular option with clients is real estate investment. This option attracts more wealthy and HNW investors who want to profit from real estate investment yields. You must hold on to the property for 3-5 years before selling it off in the market. After you sell the property you can still keep citizenship and passport.

The third option is  investing in government bonds. These are risk free investments fully refundable by government after usually 5 years without interest At the moment 7 CBI programs offer buying Government bonds or securities in exchange for passport. St Lucia has announced Corona bonds for $300,000 from Jan 2023. Cyprus has scrapped this option since 2019.

Bank deposit is also an very interesting option if you want to risks with your liquid cash. At the moment only Turkey and two other countries have this option. The problem with this approach is interest is too low and some country nations may face difficulty in opening bank accounts.

The final option available is Business investment. This is a great option if you have business background, already successful investor and you can create jobs. Antigua and Saint Lucia are the only two caribbean countries that award citizenship by investment to business investors making atleast $1.5m or $5m jointly. Under the joint investment plan, each investor making $400K qualifies for passport. For Turkey all you have to do is create 100 jobs to become a citizen.

We compiled a nice comparison of investment options available for citizenship by investment program, so that you would know where and how much to invest.

	Donation	Real Estate	Govt Bonds	Bank deposit	Business
Antigua	$100K	$200K	x	x	$1.5m
Dominica	$100K	$200K	x	x	x
Grenada	$150K	$200K	x	x	x
St Kitts	$150K	$200K	x	x	x
St Lucia	$100K	$300K	$300K	x	$1.5M
Vanuatu	$130K	$200K	x	x	x
Malta	€750K	x	€150K	x	x
Bulgaria	x	€500K	€1M	x	€1M
Montenegro	x	€350K	x	x	€5M
Jordan	x	x	$1M	$1M	$750K
Egypt	$250K	$500K	$750K	$250K	$400K
Turkey	x	$400K	$500K	$500K	$500K

Covid Boom

Covid had a great impact on the CBI industry. It had both positive and negative effects. The Global demand for citizenship products have skyrocketed with huge rise in inquiries during the covid pandemic. Interest has also picked from Americans and UK nationals (due to brexit)

Many wealthy families and high profile americans have invested in passports as Plan B measure. The Covid has throughout us the importance of families and loved ones, so probably investing in future of family and children is the new trend

Positive

• Covid created new safe haven investments .
• CBI applications can now be filed online and oaths can be done through video link (without visiting country)
• Personal visits, travels and trip required have been waived by 6 CBI countries in Caribbean and Pacific
• Average application processing times for citizenship approvals have been reduced under 2 months.
• E-payment platforms have been set up for faster payment processing, rather than relying on costly bank transfers.

Negative

• Travel and trips become impossible due to Covid and variants, without PCR test and 14 day quarantine.
• Vaccination passports have been proposed by many world nations.
• Slight delays caused for background verifications done by governments and third party companies.
• Delays caused with logistics and passport deliveries.
• Prior appointments must to visit government offices, embassies and consulates.

How to Pick the Right country?

With so many CBI programs around, often it can be more confusing to clients to pick the right passport for the right price. It is important that you do not overspend and pay only what you need for.

Know these Important differences

• Montenegro EU acquis and Schengen likely to happen by 2025
• St Lucia is the only country that offers Government bonds among all countries for CBI
• Moldova, Cyprus is closed and not operational in 2021.
• Real estate, Government bonds are fully refundable investments.
• St.Kitts is the fastest CIP in the world with Accelerated application process with superfast approvals (45 days).
• St Lucia is the cheapest CBI for single applicants.
• Antigua is the cheapest CBI for families cost wise.

We will give you 15 important tips.to help you decide the right citizenship program.

1. Price factor

Price is the first most important factor for clients applying for citizenship by investment schemes.

The most expensive passport may not be the best passport for you. You have to find the right balance between the price you pay and the passport benefits. Always pick the right one for you and family.

You have to select a CBI program that gives the best benefits for the right price. You also have to keep in mind that the more family members you add, prices rise exponentially. Malta and Bulgaria are the most expensive programs.

Our first tip of the day for you is Don’t Overpay!

How to calculate costs?

All the price calculations are straightforward and transparent. Here is how you calculate the total costs, it really depends on the program.

• Govt donation ($100K)
• CIP application and processing fee (upto $2000)
• Due diligence fee ($7500 for main applicant/spouse, $5000 per child above 16+)
• Real estate – additional Govt processing fee $30,000 or more applies
• Lawyer fee ($3000 to $7000)
• Passport and certificate fee ($200 pp)
• Additional costs (bank charges, courier, translations etc) – ($500)

Here is our quick price comparison with other citizenship by investment schemes, in terms of Government donation, application and due diligence fees.

Single Applicant

Passport	(Single person under Donation option)
Saint Lucia	$109,500
Dominica	$109,950
Vanuatu	$135,400 (All inclusive of lawyer fee)
Antigua	$152,800
St Kitts and Nevis	$157,750
Grenada	$158,500
Montenegro	€365,000 (100K donation + 250K real estate)
Malta	€750,000 plus costs
Turkey	$265,000 (real estate)

Note: Additional Lawyer/Authorized agent fee may range from $5000 to $7000 depending on the lawyer, program and requirements.

Family

Family members have a BIG impact on the prices of CBI schemes. The costs increase when more family members according to the framework of CIP legislation established by Governments.

We will show you the total costs for family applying under SGF donation under one application

Donation only	Family of 4 (2 child < 11)
Antigua	$146,200
Dominica	$193,200
Grenada	$220,000
St Kitts and Nevis	$162,500 (Limited Discount)
Montenegro	385,000 € (donation plus real estate)
Vanuatu	$186,500 (All inclusive of lawyer fee)
St Lucia	$167,000
Malta	900,000 €
Turkey	$269,000 (real estate)

Note: The Lawyer/Authorized agent fee additional may range from $5000 to $7000 depending on the program and requirements.

Real Estate

Investing in real estate may also qualify you for citizenship by investment. The Caribbean countries charge additional $30,000 government processing fee on top of real estate investment. The below fee structure will give you a good idea on what to expect..

CBI	Minimum real estate	Government processing fee
Antigua	USD 200,000 (Share) / $USD 400,000 (full title)	USD 30,000 (upto family of 4)
Dominica	USD 200,000 (share or full title)	USD 25,000 (single) and $35,000 (family of 4)
Grenada	USD 200,000 (share) or USD 350,000 (full title)	USD 50,000 (upto family of 4)
St Kitts and Nevis	USD 200,000 (share) or USD 400,000 (title)	USD 35,000 (single) or USD 75,000 (family of 4)
Montenegro	EUR 250,000 (north) or EUR 450,000 (south)	Application fee EUR 100,000 (goes to donation) plus Govt fee (euro 15000 single and additional 10,000 per family member)
St Lucia	USD 300,000 onwards	USD 30,000 (single) or USD 55,000 (family of 4)
Turkey	USD 400,000	None

Note: Due diligence fee, lawyer fee, application and passport fee additional.

St Lucia Government Bonds

St Lucia has a super interesting special route for citizenship. The CIP St Lucia has recently announced bond offer with 50% discount for USD 300,000 (fully refunded) after 5 years. It is important to note that the $250,000 offer is available for family of 5 members without increasing the minimum investment. The bond investment must be held for 7 years in case of families. There is additional $30,000 government processing fee and $7500 due diligence fee.

Considering the entire bond sum in refunded, the true cost of citizenship will be less than $45,000 and the citizenship cost per family member is only $12,500. Here is an example.

