Citizenship by Investment 2026: Programmes, Costs, Risks and Tax at a Glance
Citizenship by investment gives investors and their families a second passport without having to live in the country for years. There are around a dozen active programmes worldwide – from the Caribbean from USD 200,000 to Turkey and new offerings in Africa, the Pacific and Argentina. At the same time, the landscape changed sharply in 2025: the Court of Justice of the EU declared Malta's programme contrary to EU law, the EU can suspend visa-free travel because of such programmes, and the Caribbean states introduced common minimum prices and mandatory interviews. This guide reflects the position in 2026.
- ✛Since 2024 the five Caribbean programmes (St Kitts and Nevis, Antigua and Barbuda, Dominica, Grenada, St Lucia) require a contribution of at least USD 200,000 and a mandatory interview. Including fees, total costs are usually USD 250,000 to 350,000.
- ✛Malta: on 29 April 2025 (C-181/23) the CJEU ruled that granting citizenship in return for investment alone breaches EU law. There is therefore no such programme left in the EU.
- ✛Visa-free travel is not guaranteed: the EU has suspended it for Vanuatu, and since 2023 the UK has required visas for citizens of Dominica and Vanuatu.
- ✛Germans may acquire a second passport since 27 June 2024. Austrians, by contrast, generally lose their citizenship without a prior retention permit.
- ✛A second passport does not change tax liability. Residence remains decisive; banks ask for your tax residence, not your passport.
What is citizenship by investment?
With citizenship by investment (CBI), a state grants full nationality to people who make a legally defined investment or contribution to a government fund. There is usually no minimum residence period, or only a symbolic one. The first programme started in St Kitts and Nevis in 1984.
Citizenship or right of residence?
This differs from residence by investment programmes such as golden visas, which only grant a right of residence. Naturalisation is only possible after several years and usually requires actual residence, language skills and proof of integration.
| Criterion | Citizenship by investment | Residence by investment (golden visa) |
|---|---|---|
| Result | passport and full nationality | residence permit, no passport |
| Time to result | about 4 to 12 months | residence permit within months, passport after 5 to 10 years at the earliest |
| Physical presence | usually none | a few days to several months per year depending on the country |
| Inheritance | passed on to children | only the family's residence permit |
| Examples 2026 | Caribbean, Turkey, Vanuatu, Nauru, Argentina | Greece, Portugal (funds), UAE, Malta (MPRP) |
Spain abolished its golden visa in April 2025, and Portugal has not accepted property purchases since 2023. Details are in our articles on taxes in Spain and Portugal taxes. Malta's residence programmes are described in taxes in Malta.
The Caribbean programmes in 2026
The five Eastern Caribbean states offer the best-known programmes. In June 2024 they signed a joint memorandum: uniform minimum prices of USD 200,000, mandatory interviews, sharing information on rejected applicants and joint supervision. Some countries are above this minimum.
| Country | Contribution for a single applicant (2026) | Real estate option | Processing | Special feature |
|---|---|---|---|---|
| St Kitts and Nevis | USD 250,000 | from USD 325,000 (approved projects) | 4–6 months | oldest programme (1984) |
| Antigua and Barbuda | USD 230,000 (family of up to 4) | from USD 300,000 | 4–6 months | 5 days' stay in 5 years |
| Dominica | USD 200,000 | from USD 200,000 | 4–6 months | UK visa required since 2023 |
| Grenada | USD 235,000 | from USD 270,000 | 4–6 months | E-2 treaty with the US |
| St Lucia | USD 240,000 | from USD 300,000 | 4–6 months | bond and enterprise options too |
The official CIU website of St Kitts and Nevis provides information on application procedures and the legal basis. With real estate options, the property usually has to be held for five to seven years. If you also need a company in the region, see company formation in Nevis.
Travel freedom
Caribbean passports usually provide visa-free access to around 140 to 160 countries, including the Schengen area. There are limits, however:
- ✛US and Canada: a visa is generally required for all five passports. Grenada offers a route to a US investor visa through the E-2 treaty.
