Second Citizenship in Stable Countries: A Comparative Guide for High‑Net‑Worth Families

• Malta ended its “citizenship by investment” route in July 2025; only merit-based or long-term paths remain.
• Portugal confirmed the Golden Visa continues under reformed investment routes; new applications remain open.
• Caribbean CBI costs are up: St. Kitts & Nevis now from $250,000 (single); Grenada now from $235,000 (single).
• Australia permanently closed its investor visa program (BIIP/188) in July 2024; alternative visas apply.
• UK and Swiss passports retain top mobility worldwide, useful benchmarks for “stability-first” planning.

Last updated 23 November 2025

For high‑net‑worth families, a second citizenship in a stable country is insurance you can use: mobility in crises, rule‑of‑law protection, and options for residence, education, and estate planning. 2024–2025 brought major changes to headline programs. This concise, source‑driven guide highlights what still works, what changed, and how to structure a resilient Plan B.

Malta – Shift to Merit-Based Citizenship

Malta has formally ended its citizenship-by-investment route. In July 2025, legal amendments marked the termination of the program that allowed “direct investment” as a basis for naturalization, shifting the framework toward merit‑based and longer‑term residency routes instead (WH Partners; Government of Malta press release, 16 Jul 2025).

What this means for families: you can no longer “buy” an EU passport in Malta. Applicants should plan for residence first and consider merit‑based or standard naturalization frameworks (subject to strict due diligence). If you are comparing residency pathways more broadly, see our overview of residency permits and longer‑term citizenship strategies.

Portugal – Golden Visa Continues with Reforms

Contrary to earlier speculation, Portugal confirmed that the Golden Visa program remains in place under reformed investment rules. New applications continue, with the government clarifying the scheme “will not be terminated” (SchengenVisaInfo).

Investor interest remains strong: 5,000 Golden Visas were reportedly issued in 2024, underscoring continued demand despite policy fine‑tuning (SchengenVisaInfo). For families, the Golden Visa’s attraction is a residency‑to‑citizenship path in a comparatively short horizon under EU rule‑of‑law. If you are weighing tax planning alongside EU residence, coordinate early with cross‑border advisors; our tax and investment teams can align holding structures as part of a multi‑jurisdiction plan.

Caribbean CBI Program Updates

Price harmonization and tightened due diligence continued across the Caribbean in 2024–2025. Two notable changes:

• St. Kitts & Nevis: Minimum donation raised to $250,000 for a single applicant (family of four: $350,000), with real estate options also available under updated thresholds (NTL Trust).
• Grenada: Minimum contribution increased to $235,000 (single applicant), aligning pricing with regional peers; program rules updated effective July 2024 (BestCitizenships).

These programs remain attractive for families prioritizing speed to a second citizenship and broad travel access, but budgets should reflect the new minimums and enhanced compliance. For comparative planning with longer‑horizon residency routes, explore our pages on visas and residence permits.

At‑a‑glance status (2025)

Australia – Investor Visa Overhaul

Australia permanently closed its Business Innovation and Investment Program (BIIP, subclass 188) to new applications from July 2024, ending the Investor/SIV streams. The government signaled a shift toward a National Innovation Visa and skills‑based pathways (Mondaq). For families, this removes a traditional “capital‑only” path; planning now focuses on talent, innovation, or business‑creation visas. Coordinate with counsel early to map eligibility.

Passport Strength & Mobility Trends

Passport power remains a practical proxy for mobility and “readiness” in crisis planning. As of mid‑2025, the UK passport offered visa‑free/visa‑on‑arrival access to 186 destinations, while Switzerland’s offered 188, both within the global top tier (Henley Global Mobility Report, Jul 2025). These benchmarks help gauge the incremental value of a second citizenship when your primary passport faces regional constraints.

Other Stable Economies (UK, Canada, Switzerland)

For stability‑first families, the UK, Canada, and Switzerland remain core destinations. None offers a “check‑writing” citizenship pathway; instead, investors pursue residence first and consider naturalization over time. The draw is institutional strength, predictable courts, and strong currency ecosystems. As mobility yardsticks: the UK and Swiss passports rank among the world’s most mobile (Henley). To structure a residency‑to‑citizenship plan aligned with taxes and holding companies, see our guides to residency permits, citizenship, and business incorporation.

Looking for a pragmatic regional back‑up alongside a Tier‑1 passport? Armenia offers flexible residence options and competitive tax structures for operating companies; start with our primers on residence permits in Armenia, Armenia taxes, and investment.

How to Apply

1. Define objectives: mobility only (fast CBI) vs. EU/OECD settlement (residency first). Align with family timeline and schooling needs.
2. Filter by current program status: remove closed/ending routes (e.g., Malta CBI ended; Australia BIIP closed) using official updates (WH Partners; Mondaq).
3. Budget and structure: incorporate revised Caribbean minimums and EU fund/business routes; pre‑vet source‑of‑funds and compliance (NTL Trust; BestCitizenships; SchengenVisaInfo).
4. Sequence steps: residence permits, investment execution, bank/KYC onboarding, then naturalization eligibility where applicable. Our team coordinates visas, filings, and proof‑of‑funds across jurisdictions; see visa and residency services.
5. Plan taxes and succession: integrate holding companies, trusts, and asset location with your preferred domicile. Start with our tax overview and estate‑planning workshop.

Conclusion

In 2025, second citizenship planning for high‑net‑worth families centers on two realities: some “fast‑track” CBI routes grew costlier (or ended), while the best‑in‑class residency‑to‑citizenship paths in stable countries remain open with careful structuring. With Malta’s CBI closed (WH Partners) and Australia’s investor visa shuttered (Mondaq), families are balancing reformed EU options like Portugal (SchengenVisaInfo) with upgraded Caribbean programs (e.g., St. Kitts and Grenada) (NTL Trust; BestCitizenships) and the enduring appeal of UK/Swiss mobility (Henley).

If you need a tailored, compliant roadmap across multiple jurisdictions—including a practical regional back‑up in Armenia for residence, bankability, and tax efficiency—speak with our team. We coordinate investments, filings, and succession planning end‑to‑end. Contact us for a confidential consultation.

Second Citizenship in Stable Countries: HNW Guide (2025)