How To Obtain Second Citizenship Through Investment

In today’s increasingly turbulent and uncertain world, the allure of holding multiple citizenships is on the rise. Traditionally, acquiring a second citizenship was limited to avenues such as birthright, ancestry, naturalization, or marriage. However, the emergence of Citizenship by Investment (CBI), sometimes called economic citizenship programs, has revolutionized this landscape, offering a faster and more straightforward path to securing additional citizenship.

CBI programs have become essential tools for wealth protection and diversification, economic stability, business opportunities, and providing a safety net in times of turmoil or crises. Moreover, they significantly enhance global mobility for investors and their families by offering visa-free access to numerous desirable destinations.

The growing popularity of CBI programs is largely fueled by increased globalization and the need for enhanced international mobility. A second or dual citizenship grants an individual the legal status of being a citizen in more than one country. These programs offer individuals a pathway to foreign citizenship by making substantial financial investments or government contributions. They provide a swift and efficient method to secure a second passport while also contributing significantly to the host country’s economy. By investing in real estate, businesses, bank deposits, or contributing to government funds, applicants gain access to the full spectrum of rights and privileges citizens enjoy.

Dual citizenship can greatly enhance access to high-quality healthcare, education, and numerous global benefits. Today, over 80 countries allow their nationals to have alternative citizenship, though with varying degrees of restrictions and allowances.

How Do CBI Programs Work?

The concept of Citizenship by Investment (CBI) programs first emerged in 1984 with St. Kitts & Nevis, marking the beginning of a new era in global citizenship. This innovative approach allowed individuals to gain citizenship and second passports through substantial financial investments or contributions, significantly boosting the host country’s economy. The Commonwealth of Dominica followed suit in 1993, and later Grenada. However, the real rise of these programs occurred after Eastern Caribbean nations signed visa-waiver agreements with the European Union (EU) in the 2010s.

In 2013, Antigua & Barbuda launched, and Grenada re-launched their economic citizenship programs. In 2016, St. Lucia joined the ‘CBI club’. Today, all five Caribbean nations operate CBI programs, each offering unique investment options and benefits but following similar application processes.

Application Process

The application process for CBI programs in Caribbean countries typically involves five key steps:

Engagement of Licensed Marketing Agents: These agents play a crucial role in identifying and reaching potential investors internationally.
Submission via Authorized Local Agents: Prospective investors must submit their applications through authorized local agents who liaise directly with the respective CBI Units.
Comprehensive Vetting Process: This thorough vetting process includes financial due diligence by banks, identity and security checks by international firms, and assessments of security and immigration risks conducted by the Joint Regional Communications Centre (JRCC) of the CARICOM Implementation Agency for Crime and Security. There is also a mandatory interview, either in person or online.
CBI Unit Decision: Based on the vetting process’s outcomes, the CBI Unit decides whether to approve or reject the applications.
Final Approval: For applications that receive approval, the competent minister grants citizenship, and passports are issued, marking the final step in the process.

In March 2024, the Caribbean nations with CBI offerings signed a Memorandum of Agreement (MOA) aimed at harmonizing their programs. This landmark agreement set a standardized minimum investment requirement of $200,000. The MOA also promotes transparency, information sharing, and the establishment of a regional regulatory body to oversee the programs.

Additionally, the MOA aims to regulate agents operating in the CBI programs, prevent the use of misleading terms, and discount practices, and facilitate joint training programs and capacity-building initiatives for officials involved. This agreement represents a significant milestone in the history of the Caribbean CBI programs, as it seeks to eliminate financial discrepancies and underselling that have drawn criticism in the past.

St. Kitts & Nevis Citizenship by Investment Program

The St. Kitts & Nevis Citizenship by Investment program offers several investment options for individuals seeking to obtain second citizenship. These options include:

Sustainable Island State Contribution (SISC): The main applicant plus three family members must donate at least $250,000. This contribution supports sustainable development projects on the islands.
Approved Public Benefit Project: The investment must be $250,000 for a family of up to four persons. If adding a dependent under 18, the cost is $25,000; for dependents over 18, it is $50,000. These projects are typically focused on public infrastructure and community development.
Developers’ Real Estate Project: To qualify, investors must make a minimum investment of $325,000 in government-approved real estate projects. Investment options include freehold property, hotel shares, fractional ownership, or land. The investment must be retained for at least seven years.
Private Real Estate: The minimum investment for a condominium unit is $325,000, while a single-family home requires a minimum investment of $600,000. These properties must meet specific criteria set by the government.