Single Applicant	Family of 5 (main applicant, spouse, 3 children < 16yrs)
Bond: $300,000 Due diligence: $7500 Govt processing: $50,000 Lawyer fee: $6000 Total: $293,500	Bond: $300,000 (held for 5 years) Due diligence: $15000 Govt processing: $50,000 Lawyer fee: $6000 Total: $301,000

2. Processing times

A significant number of clients have asked us about which citizenship programs have simple application and fast processing times.

We have always tell them the same answer. Allow 3-4 months and apply as early as possible. The difficult part is arranging the certification of documents such police certificate, medical certificate, birth certificate etc. These basic documents consume more time.

Vanuatu has simple and super fast application processing times. We have seen letter of approvals issued by Citizenship commission, as early 4 weeks.

If you want the fastest program, our suggestion would be Vanuatu, whole process completed in 6 weeks. All caribbean passport schemes takes atleast 3-4 months.

3. Passport power

The strength of a passport to visit many countries without visas, especially to most important six BIG countries in the world is equally important.

Visa Free	United States	United Kingdom	Russia	China	EU Schengen	Canada
Malta	√	√	ˣ	ˣ	√	√
Cyprus	ˣ	√	ˣ	ˣ	√	√
Bulgaria	ˣ	√	ˣ	ˣ	√	√
Grenada	ˣ	√	√	√	√	ˣ
Antigua	ˣ	√	√	ˣ	√	ˣ
Saint Kitts	ˣ	√	√	ˣ	√	ˣ
Saint Lucia	ˣ	√		ˣ	√	ˣ
Dominica	ˣ	√	√	√	√	ˣ
Vanuatu	ˣ	√	√	ˣ	x	ˣ
Montenegro	ˣ	ˣ	√	ˣ	√	ˣ
North Macedonia	ˣ	ˣ	√	ˣ	√	ˣ
Moldova	ˣ	ˣ	√	ˣ	√	ˣ
Turkey	ˣ	ˣ	ˣ	ˣ	ˣ	ˣ

Please note Canada and United States impose Electronic travel authorization (ETA) on visa waiver countries.

Another important thing to remember for clients, they should pick the right passport, that has visa free access to the country they frequently visit. For example if you have business ties or family or children studying in United Kingdom, it would not make sense to apply for Montenegro or Moldova passport.

You should also be able to spot minor difference with visa free access using CBI passport. For example. Turkish passport is an excellent passport to visit Japan or South Korea

	South Africa	Israel	Japan	Singapore	South Korea
Antigua and Barbuda	√	ₓ	ₓ	√	√
Bulgaria	ₓ	√	√	√	√
Dominica	ₓ	√	ₓ	√	√
Grenada	ₓ	√	ₓ	√	√
Saint Kitts and Nevis	ₓ	√	ₓ	√	√
Saint Lucia	ₓ	√	ₓ	√	√
Cyprus	√	√	√	√	√
Turkey	√	ₓ	√	√	√
Malta	√	√	√	√	√
Moldova	ₓ	√	ₓ	e	ₓ
Montenegro	ₓ	√	ₓ	√	√
Vanuatu	ₓ	√	ₓ	√	ₓ
Jordan	√	ₓ	ₓ	ₓ	ₓ
Egypt	ₓ	ₓ	ₓ	ₓ	ₓ

e – eVisa
√ Visa not required
ₓ Visa required

It is also important to take into consideration visa free access to some 61 territories (dependent colonies) in the World. Some are British, French, Dutch colonies

For example you may want to travel to british colonies such as Bermuda , Cayman Islands, British Virgin Islands (BVI), or US colonies such as US Virgin Islands (USVI). Sint Maarten is also worth mentioning a Dutch territory. These wealthiest islands are beautiful attract many wealthy millionaires often travel to these locations for holiday vacations.

Visa Waivers

Visa waivers fuel demand for passports that come with visa free movement. It has become the most important marketing factor to attract clients applying for passports. Imagine with one powerful second passport, you could visit all the 196 countries in the world.

You will see below the soft visas (eVisa, ETA, VOA etc) and hard visas required to visit 196 countries in the world for CBI passports. Clearly Malta is powerful and Caribbean passports are not far behind.

	Visa not required	Visa required	eVisa	eTA	Visa on arrival	eVisa / Visa on arrival	Total Access
Malta	118	30	13	3	18	14	166
Austria	117	30	12	3	13	21	166
Cyprus	117	33	15	1	16	14	163
Bulgaria	110	34	15	1	17	19	162
Antigua	98	54	11	1	26	4	140
Saint Kitts	99	53	10	2	27	4	142
Grenada	92	59	13	1	26	4	136
Saint Lucia	90	60	12	2	27	4	135
Dominica	87	61	14	1	27	5	134
Vanuatu	80	67	13	0	29	5	127
Montenegro	74	68	16	0	23	14	127
North Macedonia	73	68	19	0	21	15	128
Samoa	78	69	13	0	29	6	126
Moldova	72	76	14	0	20	13	119
Turkey	65	79	9	2	22	16	114
Cambodia	17	127	19	0	20	11	67
Jordan	16	130	18	1	18	11	64
Comoros	14	138	10	0	24	9	57
Egypt	16	132	16	0	21	10	63

Source: Best Passport Rankings Study 2020

Full List of Visa Free Countries

• St Lucia
• Vanuatu
• St Kitts and Nevis
• Grenada
• Antigua and Barbuda
• Commonwealth of Dominica
• Montenegro
• Turkey
• Malta

On 28 May 2015 the EU signed short-stay visa waiver agreements with St Lucia, the Commonwealth of Dominica, Grenada, St Vincent and the Grenadines, the Republic of Vanuatu, the independent State of Samoa and the Republic of Trinidad and Tobago.

Canada revoked visa waiver agreements for all Caribbean countries selling passports by 2015 citing citizenship for sale pose a serious risk to Canada’s borders.

We noticed when Canada revoked visa waiver and imposed visa restriction on Antiguan citizens in 2017, the applications for CBI passport took a nose dive. This goes on to show how important are visa waivers for citizenship by investment programs.

But the Caribbean countries have managed to expand their visa waiver agreements to Russia and other countries in an effort to boost tourism and passport revenues.

4. Passport Validity

Passport validity is a very important to consider when applying for citizenship by investment programs. Some countries issue passports for 5 years or 10 years.

Passports with ten year validity is more convenient to clients, as they dont have to go through hassle of renewing passports quickly.

Note that Antigua, St Lucia and Grenada have passport validity of 5 years. All other passports come with 10 year validity. Antigua is a special case, once you renew the passport first time, the passport validity extended to 10 years. If you renew your passport after first issue, the validity is increased to 10 years (from 5 years)

CBI	Validity
Antigua	5 years
St Kitts	10 years
Dominica	10 years
St Lucia	5 years
Grenada	5 years
Vanuatu	10 years
Turkey	10 years
Malta	10 years
Cyprus	10 years
Bulgaria	10 years
Moldova	10 years
Montenegro	10 years

5. E-2 Visa (US)

Access to E-2 investor visa is a very important benefit that comes from Citizenship by investment (CBI) schemes to enter US.

There are only 7 CBI countries that have E-2 treaty investor signed with United States.  All other Citizenship by investment programs (CIP) do not offer this benefit

• Montenegro
• Turkey
• Bulgaria
• Grenada
• Moldova
• Egypt
• Jordan
• North Macedonia

E-2 visas are cheaper alternative to EB-5 in terms of processing speed and cheaper investment. Certain countries such as China, Vietnam, Nigeria, Russia do not have E-2 treaty direct with US, so citizens from these countries can take advantage of CBI schemes as backdoor entry to US. Remember E-2 visas are non-immigrant visas and even family members can apply.

