Which citizenship or residency suits you best?
Compare citizenship and residence by investment programs in differents countries
Citizenship by naturalisation for exceptional services by direct investment
Residence permit
Citizenship
14 months or 3 years
12+ months
6+ months
Connection to Malta is required; the stay term isn’t specified
7 days a year
5 days within the first 5 years after obtaining citizenship
Required
Required
Not required
169
32
152
Yes
Yes
Yes
Yes, with an eTA
No
No, eligible for the 10-year B-1/B-2 Visitor Visa
Yes
No
Yes
Yes, with an eTA
No
Yes, with an eTA
Spouse or registered partner Children under 29 Parents and grandparents over 55
Spouse Children under 26 Parents
Spouse Children under 30 Parents over 55 Grandparents over 55 Siblings
Allowed only for newborns, before the investor’s oath of allegiance
Allowed
Allowed within 10 years subsequent to the investor’s obtaining of citizenship
Yes
No
No
Yes
No
No
After spending 183+ days a year in the country
After spending 183+ days a year in the country
After spending 183+ days a year in the country
Yes
Yes
Yes
€690,000+
€250,000+
$230,000+
Investors fulfil three mandatory conditions:
Contribute to the National Development Fund — €600,000+ after 3 years of residency and €750,000+ after 1 year.
Rent housing in Malta for €16,000+ a year or buy a residential property for €700,000+.
Donates €10,000 to a non-government organisation.
Purchase of investment fund units — €500,000+
Business investments — €500,000+ and 5+ new jobs
Open a company and create 10+ new jobs
Invest in a scientific research — €500,000+
Support art and culture — €250,000+
1. State fund contribution — $230,000+
2. Higher education contribution — $260,000+, only for families of 6 or more
3. Real estate purchase — $300,000+
4. Business investments — $400,000+
€752,500+
€544,550+
$250,900+
€942,000+
€565,700+
$266,800+
5 years for renting and owning a property
5—10 years
5 years
5 years if the property was purchased
5—10 years
5 years
Allowed
Allowed
Allowed
Certificate of citizenship Passport
Residence permit card
Naturalisation certificate Passport
10 years — for citizens aged 16+ 5 years — for citizens aged 10 to 15 2 years — for citizens under 10
2 years, subject to two extensions for 2 years
5 years — the first passport 10 years — subsequent passports
The investment amount consists of 3 mandatory payments: contributions to the fund are not refundable. After 5 years of citizenship, the investor can recoup the initial investment made in real estate.
Detailed Due Diligence.
Investments must be made from the main applicant’s personal account in a Portuguese bank.
Holding a residence permit for 5 years leads to permanent residency or citizenship. The resident must prove their proficiency in Portuguese to get a passport.
The program has a unique option designed for large families of 6 or more people: they can contribute $260,000 to a higher education institution and get a year of free education for one family member under 29.
The investor and applicants over 16 pass a mandatory online interview and take an oath of allegiance.
9 factors to consider when choosing citizenship or residency
Selecting a suitable citizenship or residency investment program might be a challenge: at first glance, most programs have similar requirements and provide almost the same benefits. Several factors will help you decide which program is best for you.
1
Investment amount
The sum to be invested varies significantly across different programs. It starts from several hundred euros or dollars to, in some cases, several millions. Define the investment threshold that is feasible for you.
The sum to be invested varies significantly across different programs. It starts from several hundred euros or dollars to, in some cases, several millions. Define the investment threshold that is feasible for you.
2
Available investment options
Most investment programs allow applicants to choose what to invest in. Among the suggested options might be real estate purchases, business investments, charitable donations, investments in securities or fund units, and bank deposits.
Some investments, such as real estate or securities, can generate profit or be returned in several years. Others, like charitable donations, are usually non-refundable.
Most investment programs allow applicants to choose what to invest in. Among the suggested options might be real estate purchases, business investments, charitable donations, investments in securities or fund units, and bank deposits.
Some investments, such as real estate or securities, can generate profit or be returned in several years. Others, like charitable donations, are usually non-refundable.
3
Freedom of movement
If one of your main goals is to travel freely across the world, learn what destinations you will be able to visit without a visa after obtaining a residence permit or a passport.
For example, with an EU residence permit, you will have free access to the whole Schengen Area for up to 90 days out of 180. At the same time, a Caribbean passport gives mobility across 140+ destinations.
Learn about the freedom of movement granted by a particular passport using our Global Passport Ranking.
If one of your main goals is to travel freely across the world, learn what destinations you will be able to visit without a visa after obtaining a residence permit or a passport.
For example, with an EU residence permit, you will have free access to the whole Schengen Area for up to 90 days out of 180. At the same time, a Caribbean passport gives mobility across 140+ destinations.
Learn about the freedom of movement granted by a particular passport using our Global Passport Ranking.
4
Time needed to obtain a passport or residency
Although the average application processing ranges from 6 months to a year, there are both programs that feature much quicker and much longer procedures for getting residency or citizenship.
For example, you can get a passport by investment in about 1 month in Vanuatu, while obtaining an Investor Visa to the USA usually takes several years.
