What is the Cheapest Citizenship by Investment Programme?

What is Citizenship by Investment?

Citizenship by Investment refers to a legal process by which an individual can acquire citizenship in a country by making a substantial financial contribution to that nation’s economy. This contribution can take various forms, such as a non-refundable donation to a government fund, an investment in real estate, government bonds, or a business enterprise. 

While some CBI programs are costly, others rank as the cheapest Citizenship by Investment programmes, offering a more affordable route to acquiring a second passport. CBI programmes often grant a passport within a few months and are particularly attractive to individuals from countries with limited visa-free travel options. A second passport can also hedge against political or economic instability in one’s home country, offering a secure alternative and potential tax benefits.

Factors Influencing the Cost of CBI Programmes

When considering the cost of a Citizenship by Investment programme, several key factors can significantly influence the total expenditure:

• Number of Family Members
• Type of Investment
• Additional Fees.

The overall cost of a Citizenship by Investment programme can vary significantly based on these factors, one of the most important being the number of family members included in the application. Most CBI programmes offer a base price for a single applicant, with additional fees for spouses, children, and other dependents. 

These extra costs can quickly add up, making what appears to be a low-cost option much more expensive for families, even for the cheapest Citizenship by Investment programmes. Furthermore, many programmes charge separate application, due diligence, and processing fees, which can further increase the total cost. We outline the details of various fees in Understanding the Various Fees in Citizenship by Investment Programmes  section of this article.

Another critical factor influencing the cost of CBI programmes is the type of investment chosen. The two most common options are a non-refundable donation to a government development fund or an investment in real estate. Donations are typically the cheaper option upfront, with minimum contributions typically starting at US$200,000 for a single applicant. However, this money is not recoverable, making it a one-time expense. 

On the other hand, real estate investments usually require a slightly higher initial outlay despite the marginally higher cost (e.g., in Grenada, US$270,000 vs. the donation alternative at US$235,000), the real estate option can be more attractive in the long term, as investors have the potential to recoup their investment by selling the property after a mandatory holding period, typically five years. Additionally, real estate investments can generate rental income during the holding period, providing an ongoing return on investment.

Given these considerations, many savvy investors opt for the real estate investment route over a donation in their search for the most optimal and cheapest CBI programme. While the initial cost of real estate is higher, the potential to recover the investment, coupled with the possibility of capital appreciation and rental income, often outweighs the price differential between a donation and a real estate investment. This strategy secures citizenship and offers a tangible asset that can provide financial returns, making it a smarter choice for those looking to maximise the benefits of their investment.

The Cheapest Citizenship by Investment Programmes

As outlined above, the cost of a Citizenship by Investment programme can vary significantly based on factors like the number of family members included in the application, the type of investment chosen, and additional fees such as due diligence charges. While over 20 countries globally have legal provisions for citizenship by investment, only 12 of these programmes are formal and active. Less than 10 of these programmes are well-structured and widely popular. Understanding these nuances is crucial when considering the cheapest citizenship by investment programme options available.

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Caribbean Citizenship by Investment Programmes

Among the cheapest citizenship by investment options worldwide are the five Caribbean Citizenship by Investment programmes, known for their transparent processes, ease, and speed in obtaining a second passport.

1. Grenada

• Minimum Investment Amount: a donation of US$235,000 or a real estate investment starting at US$270,000.
• Time to Obtain Passport: ~4 to 6 months.
• Visa-Free or Visa on Arrival Countries: over 140 countries, including the UK, Schengen Area, Argentina, Brazil, China, India, and Russia.

2. Antigua and Barbuda

• Minimum Investment Amount: a donation of US$230,000 or a real estate investment starting at US$325,000.
• Time to Obtain Passport: ~3 to 4 months.
• Visa-Free or Visa on Arrival Countries: over 150 countries, including the UK, Schengen Area, Brazil, China, India, and Russia.

3. St. Kitts and Nevis

• Minimum Investment Amount: a donation of US$250,000 or a real estate investment of US$400,000.
• Time to Obtain Passport: ~4 to 6 months.
• Visa-Free or Visa on Arrival Countries: over 150 countries, including the UK, Schengen Area, Argentina, Brazil, India, and Russia.

4. Dominica

• Minimum Investment Amount: a minimum of US$200,000.
• Time to Obtain Passport: ~3 to 4 months.
• Visa-Free or Visa on Arrival Countries: over 140 countries, including the Schengen Area, Argentina, Brazil, India, and Russia.