Each of these investment avenues provides a pathway to citizenship, enabling investors and their families to enjoy the full rights and privileges of St. Kitts & Nevis citizenship.

Applicants must be at least 18 years old, possess good character and health, have a clean criminal record, and demonstrate a commitment to fulfilling the required investment. Before being considered for approval by the CBI Unit, all applicants undergo rigorous screening conducted by an independent, third-party due diligence service provider. Nationals of Russia, Belarus, Iran, Iraq, Afghanistan, North Korea, and Cuba are prohibited from applying, regardless of their country of residence.

Dominica Citizenship by Investment Program

The Dominica Citizenship by Investment program offers individuals and families a pathway to obtaining citizenship either through real investment or significant financial contributions to the country. This program has become one of the most reputable and affordable routes to acquiring Caribbean citizenship.

Investment options include:

Economic Diversification Fund (EDF) Donation: The most affordable investment option, requiring a non-refundable donation of $200,000 for a single applicant and $250,000 for a family of up to four. Additional fees are required if more dependents are added: $25,000 for each person under 18 years old, and $40,000 for each adult family member. The EDF supports national development projects in education, healthcare, infrastructure, and tourism.
Government-Approved Real Estate Investment: To qualify for the Dominica CBI program through the real estate investment route, applicants must purchase a government-approved property with a minimum value of $200,000. The property must be held for three years after receiving citizenship. However, if the property is sold to another CBI applicant, the holding period is extended to five years. Government fees applied to the real estate investment option: for a main applicant, it stands at $75,000, and the main applicant plus three qualifying dependents – at $100,000. Each additional dependent requires a fee of $25,000 for a minor and $40,000 for an adult.

A main applicant for the Dominica CBI program must be at least 18 years old and fulfill one of the designated investment options. All adult applicants are required to undergo a comprehensive due diligence review, which includes a mandatory interview conducted either in person or online. Applicants must provide full and truthful disclosure of all relevant information asked in the Dominica citizenship by investment application and are responsible for covering the associated processing, due diligence, and administrative fees.

Grenada

The Grenada Citizenship by Investment program provides two primary pathways for obtaining citizenship:

National Transformation Fund (NTF) Contribution: Investors can make a non-refundable contribution of at least $235,000 to the National Transformation Fund. This option allows an investor, along with up to three dependents, to qualify for Grenadian citizenship.
Real Estate Investment: Investors can choose to invest a minimum of $270,000 in a government-approved real estate project. Additionally, there is a government contribution fee of $50,000 for a family of four. The investment must be maintained for a minimum period of five years.

Grenada’s CBI program stands out among its regional counterparts due to its unique advantages. Notably, Grenada is the only country in the Eastern Caribbean with a special treaty with the United States, enabling Grenadian nationals to apply for an E-2 Investor Visa in America.

Applicants for Grenada’s CBI program must be at least 18 years of age, possess good character, maintain a clean criminal record, and show a commitment to meeting the mandatory investment criteria.

Antigua & Barbuda

Antigua & Barbuda’s Citizenship by Investment program presents several pathways for applicants to qualify for citizenship:

National Development Fund (NDF) Contribution: A non-refundable contribution of $230,000 for a family of four members.
University of West Indies (UWI) Fund Donation: A non-refundable donation of $260,000 for a family of six members.
Real Estate Investment: An investment of $300,000 in a government-approved real estate project for a family of four members.
Business Investment: An investment of at least $1.5 million for a single investor applying with up to three additional family members. Alternatively, a joint investment with a minimum individual contribution of $400,000, provided the total government-approved project budget is at least $5 million.

Additionally, applicants for the Antigua & Barbuda CBI program are required to cover processing, due diligence, and passport fees. The diverse range of investment options makes the Antigua & Barbuda CBI program an attractive choice for families seeking to obtain alternative citizenship and benefit from the vast opportunities.