Although the average application processing ranges from 6 months to a year, there are both programs that feature much quicker and much longer procedures for getting residency or citizenship.
For example, you can get a passport by investment in about 1 month in Vanuatu, while obtaining an Investor Visa to the USA usually takes several years.
5
Opportunity to include family
Most programs allow adding close family to the application. The usual list includes a spouse and minor children. As for other relatives, some programs allow adding children over 18, parents, grandparents, and siblings — as a rule, they should be dependent on the investor.
Most programs allow adding close family to the application. The usual list includes a spouse and minor children. As for other relatives, some programs allow adding children over 18, parents, grandparents, and siblings — as a rule, they should be dependent on the investor.
6
Tax implications
Some countries offer opportunities to optimise taxes. For example, investors might pay lower income tax and be exempted from taxes on global income, real estate, capital gains, or inheritance.
Some countries offer opportunities to optimise taxes. For example, investors might pay lower income tax and be exempted from taxes on global income, real estate, capital gains, or inheritance.
7
Citizenship conditions
If you are going to apply for a residence permit with a prospect of citizenship, find out the conditions and time when you will become eligible to acquire citizenship.
In some countries, you can become a citizen just after 5 years of holding residency, while in others, you might have to live in the country for 8, 10, or even 30 years.
Sometimes, you might be required to renounce your first passport after getting a new one, so you will need to decide if you are ready to give up your first citizenship.
If you are going to apply for a residence permit with a prospect of citizenship, find out the conditions and time when you will become eligible to acquire citizenship.
In some countries, you can become a citizen just after 5 years of holding residency, while in others, you might have to live in the country for 8, 10, or even 30 years.
Sometimes, you might be required to renounce your first passport after getting a new one, so you will need to decide if you are ready to give up your first citizenship.
8
Residing requirements
Under some programs, you might be required to spend at least half a year in the country or even move there for permanent living. As for others, you will not have to live in the country or will need to visit it for just several days annually.
Under some programs, you might be required to spend at least half a year in the country or even move there for permanent living. As for others, you will not have to live in the country or will need to visit it for just several days annually.
9
Economic and social development
When choosing a country for relocation, carefully assess its standards of living. The factors include healthcare system development, education, safety, and price levels. If you are also going to do business there, study the financial situation in the country, market development, the stability of the economy and the national currency, as well as the financial sector.
When choosing a country for relocation, carefully assess its standards of living. The factors include healthcare system development, education, safety, and price levels. If you are also going to do business there, study the financial situation in the country, market development, the stability of the economy and the national currency, as well as the financial sector.
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.
Explore the advantages of European citizenship and the fastest way to obtain an EU 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 $230,000. Investment options include:
a contribution to a state fund — $230,000+;
a contribution to a university fund — $260,000;
real estate purchase — $300,000+;
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 $260,000 donation and, therefore, spend less than under any other citizenship by investment program.
The passport-obtaining period is 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 $200,000+ 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 6+ months, and the investment in real estate can be returned in 3—5 years.
The Grenada passport can be obtained by a $235,000+ non-refundable contribution to the National Transformation Fund or a $270,000+ 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 8+ 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 — $325,000+;
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 5 options:
a contribution to a state fund — $240,000+;
a real estate purchase — $300,000+;
purchase of government bonds — $300,000+;
business investments — $1,000,000+;
infrastructure project investments — $250,000+.
The whole procedure of obtaining citizenship takes about 6+ 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
$230,000
6+ months
5 years
Spouse
Children under 30
Parents
Siblings
5 days within the first 5 years
$200,000
6+ months
3—5 years
Spouse
Children under 30
Parents
Grandparents
No
$240,000
6+ months
5 years
Spouse
Children under 30
Parents
Siblings
No
$235,000
8+ months
5 years
Spouse
Children under 30
Parents
Siblings
No
$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 can be obtained by investing at least €250,000 in real estate, but this threshold only applies to properties undergoing renovation or conversion into residential spaces. For other properties, the minimum investment amount varies between €400,000 and €800,000, depending on the region.
Real estate investment options include:
purchasing property;
leasing a hotel or tourist residence for 10 years;
timeshare of a hotel or tourist residence;
acquiring property through a gift deed or inheritance.
Investors also have the option to purchase securities or make deposits in a Greek bank. In this case, the minimum investment required is €350,000, depending on the chosen option.
The residence permit is issued for 5 years. To maintain and renew the status, investors must retain ownership of the investment property.
After 7 years of continuous residence, one may apply for citizenship in Greece.
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 9 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 relaunched a Golden Visa in 2024. The investors can 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 gets a Guest Investor Visa valid for up to 6 months and invests within 93 calendar days after the first entry to Hungary.
The Golden Visa program is 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
Temporary
€250,000
12+ months
7 days a year
5 years
Temporary
€250,000
4+ months
None
5 years
Temporary
€500,000
5+ months
None
After renouncing residency
Permanent
€150,000
6+ months
None
5 years
Temporary
€250,000
4+ months
None
5 years
Permanent
€300,000
9+ months
Visit every 2 years
After renouncing residency
Temporary
€250,000
5+ 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.
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