Citizenship by Investment: The Global Atlas

The basics

What is citizenship by investment? It is a legal process in which a sovereign government grants full citizenship — and a passport — in exchange for a defined financial contribution, most commonly a donation to a state development fund or a qualifying real estate purchase. Approval typically takes weeks to months, not years, and does not require the applicant to live in the country before or after approval.

Citizenship by investment vs golden visa — what's the difference? A golden visa is a residency-by-investment programme: it grants the right to live in a country, with citizenship only reachable after a multi-year naturalisation period and, in most cases, a physical residency requirement. Citizenship by investment skips residency entirely and grants citizenship directly. Portugal, Spain, and Greece run golden visas; the thirteen programmes on this page run direct citizenship by investment.

How does citizenship by investment work, step by step? In practice: (1) engage a licensed agent, (2) complete due diligence and source-of-funds documentation, (3) submit the application to the government's citizenship unit, (4) pass background and security screening, (5) make the qualifying contribution, and (6) receive a certificate of naturalisation and passport. Most active programmes complete this in two to nine months, depending on the country.

Is citizenship by investment regulated? Yes, at two levels. Each government runs its own due-diligence unit, typically supported by an independent international investigations firm. Internationally, the OECD has published guidance on CBI/RBI schemes and tax-residency risk, and the Financial Action Task Force (FATF) monitors CBI programmes for money-laundering exposure — scrutiny that directly contributed to Cyprus's 2020 closure and Malta's 2025 court ruling.

The Caribbean

St Kitts & Nevis invented the industry. In 1984, under Part II, Section 3(5) of its Citizenship Act, the twin-island federation began granting citizenship in exchange for economic contribution — the first programme of its kind anywhere in the world. It went largely unnoticed for two decades, until a 2006–2007 reform professionalised the process and turned a quiet legal mechanism into the template every other CBI programme now follows.

Dominica followed in the early 1990s. Grenada opened and closed its first attempt the same decade before reopening in 2014 — today it holds the only E-2 investor treaty with the United States among Caribbean programmes, letting its citizens set up and run a business on US soil. Antigua & Barbuda and St Lucia rounded out what the industry now calls the Caribbean Five: five sovereign, insured, and mutually reinforcing programmes that have collectively issued passports to tens of thousands of families since the 1980s.

"Five nations, one due diligence standard, one Caribbean passport bloc."

These remain the most understood and process-tested CBI programmes on earth — which is precisely why they anchor most global comparisons, including this one.

Latin America

Latin America tried this before the Caribbean model had even matured — and it went badly. In 1992, under President Alberto Fujimori, Peru amended its constitution to sell citizenship for $25,000, targeting Hong Kong investors ahead of the 1997 handover. Public backlash was immediate. The scheme issued citizenship to just twelve investors before the government shut it down within a year.

It took more than three decades for the region to try again. In December 2023, El Salvador launched the Freedom Passport — the first genuine direct citizenship-by-investment programme in the Americas, and the only one in the world funded exclusively in Bitcoin or Tether. A $1,000,000 non-refundable contribution buys citizenship in as little as six to eight weeks, capped at 1,000 applicants a year.

Argentina is next. A citizenship-by-investment programme is in active regulatory development, with an anticipated launch in the second half of 2026 — one our team is tracking closely given the volume of client interest already on file. Until it formally opens, we list it here as launching, not active.

Africa

Africa's citizenship-by-investment market is its newest. São Tomé & Príncipe launched in 2025 with a $90,000 minimum donation — currently tied with Nauru for the lowest entry point of any programme in the world — though real-world processing has run longer than the advertised timeline, and applicants should plan for eight months or more rather than the marketed six weeks. Sierra Leone has since opened a comparable donation-based route. Egypt, active for longer and anchored by a $250,000 real estate or donation route, sits apart from both as a larger, more established economy offering a transcontinental passport with links across Africa, Asia, and the Middle East.

Botswana is next. In September 2025, President Duma Boko signed an agreement with Arton Capital to design an "Impact Investment Program," targeting a Q1 2026 launch with contributions of $75,000–$90,000 — which would immediately undercut São Tomé & Príncipe as the world's most affordable open citizenship-by-investment route. The programme still needs Botswana's Parliament to pass a dual-citizenship amendment before it can formally open, so we list it here as launching, not active.

The Pacific

Vanuatu is the fastest citizenship on this entire page — a $130,000 donation can produce a passport in as little as one to two months, with digital-only documentation and no interview. Nauru, the world's smallest island republic, launched its Economic and Climate Resilience Citizenship Program in 2024, framing its $105,000 entry point as financing for climate adaptation rather than a conventional donation fund. Both programmes trade lower passport strength for genuinely unmatched speed.

The Middle East

Jordan and Egypt both anchor citizenship to active economic participation rather than a passive donation — Jordan through business investment, job creation, or a qualifying deposit; Egypt through real estate or a direct contribution. Both sit at the higher end of cost and processing time on this page, and both suit investors already building a commercial footprint in the region rather than those seeking the fastest route to a second passport.

Europe

Europe's citizenship-by-investment story is largely a story of closures. Cyprus ran a programme from 2013 until Brussels-facing scrutiny and an Al Jazeera investigation — which revealed passports issued to individuals under criminal investigation — forced its termination on 1 November 2020. Malta lasted longer, but the Court of Justice of the European Union ruled in April 2025 that its "golden passport" model was incompatible with the principle of EU citizenship, ending the programme entirely; Malta now offers a non-investment Citizenship by Merit route instead (see below).

Portugal has never had a true citizenship-by-investment programme — the Golden Visa is a residency-by-investment route, and citizenship only becomes available after five years of lawful residence, regardless of investment size. That leaves Turkey as the only country in Europe still offering a direct path to citizenship through investment: a $400,000 real estate purchase, or a $500,000 bank deposit or bond investment, typically processed in three to eight months.

David Lincoln, IMCM

Eight years in investment migration. Leads LGP's Latin American programme coverage, including Argentina, Paraguay, and El Salvador, alongside European golden visa routes.

Peter Lilliott

Co-founded LGP in 2020. Specialises in Caribbean citizenship-by-investment programmes and Portuguese residency and citizenship routes.

Matías Aguayo

Works alongside LGP's Latin American desk on regional citizenship and residency programmes.

Georgea Rios

Supports client due diligence and application management across LGP's citizenship-by-investment programmes.