- ✛United Kingdom: since July 2023, citizens of Dominica and Vanuatu need a visa.
- ✛Schengen area: since 2025, the new EU suspension mechanism explicitly allows visa-free travel to be suspended because of citizenship programmes.
Other programmes: Turkey, the Pacific, Africa and Latin America
| Country | Minimum investment | Processing | Note |
|---|---|---|---|
| Turkey | USD 400,000 real estate (held 3 years) or USD 500,000 bank deposit, funds or government bonds | 6–12 months | no EU access; Schengen visa required |
| Vanuatu | about USD 130,000 contribution | 2–3 months | EU visa waiver fully suspended since 2025, UK visa since 2023 |
| Nauru | from USD 105,000 contribution | about 4 months | programme since 2024, proceeds for climate adaptation |
| São Tomé and Príncipe | from USD 90,000 contribution | about 3 months | programme since 2025, little track record |
| Egypt | from USD 250,000 deposit or USD 300,000 property | 6–12 months | partly refundable |
| North Macedonia | EUR 400,000 business investment | 6–12 months | with job creation |
| Argentina | from USD 500,000 (2025 programme) | still open | strong passport with Mercosur access |
We describe the new Argentine programme in detail in our article on Argentina citizenship by investment. For Turkey, our article on the Turkey tax exemption for foreign income is also worth reading: anyone who actually lives there can benefit from a new exemption.
New programmes with very low prices are riskier. Their passports are scrutinised more closely by banks and border authorities, and the risk of losing visa-free travel is higher.
Europe: Malta, Austria and the CJEU ruling
European passports are especially sought after because they grant free movement throughout the EU. That is exactly why the EU views such programmes critically. The European Commission has repeatedly warned of risks to security, money laundering and tax evasion.
- ✛Cyprus ended its programme in 2020 after revelations, Bulgaria in 2022.
- ✛Montenegro let its programme expire at the end of 2022; Moldova has suspended its own.
- ✛Malta: on 29 April 2025 (C-181/23), the Court of Justice of the EU ruled that citizenship granted essentially in return for investment breaches EU law. The programme in its previous form is therefore no longer permissible. Transparency International sees the ruling as the end of such programmes in the EU.
- ✛Austria: there is no programme. Under section 10(6) of the Citizenship Act, the Republic may naturalise people if this is in its special interest because of extraordinary achievements. There is no fixed amount; procedures are long and rare.
Anyone seeking residence in the EU today can only get there through residence programmes and later naturalisation. What to consider when moving is covered in our article on emigrating.
Investment options compared
| Option | Advantages | Disadvantages |
|---|---|---|
| Contribution to a government fund | clear price, no administration, fastest processing | non-refundable, no return |
| Approved real estate | tangible asset, possible rental income and appreciation | 5–7 year holding period, often inflated prices, difficult resale |
| Government bonds or bank deposit | partly refundable | forgone interest, long lock-up, country risk |
| Business investment | can make commercial sense | substance and jobs required, higher risk |
Real estate options deserve a critical look: many projects are sold at prices well above the local market, and resale to another applicant is not always possible.
Costs: a realistic total budget
The minimum investment is only part of the cost. Government fees, due diligence, advice and documents are added.
| Cost item | Typical range | Note |
|---|---|---|
| Main investment | USD 90,000 – 500,000+ | depending on programme and option |
| Due diligence fee | USD 5,000 – 10,000 per main applicant | plus adult family members |
| Government processing fees | USD 2,000 – 50,000 | often higher for real estate options |
| Agent and advice | USD 20,000 – 60,000 | government-licensed agents |
| Legal and tax advice | USD 5,000 – 30,000 | especially for tax and emigration questions |
| Documents | USD 1,000 – 5,000 | translations, apostilles, police certificates |
| Family members | USD 25,000 – 50,000 per person | spouse, children, parents |
As a rule of thumb, budget 20 to 40% above the minimum investment. A family of four usually pays USD 280,000 to 380,000 for a Caribbean donation programme. SWICOR obtains apostilles and certified translations under documents and legalisation.
