Citizenship by investment for Nigerians: best countries to get a second passport and enjoy its benefits

Some countries do not allow dual or multiple citizenship, and require nationals to revoke their citizenship if they are acquiring a passport of another country. That’s not the case for Nigerians. You can maintain your citizen status in Nigeria while holding citizenship in multiple countries.

However, make sure a country where you want to get another passport supports dual citizenship. For example, most Caribbean nations allow multiple citizenships, but some EU states do not. Almost half of the worldwide countries support dual citizenship.

A second citizenship can offer numerous benefits. They vary from country to country, but the most common ones include travel freedom, expanded business prospects, and increased personal and financial security.

1. Travel freedom. Many nations have visa-free agreements with specific countries. This is how second citizenship and a stronger passport can make traveling easier.

The Nigerian passport allows visa-free travel only to 79 countries. In contrast, an EU passport holder can enter over 170 countries without a visa.

Finally, a second passport can provide a backup option in case of emergencies like lost or stolen passports.

2. Expanded business opportunities. Dual citizenship allows individuals to enter new markets and conduct business in countries where their original citizenship might pose legal or bureaucratic barriers.

Many countries also offer investment or entrepreneur visa programs that lead to citizenship. This can be an attractive option for wealthy Nigerians seeking to expand their business ventures.

3. Having a plan B. Dual citizenships can be of great help during unfavourable situations like political or social instability, physical danger or natural disasters. Dual nationals can easily move to another country and get legal protections and access to related consular services.

4. Financial and investment opportunities. Holding a second citizenship can allow for the diversification of assets across different countries, reducing risk and potentially increasing financial security. A second passport for Nigerians also facilitates access to more stable financial systems and makes international banking easier.

If Nigerians participate in citizenship by investment program via real estate option, they can earn profit from the investment property. This can be from owning shares in resorts and other tourist accommodations, renting out residencies, or reselling the property when it grows in value.

5. Better quality of life. With dual citizenship, Nigerian families can choose to live in a country with better education, healthcare, and other social services.

In the Legatum Prosperity Index 2023, Nigeria ranked 153rd in safety and 157th in health. Some countries where one can obtain second citizenship by investment rank significantly higher. For example, Malta ranked 17th and 19th, respectively.

6. Tax benefits. Some countries offer favourable tax regimes for their citizens, including lower income taxes, no inheritance taxes, or tax exemptions on worldwide income. This can be advantageous for wealth management and financial planning.

7. Easier residency for family members. Some countries offer family reunification programs, making it easier for family members to obtain residency or citizenship once one member has acquired it.

Citizenship by investment programs often allow adding family memes in the application. Citizenship can also be inherited by future generations in many countries.

Malta does not grant citizenship by investment directly but wealthy Nigerians may apply for citizenship for exceptional services by direct investment. The minimum investment amount is €690,000, and applicants must maintain residence in Malta for at least one year before applying.

Turkey’s citizenship by investment program was launched in 2017. Nigerians can obtain citizenship by investing at least $400,000. Investment options include purchasing real estate, government bonds, or units in an investment fund, making a bank deposit, or creating jobs in the country. The real estate option is refundable after 3 years.

Antigua and Barbuda’s citizenship program was launched in 2013. The minimum investment is $230,000. Investors can choose from several options: a contribution to the state fund, a real estate purchase, or a business investment. The real estate investment is refundable after 5 years.

Dominica’s program has been in place since 1993. Nigerians can obtain citizenship with a contribution of at least $200,000 to a state fund or by purchasing real estate for at least $200,000.

Lyle Julien,

Investment programs expert

Dominica now offers the most cost-effective investment option among Caribbean CBI programs. Following recent changes to investment requirements, it remains the only country where Nigerians can obtain citizenship with a minimum real estate investment of $200,000. This option is refundable after five years. 

In other Caribbean nations, real estate and other refundable investments require significantly higher amounts. For example, Antigua and Barbuda and St Lucia set the minimum real estate investment at $300,000, while in St Kitts and Nevis, it starts at $325,000.

St Lucia’s citizenship by investment program was launched in 2015 and is regulated by the Citizenship by Investment Act.

The minimum investment is $240,000. Available options include a non-refundable contribution to the state fund, purchase of real estate or government bonds, which are refundable after holding them for 5 years.

St Kitts and Nevis’s citizenship by investment program is the oldest in the world: it was established in 1984.

The minimum investment is $250,000. Investors can choose between a non-refundable contribution to the state fund or a refundable real estate investment. The property must be held for at least 7 years.

Grenada’s citizenship by investment program was launched in 2013. The minimum investment is $235,000. Investment options include a contribution to the National Transformation Fund or a real estate purchase. The property can be sold after 5 years.

Vanuatu’s citizenship by investment program is the fastest in the world, with processing times of 1—4 months. It was launched in 2017. The minimum investment is $130,000. Applicants must contribute to the state fund or invest in the CNO Future Fund.

