Investment options for CBI and residency programs
Countries offer investors a range of options to choose from. They differ in terms of the investment amount, degree of the investor’s engagement, and opportunity to return money and to get income.
Below are the most popular options used in citizenship and residency by investment programs.
Charitable donation. This investment option requires minimal engagement from applicants. Donations are usually made to government funds to support healthcare, education, science, culture, and arts. As a rule, these investments are non-refundable and do not allow making any profit.
Real estate investment. Under this option, investors can purchase or rent real estate at a certain price for a specified period. Depending on the program conditions, investors might be allowed to rent the property out or sell it after several years with a profit.
Despite relatively more paperwork and bureaucracy, this option is one of the most popular among investors, especially those willing to relocate after obtaining the status.
Purchase of fund units, bonds, and other securities. If an investor wants to profit from their investments and is ready to take certain risks, they might invest in securities or fund units. The government usually defines the list of securities and bonds that qualify for the program.
Fund units and bonds are regarded as less risky than companies’ shares and have an average yield of 1—3% per year.
Making a deposit or transfer of funds. This is one of the fastest and less complicated ways to get residency or citizenship by investment. Under such options, applicants’ engagement is minimal. The main disadvantage is that, usually, these options are the most expensive. After the specified time, investors might be allowed to return the investment.
Business investment. Under this option, investors might be allowed to set up a new company, invest in an existing company in the country, or purchase companies’ shares. This option is considered risky because it is impossible to predict if the business will be successful in future.
Best EU citizenship programs
There are no citizenship by investment programs in the EU.
One of the countries allowing investors to obtain a passport is Austria. However, it is not a citizenship by investment program: a passport is granted at the discretion of the Government.
In the past, foreigners could get a Cyprus or a Malta passport by investment, but both programs were closed in 2020.
Malta citizenship by naturalisation for exceptional services by direct investment is available for non-EU nationals under the updated legislation. To qualify, an applicant must fulfil all of the following conditions:
- Contribute €600,000+ to the National Development and Social Fund.
- Make a charitable donation of €10,000.
- Rent real estate for 5 years for €16,000 per year or purchase housing for €700,000+.
The applicant gets Malta residency for 1 or 3 years. After this time expires, they get the right to apply for a Maltese passport.
Best Caribbean citizenship programs
The Caribbean passport is a good option for cosmopolitans. It provides visa-free access to 140+ countries, a chance to move to the islands with the ever-lasting summer, an opportunity to expand a business and optimise taxes.
Five Caribbean countries allow obtaining citizenship by investment: Antigua and Barbuda, Dominica, Grenada, St Kitts and Nevis, and St Lucia.
The Antigua and Barbuda passport is obtained by investing at least $100,000. Investment options include:
- a contribution to a state fund — $100,000+;
- a contribution to a university fund — $150,000+;
- real estate purchase — $200,000+;
- business investments — $400,000+.
The option of contributing to a university fund is specially designed for big families of at least 6 members. They make a $150,000 donation to the University of the West Indies Fund and, therefore, spend less than under any other citizenship by investment program. Additionally, one of the applicants can study at the University for a year free of charge.
The passport-obtaining period is 3—6 months, and the investment real estate or a share in business can be sold after 5 years.
To obtain Dominica citizenship, foreigners make a $100,000+ non-refundable contribution or purchase real estate for $200,000+.
Except for the investment amount, investors pay a Due Diligence fee, a state fee when purchasing property, and other charges such as an interview fee. All applicants over 16 undergo an online interview with an authorised interviewer.
Applications are processed within 3—6 months, and the investment in real estate can be returned in 3—5 years.
The Grenada passport can be obtained by a $150,000+ non-refundable contribution to the National Transformation Fund or a $220,000+ real estate purchase.
In the case of real estate, investors can buy a property in full ownership or a share in a project. Not all properties qualify: the government approves the list of suitable properties.
The passport is obtained within 4—6 months, and investors are not required to reside in the country. All applicants over 17 undergo an online interview.
