A few countries of the world are prepared to grant their citizenship to foreign nationals in exchange for ‘significant contributions’ to their economies, that is, for investments. Thus, they sell their passports for money. Several more countries will grant long-term legal residence permits to foreign investors.
Why do some national governments launch citizenship- or residence-by-investment programs? The answer is quite obvious: raise some funds. St Kitts and Nevis was the first country to start a citizenship-by-investment program in 1984. The country gained independence from Great Britain only a year prior to that date, in 1983. The rationale behind the decision to start selling passports was clear: St Kitts and Nevis had lost funding from its ‘parent’ country and it needed some new sources of income.
The rationale behind other citizenship- and residence-by-investment programs is the same. Each program, however, has its own nuances. Besides making an investment, the foreign applicant has to meet certain additional requirements and these requirements are different in each particular case.
We are not going to discuss any of the programs in detail. Instead, we will point out the key characteristics of 20 citizenship- and residence-by-investment programs that appear to be the most inviting ones. If you want to learn more details about such programs and find out about their rankings, please follow the link.
| Country | Required investment amount | Investor’s legal status | Dual citizenship |
| Cyprus | Purchase of property for 300,000 EUR (+19 % VAT). The applicant’s annual income has to be at least 50,000 EUR. | Permanent residence in Cyprus | Allowed but you have to live in Cyprus for 7 years before you can apply for citizenship by naturalization. |
| Malta | Purchase of property for 700,000 EUR. The property has to remain in the investor’s possession for at least 5 years. On top of that, a donation to the state fund of 750,000 EUR is required. | Citizenship of Malta. A Maltese passport allows living and working in any EU country. Citizenship acquisition takes at least 14-15 months. | Allowed. You don’t have to renounce your home country’s citizenship. |
| Andorra | An investment of 600,000 EUR. | Acquiring legal residence in Andorra takes 3-4 months. Residence permit is issued for 2 years, then it is extended to 2 more years, then for 3 more years, and then a 10-year residence card is granted. Together with Monaco, Andorra is the best European country for tax purposes. | Dual citizenship is not allowed. |
| Germany | An investment of at least 250,000 EUR into business. In addition, the business project has to be approved by the land (county) authorities and 5 new jobs have to be created. | A 1-year resident permit is issued to the foreign investor. It is extendable. | Allowed in exceptional cases. Citizenship of Germany by naturalization can be acquired after living in the country for 8 years. In most cases, you have to renounce your home country’s citizenship. |
| Spain | An investment of at least 500,000 EUR into real estate or business. | The foreign investor is issued a 5-year residence permit. After legally residing in Spain for 10 years, the foreigner can apply for citizenship by naturalization. | Not allowed. Only citizens of some Latin American countries can have Spanish citizenship and citizenship of their home countries simultaneously. |
| Moldova and Kyrgyzstan | These countries have non-investment immigration programs. Each application for citizenship is treated individually. | You can become a citizen of one of these countries within a reasonable timeframe. | Allowed. |
| Turkey | Purchase of property for 400,000 USD. | The foreign investor and members of his/ her family become full-fledged citizens of Turkey. The Turkish passport is a rather weak travel document but it gives a business immigration opportunity to the USA (E-2 visas are available to Turkish passport holders). | Allowed.
You can change your personal name into a Turkish name. |
| Egypt | Purchase of property for 300,000 USD (to be kept for 5 years) or a 3-year interest-free bank deposit of 500,000 USD. | The foreign investor and members of his/ her family become citizens of Egypt. | Allowed. |
| USA – EB-5 visa | An investment of 800,000 USD into a business venture. New jobs have to be created. The state does not guarantee that the investment will pay back and it is not insured. | The foreign investor is issued a two-year temporary residence permit and a permanent residence permit afterwards. Citizenship of the USA can be applied for after living in the country for 5 years. | Allowed. |
| Canada (province of Quebec) | A 5-year investment of 1,200,000 CAD. Interest-free but secured by the Canadian Government. The program was relaunched on January 1, 2024. | The investor and his. Her family members become legal residents of Canada. After 3 years in the country, they can become citizens of Canada. | Allowed. You don’t have to reside in the province of Quebec for three years to qualify for Canadian citizenship: you can live anywhere in Canada. |
| Chili | Company registration and an investment of at least 15,000 USD. The business plan has to be approved by the authorities. | An investor visa to Chili. A permanent residence permit after 1 year. | Allowed. You have to live in Chili for 5 years before you can apply for citizenship by naturalization. |
| Cambodia | An investment of 1,250,000,000 riels (about 311,000 USD) into an approved project or a donation of 1,000,000,000 riels (around 249,000 USD). | The foreign investor and members of his/ her family obtain passports of Cambodia and become citizens of the country. | Allowed. |
| Singapore | A 5-year investment of 10 million SGD (= 7.4 million USD).
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The investor and his/ her family become legal residents of Singapore and they can apply for citizenship after living in the country for 2 years. | Not allowed. Those wishing to become citizens of Singapore have to renounce their present citizenship. |
| Antigua and Barbuda
Grenada Dominica St Kitts and Nevis St Lucia |
From 100,000 USD to 400,000 USD depending on the country and the chosen investment option. | Citizenship of one of these Caribbean countries can be acquired within 4 to 6 months. Family applications are welcome in all jurisdictions. A passport of any of these countries is a powerful travel document. | Allowed. |
| Vanuatu | From 145,000 USD to 180,000 USD depending on the number of family members applying for citizenship of Vanuatu. | Foreign investors become full-fledged citizens of the country. The timeframe of citizenship acquisition is 2 to 4 months. Unfortunately, the passport of Vanuatu has become weaker since its holders have lost visa-free access to the UK and Schengen zone. | Allowed. |
What foreign citizenship/ residence program to choose? It’s up to you to decide. However, please make sure that you request professional assistance if you wish to acquire foreign citizenship or legal residence.