Citizenship by investment (CBI) and residency by investment (RBI) programs allow individuals and families to obtain a second passport or residence permit through qualifying investments. These programs vary widely in cost, processing time, passport strength, and pathway to full citizenship.
This guide compares every active CBI and RBI program worldwide as of 2026. We cover Caribbean donation programs, European Golden Visa routes, and emerging options in Turkey, Egypt, Vanuatu, and Jordan. We also address common misconceptions about Romanian and Armenian citizenship by investment.
Whether you are seeking visa-free travel, tax planning advantages, a backup residence, or full relocation, understanding the current program landscape is essential before committing capital.
Caribbean citizenship by investment programs
The Caribbean remains the most popular region for citizenship by investment. Five nations operate active programs: Dominica, Grenada, St. Kitts and Nevis, St. Lucia, and Antigua and Barbuda. Following a Memorandum of Understanding signed in March 2024, these countries adopted a uniform minimum investment floor of $200,000, effective July 1, 2024.
Each program offers distinct advantages depending on your priorities — whether that is the lowest entry cost, U.S. market access through E-2 treaty eligibility, or global passport strength.
Dominica
Dominica’s Economic Diversification Fund (EDF) route starts at $200,000 for a single applicant and $250,000 for a family of four. A real estate option is also available at $200,000 with a three-year holding period. Dominica is widely considered the most accessible CBI program for individual applicants.
Grenada
Grenada’s National Transformation Fund (NTF) contribution is $235,000 for a family of up to four, effective since July 2024. The real estate route requires $270,000 for a shared investment or $350,000 for a sole-title purchase, plus a $50,000 government contribution. Grenada is the only Caribbean CBI country with an active E-2 investor visa treaty with the United States, making it a strong choice for applicants seeking U.S. business access.
St. Kitts and Nevis
The Sustainable Island State Contribution (SISC) is a flat $250,000 for a single applicant or a family of up to four. Additional dependents are $25,000 each for those under 18 and $50,000 each for those 18 and older. St. Kitts and Nevis operates the oldest CBI program in the world, established in 1984, and its passport is consistently ranked among the strongest in the Caribbean.
St. Lucia
St. Lucia’s National Economic Fund (NEF) contribution is $240,000. An important development for St. Lucia applicants: the United Kingdom revoked visa-free access for St. Lucian passport holders effective March 5, 2026. This affects applicants who prioritize UK travel as part of their mobility planning.
Antigua and Barbuda
Antigua’s National Development Fund (NDF) contribution is $230,000 for a family of four. The real estate route requires a minimum $300,000 investment held for five years. Antigua is one of the few Caribbean CBI programs with a physical presence requirement — applicants must visit the country at least once.
European residency by investment programs
European Golden Visa and residency by investment programs have undergone significant changes in recent years. Several countries have closed or restricted their programs, while others remain active with updated requirements. All active European RBI programs provide access to the Schengen zone.
Portugal
Portugal removed its real estate investment route in 2023. Active routes include: investment fund subscriptions at EUR 500,000, cultural contributions at EUR 250,000 (EUR 200,000 in low-density areas), research and technology contributions at EUR 500,000, and company creation at EUR 500,000 plus five jobs. Portugal offers one of the shortest paths to EU citizenship at five years.
Greece
Since September 2024, Greece requires EUR 800,000 for real estate in Athens, Thessaloniki, Mykonos, Santorini, and islands with more than 3,100 residents. All other areas require EUR 400,000. The property must be a single unit of at least 120 square meters, and short-term rental (Airbnb) use is prohibited. Greece offers Schengen zone access but has a longer path to citizenship at seven years.
Hungary
Hungary offers a Guest Investor Program with two routes: a EUR 250,000 real estate investment fund or a EUR 1,000,000 public trust donation. Direct real estate purchases were abolished in January 2025. Hungary provides EU and Schengen access with an eight-year path to naturalisation.
Latvia
Latvia’s residency by investment program requires EUR 250,000 in real estate plus a 5% government fee. The program provides a renewable temporary residence permit with Schengen access and a five-year path to permanent residence.
Italy
Italy’s Investor Visa offers multiple routes: EUR 250,000 in an innovative startup, EUR 500,000 in company shares, EUR 2,000,000 in government bonds, or EUR 1,000,000 in philanthropy. Italy provides Schengen access and a ten-year path to citizenship.
Closed and suspended programs
Spain: The property-based Golden Visa was closed on April 3, 2025 under Organic Law 1/2025. Spain no longer offers a real estate route to residency. Non-property options such as the Digital Nomad Visa and highly qualified professional visa remain available but are employment-based, not investment-based.
Malta: Malta’s citizenship by investment scheme (MEIN) was suspended in April 2025 following a Court of Justice of the EU ruling. The Maltese Citizenship Act was amended on July 24, 2025, terminating the transactional model entirely. Malta now operates a discretionary, merit-based citizenship pathway with no fixed investment minimums.
Worldwide citizenship by investment programs
Beyond the Caribbean and Europe, several countries operate CBI or investment-linked citizenship programs. These vary significantly in structure — from straightforward real estate purchases to complex foreign direct investment requirements.
Turkey
Turkey’s CBI program requires a minimum $400,000 real estate investment with a three-year holding period. After the holding period, the property can be sold without losing citizenship. Alternative routes require $500,000 in other qualifying investments. Turkey does not offer visa-free access to Schengen countries, which limits its appeal compared to Caribbean or European options.
Egypt
Egypt operates a CBI program with multiple routes: real estate investment at $300,000 with a five-year holding period, a business investment of $350,000 plus a $100,000 non-refundable donation held for five years, and an interest-free bank deposit of $500,000 for three years (refundable in Egyptian pounds). Family members can be included. The Egyptian passport provides limited global mobility.
