Citizenship By Investment (CBI): The 7 Best Passports

Citizenships by Investment, or CBIs for short, are enjoying ever-increasing popularity. But is a second passport even worth it, how do I get one, and which countries are best suited? All these questions are answered in this article. 

What is Citizenship by Investment?

„Citizenship by Investment“ (CBI) is a program that allows individuals to acquire the citizenship of a specific country through an investment in that country. Many countries offer CBI programs to promote foreign investment and attract capital. These programs are particularly attractive to people who are interested in a second nationality due to the benefits of additional citizenship—such as freedom of travel, tax advantages, or an improved quality of life.

How does Citizenship by Investment work?

Generally, applicants must invest a specific amount in the country, which often goes into real estate, government bonds, or economic development projects. The specific investment requirements and amounts can vary greatly depending on the country. Some countries require, among other things, a real estate purchase of at least a certain sum, while other countries accept donations to government funds or direct corporate investments.

Typical investment opportunities

The types of investment vary by country, but often include:

1. Real estatePurchase of real estate with a minimum investment.
2. Sovereign wealth fundsOne-time donation to a national development fund.
3. Corporate investmentsInvestment in companies or projects that contribute to the economic development of the country.
4. Government bondsPurchase of government bonds that must be held for a specific period of time.

Advantages

CBIs are more popular than ever. Below is an overview of the key benefits:

• Expanded freedom to travelAccess to a larger number of visa-free countries.
• Alternative housing optionsopportunity to live and work in another country.
• Tax benefitsSome countries offer tax advantages, such as no capital gains or inheritance tax.
• Second citizenship for securityFor some, having an additional citizenship as a „plan B“ is also a security strategy.

Top 7 Passports

The best countries with a CBI program, meaning those that offer citizenship and a passport in exchange for a donation, real estate purchase, or economic investment, are listed below. However, the order is not intended to be a ranking, as the best option must always be weighed individually. 

St. Lucia

$100.000

Donation

$300.000

Real estate

3 to 6 months

Duration

+140

Countries without visa

The St. Lucia Citizenship by Investment Program was introduced in 2015 and is one of the newer programs in the Caribbean. It offers foreign investors a flexible and comparatively cost-effective way to acquire citizenship in St. Lucia. Like other Caribbean CBI programs, St. Lucia's is designed to attract capital for the country's economic development by offering investors incentives to obtain citizenship.

Prerequisites

The St. Lucia CBI program offers several investment options, each with different minimum amounts and requirements:

1. National Economic Fund (NEF) (Donation option):

   • A direct donation to the National Economic Fund (NEF) of St. Lucia is the simplest and most cost-effective option.
   • Individual$100,000 USD
   • married couple$140,000 USD
   • Family (up to four people)$150,000 USD
   • An additional $15,000 is added for each dependent.

2. Real estate investment:

   • Investors can invest in a government-approved real estate project, such as resorts or hotel complexes.
   • The minimum amount is $300,000 USD, and the property must be at least five years be held.

3. Bond option:

   • The purchase of zero-interest government bonds is also possible, but this option is one of the most expensive.
   • The minimum amount for a single person is 500,000 US dollars; for families, the amount can increase depending on the number of family members.
   • Depending on the investment amount and family size, the bonds must be held for between five and seven years.

4. Company formation:

   • Investors can invest in an approved business or enterprise that contributes to economic development.
   • The minimum amount is 3.5 million US dollars and must create at least three jobs.

Advantages

The citizenship of St. Lucia offers a range of attractive benefits:

• Freedom of travelCitizens of St. Lucia have visa-free or visa-on-arrival access to over 140 countries, including the Schengen area, the United Kingdom, Hong Kong, and Singapore.
• Lifetime citizenshipThe citizenship of St. Lucia is valid for life and can be passed on to future generations.
• Dual citizenshipSt. Lucia allows dual citizenship, allowing applicants to retain their original citizenship.
• Tax benefitsSaint Lucia does not levy taxes on worldwide income, capital gains, or inheritances, making the country particularly attractive for high-net-worth individuals.
• No residency requirementsApplicants are not required to reside in St. Lucia either during the application process or after obtaining citizenship.

Procedure

The St. Lucia CBI program is efficiently organized and usually takes about 3 to 6 months. The process includes the following steps:

1. Submission of the applicationApplicants submit all required documents and evidence through an approved CBI agent.
2. due diligence reviewThe government is conducting a comprehensive background check to ensure the integrity and reliability of the applicant. Additional fees apply for this.
3. Investment paymentAfter approval, the selected investment will be completed or the donation made.
4. Acquisition of citizenship and passportUpon completion of the investment, citizenship is granted and the passport is issued.