Here are some of the important difference between E-2 and EB-5 visas.

	E-2	EB-5
Visa Category	Non-immmigrant	Immigrant Visa
Min. Investment	$100,000 – $200,000	$900,000 to $1.8 million
Visa validity	2-5 years	Temporary Green card (2 years)
Green card	No	Yes
Job creation	5 jobs	10 jobs
Waiting time	3 weeks	2-15 years
Citizenship	No	Yes
Residence conditions	None	Must move and live in US. Not absent for 6 months per year
Quota	none	10,000 annual limit
Working	Full time	Director
Work permit	Spouse only	Spouse and children < 21
Application paperwork	Easy	Complicated / Strict rules
Who can apply?	E-2 treaty countries	No restrictions
Taxes on Worldwide income*	May be	Yes
Visa fee	$205	$3,675 (I-526 petition)
Legal costs	$10,000 to $20,000	$50,000 to $100,000

*Please seek professional tax advice before your immigrate to US.

6. Right to Vote

The Citizenship by Investment Regulations of these countries do not permit right to vote to economic citizens.

• Antigua,
• St Kitts and Nevis,
• Dominica
• Vanuatu

All other countries offer voting rights and even holding government office positions and entering politics.

St Lucia, Grenada are the most complete CBI programs in the Caribbean.

7. Citizenship to Generations

These citizenship by investment programs allow transferring citizenship rights upto three family generations only.

• Dominica
• Antigua
• St Lucia
• St Kitts and Nevis
• Vanuatu

Except these four programs, all other CBI programs offer full lifetime citizenship.

8. No personal visit

Citizenship Programs that have no personal visit requirements for passports are much more attractive and desirable to clients.

Imagine you live in UAE, the Caribbean or Vanuatu is still far way and you dont want to spend thousands of dollars in flight bookings to take your family just for a passport. This is unrealistic, especially the world is reeling with the outbreak of coronavirus. It is really not a good time to travel during disease outbreaks.

Except 5 CBI programs, all other countries require a personal visit atleast once

CBI	Personal visit
Antigua	5 days
St Kitts	none
Dominica	none
St Lucia	none
Grenada	none
Vanuatu	none
Turkey	none
Malta	yes
Cyprus	yes
Bulgaria	yes
Montenegro	yes

9. No Residence limits

Citizenship by investment programs that have zero or no residence conditions are more attractive to many clients.

All countries (except caribbean and vanuatu) such as Turkey, Malta issue residence permits first before issuing naturalization certificate under CBI.

CBI	Residence
Antigua	5 days*
Dominica	None
Grenada	None
Saint Lucia	None
St Kitts and Nevis	None
Turkey	none
Vanuatu	None
Malta	12 months
Cyprus	6 months
Montenegro	None
Egypt	no
Jordan	no
Bulgaria	24 months
North Macedonia	none

*Antigua imposes 5 day residence requirement when you renew your passport after 5 years. If you dont visit Antigua, your passport will be canceled. For Turkey, formalities can be completed by issuing Power of Attorney

10. Healthcare / Education / Safety

European countries are superb when it comes to education and healthcare, especially Malta, Cyprus and Bulgaria. These countries also have low crime rate and high safety rankings. Moldova and Montenegro are okay catching up to european standards but they have a long way to go.

Caribbean countries still struggle with crime and do offer affordable healthcare. They also have some nice universities eg. St George Medical University in Grenada and the newly opened University of West Indies (UWI) campus at Antigua. Antigua recently opened UWI fund donation option for citizenship by investment.

You should only consider this if you want to move and live the country. If you just want a passport for mobility, probably you can ignore these.

11. Quotas

You must also seriously consider limited quotas with citizenship by investment schemes. This is because once the quota reaches the limit, the schemes wont reopen again and you missed the opportunity to acquire citizenship through investments.

These are limits currently imposed on certain CBI schemes. The Caribbean passport schemes do not have any limits

Malta	Total quota 1500 (New) 400 per year
Montenegro	2000
Vanuatu	No limits
Turkey	no limits
Cyprus	700 per year
Jordan	500 per year
North Macedonia	1000 (total limit)
Dominica Antigua Grenada St Kitts St Lucia	No limits

13. EU Citizenship Rights

The European Union (EU) citizenship, first of all does not exist as its own, it a supplemental citizenship conferred by member states of the EU. The Citizenship of the European Union shall not replace national citizenship and is automatically lost if revoked by the member state.

EU citizens can also be dual citizens. Most EU states do grant citizenship through ordinary naturalization meeting conditions such as long term residency, integration, passing civic and language tests.

Only three member states (Malta, Bulgaria) grant expedited citizenship based on investment.

• Bulgaria – €1m (Government bonds, financing possible)
• Malta – €750K Donation + Processing fee)

Bulgaria remains the cheapest option, while other programs are only suitable for High-net-worth investors costing excess of one million euros.

What rights do EU citizens enjoy?

• Right to free movement, settlement and live anywhere across the EU.
• Right to trade and transport goods, services and capital freely through EU borders ( no restrictions on capital movements)
• Right to vote in and run as a candidate in local elections, european elections and european citizens initiative
• Right to consular protection by embassies of other EU member states when embassy is not present
• Right to equal pay, discrimination at workplace,
• Right to legal protection, data protection and privacy.
• Full citizen rights including protection from deportation
• Favourable tax regime (requires advance planning)

Non-EU Nationals

Iceland, Switzerland, Liechtenstein and Norway are not part of European Union therefore these country nationals are not EU citizens. Although these countries are not members of the EU, their nationals can work in the EU on the same footing as EU nationals, since they belong to the European Economic Area.

14. Real Estate

Investing in real estate for passport has distinct advantages.

1. You get permanent residence card + citizenship + passport.
2. You get permanent home address, proving strong ties to the country.
3. Sell the property shares later in 3-5 years, you would still be citizen.
4. You can also invest in hotels or resorts for equity buyback shares.

Prices for real estate to acquire passport starts from $200,000 in the Caribbean much higher in Europe. Remember ONLY investing in Government approved developments will qualify you for citizenship.

These are some of the best five star real estate projects we recommend for buyers. Some of these projects are under development

1. Six Senses  Hotel / Kawana Bay, Grenada
2. Canelles Resort / Alpina Hotel, St Lucia
3. Kolasin Hotel / Durmitor Hotel, Montenegro
4. Non Such bay, Antigua
5. Park Hyatt / Marriott, St Kitts and Nevis
6. Jungle Bay Villas / Secret Bay, Dominica

14. Dual Citizenship

Dual citizenship is debatable topic. Many highly developed asian and middle-east countries still restrict dual citizenship, while americas and europe are open to the subject of dual nationality.

These are some examples with

• Fully Restricted: India, China, Japan, UAE, Saudi Arabia, Singapore, Malaysia, Austria etc..
• Requires permission: Russia, South Africa, Sri Lanka
• Partial Restrictions: Pakistan, Latvia (only with treaty countries)

The reason why dual citizenship has become so important is, dual citizens are permitted to carry two or more passports while traveling. In addition, dual citizens get plethora of benefits such as pension, education, healthcare. Dual citizenship also has some disadvantages and risks associated with it.

If you are national of country where dual citizenship is prohibited, you have to watch out you dont automatically lose previous citizenship, when taking up second citizenship. You must seek legal advice!

There are laws to denaturalize or strip citizenship if you are involved in terrorism or illegal activities. Several caribbean countries already revoked citizenship of CBI citizens before. This is important because, if you already renounced your previous citizenship and the second country revokes your citizenship for any reason, you would become stateless.