5. Saint Lucia

• Minimum Investment Amount: a donation of US$240,000 or a real estate investment of US$300,000.
• Time to Obtain Passport: ~4 to 6 months.
• Visa-Free or Visa on Arrival Countries: over 140 countries, including the UK, Schengen Area, Argentina, Brazil and India.

Other nations also offer CBI programs like Malta, Egypt, and Vanuatu; however, these alternatives often fall short in terms of cost-effectiveness and global mobility. 

Malta’s CBI program is well-regarded for providing access to the European Union, with its passport granting visa-free travel to all EU member states and other regions. However, the investment required, typically more than €600,000-700,000, is significantly higher than in the Caribbean. For many investors, the high cost of a Maltese passport and the ability to apply not earlier than one year of residency outweighs its benefits. 

On the other hand, CBI programs like Egypt and Vanuatu are cheaper but do not provide the same level of global mobility. Passports from these countries do not simultaneously grant visa-free access to key global regions. 

Cheapest Country to Get Citizenship in Europe

The only EU active programme is Malta Citizenship by Investment, known as the Malta Exceptional Investor Naturalization (MEIN). This programme requires a period of residency, making it somewhat distinct from the five straightforward Caribbean CBI programmes - Grenada, Antigua and Barbuda, St. Kitts and Nevis, Dominica and Saint Lucia.

Malta initially introduced the Individual Investor Programme in 2012, which was later replaced by the Citizenship for Exceptional Services by Direct Investment Regulations under the Maltese Citizenship Act Cap. 188, LN437 of 2020. This updated scheme features stricter requirements, including a mandatory residency period, and allows for the granting of citizenship by a certificate of naturalisation to foreign individuals and their families who contribute to Malta's economic development.

Requirements include:

• A non-refundable contribution of Є600,000 and a legal residence in Malta for at least 36 months; or Є750,000 for a minimum residence period of 12 months.
• Purchase of a residential property in Malta of at least Є700,000, which must be held for 5 years; or lease of a residential property with a rental value of at least Є16,000 per annum, also held for 5 years.
• A valid Malta residence card confirming the period of residency.
• A donation of Є10,000 to a registered sport, cultural, scientific, philanthropic, animal welfare, or artistic non-governmental organisation approved by the Community Malta Agency.
• Main applicant minimum age of 18 years and additional €50,000 non-refundable contribution for each dependant.
• Payment of various fees that include: (i) residence application fees of €10,000 per application plus €1,000 per each dependant; (ii) Due Diligence Fees of €15,000 for the main applicant and €10,000 for dependants over 13 years old.

Comparison of the Cheapest CBI Programmes

As outlined above, the type of investment, the number of family members, and the level of additional fees are key determinants in the overall expense. We have also established that many savvy investors often choose the real estate investment route over donations when seeking the most optimal and cost-effective CBI programme. Based on this, let’s analyse the Cheapest Golden Passport for a Single Applicant and the Cheapest Golden Passports for Families. Below is a comparison across the five Caribbean CBI programmes.

Cheapest Golden Passport for a Single Applicant

• Antigua - $355,000
• Dominica - $275,000
• Grenada - $320,000
•  St. Kitts - $425,000
• St. Lucia - $330,000

Please note that the above amounts exclude various fees, such as application and due diligence charges, a summary of which can be found here.

Cheapest Golden Passports for Families

For families, the overall cost per passport decreases when more members are included in the application. Here’s a comparison of the costs for a family of four, including two children:

• Antigua - $107,500
• Dominica - $75,000
• Grenada - $80,000
• St. Kitts - $115,000
• St. Lucia - $88,750

Again, these costs exclude additional fees such as application and due diligence charges, a summary of which can be found using our CBI Cost Calculator.

Dominica's Citizenship by Investment programme is the cheapest for both single applicants and families. While Dominica is the most cost-effective option, it's important to consider other factors beyond price alone. Among the five Caribbean CBI programmes, there are notable differences in terms of the availability of quality real estate investments and visa-free access.

For instance, the Dominican passport does not allow visa-free or visa-on-arrival access to the UK. On the other hand, Grenada's CBI programme, while being marginally more expensive, offers access to the UK, Schengen states, China, India, Russia, Argentina, and Brazil simultaneously.

For different family compositions, check our Indicative Cost Calculator page. For a more detailed and personalised quote for your family, please complete the form on that page.