Vanuatu
Vanuatu’s Development Support Program (DSP) starts at $130,000 for a single applicant, with couples at approximately $150,000–$165,000 and families of four at approximately $180,000. Processing is fast — typically 30 to 60 days. However, the European Union revoked visa-free access for Vanuatu passport holders, significantly reducing the passport’s travel utility for those targeting European destinations.
Jordan
Jordan offers citizenship through foreign direct investment, requiring a minimum of JOD 1,000,000 (approximately $1,410,000 USD) for share purchases in productive projects. The program has eight investment routes and is capped at 500 approvals per year. Unlike Caribbean programs, Jordan’s CBI is not a simple donation model — it requires genuine business investment in the economy.
Montenegro (closed)
Montenegro’s CBI program closed at the end of 2022. No active citizenship by investment program exists in Montenegro as of 2026.
Romania — separating fact from fiction
Romania does not have a citizenship by investment program. Claims of a “$25,000 Romanian CBI” circulating online are inaccurate and represent marketing misrepresentation. Romanian citizenship is available only through standard routes: naturalisation (eight years of residence, or five years if married to a Romanian citizen), descent, or repatriation for those with ancestral ties.
Business-based residence is possible with an estimated EUR 50,000–70,000 in share capital, though this is a practical benchmark rather than a codified Golden Visa route. A proposed Golden Visa program with a EUR 400,000 threshold was under legislative review as of late 2025, but it has not been enacted into law.
Romania became a full Schengen member on January 1, 2025, which makes its standard residence permits more attractive for those seeking European mobility. Naturalisation requires Romanian language proficiency, with a one-year grace period for language proof after filing.
Armenia — citizenship and residency pathways
Armenia does not have a commercial citizenship by investment program. A 2022 draft proposal that discussed investment-linked citizenship routes was never enacted into binding law, and Armenia will not offer a pay-for-passport CBI in the traditional sense.
However, Armenia offers several pathways to citizenship and residency that may be relevant for investors and entrepreneurs:
Exceptional contribution citizenship: Under Armenian law, citizenship can be granted by presidential decree for exceptional contributions to the country. This is a discretionary process with no fixed investment threshold, and approval is not guaranteed.
Company-based residence: Foreign nationals can obtain temporary residence by establishing a business in Armenia. Under Armenian corporate law, there is no statutory minimum share capital requirement for an LLC. However, real business activity and income generation are required to maintain the residence permit. Learn more about business registration in Armenia.
Upcoming investment residence reforms: Under upcoming Armenian immigration law reforms effective November 2026, a new five-year investment permanent residence category will be created, bypassing the usual three-year temporary residence track. Investment thresholds for this new category have not yet been published. Fees under the new framework take effect January 1, 2027.
Naturalisation: Armenian citizenship through naturalisation requires three years of residence — one of the shortest naturalisation periods globally. For more details, see our Armenia citizenship guide and residence permits overview.
Program comparison at a glance
The table below compares the key features of active citizenship and residency by investment programs worldwide. All figures reflect 2026 requirements.
| Program | Min. Investment | Type | Result | Key Feature |
|---|---|---|---|---|
| Dominica | $200,000 | Donation | Citizenship | Lowest individual cost |
| Grenada | $235,000 | Donation | Citizenship | E-2 US visa treaty |
| St. Kitts | $250,000 | Donation | Citizenship | Oldest CBI program (1984) |
| St. Lucia | $240,000 | Donation | Citizenship | UK visa-free lost Mar 2026 |
| Antigua | $230,000 | Donation | Citizenship | Family of 4 flat rate |
| Turkey | $400,000 | Real estate | Citizenship | Sellable after 3-yr hold |
| Egypt | $300,000 | Real estate | Citizenship | Includes family members |
| Vanuatu | $130,000 | Donation | Citizenship | Fastest processing (30–60 days) |
| Jordan | ~$1,410,000 | FDI | Citizenship | Real business investment required |
| Portugal | EUR 250,000 | Fund / cultural | Residency | 5-yr EU citizenship path |
| Greece | EUR 400,000 | Real estate | Residency | EUR 800k in major cities |
| Hungary | EUR 250,000 | RE fund | Residency | EU + Schengen access |
| Latvia | EUR 250,000 | Real estate | Residency | + 5% government fee |
| Italy | EUR 250,000 | Startup | Residency | Multiple investment routes |
How to choose the right program
Selecting a citizenship or residency by investment program depends on your individual circumstances, goals, and budget. Here are the key factors to evaluate:
Budget: Caribbean donation programs offer the lowest entry points, starting at $130,000 (Vanuatu) to $250,000. European programs require EUR 250,000 or more. Turkey sits in the middle at $400,000. Your budget should account for government fees, due diligence charges, and legal costs in addition to the base investment amount.
Timeline: If speed matters, Vanuatu processes applications in 30–60 days. Caribbean programs typically take three to six months. European programs vary from two months (Greece) to over a year, depending on the country and application complexity.
Travel needs: For Schengen zone access, European RBI programs are the direct route. For global mobility, Caribbean passports cover a wide range of destinations. If U.S. market access through an E-2 visa is important, Grenada is the standout choice. Consider recent changes such as St. Lucia losing UK visa-free access.
Family inclusion: Most programs allow spouses and dependent children. Some programs like Grenada and Antigua extend eligibility to siblings. The St. Kitts SISC offers a flat $250,000 for families of up to four, making it one of the most cost-effective family options.
Long-term goals: If you want EU citizenship, Portugal offers the shortest path at five years. If you want an immediate second passport, Caribbean and Turkish CBI provide citizenship on approval. If you are interested in Armenia, the three-year naturalisation period is among the shortest globally.