St Kitts and Nevis citizenship by investment is can be obtained under one of 3 options:
- a contribution to the Federal Consolidated Fund — $250,000+;
- a purchase of an approved property — $400,000+;
- an investment in an Approved Public Benefit project — $250,000+.
The investment real estate can be sold after 7 years of ownership.
After fulfilling the investment condition, applicants are granted Naturalisation Certificates that allow them to apply for passports. The whole process usually takes from 6 months.
Under the St Lucia citizenship by investment program, applicants can choose one of 4 options:
- a contribution to a state fund — $100,000+;
- a real estate purchase — $200,000+;
- purchase of government bonds — $300,000+;
- business investments — $1,000,000+;
- infrastructure project investments — $100,000+.
The whole procedure of obtaining citizenship takes about 4 months. Applicants are not required to move to the country to maintain their passports. The investment in real estate and government bonds can be returned in 5 years.
Comparison of Caribbean citizenship by investment programs
Country | Minimum investment | Obtaining time | Return on investment | Passports for relatives | Residing requirements |
Antigua and Barbuda | $100,000+ | 3—6 months | 5 years | Spouse Children under 30 Parents Siblings | 5 days within the first 5 years |
Dominica | $100,000+ | 3—6 months | 3—5 years | Spouse Children under 30 Parents Grandparents | No |
St Lucia | $100,000+ | 4+ months | 5 years | Spouse Children under 30 Parents Siblings | No |
Grenada | $150,000+ | 4—6 months | 5 years | Spouse Children under 30 Parents Siblings | No |
St Kitts and Nevis | $250,000+ | 6+ months | 7 years | Spouse Children under 25 Parents | No |
EU Golden Visa comparison
Golden Visa programs are available in seven EU countries: Portugal, Greece, Spain, Malta, Italy, Cyprus, and Hungary. The main differences between these programs are the minimum investment amount, residency requirements, and the type of granted status.
The Portugal Golden Visa can be obtained for at least €250,000+ under five options:
- supporting arts and restoring cultural heritage — €250,000+;
- purchase of investment fund units — €500,000+;
- investment in research activities — €500,000+;
- business investment — €500,000+ and creation of at least 5 jobs;
- opening a company — no investment limit, but at least 10 jobs should be created.
The residency is not granted for property purchase.
The investor’s spouse, children under 26, parents, and siblings can be added to the application.
The investor should spend at least seven days a year in the country to maintain the status. After 5 years of residency, they can apply for permanent residency or citizenship.
The Greece Golden Visa is one of the most affordable among the EU residency by investment programs and offers 6 options to choose from:
- real estate purchase — €250,000+;
- renting a hotel or tourist residence for 10 years — €250,000+;
- purchase of land plot for construction or agriculture — €250,000+;
- timeshare for 10 years — €250,000+;
- inheriting real estate or receiving it as a gift — €250,000+;
- purchase of securities or opening a bank deposit — €400,000+.
After five years, the investor can obtain permanent residency and then sell the property to return the investment. If the investor lives in Greece for 7 years, they can apply for citizenship.
The Spain Golden Visa program offers the following investment options:
- purchase of residential or commercial property — €500,000+;
- opening a deposit in a Spanish bank — €1,000,000+;
- purchase of shares of Spanish companies — €1,000,000+;
- purchase of investment fund units — €1,000,000+;
- purchase of government bonds — €2,000,000+;
- business investment — no minimum amount.
The investor’s spouse, dependent children, and parents can obtain residency together with the investor.
Golden Visa holders are not required to live in Spain. However, living in Spain for 5 years allows one to obtain permanent residency. Spanish citizenship can be acquired after living in Spain for another 5 years and giving up the first passport.
Under the Malta Permanent Residence Programme, applicants get the status for life. A spouse, dependent children, parents, and grandparents can obtain permanent residency with the investor.
