Citizenship by investment, CBI, programmes, often dubbed golden passports, offer individuals the opportunity to obtain a second passport in exchange for financial investments.
Golden passports are not to be confused with Golden Visas, which are programmes that allow foreigners to obtain a residency permit for investment in a country’s economy.
Learn more about the best options to become a citizen or a resident of another country by investment.
What is a golden passport?
Citizenship by investment, CBI, programmes offered by certain countries are sometimes referred to as ‘golden passport’ programmes.
These programmes allow individuals to obtain citizenship in a foreign country in exchange for a significant financial investment, usually in real estate, government bonds, or a local business.
For investors, one of the primary advantages is enhanced global mobility. Citizens of countries with weaker passports can gain visa-free or visa-on-arrival access to a broader range of countries.
A second passport can also provide a safety net in case of political or economic instability in one's home country, offering an alternative place to live or conduct business.
For host countries, these programmes can attract significant foreign investment, which can boost the local economy, particularly in sectors like real estate and tourism. The funds can be used for infrastructure development, social programmes, or other government initiatives. Moreover, the influx of investors can lead to job creation and increased international connections, enhancing the country’s global profile.
Comparison of golden passport options
Country
Antigua and Barbuda
Minimum investment
$230,000
Processing time
6+ months
Country
Austria
Minimum investment
€2,000,000
Processing time
2—3 years
Country
Dominica
Minimum investment
$200,000
Processing time
6+ months
Country
Egypt
Minimum investment
$250,000
Processing time
10+ months
Country
Grenada
Minimum investment
$235,000
Processing time
8+ months
Country
Jordan
Minimum investment
$750,000
Processing time
3+ months
Country
Nauru
Minimum investment
$90,000
Processing time
3+ months
Country
North Macedonia
Minimum investment
€200,000
Processing time
5+ months
Country
São Tomé and Príncipe
Minimum investment
$90,000
Processing time
2+ months
Country
St Kitts and Nevis
Minimum investment
$250,000
Processing time
4+ months
Country
St Lucia
Minimum investment
$240,000
Processing time
6+ months
Country
Türkiye
Minimum investment
$400,000
Processing time
8+ months
Country
Vanuatu
Minimum investment
$130,000
Processing time
2+ months
Country | Minimum investment | Processing time |
|---|---|---|
| $230,000 | 6+ months |
| €2,000,000 | 2—3 years |
| $200,000 | 6+ months |
| $250,000 | 10+ months |
| $235,000 | 8+ months |
| $750,000 | 3+ months |
| $90,000 | 3+ months |
| €200,000 | 5+ months |
| $90,000 | 2+ months |
| $250,000 | 4+ months |
| $240,000 | 6+ months |
| $400,000 | 8+ months |
| $130,000 | 2+ months |
7 benefits of golden passports
1. Global mobility. Golden passports grant visa-free or visa-on-arrival access to many countries, enhancing travel freedom for passport holders.
2. Investment opportunities. By obtaining a golden passport, investors gain access to new markets, real estate, and business opportunities in a new country, as well as a chance to get a profit from the investment itself.
3. Tax optimisation. Some countries offering golden passports have favourable tax regimes, allowing individuals to optimise their tax liabilities. For example, most Caribbean countries do not impose taxes on personal income. Vanuatu goes even further: it is considered a zero-tax country, with no personal income, corporate, capital gains, inheritance, or wealth taxes.
4. Security. A second passport provides a safe haven during political, economic, or social unrest in one’s home country. Investors can enter the country of their second citizenship at any moment, even if the borders are closed, and spend an indefinite amount of time there.
5. Education and healthcare. Golden passport holders have the same access to education and healthcare systems in their new country as all other citizens, meaning lower or no costs for investors and their family members.
6. Family benefits. Most golden passport programmes extend citizenship to family members, ensuring the same advantages, at least for spouses and children.
7. Lifestyle improvement. Citizenship in a new country can offer an improved standard of living, including a better climate, culture, and quality of life.