Comparison of citizenship by investment programs

Country

Investment

Obtaining period

Investment return

Malta

€690,000+

1—3 years

After 5 years if buy real estate

Turkey

$400,000+

8+ months

After 3 years

Antigua and Barbuda

$230,000+

6+ months

After 5 years if invest in real estate

Dominica

$200,000+

6+ months

After 3—5 years if invest in real estate

St Lucia

$240,000+

6+ months

After 5 years if invest in bonds

St Kitts and Nevis

$250,000+

6+ months

After 7 years if invest in real estate

Grenada

$235,000+

8+ months

After 5 years if invest in real estate

Vanuatu

$130,000+

1+ months

Within 5 years if invest in the CNO Future Fund

Malta citizenship by naturalisation for exceptional services by direct investment is a process that takes 1 or 3 years, depending on the chosen path. Applicants first get a residence permit before applying for citizenship.

Investment. Mandatory requirements and expenses include:

1. Contribution to the National Development and Social Fund of Malta. A €600,000 contribution allows citizenship application after three years, while a €750,000 contribution shortens the period to one year.

2. Donation of at least €10,000 to a non-governmental charitable organisation approved by the Community Malta Agency.

3. Investment in residential real estate in Malta. Applicants must either rent a property for at least €16,000 per year or purchase a property worth at least €700,000. The property must be held for five years without changing rentals or reselling.

All three requirements are obligatory. There will be additional expenses, such as an Eligibility Assessment, residence card, and administrative fees. The minimum estimated expenses for a family of four are €942,000 in total.

Requirements for applicants. Family members that can apply along with the investor are:

• a spouse or a registered partner of any gender;

• children up to 29, provided those over 18 are financially dependent on the main applicant;

• parents and grandparents over 55, financially dependent on the main applicant.

Investors and their family members will be subjected to the thorough Eligibility Assessment that consists of four levels.

Malta allows dual citizenship, so Nigerian investors can keep their original passport.

After obtaining Malta citizenship by naturalisation for exceptional services by direct investment, one can enter and leave the country at any time, as well as live, work, or run a business there.

Maltese citizens can travel to 160+ countries visa-free, including the Schengen Area states, the UK, the US, and Canada.

Tax residency provides a convenient system. There are no special tax benefits for investors in Malta but the income tax is lower than in some European countries. So is VAT: it is 18% in Malta, which is lower than Europe’s average of 21%. No inheritance and wealth tax, and no tax on worldwide income for non-domiciled residents.

Access to public and private high-quality healthcare and education becomes available in Malta and other countries of the European Union without the need for a visa.

Turkey citizenship by investment is an option for those who prefer to apply without leaving Nigeria, as documents can be submitted remotely. The process takes at least 8 months.

Family members that can apply along with the investor are a spouse and children under 18. Financially dependent parents and adult children can also apply for a Turkey residence permit.

Options and expenses. To obtain Turkey citizenship by investment, applicants need to choose one of the following options:

1. Investment of at least $400,000 in real estate.

2. Investment of at least $500,000 in a new business.

3. Deposit of at least $500,000 in a Turkish bank account.

4. Investment of at least $500,000 in government bonds.

5. Investment of at least $500,000 in real estate investment fund shares.

For family applications, a government fee of $574 is required for each applicant.

Benefits of Turkey citizenship by investment include living and working in an affordable country with a favourable tax regime, high-quality education, and healthcare services. Turkey permits dual citizenship.

With a Turkey passport, Nigerian citizens can travel to over 120 countries, and get a C‑2 Schengen visa. They can also apply for a B‑1/ B‑2 US visa, as well as an E‑2 US business visa.

This Caribbean country offers attractive citizenship by investment program with a low threshold and no added costs for family members. The Antigua and Barbuda passport can be issued in 6+ months.

Options and expenses. To obtain Antigua and Barbuda citizenship, investors can choose one of the following options:

1. Non-refundable contribution of at least $230,000 to the National Development Fund.

2. Contribution of at least $260,000 to a higher education institution.

3. Investment of at least $300,000 in real estate.

4. Investment of at least $400,000 in a business.

Note that Due Diligence and state fees for Antigua and Barbuda citizenship are higher if there are multiple applicants. Estimated expenses for a family of four start at $266,800.

Family members that can apply along with the investor areaspouse, dependent children under 30, dependent parents and grandparents over 55, and unmarried siblings.

Benefits of the Antigua and Barbuda passport include visa-free travel to over 150 countries, such as the UK, Schengen Area, and Singapore. Nigerians will be able to apply for a long-term B‑1/B‑2 US visa.

Antigua and Barbuda has no wealth, inheritance, or personal income tax for citizens. Businesses can benefit from preferential terms within the free CARICOM market.

Another Caribbean program with a competitive investment threshold. Dominica citizenship by investment acquisition usually takes at least 6 months.

Options and expenses. To apply for Dominica citizenship, investors must make a non-refundable contribution of $200,000+ to the Dominica Economy Diversification Fund or purchase real estate for at least $200,000. The property can be sold after 3—5 years.

Total estimated expenses for a family of four will start at $271,200. This includes the investment and the additional fees.

