Towards the end of 2024, I noticed a change in my consultation clients. There was a new urgency to find a Plan B—a place to go if and when circumstances dictate.
Securing residency rights in a foreign country without living there is tricky. Income-based visas like retirement and digital nomad permits require you to live in the country. After all, that’s why countries offer such visas: They want your money and your taxes.
The most popular way to get optional residency rights is a golden visa, an investment-based residency permit. Like retirement and digital nomad visas, the point is to have you bring your money to the country. But if you bring a lot up front, many countries will give you residency rights without requiring you to use them very much.
Golden visas aren’t cheap, especially in Europe.
Although it’s possible to get one for €100,000 or so if you invest in start-up businesses, most folks are looking at a minimum of €500,000. But there’s a cheaper and (often) faster alternative: buying a second citizenship and the passport that goes with it.
This is known as citizenship by investment, or CBI. The number of people asking me about it has tripled or quadrupled since the beginning of this year. Understanding the origins of CBI and the countries offering “passports for sale” will help you decide whether CBI is something you should pursue…
How to Get a Second Passport
How to Get a Second Passport
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Why Do Countries Sell Citizenship?
Most people (including many here at IL) routinely talk about “getting a second passport.” That makes it sound like you can simply buy a travel document.
But you can’t, at least not legally. To get a passport from another country, you must first become its citizen.
Most countries see selling citizenship as incompatible with modern nationhood. And yet some countries do… and more are planning to join the “citizenship market.” The history of CBI explains why.
In 1984, the Caribbean nation of St. Kitts and Nevis launched the world’s first formal CBI program. It allowed foreign nationals to acquire citizenship through real estate purchase or government donations.
In the 1990s and early 2000s, other Caribbean nations, including Dominica, Grenada, Antigua and Barbuda, and St. Lucia, launched their own CBI schemes. Like St. Kitts, these countries saw CBI as a way to raise revenue without raising taxes on their tiny populations. Qualifying investments included a government donation, real estate purchase, or business investment.
Countries realized they had one thing that no one else in the world could sell: their own citizenship.
These island nations adopted CBI because they couldn’t generate enough revenue to fund public expenditure through exports and tourism. But they realized that they had one thing that no one else in the world could sell: their own citizenship. And with the help of self-interested migration agencies, they envisaged a big global market for CBI from people whose own passports limit their travel freedoms and flexibility. The fact that such people rarely want to live in or even visit CBI countries means that it’s a win-win situation for both parties, since it doesn’t require more housing or other resources to accommodate them.
CBI remained under the radar until the 2010s. But after the global financial crisis, two European island nations joined the CBI market. Cyprus (2013) and Malta (2014) offered citizenship that came with EU citizenship as well. These attracted high-net-worth individuals, primarily from Russia, the Middle East, and China. Other island nations, such as Vanuatu in the Pacific, soon followed suit.
By the mid-2010s, CBI had become a multibillion-dollar global industry, marketed by companies like Henley & Partners and Arton Capital. In fact, they often designed them and wrote the enabling legislation. They aggressively courted potential economic citizens, making money on fees from CBI governments and applicants.
But then, as now, the benefits of actually living in such countries weren’t the biggest draw. What CBI patrons really wanted was a passport that offered more travel freedom than their own. That’s why almost all the countries that started selling citizenship had visa-free access to the European Union… one thing people with passports from countries like Russia, Iran, and China couldn’t get.
Controversy
It didn’t take long for politicians and regulators in Europe and North America to realize the risk of CBI. Investigators soon found that money launderers, tax evaders, spies, global criminals, and other miscreants were getting second passports that allowed them into the EU and the US—something they couldn’t do if they’d applied for a visa on their native passport.
That led to diplomatic pressure on CBI countries— especially Cyprus and Malta, which were part of the EU and whose citizens could legally live and work anywhere in the bloc. Cyprus closed its program in 2020 after multiple scandals. Malta was forced to end its CBI program after losing a court case to the EU earlier this year. Dominica and Vanuatu both lost visa-free access to the EU because of irregularities in their own programs.
It’s now clear that the European Union will not tolerate CBI programs from its member states. The European Commission has also tabled a recommendation that any country that sells citizenship lose visa-free access to the Schengen zone.
Citizenship by investment is becoming more attractive for the ordinary rich.
That may or may not happen. But one thing is clear: Countries that sell citizenship must find new markets. The Caribbean countries, for example, have been forced to create a uniform regulatory framework that makes it nearly impossible for someone with a dodgy background to get one of their passports. That’s the only way they can keep visa-free access to the countries their potential customers want to get to.
Having a Second Passport is Your Right. And It Is Completely Legal
If you don't already have a second passport, why not?
It may be the most essential tool available to you in today's world—because it gives you options. It opens doors that might otherwise be closed to you.
If you appreciate the importance of being able to travel more freely...without expensive or hard-to-get visas...being able to retire overseas more comfortably, buy overseas property free and clear...and once and for all, protecting yourself and your family from political and economic turmoil...it’s time to investigate your options and we’re here to help.
CBI Today
The CBI market is undergoing a global sea change. Prices are rising. Due diligence is being taken seriously. Fraud and deception are being rooted out. Dodgy “citizenship agencies” are being forced out of business. Unreasonable practices (like getting CBI without ever visiting a country or immediately changing one’s name on its new passport) are increasingly forbidden.