St Lucia

St Lucia’s CBI program offers several pathways for applicants to qualify for citizenship:

National Economic Fund (NEF): A non-refundable contribution of at least $240,000, which allows a family of four to qualify for citizenship.
Real Estate Investment: An investment of at least $200,000 in a government-approved real estate project. Administrative fees apply based on the number of individuals included in the application.
Approved Enterprise Project Investment with three options:
- For a single investor, a minimum investment of $3.5 million is required.
- For a joint venture, each applicant must invest at least $1 million, provided the total project budget is at least $6 million.
- Additionally, an investment of at least $250,000 in a National Infrastructure Improvement Project approved by the government allows a family of four to qualify.
Government Bonds: Making a zero-interest investment in government bonds with a minimum value of $300,000, plus $50,000 in administrative fees, qualifies a family of any size for citizenship.

To qualify, main applicants must be at least 18 years of age and fulfill the minimum investment requirement for one of the four available options. All adult applicants must undergo and pass a comprehensive due diligence review. Full and honest disclosure of all relevant information related to the CBI application is mandatory, as is the payment of processing, due diligence, and administrative fees.

Vanuatu

Vanuatu offers citizenship and passports through its Development Support Program (DSP) and Capital Investment Immigration Plan (CIIP). These programs are available to foreigners and their family members who meet the eligibility criteria and make the required financial contributions and investments in the country. In 2021, Vanuatu introduced the Real Estate Option (REO) as part of its Citizenship by Investment (CBI) Program.

Investment Options:

Development Support Program (DSP): A non-refundable financial donation of at least $130,000 (for a single applicant) to the designated Government Fund. The amount increases to $150,000 if a married couple applies and to $180,000 in the case of a couple applying with two children. Each additional dependent will cost $10,000.
Capital Investment Immigration Plan (CIIP) – Coconut Oil (CNO) Future Fund: This option requires a minimum contribution of $115,000 for an investor plus three family members, with an additional USD 25,000 for each dependent. Additionally, there is an investment requirement of $50,000, which is fully redeemable and provides a return on investment (ROI) after five years.
Real Estate Option (REO): Investment of at least $200,000 (plus VAT of 12,5%) in a government-approved real estate project.

Applicants for the Vanuatu CBI program must have a clean criminal record and provide proof of funds totaling at least $250,000. They must also successfully pass the due diligence review conducted by the Financial Intelligence Unit of Vanuatu. However, individuals from Iran, Iraq, Syria, North Korea, or Yemen are ineligible for the program unless they hold permanent residency outside of these countries and have resided there for more than five years.

Türkiye

The Turkish CBI Program is probably the biggest in terms of application volumes and granted citizenships, as according to media reports, citing the ex-Interior Minister of Türkiye, more than forty thousand passports have been issued through the program since its inception generating over $15 billion of investment in the country. This economic citizenship program permits foreigners to acquire citizenship through a property investment of at least $400,000, with a mandatory holding period of three years. Additionally, the program offers alternative investment options:

A fixed capital transfer of at least $500,000 into a Turkish company.
Depositing at least $500,000 into a Turkish bank, which must be retained for at least three years.
Purchasing government bonds valued at a minimum of $500,000. Investment must be kept for at least three years.
Committing at least $500,000 to a private pension system in Türkiye
Creating employment opportunities for a minimum of fifty individuals, officially endorsed by the Turkish Ministry of Family, Labor, and Social Services.

Turkish Citizenship by Investment program applicants must be at least 18 years old, not have stayed illegally in Turkey, and cover the associated taxes and process costs. Additionally, they must pass the Due Diligence review. Remarkably, applicants for Türkiye’s CBI program are not required to disclose their source of funds.

Turkish passport holders have the opportunity to relocate to the USA and establish a business through the E-2 Investor Visa.

Malta

Malta Citizenship for Exceptional Services by Direct Investment allows non-EU nationals to gain residency and citizenship in Malta through investment and donation. The application process is straightforward with a rigorous four-tier Due Diligence review to ensure applicants are of impeccable standing.