Family members that can apply along with the investor are a spouse, dependent children under 30, and dependent parents and grandparents over 65.

Benefits of the Dominica passport include visa-free access to 145 countries including the Schengen Area, China, and Singapore. With a Dominica passport, Nigerians will be eligible for a 10-year B‑1/B‑2 US visa.

Investors can optimise their individual and business taxes in Dominica, as there are no taxes on dividends, interest, or royalties from abroad, as well as capital gains or inheritance.

St Lucia established its citizenship by investment program in 2015. The Citizenship By Investment Act and its amendments regulate the program rules. An applicant can get a St Lucia passport within 6+ months.

Options and expenses. Applicants for St Lucia citizenship by investment choose from five options:

1. Non-refundable contribution of at least $240,000 to the National Economic Fund of St Lucia.

2. Investment of at least $300,000 in government bonds.

3. Investment of at least $250,000 in an infrastructure project.

4. Investment of at least $300,000 in real estate.

5. Investment of at least $1,000,000 in a business.

In addition to the selected investment amount, there are fees. Total estimated expenses for a family of four will start at $261,450.

Family members that can apply along with the investor are a spouse, dependent children under 30, dependent parents over 55, and siblings under 18.

Benefits of the St Lucia passport include visa-free entry to over 140 countries, including the Schengen Area states, Singapore, and Hong Kong. Citizens can also apply for a 10-year B‑1/B‑2 US visa.

St Lucia has a favourable tax regime for citizens: no income, wealth, inheritance, foreign income, or capital gains taxes. Nigerians can establish a company here, and conduct business with other countries.

St Kitts and Nevis citizenship by investment is the first program of this kind in history. It was launched in 1984. The process is highly streamlined and can be completed within 6+ months.

Options and expenses. St Kitts and Nevis allow applicants to choose one of the following options to obtain its passport:

1. Non-refundable contribution of at least $250,000 to the Federal Consolidated Fund.

2. Investment of at least $250,000 in Public Benefit Projects.

3. Investment of at least $325,000 in real estate.

With all added fees, a family of four will spend approximately $270,144 on obtaining this Caribbean passport.

Family members that can apply along with the investor are a spouse, dependent children under 25, and dependent parents over 55.

Benefits of the St Kitts and Nevis passport include visa-free travel to over 150 countries, including the Schengen Area states, the UK, and Singapore. Investors will be able to apply for a B‑1/B‑2 US visa as well.

St Kitts and Nevis has no income, wealth, or inheritance tax. Nigerians also won’t be taxed on dividends, wages, or royalties. After becoming citizens, they can register an international company in the country.

The Grenada passport by investment is another strong Caribbean citizenship program. The obtaining period is at least 8 months.

Options and expenses. To acquire Grenada citizenship by investment, applicants choose one of two available options:

1. Non-refundable contribution of at least $235,000 to the National Transformation Fund.

2. Investment of at least $270,000 in real estate.

There are additional mandatory fees, and estimated expenses for a family of four is $258,350.

Family members that can apply along with the investor are a spouse, dependent children under 30, dependent parents and grandparents, and siblings over 18, unmarried with no children.

Benefits of the Grenada passport include visa-free travel to 148 countries, including the Schengen Area states, the UK, China, and Singapore. The eligibility for the E‑2 US visa allows Grenadians to live, work, and run a business in the US.

Investors can also register an international business in Grenada. The country has no wealth, inheritance, or gift tax, and no restrictions on the repatriation of profits and imported capital.

Vanuatu citizenship by investment is one of the fastest ways to obtain a second passport. The process can be completed remotely in as fast as one month.

Required investment is a non-refundable contribution of at least $130,000 to the National Development Fund. With additional fees, a family of four will spend approximately $194,775+ on the program.

Another option is investment of $157,000+ in the CNO Future Fund, allowing to receive a yield of approximately 5% a year.

Family members that can apply along with the investor are a spouse, dependent children under 25 enrolled in a university, and parents over 50.

Benefits of the Vanuatu passport include visa-free access to 100+ countries such as Australia, South Korea, UAE, and Singapore. Vanuatu citizens are eligible for the 5-year B‑1/B‑2 US visa

As an investor and citizen of Vanuatu, one can establish an International Business Company and use a beneficial tax regime for the next 20 years. For example, there will be no taxes on corporate profits, capital gains, personal income, donations, or inheritance.

1. Nigeria allows multiple citizenships. This means that investors and their families can obtain passports from a foreign country without giving up their first citizenship.

2. High-net-worth Nigerians can greatly benefit from getting second citizenship. Another passport means freedom of travel, financial stability, tax optimisation, and a better quality of life.

3. Governmental citizenship by investment programs help to achieve this through contributing $130,000+.

4. Among all dual citizenship by investment opportunities, the Caribbeans have arguably the best options. Nigerians can obtain a second passport and the right to travel to more than 140 countries without a visa, including the Schengen Area and the UK. Other benefits include eligibility for US visas, tax optimisation, and international business opportunities.