Consular protection during emergency may be limited for dual citizens in some cases. For example if you are Chinese-Canadian dual citizen, you have limited consular protection at canadian embassy in china for some emergency.

15. Commonwealth Citizenship

Only Eight citizenship by investment (CBI) programs offer commonwealth citizenship as a supplemental citizenship. There are a number of benefits available being a part of commonwealth. Commonwealth citizenship status is automatically lost if the citizenship is lost from the membership state.

• Europe – Malta, Cyprus
• Caribbean – Antigua & Barbuda, Dominica, Grenada, St Kitts and Nevis, Saint Lucia
• Pacific – Vanuatu

One important benefit Commonwealth citizens get is they may receive consular assistance from British embassies and consulates in foreign non-Commonwealth nations where their home countries have not established diplomatic or consular posts.

Many Commonwealth countries do not treat citizens from other member states as foreign nationals. The rights that Commonwealth citizens are entitled to differ depending on country. They are eligible to apply for British emergency passports, if their travel documents have been lost or stolen and permission has been given by their national governments. In some member states, they may also be issued non-passport travel documents when they are unable to present their national passports

When residing in the United Kingdom, Commonwealth citizens are generally exempt from registering with local police,may be employed in non-reserved Civil Service posts, and are eligible to enlist in the British Armed Forces.

16. Embassies and Consulates

Citizens who plan to invest for passport, It is also important to consider the consular assistance when you are abroad. For example if you are in UAE, many caribbean countries have established diplomatic missions to make it easier for you.

Citizens can seek consulate or embassy help through diplomatic missions abroad. These missions will provide you services such as

• Passport renewals or loss of passport
• Urgent services such as emergency certificate for travel
• Investment and trade
• Notarization and Power of Attorney
• Citizenship by investment services

We have compiled list of embassies and consulates of countries of all the countries running citizenship by investment programs.

17. Easy Application Process

You must also consider a program which offers easy application process that puts less burden on you to arrange the necessary papers and documentation. Vanuatu has the easiest application so far, European citizenship programs are the hardest, Caribbean is difficult requiring you assemble lot of additional documents.

• Vanuatu (Easiest)
• Caribbean (Difficult)
• Europe (Hardest)

18. Privacy and Confidentiality

It is absolutely essential that you pick a program that gives you the maximum privacy. It is true that your citizenship is not reported to your home nation by the granting countries., you have to take precautions against media leaks etc if you are high profile public figure.

For example Dominica, Malta are the two countries that publish citizenship investors to public by publishing in a gazette. Privacy is not airtight with these countries.

As far as we know, these are the most private top secret citizenship by investment programs

1. Vanuatu
2. St Kitts and Nevis
3. Antigua and Barbuda
4. Grenada
5. Montenegro
6. Turkey

19. Oath of Allegiance

St Kitts and Nevis is the only country that exempts citizens from taking oath of allegiance, saving you lot of time completing citizenship process. All other countries require taking oaths at consulates abroad in front of commissioner of oaths. Vanuatu accepts taking oaths through video link in front of the officer.

Oath is the important final step to complete the citizenship process. You will not become full citizen without completing this process and passport will not be issued.

20. Family Members & Siblings

Rules apply for family members upto three generations (biological or adopted), included in the citizenship by investment application. Each program differers

• Spouse
• Children below 30 years (unmarried) and in education
• Siblings (brother or sister) from applicant and applicants spouse (must be unmarried and have no children)
• Parents and Grandparents (age limit apply)

How to Apply

The Application steps are pretty straightforward for all programs (standard procedure). Please start the process well ahead atleast 3 months in advance. Have some of the important documents ready such as Police certificate ,Medical certificate, original birth certificate (required for passport)

US citizens must arrange for FBI identity check report (not local police report)

1. Familiarize yourself with the Application forms
2. Apply through Authorized agent (lawyer) who will do the initial KYC and initial due diligence.
3. Pay 50% of the Lawyer fee plus CIP Due diligence fee
4. The Agent will upload your application to CIU Unit electronically
5. Wait for background checks to complete and approval letter to be issued by CIU unit (3 months)
6. Complete the remaining investment within 3 months
7. Take an oath
8. Citizenship certificate is issued
9. Passport is issued (2 weeks)

How to make Payments

There are some rules you have to follow when making payments, to protect yourself. Banks do a separate due diligence and compliance checks before they accept the funds in the destination country. Be prepared to provide all the necessary documents to banks evidencing source of funds.

• The Donation sum must be sent by bank transfer to government bank account. (Do not pay to agents)
• Pay only due diligence fee and agent fee to authorized agents.
• Real estate payments must be kept in the escrow account, as per government rules
• All payments should be sent from the main applicants bank account. (must be in your name). (do not use corporate account)
• Bitcoin and cryptocurrencies are not officially accepted by any government. Some real estate developers and agents do accept bitcoin.
• Delays may occur if the received sum is less than the minimum required investment. Please include bank charges, foreign transfer conversions before initiating the wire transfer.

Due Diligence / Background Checks

Due diligence is the heartbeat of the investment immigration industry collecting $15 billion in investments through CBI and Golden visa schemes.

Governments have maintained highest standards of due diligence keeping out high risk applicants to protect the integrity of the migration schemes.

Agents first do preliminary due diligence and background checks before passing the files to Governments. Governments and CIUs do various profiling checks for sanctions, source of funds and other risk tools to identify risk. Third party due diligence reports from Thomson Reuters, Exiger, Refinitiv, S-RM are sought by Governments before a decision is made on approvals. Sometimes this takes atleast 2-3 months. Over 90% of the work involved for passport applicants lies in screening for risk. High risk applicants including Politically exposed persons (PEPs) are subjected to Enhanced due diligence (EDD)

Citizenship Applications are refused in the following cases

• Failing background checks
• Previous Criminal record
• Visa rejections from visa waiver countries.
• Individuals or entities subjected to sanctions.
• Wanted persons by Interpol or other law enforcement agencies.
• Failing to explain sources of income.
• Applicants from a country subjected to sanctions (eg. Iran, North Korea, Sudan)

Applicants for Caribbean passport programs undergo common vetting by the Joint Regional Communication Centre (JRCC) along with Enhanced due diligence (EDD) checks. JRCC the sub agency for Caricom IMPACS (Implementation agency for crime and security).

The JRCC assists regional law enforcement personnel in the detection of persons who are traveling with stolen, lost and fraudulent travel documents, along with the identification of and monitoring the movements of persons of interest, including those who may be a high security threat to the safety and security of the Region.

The Legislation of Citizenship by Investment Act empower authorities to revoke citizenship of applicants, any time after granting citizenship, if found to be

• Imprisoned abroad for 12 months or more
• Bringing disrepute to the country engaging in illegal activities
• Wanted person or subject of interest to international law enforcement

Cyprus, Malta, Saint Lucia, Antigua, St Kitts and Nevis, Malta, Bulgaria have a history of revoked passports and stripped citizenship on applicants who acquired citizenship through investments.

Malta, Cyprus and Bulgaria do not accept applicants subjected to OFAC (US), EU or UK sanctions.

Blacklists/Bans

Nationals of countries such as

• Iran,
• Afghanistan
• North Korea,
• Sudan,
• Somalia
• Russia
• Belarus
• Ukraine

are restricted for some Caribbean citizenship by investment schemes* unless they live outside these countries for over 5 years and have no financial connections to these countries. Some countries such as Malta do not accept nationals from countries under the US travel ban.

Taxation

Taxes are an important subject with citizenship by investment . In most countries, taxation is based on residence (183 days a year) and not based on citizenship. Tax laws in most countries are extremely complex and varies for dual citizens.

