It is no secret that CBI programs available worldwide greatly expand your horizons, including visa-free travel, tax advantages, business perks, and access to better education and healthcare for successful applicants. In 2024, citizenship by investment (CBI) is a convenient way for you to get a second citizenship by making a significant contribution to the economy, society, or culture of another country.
Out of several CBI programs available currently, some of the most popular and attractive ones are in Europe, the Caribbean, and Turkey. Since each of these regions has its own strengths and weaknesses for investors, the ultimate choice depends on what your needs and preferences are.
Europe
Here, you will find not only an excellent quality of life but also a rich cultural heritage, in combination with a stable political and economic environment. Many European states have CBI programs that grant investors the citizenship and passport of a European Union (EU) or Schengen Area member state, which allows them to enjoy free movement and residence in these regions, as well as access to the EU single market and other benefits.
Take a look at some of the most popular European CIPs in 2024:
- Malta: Although it is just a small island nation in the Mediterranean, Malta boasts a reputable CBI program launched in 2014 and revamped in 2020. This initiative requires investors to make a non-refundable contribution of EUR 600,000 to the National Development and Social Fund, as well as invest EUR 700,000 in real estate or rent a property for at least EUR 16,000 per year for five years. Another requirement is to donate EUR 10,000 to a Maltese charity. The program grants investors and their dependents Maltese citizenship and passports, which allows visa-free or visa-on-arrival access to 186 countries and territories, including the UK and the EU.
- Bulgaria: Bulgaria’s citizenship by investment scheme is a great option for wealthy people who want to travel freely and do business in Europe. It was relaunched in 2023, after being suspended in 2021. The local CIP is open to non-EU citizens who are over 18, healthy, and have no criminal record. To qualify, they need to invest at least EUR 512,000 in Bulgarian securities, funds, or real estate firms. The program gives investors a residence permit at first. After five years of keeping their investment, they may apply for citizenship and get the money back. Alternatively, these individuals are welcome to speed up the process to 18 months by investing twice as much.
The Caribbean
The region consists of many islands known for their tropical climate, natural beauty, and cultural diversity. Many Caribbean states come with CIPs allowing investors to get their citizenship and passport of a Commonwealth or Caribbean Community (CARICOM) member state.
These are the Caribbean CBI schemes that enjoy the highest popularity in 2024:
- Kitts and Nevis: The twin-island federation has the oldest and most reputable CBI program in the world launched in 1984 and reformed in 2018. The local CBI requires investors to make a non-refundable contribution of USD 250,000 to the Sustainable Island State Contribution Fund (SISC), invest USD 400,000 in real estate for at least seven years, or USD 800,000 in different property types. Keep in mind that investors must pay due diligence and processing fees and meet certain health and character requirements. The program grants investors and their dependents the St. Kitts and Nevis passport, which allows free access to 156 countries and territories, including such in-demand destinations as the UK and the EU.
- Dominica: The highly ranked CBI program of Dominica was launched in 1993. In 2019, some amendments were introduced to make it even more appealing. Thereunder, potential investors shall make a non-refundable contribution of USD 100,000 to the Economic Diversification Fund or invest USD 200,000 in real estate for at least three years. Due diligence and processing fees are a must as are certain health and character standards. This program is a chance for investors and their dependents to obtain the citizenship of Dominica and visit 143 countries and territories, including the UK, the EU, and Singapore either without a visa or with a visa they obtain on arrival.
- Antigua and Barbuda: Another Caribbean gem, Antigua and Barbuda has a competitive CIP of its own. Launched in 2013 and enhanced in 2020, it comes with a requirement for potential investors to make a non-refundable contribution of USD 100,000 to the National Development Fund, invest USD 200,000 in real estate for at least five years, or contribute USD 400,000 to a business venture for the minimum of three years. Additional requirements include paying due diligence and processing fees and spending at least five days in the country within five years of obtaining citizenship. This is a one-of-a-kind opportunity for investors and their loved ones to get Antigua and Barbuda citizenship and enjoy not only higher living standards but also extensive travel opportunities.
Turkey
This transcontinental country straddles Europe and Asia. With its rich history, culture, and economy, Turkey also offers you another unquestionable benefit. We are referring to the local CIP launched in 2017 and amended in 2018 and 2020. To qualify, you will have to invest USD 400,000 in real estate (expected to hit USD 600,000 in 2024), USD 500,000 in bank deposits, USD 500,000 in government bonds, USD 500,000 in a business venture that creates at least 50 jobs, or USD 500,000 in a venture capital fund or real estate investment fund. Please keep in mind that you must hold the investment for three (or more) years and meet some other criteria. With your newly acquired Turkish citizenship, the world is open, including such states as Japan, South Korea, and Qatar, to name just a few.
Since more and more people want second passports nowadays, multiple jurisdictions eagerly offer the opportunity. The world is unpredictable and they just need more security. Should a crisis strike, a second passport (or two) may become your lifeboat.
At International Wealth, we will eagerly help you choose and get citizenship in any of the states we work with. Just message us for a consultation and we will get to you soon!