Investment Requirements:

Donation to the National Development and Social Fund (NDSF): Non-refundable contributions of EUR 600,000 (citizenship after 36 months) or EUR 750,000 (citizenship after 12 months), plus EUR 50,000 for each family member.
Real Estate Investment: Retain property for at least five years, either by purchasing a property worth at least EUR 700,000 or renting with an annual rent of at least EUR 16,000 (subleasing not allowed).

Before citizenship application, applicants need to secure a Maltese residence permit and hold it for at least 12 months with physical travel to Malta and biometric submission required. The Residence Permit is valid for 36 months and extendable upon CBI application.

Applicants must also make a non-refundable donation of at least EUR 10,000 to a local NGO and cover residency fees (EUR 5,000 for the main applicant and EUR 1,000 for each family member).

Upon obtaining the Maltese Residency Card, applicants may submit a citizenship application and choose between two donation options: EUR 750,000 for citizenship after 12 months of residency, or EUR 600,000 after 36 months of residency.

Applicants must be at least 18 years old, have a clean criminal record, and be in good health. They must have a legal source of income and should not be listed on any international sanctions lists or have received a visa denial from any country that Malta has a visa-waiver agreement with. Additionally, applicants with close ties to, or who are from countries under international sanctions, are not eligible for the program.

Egypt

The Egypt’s CBI program offers four investment options for obtaining citizenship:

Purchasing Real Estate: Investment of at least $300,000 in residential or commercial property anywhere in Egypt, excluding the Sinai Peninsula. The investment must be retained for at least five years.
Business Investment: CBI applicants must invest at least $350,000 in an existing business or the establishment of a new enterprise, with $100,000 of this amount being a donation to the public treasury. The investment must be held for a minimum of five years.
Bank Deposit: Putting at least $500,000 into an Egyptian bank allows the investor to run for the CBI program. The investment must be held for at least three years, without accruing any interest.
Donation to the State Public Treasury: Foreigners must make a non-refundable contribution of at least $250,000, paid to the Central Bank of Egypt for the Public Treasury’s account, to qualify for the CBI program.

These diverse investment avenues provide potential investors with the flexibility to choose the option that best aligns with their financial goals and aspirations for Egyptian citizenship. Main applicants for Egypt’s economic citizenship program must be at least 21 years old, possess a clean criminal record, and be in good health. They must also demonstrate the financial capacity to make the necessary investment or donation.

Additionally, Egyptian passport holders can relocate to the USA and establish a business through the E-2 Investor Visa.

Jordan

Jordan offers foreigners the opportunity to obtain Jordanian citizenship through its Citizenship by Investment program. Through this program, individuals and their immediate family members can achieve Jordanian citizenship within a swift three-month timeframe by choosing one of the investment options:

Deposit in a Jordanian Bank or Buying Treasury Bonds: a foreigner must invest at least $1 million and hold the investment for at least three years for the bank deposit and at least six years in the case of treasury bonds to qualify for the CBI program. The accrued interest is not guaranteed.
Investment in a Company: Investing at least $1,5 million in an Egyptian company shares. a mandatory holding period is three years.
Investment Project: Investors opting for this category make and investment of at least $1 million within the Amman Governorate, or $750,000 outside the capital city. The investment must create at least 10 jobs if the investment is made outside Amman, and 20 jobs if it is done in the capital city.

Main applicants must be at least 18 years old, have a clean criminal record, and be in good health. They must also demonstrate the financial means to make the required investment.

Conclusion

In summary, Citizenship by Investment (CBI) programs offer a valuable opportunity for individuals to obtain second citizenship and passports, providing numerous benefits such as enhanced global mobility, wealth diversification & protection, and access to quality healthcare and education. These programs, rooted in significant financial contributions or investments, not only facilitate the acquisition of a second passport but also contribute to the economic development of the host countries. As globalization continues to drive the need for international mobility and economic stability, CBI programs remain a key strategy for individuals seeking to diversify their citizenship and secure a better future for themselves and their families. With various options available across different nations, the path towards obtaining a second citizenship has never been more accessible and advantageous.