Vanuatu, St Kitts and Antigua are only three countries that have NO personal income taxes on both local and foreign income. If you pursue a  passport that comes with no personal income tax, these countries are the most desirable ones. All other CBI countries in the Caribbean will exempt you from personal income taxes ONLY if you are a non-resident citizen.

Here is a quick comparison of how taxes apply in CBI jurisdictions

CBI	Corporate Tax	Personal Income Tax	Wealth Tax	Capital Gains	Inheritance or Estate Tax	Tax Treaties
Antigua	25.00%	0%	0	0	0	Caricom, UK
St Kitts	33.00%	0	0	0% (< 1yr)	0	CARICOM, Monaco, Switzerland, UK
Dominica	25.00%	Residents only	0	0	0	Caricom
St Lucia	30.00%	Residents only (upto 30%)	0	0	0	Caricom, Switzerland
Grenada	28.00%	Resident/Non-residents income within Grenada (15%)	0	0	0	Caricom,UK
Vanuatu	0.00%	Upto 17%	0	0	0	19 countries
Turkey	22.00%	15-35%	yes	22.00%	1-30%	94 countries
Malta	35.00%	Upto 35%	0	12.00%	0	76 countries
Cyprus	12.50%	Upto 35%	0	20.00%	0	65 countries
Bulgaria	10.00%	10-18% + SS	0	0	0.4-0.8%	86 countries
Moldova	12.00%	12% + SS	0.80%	10.00%	0	50 countries
Montenegro	9.00%	9-12%	0	9.00%	5.00%	42 countries
Egypt	22.50%	Upto 22.5%	0	0	2.50%	50 countries
Jordan	20.00%	Upto 14%	0	0 (except company share sale or depreciable assets)	0	32 countries
North Macedonia	10%	10%	0	15% first year and 10% upto 10 years (from 2023)	none	2%-3%

Sources: Deloitte and other sources

Important: Please seek a tax advice from a qualified expert before you consider citizenship planning. The above information is general  compiled for knowledge purpose only.

In 2018, OECD listed 16 countries including Caribbean and European CBI/RBI schemes as non compliant jurisdictions for CRS tax sharing. If you already a CBI citizen, banks might ask you to disclose tax number from your home country.

CBI	OECD blacklist
Antigua	ͯ
Bulgaria	ͯ
Cyprus	√
Dominica	√
Grenada	√
Malta	√
Montenegro	ͯ
Moldova	ͯ
Turkey	ͯ
St Kitts	√
St Lucia	√
Vanuatu	√
Jordan	ͯ
Egypt	ͯ
Samoa	ͯ

How to Protect Yourself from Scams

It is also very important you only apply for legally running and official programs and you do not fall into a passport scams. Follow these 3 cardinal rules.

Rule 1: Do not buy real estate or pay full Government contribution before receiving Letter of approval from the Citizenship by Investment Unit (CIU) of Government. This should take 2-3 months. Most agents will only ask you to pay initial retainer deposit which consists of agent fee and due diligence fee. If your application is refused you dont need to pay the contribution. Dont let yourself be conned!

Rule 2: You are only supposed to pay the donation or contribution ONLY directly to the Government bank account. Don’t pay to third parties.

Rule 3: Don’t invest in real estate developments that are not approved or authorized by Government. CIUs are required to publish list of approved property developments in their website. You wont qualify for citizenship/passport investing in unapproved developments. These are likely scams to lure investors. Governments running CBI programs, have moved establish escrow legislation to protect property investors. Read some untold truths about the property market.

Rule 4: Do not fall for honey trap CBI offers offered by unlicensed agents, undercutting the minimum investment set by government. Please check official citizenship units for reference to fees and prices.

Rule 5: Dont fall for fake citizenship by investment schemes. The real schemes are backed by CBI legislation and laws. In most countries of the world it is impossible to get passport without living for a long period (atleast 5 years), and also pass citizenship and language test.

Citizenship Investment Units (CIU)

The Governments, in accordance to the citizenship by investment regulations have established CIU’s as a separate agency to oversee smooth operations and and functioning of CBI programs.

The role of CIUs’ include

1. Application acceptance approvals
2. Policy changes and regulations to strengthen the schemes
3. Approval of real estate projects
4. Handle due diligence operations of the subjects
5. Agent and marketing agent approvals
6. Rules for Marketing and promotion of schemes.
7. Recommend approved investors for citizenship to the minister
8. Notify Passport office to issue passport for approved investors.
9. Organize events and conferences
10.   Provide training and consultation for agents
11.   Publishing reports and statistics pursuant to the CBI

You can see the full list here

List of Countries offering CBI

As far as we know, there are only 11 nations that give citizenship for investments. These are official and legal program backed by solid legal foundation with streamlined process. 3 CBI schemes remain closed (Cyprus, Moldova, Comoros). There are so many citizen by investment programs out there, it can be difficult to make a choice. We will help you out

1. St Lucia

St Lucia launched its citizenship by investment program in 2015. It was the youngest CIP in the Caribbean becoming only 5th country to launch such a scheme. In six years, the program has become a long way, with government making BIG changes to the scheme making it simpler and transparent to apply.  St Lucia is very popular with Americans, Britons, and Europeans, a choice for retirees and expats who want to make St Lucia as second home. It is a well run prestigious, well respected program becoming a flagship product.

• Donation – USD 100,000 (non-refundable)
• Special Government bonds – USD $300,000 (fully refundable after 5 years)
• Real Estate – USD $200,000 (hotel or resort shares)

Advantages

• A beautiful country with beaches, mountains and caribbean sunset.
• The Cheapest citizenship by investment program for one or single applicants.
• Ranked as No.1 CIP for 2021
• Commonwealth passport
• Unique and only CBI program in the Caribbean offering Covid bonds for $250,000. A family upto 5 members can apply without requiring to pay more.
• No personal visit or residence requirements.
• Passport is very good in terms of visa free travel (144 countries and territories)
• Citizenship is private and application process is discrete and confidential.

Disadvantages

• Paperwork and documentation part is mediumly difficult.
• Processing time is 3-4 months
• Real estate is expensive starts from $300,000 (two approved hotels available)
• No visa free access to Russia
• Commonwealth passport

2. Vanuatu

Vanuatu has a chequered history with its citizenship by investment programs. Vanuatu launched its investment citizenship program (VERP/CIIP) back in 2015. It was not until 2018 the CBIscheme became very popular after rebranding to DSP and VCP scheme and important prices were cut $130,000 (from $220,000) making it popular CIP in the world.

Note: EU has imposed visa requirement for Vanuatu passports issued under CBI visiting schengen area. Applies until Aug 2024.

Today only two donation schemes exist which bring in $120m citizenship revenues annually. The two schemes with the same contribution amount could be confusing for many. There is no real estate option.

• Vanuatu Development Support Program (DSP) – US$130,000 (international market)
• Vanuatu Citizenship Contribution (VCP) – USD $130,000 (reserved only for china market)
• Vanuatu Real estate option (REO) –  USD $200,000

It is important to note that Vanuatu is the only country in the pacific commonwealth, that has official CBI scheme.

Advantages

• Superfast processing times  (1 month for approval and 1.5 months to receive passport)
• Easy and straightforward application process
• Very good passport for visa free travel to UK, Schengen and Russia (130 countries and territories)
• No visit or residency required.
• Oaths and applications accepted online.
• No additional fees. All inclusive price (lawyer and agency fees already included in the donation)
• Non FATCA country for Americans.
• Pure tax haven, no corporate taxes or income, wealth or inheritance taxes.
• Good privacy to  citizenship investors (names not disclosed or reported)
• Stateless people permitted to apply.

