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São Tomé & Príncipe's CBI Program at One Year: What 548 Applications Actually Show

In its first year of operation, São Tomé & Príncipe’s Citizenship by Investment (CBI) program received 548 applications from 72 countries—led by applicants from China, Russia, and Iran—resulting in 350 approvals and raising over $9.8 million for the National Transformation Fund to finance local energy and infrastructure projects. While processing moves steadily with an average two-month approval timeline, a post-approval bottleneck remains, evidenced by only 117 citizenships granted and 29 passports physically issued. Ultimately, the inaugural year demonstrates strong global demand and transparent revenue distribution, while highlighting administrative areas for post-approval streamlining as the program matures.