Best Caribbean golden passports
Five Caribbean countries have government-approved citizenship by investment programmes. The key differences between them are expenses, investment options, and time frames. However, all of them are among the fastest and least expensive CBI programmes in the world.
Dominica
Dominica has the lowest investment requirement: it is possible to obtain citizenship by contributing $200,000 to the Economic Diversification Fund or purchasing real estate for the same amount. Real estate buyers can sell the property in 3 years and return their investment.
The procedure takes at least 6 months and can be completed remotely, with no language or history tests required.
Dominica passport holders can travel to over 130 countries without a visa. Another benefit is the possibility of tax optimisation: Dominica residents do not pay taxes on wealth, gifts, capital gains, or inheritance.
Antigua and Barbuda
Antigua and Barbuda citizenship can be obtained by investing at least $230,000 as a non-refundable contribution to the National Development Fund. Families of six people and more can also donate $260,000 to a higher education institution.
Real estate purchase is also an option: investors buy shares and properties in government-approved real estate projects for at least $300,000. They will be able to bring the investment back in 5 years.
Finally, there is an opportunity to obtain Antigua and Barbuda citizenship through investing in a local company. The minimum amount required is $400,000.
The passport can be obtained in 6 months. To keep it, investors must spend in Antigua and Barbuda at least 5 days within the first 5 years.
Antigua and Barbuda citizens can travel to over 140 countries without applying for a visa beforehand, including the UK. The country’s residents also do not pay taxes on personal income, inheritance, capital gains, dividends, interest, or royalties.
St Lucia
St Lucia offers five options to apply for citizenship by investment:
- non-refundable contribution to the National Development Fund — $240,000;
- infrastructure project investment — $250,000;
- real estate purchase — $300,000;
- purchase of government bonds — $300,000;
- business investment — $1,000,000.
Purchasing government bonds will allow citizenship applicants to return their investment after 5 years.
The procedure takes 6 months, with no need to travel to St Lucia or pass any interviews or tests.
St Lucia does not tax its citizens on global income, dividends, inheritance, capital gains, or wages. Investors can enter the country at any moment but are not obliged to live there to maintain citizenship. They are also able to travel to around 140 countries without a visa.
Grenada
Grenada citizenship by investment programme has two options for applicants: a non-refundable contribution to the National Transformation Fund or a property purchase.
For the first option, the minimum investment threshold is $235,000. The funds will be used to finance local projects in tourism, alternative energy, agriculture, and other local industries.
For the real estate option, the minimum amount required is $270,000 for a share purchase if:
- real estate project is approved by the Government of Grenada;
- at least two people invest in it;
- total sum of the joint investment is no less than $440,000.
Alternatively, a sole investor can buy a property for $350,000. In 5 years, it can be sold.
The passport obtainment procedure can take 8 months or more.
Grenada citizens can travel visa-free to over 140 countries, including the Schengen Area and China. They can also qualify for an E—2 business visa to the USA, allowing them to live and work in the country. The tax regime is also favourable, as individuals are not taxed on global income, dividends, interest, or royalties from other countries.
Grenada is also the only Caribbean nation that allows stateless persons to participate, with applications reviewed on a case-by-case basis.
St Kitts and Nevis
St Kitts and Nevis has the oldest CBI programmes in the Caribbean region. It is also the most expensive: the minimum threshold for the non-refundable contribution is $250,000, marginally higher than in the other Caribbean countries.
For real estate investors, there are three options:
- share in a government-approved real estate project — $325,000;
- condominium unit designated as an Approved Private Home — $325,000;
- single-family private dwelling designated as an Approved Private Home — $600,000.
Investors must hold the property for at least 7 years to comply with the CBI programme terms. The procedure of obtaining the passport takes at least 6 months.
A St Kitts and Nevis passport allows its holders to enter around 150 countries without a visa. St Kitts and Nevis tax residents do not pay taxes on wages, capital gains, inheritance, dividends, interest, or royalties.