Disadvantages

• Slightly expensive than caribbean programs.
• Limited consulate and embassy assistance abroad.
• No visa free access to Canada and US

3. St Kitts and Nevis

St Kitts and Nevis (SKN) is the ‘Global’ brand and Rolls royce for citizenship by investment (also birthplace and epicenter). This program has been in existence since 1984 oldest in the world. This small country with just a population of 55,000 is the ‘Granddaddy’ of all CBI programs, leading the entire CBI industry from the front.

The St Kitts CBI program is well run and managed by government and the application process is straightforward. St Kitts Government offers special Covid discount to families $150,000 instead of $195,000 for the SGF donation fund. You get US$45,000 in savings.

• Sustainable Growth Fund (SGF) – US$ 150,000 (Limited Time offer $25,000)
• Real Estate – US$ 200,000 (buyback hotel shares) or $400,000 (title property)

Advantages

• Excellent consular assistance abroad for citizens
• Limited time discount discount available to families (Jan to Jun 30, 2023)
• Citizenship not reported anywhere. A discrete citizenship program for privacy.
• A very good and powerful caribbean passport with visa free access to 150+ countries and territories.
• No visit or stays required in St Kitts.
• Commonwealth passport
• Accelerated application process available for additional fee (decisions within 60 days)
• Visa free perks to Russia, Israel, UK, EU schengen, Turkey, Brazil etc.
• Tax free perks

Disadvantages

• Slightly expensive program compared to St Lucia and Dominica
• No right to vote and cannot engage in political affairs
• Processing time 3-4 months
• Citizenship passed only upto third generation family members.
• Application forms not available online (only with agents)

4. Dominica

The Commonwealth of Dominica is the second oldest citizenship by investment scheme in the World, operating since 1993. It is a very good program much cheaper to apply if you are one applicant. The costs rise with families and adding more members. Dominica has made huge strides with making legislative changes to the program making it very family friendly (that is you can add siblings, parents etc). Much of the citizenship

• Economic Diversification Fund – USD $100,000 (non-refundable)
• Real Estate – USD $200,000 (shares) or USD $220,000 (full title)

Advantages

• Dominica is a Nature paradise with waterfalls, tropical green forests .
• Cheapest caribbean citizenship by investment for single applicants.
• Very good Consulate support in Middle east and other countries.
• No visit or stays required.
• Commonwealth and Caricom passport
• Very good passport with visa free access (140+ countries and territories)
• Citizenship is private and top secret.

Disadvantages

• Citizenship passed only upto third generation.
• Right to vote (only if you are a resident)
• Citizenship passed only upto third generation family members.
• Slightly expensive for big families.
• No application forms available online
• No business investment option.

5. Grenada

Grenada opened third citizenship by investment in the Caribbean passing legislative acts in 2013 that offers citizenship with permanent residence card. Over the years, the program have evolved significantly. Grenada is particularly popular with nationals of Non-E2 countries (India, Nigeria, Russia) who look to apply for E-2 visa to US becoming a Grenadian citizen. This route is cheaper and faster (expect Grenada passport + E2 visa in 6-8 months) and better alternative for EB-5 program where waiting times take excess of 2 years. If want to pursue your american dream through investment, Grenada is the way to go.

• NTF Donation – USD $150,000 (non-refundable)
• Real Estate – USD 200,000 (buyback shares in hotels/resorts)

Advantages

• Grenada is the top pick if you want visa free access to China, Russia, United Kingdom, Schengen states
• Grenadian citizens have access to E-2 investor visas to visit United States (cheapest alternative to EB-5). It is a non-immigrant visa.
• No requirement to visit Grenada and Zero residence requirements.
• Commonwealth citizenship and Caricom passport
• Permanent resident card possible along with passport (This perk is unique, not possible with other CBI programs)
• A complete CBI program with Right to vote and engage in politics and public offices
• Privacy is guaranteed
• Embassy/Consulate support is good abroad.

Disadvantages

• Grenada is slightly expensive compared to other CBI programs (competes with St Kitts and Nevis)
• Applicants are automatically refused if you rejected by other countries.
• Paperwork and documentation can be slightly difficult

6. Antigua and Barbuda

Antigua launched its CBI program in 2013 since then the program has come a long way. Antigua CIP is particularly attractive to families who seek alternative citizenship in Caribbean. Costwise, Antigua is much cheaper for families, particularly those from China, Bangladesh and Russia. Antigua made a number of changes to its CIP in 2021, making it super friendly to families (children and siblings can be added post citizenship). It is a very well run and transparent CBI program in the Caribbean. Among other important changes, due to Covid, Antigua also temporarily removed 5day residence requirement to visit the island and oaths can be taken through video link.

Families with six members of more, can save money and  can get special discount if they apply for University of West Indies (UWI) donation fund.

• NDF Donation – USD $100,000
• Real Estate – USD $200,000
• UWI fund – USD $150,000

Advantages

• Cheapest CIP for families in the Caribbean
• Antigua is a beautiful caribbean country with white beaches, sun and sand.
• Good passport with special visa free travel with South Africa, Qatar, Serbia
• Good Consulate support is available in Middle east and other countries.
• Citizenship is private and confidential (not reported public)
• Stateless people from certain countries are accepted.

Disadvantages

• Paperwork and documentation takes time require hiring experts
• Citizenship passed only upto 3 generations.
• No right to vote, cannot engage in politics or public office.
• Passport validity is only 5 years (after first renewal extended to 10 years)

7. Malta

Malta launched Direct citizenship by investment program through exceptional naturalisation in 2021. It is purely a donation program to the government. The biggest advantage is it is highly respected programs confers direct EU citizenship after one year.  Malta is part of commonwealth, EU member state and also member of schengen area. Malta employs thorough background checks only highly respected candidates passing all checks are admitted into the program.

• Donation 1 – 750,000 euros (citizenship after 1 year)
• Donation 2  – 600,000 euros (citizenship after 3 years)

Malta is specially suited to HNWI and UHNWI people, who look to set foot in the European Union.

Advantages

• European citizenship by investment
• Live, work, study in EU
• Allowed to buy real estate in Malta on top of above investment.
• World class healthcare and education systems.
• No military service
• Powerful EU passport (only CBI passport) with visa free access to United States, Canada etc..
• Maltese Citizenship is for life and passed down to all family generations.
• Full rights to vote in elections, take part in politics and EU parliament elections.

Disadvantages

• Most expensive CBI program in the World.
• It is not an investment program.
• High refusal rates (one in three are refused)
• Must live for one year and establish genuine link.
• Documentation and paperwork is extremely difficult to handle.
• Privacy is poor (names published in gazette available to public)

8. Bulgaria

Bulgaria’s investor citizenship scheme first came into existence after 2010.  Since then the program is not popular and remains dormant due to reasons such as the wait is 2 years and the program has more disadvantages than advantages. It is important to note that Bulgaria is a full EU member state but not part of schengen area.  Bulgaria’s fast track CBI program still open for applications. As of 2020, few hundred investors have secured citizenship by investment. Investments must be maintained for 5 years and citizenship no less than 24 months.

This scheme is closed

• Government bonds – €1m euro (500K first year and another 500K euros invested in second year)
• Bank deposit – €1m euro
• Business Capital  – €1m euro

Advantages

• EU citizenship for investors
• Good passport with visa free access to UK, Canada (not to US)
• Lowest taxes in the EU
• Residency must be held for 1 year.
• No language tests or military service.
• Permanent residence card issued.
• Citizenship privacy for investors.
• Excellent healthcare and education

Disadvantages

• Very high investment threshold
• Citizenship is not guaranteed by government despite making investment.
• Citizenship is revoked if investment is not maintained for 3 years or more.
• If Citizenship is refused, cannot be appealed

9. Montenegro

Montenegro launched exciting citizenship by investment scheme in Europe in 2018. Applicants are required to make 250K euro real estate and on top of that they have to pay 100K euro donation fee plus several addition costs. This program is limited to only 2000 investors on first come basis.