Malta (Ended)

700.000 €

Investment

700.000€

Real estate

12-36

Duration

186

Countries without visa

The Citizenship by Investment Program in Malta enables wealthy individuals to acquire Maltese citizenship by investment. Since Malta is part of the European Union, Maltese citizenship allows the holder freedom of movement within the EU, including the opportunity to live, work, and study in any EU member state. The program is officially called Malta Citizenship by Naturalization for Exceptional Services by Direct Investment designated.

Prerequisites and investment options

Malta has strict requirements and high investment amounts for the CBI program to ensure that only qualified and committed individuals receive citizenship:

1. Contribution to the National Development and Social FundApplicants must be at least 600,000 Euros for a stay of 36 months or 750,000 Euros to invest for an accelerated processing time of 12 months.

2. Real estate investment: Applicants must either:

   • a property worth at least 700,000 Euros buy and hold for at least five years, or
   • a property with a minimum lease of 16,000 euros annually rent for five years.

3. Donate to a charity: Additionally, a donation of 10,000 Euros required to a local charity organization.

4. Proof of residenceBefore applying, applicants must prove that they already reside in Malta. They are expected to spend a certain amount of time in the country to strengthen their ties to Malta.

Advantages 

Maltese citizenship offers comprehensive benefits:

• Freedom of movement in the EUWith the Maltese passport, citizens can travel visa-free to all EU member states, and live and work there.
• Visa-free travel worldwideThe Maltese passport allows visa-free or visa-free travel to over 180 countries, including the USA and Canada.
• Safety and quality of lifePolitically stable and safe, Malta offers a high quality of life as well as good education and healthcare systems.
• Tax benefitsMalta has attractive tax models for expatriates and, under certain conditions, offers favorable tax treatment for individuals residing in Malta.

Procedure

The Maltese CBI program requires a rigorous vetting process, including comprehensive background checks, to ensure the integrity of the program. The duration depends on the chosen investment amount:

• 12 months for the accelerated version (750,000 euros).
• 36 months for the regular version (600,000 euros).

Once the required investments have been made and the background check has been completed, citizenship will be granted.

NOTE: Currently, this program is suspended because the EU doubts that it complies with EU law. 

St. Kitts & Nevis

$150.000

Donation

$200.000

Real estate

8-12 months

Duration

+157

Countries without visa

The Citizenship by Investment program in St. Kitts and Nevis is one of the oldest and best-known programs worldwide. It was already 1984 established and has established itself as a popular option for individuals looking to acquire a second citizenship. The St. Kitts and Nevis CBI program is particularly attractive because it offers fast processing times and comparatively low investment requirements.

Prerequisites 

To obtain the citizenship of St. Kitts and Nevis through investment, there are two main options:

1. Donate to the Sustainable Growth Fund (SGF):

   • The most cost-effective and most frequently chosen option is a non-refundable donation to the SGF.
   • The minimum donation for individuals is $150,000 USD. For families (up to four people), the minimum donation is $195,000 USD.
   • Additional fees for due diligence and administrative fees may also apply.

2. Real estate investment:

   • Alternatively, applicants can invest in a government-approved real estate project, such as hotels, villas, or resort developments.
   • The minimum investment here is $200,000 USD, and the property must be for at least seven years be held before it can be sold.
   • Another real estate option from $400,000 requires only a five-year holding period.

Advantages

The citizenship of St. Kitts and Nevis offers holders numerous benefits:

• Freedom of travelThe passport of St. Kitts and Nevis allows visa-free or visa-on-arrival travel to more than 150 countries, including the United Kingdom, the Schengen Area, and Singapore.
• No residency requirementsApplicants do not need to live in the country during the application process and are not subject to any residency requirements after obtaining citizenship.
• Tax benefitsSt. Kitts and Nevis does not levy taxes on worldwide income, capital gains, inheritances, or gifts, making it particularly attractive to investors.
• Lifetime citizenshipSt. Kitts and Nevis citizenship is valid for life and can be passed on to future generations.
• Fast turnaround timesFor an additional fee, the state offers an accelerated procedure known as Accelerated Application Process (AAP) is known and allows processing within 60 days.

Procedure

The application process is relatively straightforward and consists of the following steps:

1. Submission of the application via an authorized agent who assists the applicant throughout the entire process.
2. due diligence reviewAll applicants must undergo a thorough background check to ensure the integrity of the program.
3. InvestmentFollowing the approval of the application, the selected investment must be made or the donation amount must be transferred to the SGF.
4. Acquisition of citizenshipUpon completion of the investment and verification, the citizenship is approved and the passport is issued.

