Citizenship‑by‑investment (CBI) programs let investors obtain a passport quickly, often without residing in the country. While several jurisdictions—particularly in the Caribbean, Turkey and Montenegro—offer clear, government‑backed schemes, many online claims refer to programs that either never existed or have been discontinued. Below is a concise guide to seven countries where a formal, streamlined CBI pathway does not currently exist.
What a legitimate CBI program looks like
- Official government legislation – the program is published in national law or a government decree.
- Defined investment thresholds – usually a minimum donation, real‑estate purchase, or bond investment (e.g., €100 000‑€2 million).
- Transparent due‑diligence – applicants undergo background checks and must meet health, character and source‑of‑funds requirements.
- Clear residency or physical‑presence rules – some programs require no stay, others a short visit; the rules are publicly stated.
If a “program” is only mentioned on obscure websites, promises instant passports for a cash payment, or requires an “envelope under the table,” it is likely fraudulent.
Countries without a formal CBI scheme
| Country | Status of CBI | Existing related programs | Key points |
|---|---|---|---|
| Cyprus | Program abolished – the EU‑linked CBI that required a multi‑million‑euro investment was suspended and formally ended. | None currently. | Any current claim to a Cypriot CBI is outdated. |
| Greece | No CBI – only a Golden Visa residency program (real‑estate purchase of €250 000) that leads to residence, not citizenship. Naturalisation still requires several years of residence and language proficiency. | Golden Visa (residence). | No fast‑track citizenship for investors; naturalisation remains a lengthy process. |
| Serbia | No CBI – rumors of citizenship for donations or business investment lack any legal basis. Serbia may negotiate bespoke deals for high‑level investors, but there is no public, commoditized scheme. | None. | Any “streamlined” offer is unfounded. |
| Georgia | No CBI – the country offers various residence options, but no official pathway to citizenship through a single donation or investment. | Residence permits (e.g., for property owners). | Claims of a €150 000 donation granting citizenship are false. |
| Albania | No CBI – discussions at governmental level have not produced a law. EU pressure has stalled any potential program. | None. | A future program is possible, but none exists today. |
| Hungary | No CBI – a former residence‑by‑investment scheme (buying Hungarian bonds) existed, but it never granted citizenship and was discontinued. | Former bond‑based residence program (now closed). | The scheme never provided a passport; only residence, and it is no longer available. |
| Bolivia | No CBI – neither a donation‑based nor a bond‑based citizenship route exists. Residency is difficult to obtain, and any “passport for cash” offers are illicit. | None. | The government shows little interest in attracting foreign capital through citizenship. |
Practical advice for prospective investors
- Verify official sources – check the country’s ministry of interior, foreign affairs, or immigration website for the latest legislation.
- Beware of “envelopes” – offers that require a private payment to a government official or a vague “fast track” without published criteria are likely scams.
- Distinguish residence from citizenship – many nations provide golden visa or residence‑by‑investment programs that may eventually lead to naturalisation, but they involve residency periods, language tests, and other conditions.
- Consider the broader benefits – a passport’s value includes travel freedom, tax treatment, and political stability. Ensure the investment aligns with these goals, not just the desire for a quick document.
- Consult reputable legal counsel – a qualified immigration attorney can confirm whether a program is officially sanctioned and advise on compliance.
Bottom line
While CBI programs can be legitimate tools for global mobility, they are limited to a handful of jurisdictions with transparent, legislated processes. Cyprus, Greece, Serbia, Georgia, Albania, Hungary and Bolivia currently lack any official, streamlined citizenship‑by‑investment scheme. Investors should conduct thorough due diligence, rely on government‑published information, and avoid offers that promise instant passports in exchange for undisclosed payments.