This scheme is closed

Montenegro is NOT a member of European Union (only a candidate) and neither part of schengen zone.  After three years of running and Covid, Montenegro CIP has failed to attract popularity.

Montenegro is a beautiful country relies heavily on tourism.

• Real Estate North – 250K euro
• Real Estate South – 450K euro
• Investment projects – 2M euro

Advantages

• Montenegro is pursuing EU acquis in 2025
• Discrete Citizenship can be secured within 2-3 months
• E-1 and E-2 visa treaty with United States
• Lowest property prices in entire Europe
• Visa free access to Schengen area, Russia etc (124 countries and territories)
• Excellent diplomatic representations worldwide for citizens to get help.
• Citizenship privacy is very good
• No personal visit or residence required.
• Citizenship is for life and can be passed down to all family generations.
• Low tax country.

Disadvantages

• Very expensive applicant, processing costs on top of donation. (lot of money wasted)
• Weak passport with no visa free access to United Kingdom
• Only approved tourism projects can be invested in (residential properties do not qualify)
• Limited time program with 2000 investor cap

10. Turkey

Turkey opened citizenship by investment (TCBI) scheme in 2017 for $1m and later the investment reduced to $400,000 property market. The Strategic geographic location of Turkey has attracted so many Arab investors gaining citizenship. The scheme has raised billions of dollars for Turkey still remains more popular. Bitcoin acceptance is high in Turkey and many property developers accept Bitcoin for citizenship purpose.

Turkey remains committed as future candidate to join schengen area.

• Real estate – USD $400,000 (Apr 2022 changes)
• Bank deposit – USD $500,000
• Treasury bonds – USD $500,000
• Business Capital – USD $500,000

Advantages

• Turkey is a trillion dollar economy also a desirable country to live and work.
• Citizenship is private and discrete.
• Turkish passport in 3 months.
• E-1 and E-2 visa treaty with US
• No residence requirement
• Stateless people allowed to apply.
• Unique visa free perks to Japan, South Korea, Malaysia, Thailand, South Africa

Disadvantages

• Property prices are very high at par with Europe.
• Weakest passport. No visa free access to Schengen, UK etc..
• Taxes are high (there is wealth tax)

11. Jordan

Jordan launched a new citizen by investment program in 2018. The Jordanian citizenship option has been very attractive for many arab and middle eastern investors due to its strategic location.

In 2019, Jordan cabinet has made a decision to cut the minimum investments for citizenship from $1 million (from $1.5m). Other changes include the the minimum period of holding investments reduced from five years to three years.

• Bank deposit – USD $1m
• Treasury securities – USD $1m
• Business Investment – USD $1.5m

Advantages

• Jordan is a major investment destination and $100bn economy
• CBI Attractive for UHNWI Arab investors
• Application process takes about 30 days
• Visa free access to 51 countries (Turkey, Indonesia, Malaysia, South Africa)

Disadvantages

• Jordan is still a new program not yet  popular.
• High investment requirement
• Very weak passport in terms of visa free travel.

12. Egypt

Egyptian parliament approved Citizenship for Investment Law in 2019 aimed at attracting foreign investors to reside in Egypt. The New Law granted the Prime Minister has the power to grant Egyptian citizenship to any foreign national who buys a state-owned property or a private property to establish an investment project.

Subsequent amendments to the citizenship law reduced the investment and time for citizenship. There is a $10,000 filing fee per online application submitted to the Special citizenship by investment unit setup by the Government.

Pros

• Richest African nation in terms of GDP and Wealth
• Brand new African citizenship by investment scheme
• Egypt is a $1.3 trillion market connecting Asia, Europe, the Middle East, Africa and Americas.
• Fast track Citizenship decision made within 90 days for investment
• E-2 investor visa treaty with United States
• Bank deposit option also available ($750K)
• Egypt permits dual citizen status

Cons

• Weak passport in terms of visa free travel to less than 50 countries.
• Investment ceiling is too high for real estate and donation.
• Scheme is not popular yet.

13. Samoa

Samoa (Western Samoa) opened a citizenship by investment scheme in 2017, under the Citizenship Investment Act and Regulations of 2016. Under the scheme foreign investors must invest $2.4 million to become a citizen. So far as of 2021, Samoa is a failed citizenship by investment program.

This program did not become popular and remains unknown to many, due to several issues with the program. However the scheme is still open for investors who want to invest in energy, real estate, IT, agricultural and fisheries manufactories and communication tech fields. All applicants are subjected to due diligence.

The program is administered by Ministry of Commerce. The citizenship investment program received 5 applications from agents and investors according to the 2018 annual report.

Pros

• Exclusive and unique citizenship by investment program.
• Powerful second passport with visa free access.
• Samoan passport visa free access to 130+ countries including Canada, Russia, United Kingdom and Schengen states.
• Financially secretive tax haven
• Entire investment can be withdrawn leaving only 15% after PR.

Cons

• Very high investment threshold
• 15 day residence requirement
• Investors must prove networth of atleast $1m
• Passport takes a very long time more than 2 years, only issued after you become permanent resident.
• Passport valid only for 5 years with extensions.
• 70% of the investment must be paid upfront along with the application.

14. United Arab Emirates

UAE launched the first citizenship by investment scheme in the GCC in Feb 2021. It is the first time in history, citizenship is granted to investors, foreigners and expats. Investors who make significant investments such as buying properties, creating businesses etc. (exact details to be announced soon) will also qualify.

Advantages

• UAE is a prime destination hub for trade, business and investment in the Middle east.
• Dual citizenship is permitted (investors not required to renounce previous citizenship)
• High respected Emirati passport with visa free access to 170+ countries and territories (China, Canada, Russia, Schengen, UK)

Disadvantages

• Emirati citizenship can be withdrawn upon breach of the conditions.
• Citizenship cannot be passed down from mothers.

15. North Macedonia

North Macedonia offers a discrete citizenship by investment scheme in Europe limited to only 1000 investors. The only conditions are 200K euro donation to government fund or 400K business investment. This program is cheaper than Montenegro.

Note: This program is officially launched by government in 2019.

Advantages

• Candidate status for EU-acquis in the future
• E-1 and E-2 visa treaty to United States
• No residence requirements
• Fast track citizenship within 3 months.
• Visa free to 124 countries (Schengen, Russia, Ukraine, Japan, etc)
• Full citizenship rights including voting and citizenship passed down to generations.
• Low tax country

Disadvantages

• No real estate investment option
• Citizenship not possible for family members
• Program still unknown and not popular.
• Not officially announced by government.

Unofficial

Austria

Austria does not have official CBI program in Europe. There were few investors who acquired citizenship before 2015 in special interest of the state, but the program remains dormant and nobody knows if the program is alive or not.

Article 10(6) of the Citizenship Act does specify economic investment as the criteria for discretionary naturalization in the interest of the state waiving all residence and language conditions. Few investors received Austrian citizenships for investments before 2012, after this this program disappeared into unknown.

Austria does grant exceptional citizenship for extraordinary contributions in the interest of state in the fields of arts, music, research, science, sports and medicine.

List of Closed CBI Programs

These programs either remain closed or suspended.