On the plus side however, these changes make CBI more attractive for ordinary people. As CBI becomes more legitimate, the taint associated with it is reduced. If the desire for second citizenship is genuine, and the applicant commits to “genuine connections” to the country, other countries will probably tolerate CBI.
Today, demand for CBI remains strong from wealthy individuals seeking mobility, security, and asset diversification. As always, the core requirement is an investment or donation. But that’s not the only way CBI programs compete for market share. Other points of competition include how much time the new citizen must spend in the country, and how long they must keep the qualifying asset or deposit.
Here’s a list of current CBI programs, summarizing those conditions:
| Country | Minimum Investment/Donation | Conditions |
|---|---|---|
| St. Kitts & Nevis | $250,000 donation or $325,000 approved real estate | No presence requirement. Real estate: 7-year hold. |
| Antigua & Barbuda | $230,000 donation or $300,000 approved real estate | Presence requirement of 5 days in the first 5 years. Real estate: 5-year hold. |
| Dominica | $200,000 donation or $200,000 approved real estate | No presence requirement. Real estate: 5-year hold. No name changes within 5 years. |
| Grenada | $235,000 donation or $270,000 (share) or $350,000 (full title) approved real estate | No presence requirement. Real estate: 5-year hold. |
| Saint Lucia | $240,000 donation or $300,000 approved real estate | No presence requirement. Real estate: 5-year hold. |
| Vanuatu | $130,000 donation | No presence requirement. |
| Türkiye | $400,000 approved real estate or $500,000 bank deposit or investment | No presence requirement. Real estate: 3-year hold. |
| Egypt | $100,000 donation or $500,000 bank deposit (no interest) | No presence requirement. Bank deposit: 3-year hold. |
| Jordan | $1.4 million investment | No presence requirement. |
| North Macedonia | €200,000 approved investment fund or €400,000 direct investment | No presence requirement. Investment: 3-year hold. |
| Cambodia | $245,000 donation or $305,000 investment in approved projects | No presence requirement. |
In addition, eight countries have recently announced new CBI programs: Argentina, Armenia, Botswana, Nauru, São Tomé and Príncipe, Sierra Leone, and the Solomon Islands. (It’s interesting to note that four of these are in Africa.)
Several things stand out from CBI programs around the world:
CBI is generally cheaper than a European golden visa.
Few countries require its new citizens-by-investment to spend any time in the country.
Where real estate investments are allowed, they must be “approved.” These are usually developer projects like hotels, timeshares, or gated communities. Although there isn’t firm data, it’s unlikely that most of these investments are profitable to the applicant in the long term.
In most countries, stringent due diligence is required, especially concerning the source of funds for a qualifying investment or donation.
Is CBI for You?
Like anything, CBI has pros and cons.
| Pros | Cons |
|---|---|
| Quick. | Due diligence process is more intensive than for golden visas. |
| Often cheaper than a golden visa. | Investment returns may be minimal or negative. |
| Citizenship is a lifelong right, difficult to revoke. | Citizenship doesn't guarantee the right to a passport. Countries can reissue passports, making the second citizenship useless. |
| Visa-free travel. | CBI programs that face scrutiny can lead to travel or banking issues for passport holders (e.g., Dominica and Vanuatu) |
| A plan B if things are too bad at home. | With a few exceptions, CBI countries offer limited local benefits, like poor healthcare, limited opportuntities and high costs of living. |
| Tax opportunities. | US tax obligations remain. The cost of acquiring CBI may wipe out any local tax advantages. |
| No language or cultural integration requirements. | Few expats live in CBI countries, so you'll have to adapt to the local culture. |
The question is whether the cons outweigh the pros. Here’s my take:
First, I have no moral objection to CBI. As long as CBI programs are approved by a legitimate government and the population supports it, countries should be free to set their own citizenship policies.
Second, as I noted above, CBI programs have been dragged towards legitimacy by the threat of losing the very things that make it attractive—particularly visa-free access to places like the European Union. Countries that refuse to play by the new rules will lose these benefits and therefore lose potential CBI investors. The remaining countries will eventually be free of the taint historically associated with CBI. That makes it a viable option for ordinary people.
Having said that, with a few exceptions like Antigua and Barbuda, Türkiye, and (potentially) Argentina and Botswana, most CBI countries aren’t favorable environments for physical relocation. Most are either small and poor or face problematic domestic or regional situations. That means their primary utility from a CBI perspective is their passport. Anyone who wants a true plan B will not find that sufficient.
The market for CBI is still dominated by intermediaries who solicit potential economic citizens in the pursuit of their own profit. Historically, this is where problems come from. Small-scale CBI agencies tend to misrepresent the opportunity, skimp on due diligence, and therefore risk revocation of citizenship later. It’s important to work through established and credible agencies, not whoever pops up first on a Google search.
If you’d like to explore CBI, I’ve helped dozens of people consider their options, and some of them have acquired second citizenships that way.
How to Get a Second Passport
How to Get a Second Passport
According to Forbes, 133 million Americans could be eligible for an EU passport…
Our expert shows you 4 paths to a European passport (and the one he’s taking), plus the most common way for Americans to get a second passport in Europe.
Claim your free report and bonus video when you sign up for International Living's Daily Postcards.
By submitting your email address, you will receive a free subscription to IL Postcards, Overseas Dream Home, The Untourist Daily and special offers from International Living and our affiliates. You can unsubscribe at any time, and we encourage you to read more about our Privacy Policy.
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