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Understanding the Various Fees in Citizenship by Investment Programmes

When selecting the cheapest CBI programmes, applicants must consider the numerous fees associated with each investment option. These fees can significantly affect the overall cost and vary by country and programme but generally fall into several categories:

1. Application Fees: These are costs associated with submitting the application, covering the government's processing of it.
2. Due Diligence Fees: Due diligence is a critical component of CBI programs, ensuring that only reputable individuals are granted citizenship. These fees cover background checks conducted by the government and third-party agencies to verify the applicant’s identity, financial history, and criminal record. 
3. Government Fees: Most countries charge separate government processing or approval fees besides application fees. These are typically non-refundable and must be paid once the application is submitted or approved. 
4. Legal and Professional Fees: Navigating the complex requirements of CBI programs often requires engaging a legal or professional advisor. These fees cover the services of lawyers, agents, and consultants who assist with preparing and submitting the application and ensuring compliance with local laws and regulations. 
5. Bank Fees typically include wire transfer fees, currency conversion fees, escrow fees, and fees charged by the bank in the host country. 
6. Passport Issuance Fees: Once citizenship is granted, there are usually additional fees for issuing passports.
7. Additional Fees for Dependants: Including family members in the application often incurs extra costs. These typically include additional application, due diligence, and government fees for each dependant, which can substantially increase the total cost of obtaining citizenship.

A more detailed look into fees associated with the five Caribbean Citizenship by Investment programmes by checking our relevant country pages.

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Overview of Real Estate Options in Caribbean Citizenship by Investment Programmes

As of July 2024, the gap between the initial outlay for donation versus real estate options has significantly narrowed. For instance, in Grenada, the donation starts at US$235,000, while the real estate option requires US$270,000. Most savvy investors now favour real estate over donations because they can recoup some of their investment after the mandatory holding period and benefit from rental income, securing citizenship, and obtaining a tangible asset.

Each country’s programme comes with its own set of real estate investment thresholds and additional fees, which can vary based on the number of family members included in the application. 

To understand the specific cost for your family, please visit our Specific County Pages or Indicative CBI Cost Calculator page to check the estimated cost per passport. For a more detailed and personalised quote for your chosen country, complete the form on the Indicative Cost Calculator page, and our team will provide you with tailored information.

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Final Thoughts 

In conclusion, Citizenship by Investment is the most straightforward path to acquiring a second passport, offering a unique opportunity for individuals seeking enhanced global mobility and financial security. 

Among the various options available, the five Caribbean Citizenship by Investment programmes stand out for their affordability, transparency and speed in granting citizenship. These programmes are among the cheapest Citizenship by Investment options, offering visa-free access to numerous countries and a quick time to citizenship without residency requirements.

For many investors, real estate investment emerges as the most appealing and cheapest CBI option. It secures citizenship and provides a tangible asset with potential for returns.

At Caribbean Golden Passport Advisors, we are dedicated to helping you navigate these opportunities, ensuring you find the best property investment that aligns with your goals while guiding you through the most suitable CBI programme in the Caribbean.

FAQs on the Cheapest Citizenship by Investment

How Big are These CBI Programmes?

Citizenship by Investment programs have grown significantly in size and scope recently. It is estimated that around 50,000 people obtain passports each year through these programs, contributing billions of dollars to the economies of the host countries. The Caribbean nations, offering the cheapest CBI programs and excellent visa-free access to key global regions, have become leading destinations for CBI investors, accounting for most global CBI applicants.

Who are CBI Investors and Why Do They Buy Passports?

CBI investors come from diverse backgrounds and regions but typically share common motivations for seeking a second citizenship. One of the primary drivers is enhanced global mobility, especially for individuals from countries with restricted visa-free travel. Security is another key factor, providing a safeguard in politically or economically unstable regions. Additionally, the lifestyle benefits, favourable tax regimes, business opportunities, simplification of bank account opening, and wealth preservation advantages offered by the second passport make CBI programmes an attractive option for high-net-worth individuals seeking to secure their family's future and optimise their financial affairs.

Are There Any Risks or Downsides to Choosing the Cheapest CBI Programme?

When choosing the cheapest CBI programme, it's important to consider more than just the cost per passport. Key factors include:

• Countries You Can Visit Visa-Free or with Visa on Arrival
•  Quality of the Investment / Real Estate Project
• Time to Obtain the Passport and Application Process
• Quality and Stability of the Country
• Potential for Tax and Lifestyle Benefits

While cheaper options may exist, they fall short in visa-free travel and investment quality, making the five Caribbean and Maltese programmes only truly appealing ones. There are differences among the five Caribbean countries too. For instance, the Dominican passport does not allow visa-free or visa-on-arrival access to the UK. Only Grenada offers access to the UK, Schengen states, China, India, Russia, Argentina, and Brazil simultaneously.

The quality of the investment / real estate project is a key factor in ensuring your chosen programme delivers the returns and benefits you are seeking. See the current real estate investment requirements for five Caribbean CBIs.