To qualify, investors need to fulfil several mandatory conditions:
- rent real estate for €10,000+ per annum in Gozo or the south of Malta or €12,000+ per annum in other regions or buy housing for €300,000+ in Gozo or the south of Malta or €350,000+ in other regions;
- pay an administration fee of €40,000;
- pay a government fee of €28,000 in case of purchasing real estate or €58,000 in case of rental;
- donate €2,000;
- pass a strict Due Diligence;
- confirm having a capital of €500,000, including at least €150,000 of liquid financial assets.
The investor confirms meeting the conditions every year for the first five years after getting the status.
The Italy Golden Visa is issued for 2 years and can be extended for another 3 years, provided the investment is maintained.
Investors can choose one of 4 options:
- investment in an innovative startup — €250,000+;
- business investments — €500,000+;
- investment in a philanthropic organisation — €1,000,000+;
- purchase of government bonds — €2,000,000+.
The investor’s spouse, dependent children, and parents can get residence permits. Applicants are required to reside in the country only if they want to obtain citizenship in future.
The Cyprus Golden Visa is a permanent residency by investment program. The status can be obtained in about 6 months and is granted for life.
Available investment options are as follows:
- purchase of residential or commercial property — €300,000+;
- purchase of shares of Cypriot companies — €300,000+;
- purchase of securities — €300,000+.
The investor can apply for citizenship and return the investments five years after getting permanent residency. They must visit the island every 2 years to maintain their status.
Hungary relaunches a Golden Visa in 2024. The investors will be able to get 10-year residence permits if they:
- purchase units of a real estate fund — €250,000+;
- buy a residential property — €500,000+;
- donate to an institution of higher learning — €1,000,000+.
The applicant will get a 2-year Guest Investor Visa and invest within 93 calendar days after the first entry to Hungary.
The Golden Visa program will be available to the investor’s spouse, minor children, and parents. The 10-year residence permit is subject to extending for another 10 years.
Comparison of EU Golden Visa programs
Country | Residence type | Minimum investment | Obtaining period | Residing requirements | Return on investment |
Portugal | Temporary | €250,000 | 8—10 months | 7 days a year | 5 years |
Greece | Temporary | €250,000 | 6+ months | None | 5 years |
Spain | Temporary | €500,000 | 5+ months | None | After renouncing residency |
Malta | Permanent | €150,000 | 6—8 months | None | 5 years |
Italy | Temporary | €250,000 | 3+ months | None | 5 years |
Cyprus | Permanent | €300,000 | 6+ months | Visit every 2 years | After renouncing residency |
Hungary | Temporary | €250,000 | Several months | Unknown | Unknown |
3 main differences between citizenship and residence programs
Wealthy foreigners can become residents or citizens in other countries in different ways: as investors, financially independent persons, or digital nomads. Residency and citizenship programs differ in several criteria.
1. Validity. A residence permit obtained by investment is usually valid for 1—5 years and up to 10 years in the UAE, Hungary, Indonesia, and Thailand. Residence permits for financially independent persons and digital nomads are granted for 1 or 2 years.
In all cases, residence permits must be renewed after expiration. Applicants usually have to prove that they still meet the requirements.
Permanent residence by investment is granted for life and does not have to be renewed. However, the investor might have to fulfil certain conditions to maintain the status. For example, investors have to visit Cyprus at least every two years. Investors participating in the Malta Permanent Residence Program annually prove they meet the requirements.
2. Residing requirements. Keeping a residence permit for financially independent people or digital nomads implies a foreigner moves to the country and spends more than 183 days per year there.
Requirements for residency by investment are usually not that strict; for example, in Spain, Italy, or Greece, investors do not have to live in the country. Investors are required to spend at least 7 days in Portugal.
At the same time, foreigners who obtained an EB-5 Investor Visa are required to move to the US.
3. Right to work or do business in the country. After obtaining citizenship, the investor enjoys the same rights as other citizens, including the right to establish a business and be employed in the country.
As for residence permits, conditions may differ. Financially independent foreigners in Austria and Switzerland cannot work for companies registered there. Residency by investment obtained in the EU countries, such as Cyprus, Malta, Greece, Portugal, and Italy, allows the holders to do business there.