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Other golden passport countries
Vanuatu
Vanuatu offers one of the cheapest and fastest CBI programmes in the world. The small country in Oceania allows investors to apply for citizenship after contributing just $130,000 to its economy.
The money goes to the state fund and is then distributed to help develop Vanuatu’s economy and fight against natural disasters.
Another option is buying shares of the Cocoa Sustainable Development Fund, which is dedicated to developing cocoa production in the country. The minimum threshold is $165,000, and $50,000 can be returned in 5 years.
The process of becoming a Vanuatu citizen by investment can take as little as 2 months. Applicants do not need to take language or history tests, but they must travel to Vanuatu or their embassies in Brussels, Dubai, Hong Kong, or New Caledonia to submit biometrics.
Investors can benefit from Vanuatu’s zero-tax regime by establishing an international company. Vanuatu does not levy corporate income tax, personal income tax, capital gains tax, inheritance tax, or tax on donations.
São Tomé and Príncipe
São Tomé and Príncipe offers the most affordable citizenship by investment with a minimum contribution of $90,000. Investors make a non-refundable contribution to the National Transformation Fund, which supports renewable energy, education, and infrastructure projects.
Family members can be included in the same application. This applies to the investor’s spouse, minor children, and dependent parents and grandparents over 55.
Applicants do not need to attend an interview, pass language or history tests, or travel to São Tomé and Príncipe in person. The process takes around 2 months.
Nauru
Nauru also offers a citizenship by investment pathway with one of the lowest thresholds. The minimum investment is $90,000 for applications submitted by June 30th, 2026. After this date, the required amount will increase to $115,000. Applicants make a non-refundable contribution to the Nauru Treasury Fund.
Family members can be included in the same application. This applies to the investor’s spouse, children, parents, grandparents, and siblings, regardless of their age or financial dependency.
The process is straightforward: applicants do not need to travel to Nauru, pass a language test, or take a history exam. The application usually takes at least 3 months.
Egypt
Egypt launched a CBI programme in 2020. There are four investment options to obtain a passport of the North African country:
- non-refundable contribution — $250,000;
- real estate purchase — $300,000;
- business investment — $350,000;
- deposit at the Central Bank of Egypt — $500,000.
The real estate and business investment option will allow an applicant to return the money 5 years after obtaining citizenship. For the bank deposit option, this opportunity becomes available 3 years after obtaining the passport.
It takes at least 10 months to obtain citizenship. Investors do not have to take exams on Arabic or Egyptian history. They are also not obliged to reside within the country to keep their passport.
Investors who want to open a business in Egypt can do that in 9 public free zones across the country where companies are exempt from corporate tax.
Türkiye
Türkiye's citizenship by investment programme offers five options. Purchasing real estate is the cheapest and the most popular way for investors to apply for citizenship: the minimum amount required is $400,000, both for residential and commercial properties.
Other options to participate in the Türkiye CBI programme include:
- business investments — $500,000;
- deposit in a Turkish bank — $500,000;
- purchase of units in an investment fund — $500,000;
- purchase of government bonds — $500,000.
All options allow the investor to return the money 3 years after obtaining citizenship in Türkiye.
The process of becoming a Turkish citizen takes at least 8 months. The investor and their family members must be present at the migration service in Türkiye to submit the application.
Turkish citizens can travel to over 120 countries without a visa. They may also be eligible for a multiple-entry C-type Schengen visa valid for up to 5 years, which allows them to visit the Schengen Area several times without applying for a new visa before each trip.
Jordan
Jordan receives citizenship applications from foreigners willing to invest at least $494,000 in the country’s economy. An application is processed in 3 months.
There are four possible avenues to apply for a Jordan passport:
- investing in existing business outside Amman — JOD 350,000, or ≈ $494,000;
- investing in existing business in Amman — JOD 700,000, or ≈ $987,000;
- stock market investment — JOD 1,000,000, or ≈ $1.41 million;
- investing in medical warehousing, food logistics, or large-scale storage — JOD 3,000,000, or ≈ $4.23 million.
