Which Countries Have Citizenship-by-Investment Programs?

Citizenship-by-investment (CBI) programs offer individuals the unique opportunity to acquire a second citizenship through specified financial contributions. As global mobility and financial diversification become increasingly paramount, these programs have gained significant traction.

In this article, we will look at the countries that offer CBI, the benefits associated with obtaining a second citizenship, and key considerations. By the end, you’ll be equipped with a comprehensive understanding of the landscape, aiding your decision-making process in this significant endeavour.

What is citizenship by investment?

Citizenship by investment is a process whereby individuals obtain second citizenship in exchange for a significant financial investment in the host country. This investment can take various forms, such as donations to a national fund, real estate purchases, or business investments.

Historical context and the rise of CBI programs

The concept of trading investment for citizenship isn’t new. Historically, nations have offered land or titles in exchange for services or financial contributions. However, the modern iteration of CBI programs began in the 1980s, with countries like St. Kitts and Nevis pioneering the initiative.

Over the years, as global mobility and international business opportunities expanded, the demand for second citizenships grew, leading to more countries introducing formal CBI programs.

Benefits of citizenship by investment

As the world becomes increasingly interconnected, the advantages of holding a second citizenship have become more pronounced. Let’s explore the myriad benefits that come with obtaining citizenship through investment.

Mobility and visa-free travel

One of the most immediate and tangible benefits of a second citizenship is enhanced global mobility.

Many CBI programs grant visa-free or visa-on-arrival access to a vast number of countries, allowing investors to travel with ease, be it for business, leisure, or personal reasons.

Business opportunities and tax advantages

Second citizenship can open doors to new business markets, offering a more favourable business environment or access to economic zones previously restricted.

Additionally, some countries with CBI programs have attractive tax regimes, potentially offering benefits like no capital gains tax, no inheritance tax, or favourable corporate tax rates.

Safety, security, and quality of life

For many, second citizenship is a safety net. Whether driven by political instability, economic downturns, or other uncertainties in one’s home country, having an alternative place of residence can provide peace of mind.

Moreover, many countries offering CBI programs boast high standards of living, quality healthcare, and excellent educational institutions.

Diversification of assets and wealth protection

Diversifying assets across countries can be a strategic move for wealth protection. By investing in real estate or businesses in another country, individuals can hedge against economic volatility in their home country.

A second citizenship can facilitate this diversification, providing more stable and secure investment environments.

List of countries offering citizenship-by-investment programs

The allure of citizenship by investment has led numerous countries to introduce such programs, each with unique offerings and requirements. Here’s a comprehensive list of nations that have embraced this initiative, categorised by region.

Caribbean Region:

St. Kitts and Nevis

– Recognised as the pioneer of modern CBI programs, St. Kitts and Nevis offers attractive investment options, primarily in real estate and donations to the country’s sustainable growth fund.


– Known for its affordable investment thresholds, Dominica provides options for real estate investments and contributions to a national development fund.

Antigua and Barbuda

– With a focus on tourism and infrastructure development, investors can choose between real estate, business ventures, or donations to the National Development Fund.


– Unique for its access to the USA’s E-2 visa program, Grenada’s CBI options include real estate investments and donations to the National Transformation Fund.

St. Lucia

– A relatively newer player in the CBI arena, St. Lucia offers varied investment routes, including government bonds, real estate, and enterprise projects.

European Region:


– Malta’s CBI program, known as the Malta Individual Investor Programme (MIIP), is renowned for granting access to the European Union. It involves a combination of donations, investments, and real estate purchases.


– A budding European destination, Montenegro’s program emphasises real estate investments in approved development projects and donations to a government fund.


– Bulgaria’s program stands out for its potential route to European citizenship, primarily through business investments.

Other Regions:


– Located in the Pacific, Vanuatu’s program is known for its swift processing times and contributions to the country’s development fund.


– With a focus on real estate and business investments, Turkey’s CBI program has gained traction among investors seeking a strategic geographical location.


– Jordan’s program is unique, offering varied investment options, from SMEs to bonds and real estate.

Key factors to consider when choosing a CBI program

Selecting the right citizenship-by-investment program is a significant decision, requiring careful consideration of various factors. Here, we outline the essential elements to weigh when navigating this choice, ensuring you make an informed and strategic decision.

Investment amount and type

Donation: Some countries require a non-refundable donation to a national development or sustainable growth fund.

Real estate: Investing in approved real estate projects can be an attractive option, especially if you’re considering establishing a residence or seeking potential returns on investment.

Business: Certain programs allow investments in local businesses or specific sectors, which can be ideal for entrepreneurs.

Processing time and ease of application

Duration: While some programs boast swift processing times, others may take longer. Consider how quickly you want the citizenship.

Documentation: Evaluate the documentation and due diligence requirements. Some countries may have more stringent or cumbersome processes.

Due diligence and vetting processes

Background checks: Understand the depth of background checks and ensure you meet the criteria. A clean record is often essential.

Financial audits: Some countries may require proof of the source of funds or financial audits.

Family inclusion possibilities

Spouse and children: Many programs allow the inclusion of immediate family members. Check the age limits for dependent children and conditions for including parents.

Extended family: A few programs might offer options to include extended family members, like siblings, under specific conditions.

Duration of citizenship and any residency requirements

Permanent vs. temporary: While most CBI programs offer permanent citizenship, it’s crucial to confirm the duration and any potential renewal requirements.

Residency: Some countries might have minimal or no residency requirements, while others might require a certain stay period to retain citizenship.


Citizenship-by-investment programs present a unique intersection of individual aspirations and national development goals. As you consider this path, it’s crucial to stay informed, understand both the benefits and potential pitfalls, and consult with experts.

With the right approach, a second citizenship can be a transformative step, offering enhanced global mobility, financial opportunities, and peace of mind in an ever-evolving world