Turkey

$500.000

Capital investment

$400.000

Real estate

3 to 6 months

Duration

+110

Countries without visa

The Turkey's Citizenship by Investment Program was introduced in 2017 and has since been one of the most affordable and flexible options for citizenship by investment. The Turkish CBI program aims to attract foreign investment to strengthen the Turkish economy, particularly through investments in real estate and businesses. Since a reduction in investment requirements in 2018, the program has been particularly attractive to international investors interested in access to Turkey and the travel freedoms of a Turkish passport.

Prerequisites

The Turkish program offers various investment options for obtaining citizenship:

1. Real estate investment:

   • The most popular option is the purchase of real estate worth at least $400,000.
   • The property must at least three years be held before it can be sold or transferred.

2. Capital investment:

   • Another option is a capital investment of at least 500,000 US dollars. This investment can flow into various forms of assets, such as corporate bonds or deposits in Turkish banks.

3. Job creation:

   • Investors can also qualify by starting a company that at least 50 jobs creates for Turkish citizens.

4. Investment in government bonds:

   • An investment in government bonds worth at least 500,000 US dollars is also possible. A holding period of three years applies here as well.

Advantages

Turkish citizenship offers numerous benefits:

• Freedom of travelTurkish citizens enjoy visa-free or visa-on-arrival travel to over 110 countries, including Japan, Singapore, and many countries in South America and Asia.
• Lifetime citizenshipTurkish citizenship is lifelong and can be passed on to future generations.
• Dual citizenshipTurkey allows dual citizenship, which means applicants can retain their existing citizenship.
• No residency requirementsApplicants do not need to live in Turkey to obtain or retain citizenship.
• Access to a strategically important countryTurkey has a strategically important location between Europe and Asia, offering access to both markets.
• Future prospectsTurkey offers economic opportunities, a diverse culture, and attractive living conditions, making it appealing to investors and their families.

Procedure

The Turkish CBI procedure is efficient and usually takes about 3 to 6 months. The process is as follows:

1. Investment selectionThe investor chooses an investment opportunity, e.g., real estate purchase or capital investment.
2. Submission of the applicationThe citizenship application is submitted after the investment has been made.
3. Background check and approvalThe Turkish government conducts a background check before granting citizenship.
4. Acquisition of citizenship and passportFollowing approval, the Turkish passport will be issued.

Dominica

$100.000

Donation

$200.000

Real estate

3 to 6 months

Duration

+140 countries

Countries without visa

The Citizenship by Investment (CBI)The Dominica program was introduced in 1993 and is one of the oldest and most successful programs of its kind in the Caribbean. It offers foreign investors the opportunity to acquire Dominican citizenship by investing in the country's economic development. The program has proven to be very attractive to investors seeking a second citizenship, particularly due to the numerous benefits associated with it.

Prerequisites

Dominica's CBI program offers several investment options for applicants to choose from:

1. National Economic Fund (NEF) (Donation option):

   • A direct donation to the Dominica NEP is the most cost-effective option.
   • Individual$100,000 USD
   • married couple$175,000 USD
   • Family (up to four people)$200,000 USD
   • An additional 25,000 US dollars will be added for each additional dependent.

2. Real estate investment:

   • Investors can invest in a government-approved property, such as hotels or resorts.
   • The minimum investment amount is $200,000 USD.
   • The property must be held for at least five years.

Advantages

Dominica citizenship offers a range of attractive benefits:

• Freedom of travelDominican citizens can travel visa-free or with an e-visa to over 140 countries, including Schengen states, the United Kingdom, Hong Kong, and Singapore.
• Lifetime citizenshipDominican citizenship is valid for life and can be passed on to future generations.
• Dual citizenshipDominica allows dual citizenship, so applicants can keep their original citizenship.
• Tax benefitsDominica does not levy taxes on worldwide income, capital gains, or inheritances, which makes the country particularly attractive for high-net-worth individuals.
• No residency requirementsApplicants do not need to reside in Dominica to apply for or retain citizenship.

Procedure

The procedure for applying for citizenship by investment in Dominica involves several steps:

1. Selection of the investment optionApplicants select their preferred investment option (donation or real estate investment).
2. Submission of the applicationThe application is submitted through an approved CBI agent, who compiles all required documents and evidence.
3. due diligence reviewThe government is conducting a comprehensive background check to verify the integrity and reliability of the applicants.
4. Approval of the applicationFollowing a successful review, citizenship is granted, and the required investment must be made within a specific timeframe.
5. Acquisition of citizenship and passportUpon approval of the application, citizenship is granted, and the applicant receives a Dominican passport.

The processing time for a CBI application in Dominica is usually between 3 and 6 months.

Vanuatu

$130.000

Donation

N/A

Real estate

1-2 months

Duration

+100

Countries without visa

The Vanuatu Citizenship by Investment Program is currently the only active CBI program in the Pacific region. It was introduced in 2017 and offers foreign investors a quick and straightforward way to acquire Vanuatu citizenship. Vanuatu is a small island nation in the South Pacific, and the program was launched to generate capital for the country's economic development. Vanuatu's CBI program is considered one of the fastest worldwide and offers relatively low investment requirements compared to other programs.