Cyprus

The Cypriot investment citizenship program has a long history since 2007. Over the years when the scheme became more popular, the investment was reduced to 2 million euros. Approximately 8 billion euros FDI was raised from this scheme, mostly in real estate investments.

The CIP was permanently closed in Nov 2020, due to abuse and corruption.

Moldova

Moldova launched CIP with much expectations in 2018.  Due to change in government and politics, the citizenship law was repealed in Sep 2020. As of this day, Moldova CBI remains permanently closed after few investors did become Moldovan citizen through investments.

Bulgaria

Under EU pressure and efforts to tame money laundering and corruption, Bulgaria has officially scrapped its golden passport  program.

Comoros

Comoros launched Citizenship by Investment Program in 2008 based based on Article 19 of the 2001 Constitution of the Union of the Comoros making it the first citizenship by investment scheme launched in Africa. Further amendments to the citizenship by investment scheme were made in 2013.

The Government officially announced from 2009 to 2016, a total of 52,000 passports were sold as part of the economic citizenship program. Most of these Comorion passports were issued to large number of stateless people in UAE and other countries.

Comoros remains closed, due to alleged abuse of the scheme.

Future CBI

These countries may likely open a citizen by investment scheme in the future

Solomon Islands

In 2020, Solomon islands proposed a new citizenship by investment scheme similar to Vanuatu to revive the economy of the country. A discussion.

Greece

Greece explored opening of citizenship by investment scheme back in 2019/20 for 1 million euro investments. This scheme was quickly abandoned after Commission expressed criticism.

Croatia

Croatia is another strong prospect for citizenship by investment.  There was some news in 2019 that croatia might soften citizenship regulations to launch a 2 million euro investment scheme. Nothing is official as of today.

Albania

Albania explored the possibility of launched CBI scheme. None of this materialized.

Bahamas

Bahamas does not have a citizenship by investment program. It is only possible to get permanent residency / golden visa for investments. There were media reports that Bahamas is looking into establish a CBI, due to fierce opposition and criticism, proposals were dropped.

Lawyers and Agents

It is quite common that you may hire a lawyer or agent when applying for CBI programs. It is important to note there is a big difference between who you pick when apply. Agents are not qualified to provide immigration advice (only lawyers can). Plus hiring a lawyer can be cheaper for you because they are able to provide notary services, incorporation, oaths and other legal services.

Important: We always tell clients before you apply for CBI programs, you must seek proper legal advice on dual citizenship, taxation and financial advice on investments.

Family Dependants

Each country imposes an age limit to include children, siblings, parents and grandparents. For most programs, children above 30 years cannot be included.

Documentation and Paperwork

Preparing all documentation and necessary paperwork is the key to receive fastest approvals. Please refer to additional information below

• How do i apply for citizenship by investment?
• How do i pay for citizenship by investment?
• How to understand CBI fees?
• What is the application process?
• Where to get Police certificates?
• Where to Get Apostille and Legalisation

How to use your CBI passport?

Now that you have applied and got your shiny new passport. How to use it properly when you travel between two countries. The key is to use the right passport when you enter and exit the country as a citizen.

Dont forget! Citizenship is your passport to new life.

References

• CBI Legislation and Acts
• European Commission Reports
• Embassies and Consulates
• CBI Application Forms
• CBI Price Calculator
• Eligible family members
• Taxation
• List of CBI Units 
• Approved Real Estate
• Glossary
• Visas
• Abbreviations
• Downloads

Q&A

Here you will find some of the commonly asked questions about investment citizenship and passports.

How many CBI programs are the there?

As of today, there are 11 official citizenship by investment programs currently running.

What’s New in 2021?

Due to Covid, the Global demand for CBI programs have soared. Interest is high. Governments have cut prices for families and moved to electronic filing reducing average processing times.

What is the difference between citizenship and residency?

Citizenship by investment leads to instant passport, whereas residency programs will offer you a visa and permanent residence card. Citizenship has become an important status during the Covid pandemic to travel through borders.

What is the minimum investment required?

The minimum investment for citizenship set by Governments is $100,000 plus associated costs and fees.

How to get EU citizenship for investments?

Only Malta and Bulgaria offer citizenship for investments in European Union (EU). These programs are expensive costs close to 1 million euro investment. Montenegro CIP offers citizenship in Europe (as candidate country for EU acquis). Note the difference between ‘EU’ and ‘Europe’.

Citizenship or residency? Which is better?

Citizenships become much cheaper and faster than residence schemes. It saves you money, taking trips and lot of hassles on the long run.  Depending on your current nationality, you have to do proper citizenship planning

Which is the best citizenship by investment program?

We give you quick summary of the CBI programs below

• Cheapest – St Lucia (60 days)
• Fastest – St.Kitts and Nevis (45 days)
• Easiest – Vanuatu
• Best – Malta (l year leads to EU citizenship)

What are the benefits of CARICOM passport?

The Caricom passport issued by 15 member states of Caribbean Community (CARICOM) for their citizens. All citizen enjoy free movement within the OECS area with just ID card or drivers license. All five CBI countries issue CARICOM passports.

Are there any age limits for family members?

Yes, main applicants must be over 18 years of age. Dependent children above 30 years cannot be added in family family. Please refer to the rules here

Where can i find legal background to all the CBI programs?

We have compiled here in one place

Where can i find application forms?

You can find application forms free to download. Forms for some countries are not available online. It is only provided by authorized agents.

How do i do the certification of documents?

The credentials of the notary, translator and medical examiner must be provided along with your certified documents. You also need to get apostille or super legalization on your documents.

Can stateless people apply for CBI pograms?

Yes, but only certain countries accept – Turkey, Vanuatu, Antigua, Dominica.

Can i appeal if my application is refused?

Yes you can through the authorized agent. It depends on the program.

Can i get refund if my application is turned down?

The lawyer fee and due diligence and application fee are non-refundable. You only make the entire investment AFTER your file is approved by government.

What is your fee? Are there are hidden or finders fee?

Best citizenship is a free platform. We do not charge any fee to clients. We disclose all prices very transparently to clients. It is pretty straightforward and no hidden fees.

Why genuine link to the country is important?

We tell clients to learn a thing or two about the country before you apply for a passport. Atleast you should know where it exists on the map. A genuine link to the country is very important to strengthen your citizenship status with the country, this way your citizenship is secure and hard to revoke.

You can create genuine link in the following ways: Paying taxes and social security, buying a real estate or permanent home, charity donations and non-profit charity efforts, frequent trips or long periods of living, learning local language, culture and integration to local population etc..

How do i collect passport considering the Covid situation?

Once the process is complete, you can collect your passport at the nearest consulate or embassy of the country you apply.

Are there any military service?

Military service is not compulsory for investment citizens and are exempted from conscription.

Are the borders open for citizens who received passport through CBI?

Yes, citizens are not restricted to enter their own country even during Covid. As a citizen, you must use the same passport to enter and exit the country. You may be required to take quarantine and test.

Common Acronyms

• CBI – Citizenship By Investment
• CIP – Citizenship by Investment Program
• RBI – Residence by Investment (RBI)
• ECP – Economic Citizenship Program (ECP)
• CBI/RBI – Citizenship by investment (CBI) and Residence by Investment (RBI)
• CRBI – Citizenship and Residence by Investment
• MCBI – Moldova Citizenship By Investment
• DCBIP – Dominica Citizenship By Investment Program
• IIP – Immigrant Investor Program
• TCBI – Turkey Citizenship by Investment
• CIU – Citizenship by Investment Unit (CIU)
• CBIU – Citizenship By Investment Unit
• CBIC – Citizenship By Investment Committee (CBIC)