In 2023 several countries continue to offer citizenship‑by‑investment (CBI) programmes, but the terms, costs, and long‑term reliability vary widely. Below is a concise overview of the ten jurisdictions that are actively selling passports, the main investment routes they provide, and the practical considerations that affect their attractiveness.
1. Saint Kitts and Nevis
- Donation: US $125 k (reduced from $150 k).
- Real‑estate: US $400 k on the open market.
- Key points: The lower donation price is offset by recent issues that have pushed the programme to the bottom of many rankings. Potential buyers should investigate the specific concerns before committing.
2. Vanuatu
- Donation: US $130 k for a single applicant.
- Features: Fast processing and historically easy due‑diligence.
- Risks: The “shinjin” access that made the passport attractive has been revoked, raising doubts about the durability of the benefits.
3. Antigua and Barbuda
- Donation: US $100 k for a single applicant; US $150 k for families (up to six members).
- Residency: Five‑day physical presence required within a five‑year period; passport validity is five years, with renewal contingent on meeting the residency condition.
- Considerations: While the cost is among the lowest for larger families, the residency requirement adds logistical complexity compared with other Caribbean options that have no physical‑presence clause.
4. Dominica
- Donation: US $100 k for a single applicant.
- Notes: Similar price to Antigua and Barbuda but with fewer family‑rate options. The programme has attracted applicants with questionable backgrounds, suggesting a need for thorough due‑diligence.
5. Saint Lucia
- Donation: US $100 k for a single applicant.
- Documentation: Requires extensive personal data, including details about non‑marital relationships, which may raise privacy concerns for some investors.
6. North Macedonia
- Donation: €250 k.
- Visa‑free access: 125–130 countries.
- Caveat: No publicly documented successful applicants to date, making the programme’s track record uncertain despite a solid reputation in the Balkans.
7. Turkey
- Real‑estate: US $250 k (early‑2022) increased to US $400 k.
- Bank deposit: US $500 k (lock‑in period, refundable).
- Additional factor: Turkey is on the FATF gray‑list, which may affect banking and travel for investors from certain jurisdictions.
8. Egypt
- Options:
- Donation US $250 k (not recommended).
- Business investment US $400 k (operating capital for a new venture).
- Property purchase US $500 k (government‑approved projects).
- Recommendation: The business‑investment route offers the most cost‑effective path to citizenship and is positioned as a “Plan B” security rather than a pure travel document.
9. Cambodia
- Donation: US $245 k (base amount; additional fees apply).
- Real‑estate: US $300 k+ (approved projects).
- Profile: The passport is weak for travel but serves as a low‑profile “Plan B” option for investors seeking a stable secondary nationality.
10. Jordan
- Investment: US $1 million (bond) or US $750 k with conditions.
- Positioning: Marketed as a true “Plan B” security rather than an access‑only document.
- Caveat: Jordan also appears on the FATF gray‑list; investors should assess whether this aligns with their risk tolerance.
Plan B vs. Access Documents
- Access documents grant a passport with immediate travel benefits but can be revoked if the issuing country changes its policy (e.g., Vanuatu’s shinjin access, Grenada’s E‑2 visa).
- Plan B security refers to citizenship that is intended for long‑term residence or investment diversification, not merely for short‑term travel. It is less likely to be rescinded because it typically involves deeper economic ties (business ownership, substantial capital placement) and often requires physical presence.
Investors from strong‑passport countries (U.S., Canada, Australia, New Zealand) often seek a Plan B option to hedge against geopolitical or economic shocks while retaining their primary nationality.
Programs Expected to Launch in 2023
| Country | Proposed Investment | Structure | Main Risks |
|---|---|---|---|
| Central African Republic (CAR) | US $60 k (single‑coin) | Capital locked for a set period; refundable after term | High political and financial risk; limited track record. |
| Armenia | US $150 k (fixed‑term investment, 7–10 years) | Non‑donation capital placement; also a US $100 k tech‑sector option requiring company setup. | Uncertainty about return after the lock‑in period; requires long‑term commitment. |
Both programmes are positioned as “Plan B” securities rather than pure access documents, but prospective applicants should weigh the lack of historical data against the potential strategic benefits of holding an African or Eurasian passport.
Practical Takeaways
- Cost vs. Benefit: Lower donation amounts (e.g., Antigua and Barbuda, Dominica) often come with additional requirements such as residency or limited visa‑free travel. Higher‑cost programmes (Turkey, Jordan) may provide more robust economic ties and longer‑term stability.
- Due Diligence: Programs that have experienced revocations or that attract applicants with questionable backgrounds warrant extra scrutiny.
- Regulatory Environment: FATF gray‑list status (Turkey, Jordan) can affect banking, travel, and future policy changes; investors should assess how this aligns with their risk profile.
- Additional Fees: Base donation figures typically exclude lawyer, processing, and passport fees, which can add 10–15 % to the total outlay.
When evaluating a CBI programme, consider not only the headline price but also the residency obligations, passport validity, visa‑free access, and the likelihood that the citizenship will remain secure over the long term.