Vanuatu's CBI program is essentially a donation-based program:

1. Donate to the Vanuatu Development Support Program (VDSP):
   • Individuals must have a non-refundable donation in the amount of $130,000 USD achieve to qualify for citizenship.
   • For families, there are tiered contributions, for example:
     • $150,000 USD for a married couple,
     • 165,000 US dollars for a family of three and
     • 180,000 US dollars for a family of four.
   • Additionally, administrative and due diligence fees apply.

Advantages 

The citizenship of Vanuatu offers some remarkable advantages:

• Fast processingThe entire application process can usually be completed within one to two months be completed, making it one of the fastest CBI processes worldwide.
• Freedom of travelWith a passport from Vanuatu, citizens can travel visa-free to approximately 100 countries, including the United Kingdom, Singapore, Hong Kong, and the Schengen states.
• No residency requirementApplicants do not need to live in Vanuatu during the process and are not required to reside in the country even after obtaining citizenship.
• Tax benefitsVanuatu does not levy taxes on income, capital gains, inheritances, or wealth, making it particularly attractive for high-net-worth individuals.
• Dual citizenshipVanuatu allows dual citizenship, so applicants can retain their original citizenship.

Procedure

The procedure for Vanuatu's CBI program is clearly structured and fast:

1. Submission of the application via an authorized agent: This agent collects the necessary documents and forwards the application.
2. due diligence reviewThe government of Vanuatu conducts a thorough background check to ensure applicants have no criminal connections.
3. Payment of the investmentFollowing approval, the applicant undergoes the donation process in the VDSP.
4. Acquisition of citizenship and passportAfter payment confirmation, the passport will be issued within a few weeks.

Bonus: El Salvador

N/A

Donation

N/A

Real estate

5 years

Duration

146

Countries without visa

El Salvador currently offers no official Citizenship by Investment Program (CBI) such as it exists in other countries like St. Kitts and Nevis or Turkey. However, there are alternative pathways for foreign investors and entrepreneurs to obtain residency rights and ultimately citizenship. It is particularly noteworthy that El Salvador, as the world's first country Bitcoin as legal tender introduced, which has drawn international attention to the country as a potential location for digital nomads, crypto investors, and entrepreneurs.

Prerequisites

While El Salvador does not have a formal CBI program, it offers other investor and residency options that can lead to citizenship in the long term:

1. Residence permit for investors:

   • Foreign investors can obtain a residence permit if they invest in certain projects or companies. The minimum investment requirements vary, but a substantial sum that benefits the local economy is usually required.

2. Residency through real estate purchase:

   • Purchasing real estate in El Salvador can also lead to a residency permit, although there is no set minimum amount. However, the investment should be significant and considered a contribution to the local economy.

3. Visas for crypto investors and entrepreneurs:

   • Since the introduction of Bitcoin as official legal tender, El Salvador has developed various incentives for crypto investors and digital nomads considering the country as a location for their ventures.
   • President Nayib Bukele and the government are specifically promoting projects such as the so-called „Bitcoin City,“ which offers crypto- and tax-friendly structures to attract more investment.

Citizenship by residency

Salvadoran citizenship can be obtained through a residency status if certain requirements are met:

• Waiting timePeople who have a permanent residence permit can, after a five-year period of residence apply for citizenship. For individuals married to a Salvadoran citizen, the waiting period is reduced to one to three years.
• Language proficiency and integrationApplicants may need to demonstrate basic knowledge of the Spanish language and an understanding of the country's culture and laws.

Advantages

The citizenship of El Salvador offers some attractive benefits:

• Freedom of movement in Central and South AmericaSalvadoran citizens enjoy visa-free or facilitated travel options to many countries in Latin America and other regions, including some Asian and African countries. However, visa-free travel to some major markets such as the USA or Canada remains restricted.
• Dual citizenshipEl Salvador permits dual citizenship, making it easier to retain one's original citizenship.
• Tax benefits for crypto investorsEl Salvador does not levy taxes on capital gains from Bitcoin transactions, making it particularly attractive for crypto investors.
• Business-friendly environmentThe government is strongly focused on foreign investment and economic modernization, and offers various incentives for entrepreneurs and investors.

Frequently Asked Questions

Regarding Citizenship by Investment, questions keep coming up. Here are the most frequently asked ones and the answers to them. 

Summary

CBIs are a great way for individuals to increase their freedom of travel, lower their tax burden (especially for US citizens), and gain more political freedom or security. Meanwhile, there are many countries that offer CBI at varying prices, processing times, and benefits.