Jordanian citizens can travel to over 80 countries without a visa or with a visa on arrival. The list includes destinations like Australia, India, South Africa, Türkiye, and Egypt.
North Macedonia
North Macedonia is a small country located in Southeastern Europe, but it is not a member of the European Union. However, citizens of this country can travel across the Schengen Area without a visa, making it a good option for investors who want to obtain citizenship in a European country.
There are two options to obtain citizenship by investment in North Macedonia:
- buying investment fund units — €200,000;
- investing in a new local company and creating 10 jobs — €400,000.
There is no minimum residence period or language requirement for applicants to obtain citizenship. The application processing time is up to 5 months.
Austria
Austria has one of the longest and most expensive citizenship by investment options. It also has one of the strongest passports in the world, allowing its citizens to travel to over 170 countries without a visa.
An applicant must actively invest directly into the country’s economy for 3 years for their application to be considered on a case-to-case basis. There is no strict threshold for Austrian citizenship, but it can involve investments between €2—10 million.
Obtaining citizenship by investment in Austria has no formal application process, but it is estimated that it can take between 24 and 36 months.
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Golden Visas: how are they different from golden passports and which countries have them?
Golden Visa is another commonly-heard term linked with investors moving to another country. However, it does not mean that they are receiving a passport from the said country.
Instead, a Golden Visa is a residency by investment programme that allows foreigners to obtain temporary or permanent residence permits. In most cases, obtaining a Golden Visa makes an investor eligible to apply for citizenship in several years.
The Portugal Golden Visa remains popular even after real estate purchase was ruled out as an option in 2023. The South European country with a pleasant climate and an affordable cost of living, is still attractive for foreign investors.
The minimum investment threshold is €250,000 for supporting arts and restoring cultural heritage. The most popular option, however, is buying investment fund units for €500,000, which can be returned to the applicant after 5 years.
The Hungary Golden Visa was relaunched in 2024, making it one of the newest programmes available for non-EU and non-EEA investors.
The minimum investment amount is €250,000. Investors can choose from two options: purchase of real estate fund units and donation to a higher education institution.
The Golden Visa residence permit is granted for 10 years and may be extended once for the same period. Investors are not required to live in Hungary. However, if they choose to reside there, they may become eligible for permanent residency after 3 years and citizenship after 8 years.
The Greece Golden Visa is another programme with real estate purchase as an option. The cheapest path is to invest €250,000 for a Golden Visa into commercial real estate to convert it for residential use or renovate a building.
The Golden Visa is valid for 5 years and can be renewed an unlimited number of times. Foreigners can get Greek citizenship after spending at least 183 days per year in the country for 7 years.
The Italy Golden Visa has €250,000 as its minimum investment requirement. Foreigners can invest these funds into an innovative startup to become eligible for a residence permit.
Italy Golden Visa holders can apply for citizenship after residing in the country for 10 years.
Cyprus offers permanent residency to foreigners willing to invest at least €300,000. There are four paths with the same minimum investment threshold a potential applicant can take:
- purchase of residential property;
- purchase of commercial property;
- purchase of shares of Cypriot companies;
- purchase of securities.
If permanent residents want to obtain Cyprus citizenship, they will be eligible to apply for it after living there for 8 out of the previous 11 years.
Key things to know about golden passports
- A golden passport is a way to refer to citizenship by investment programmes, which allow foreigners to obtain citizenship of another country in exchange for a significant financial investment.
- Investors can obtain citizenship by investing as little as $90,000 in Nauru or São Tomé and Príncipe, $130,000 in Vanuatu, or $200,000 in the Caribbean.
- A Golden Visa is not the same thing as a golden passport; it refers to obtaining a residence permit for investment. It is possible in several European countries, such as Portugal and Hungary.
- Investors are usually eligible to obtain citizenship after living for 7—10 years in the country with a Golden Visa.
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