Due diligence and procedure
Reputable programmes check every applicant aged 16 or 18 and over thoroughly. Since 2024, in-person or virtual interviews have been mandatory in the Caribbean.
- 1Pre-screening (1–2 weeks): clarify eligibility, source of funds and family situation
- 2Documents (2–6 weeks): obtain, apostille and translate documents
- 3Application through a licensed agent: submit the application with the due diligence fee
- 4Due diligence (2–4 months): checks by international firms, Interpol, sanctions lists, media screening, PEP status
- 5Interview: meeting with the authority
- 6Approval and investment: the contribution or investment is only made after approval
- 7Naturalisation and passport (2–6 weeks): certificate, oath and passport issuance
| Documents | Typical requirements |
|---|---|
| Identity | passport, birth and marriage certificates, name changes |
| Source of funds | payroll and tax records, evidence of sales, inheritance or business income |
| Assets | bank confirmations, securities statements, company documents |
| Police certificates | from the home country and all countries of residence in the last 10 years |
| Health | medical certificate, sometimes an HIV test |
| References | bank and professional references |
Common reasons for rejection are unclear source of funds, criminal records, links to sanctioned persons, visa refusals in the US, Canada or the UK, and false statements. The due diligence fee is generally not refunded on rejection. The documents banks require are also listed in our KYC checklist.
Dual citizenship: what Germany, Austria and Switzerland allow
| Home country | Second passport allowed? | Note |
|---|---|---|
| Germany | yes, since 27 June 2024 | retention permit no longer required |
| Switzerland | yes | notifying the Swiss representation abroad is recommended |
| Austria | generally no | citizenship is lost unless a retention permit was obtained in advance |
The destination country must also allow dual citizenship. This is the case for all Caribbean programmes and Turkey. More on the German reform in our article on emigrating.
Tax: a passport does not change tax liability
Almost all states tax on the basis of residence, not nationality. A second passport alone therefore does not reduce taxes. The exception is the US, which taxes its citizens worldwide.
- ✛Tax liability in your home country: it continues as long as you have a home or habitual abode there.
- ✛Tax benefit only with a move: some Caribbean states levy no income tax, such as St Kitts and Nevis; others tax only domestic income. You only benefit if you actually move your residence.
- ✛Departure: Germans with shareholdings of 1% or more in corporations pay exit tax on leaving (section 6 AStG); business assets may be subject to German exit taxation.
- ✛CRS: banks report accounts to all of a customer's tax residences. The OECD classifies citizenship and residence programmes as a risk for CRS avoidance, so banks ask specifically about tax residences.
Combining a second passport with tax planning requires an overall concept of passport, residence, company and bank. This is explained in our articles on flag theory and perpetual travel. How authorities learn about foreign accounts is covered in foreign accounts and the tax office 2026.
Second passport, residence and tax planning from one source – we compare the programmes and support your application.
Second citizenship →Choosing the right programme
- 1Goal: plan B, travel freedom, banking access, residence or succession planning
- 2Destinations: which countries do you need visa-free access to, and how stable is that access?
- 3Budget: total costs including all fees and family members
- 4Family: which relatives should be included – including parents or adult children?
- 5Type of investment: contribution or refundable investment
- 6Reputation: how do banks and authorities perceive the passport?
- 7Dual citizenship: does your home country allow a second passport?
- 8Tax: do you also plan to move your residence later?
Only choose government-licensed agents and have all fees confirmed in writing. Reputable providers do not guarantee success. If you also need a residence, see residency abroad.
Risks and outlook
- ✛Programme changes: prices rise regularly and programmes can be closed. Pending applications are usually protected.
- ✛Loss of visa-free travel: the EU and the UK have shown that they act. The new EU suspension mechanism explicitly names citizenship programmes.
- ✛Revocation of citizenship: false statements in the application can lead to the passport being revoked. Some states have already done so.
- ✛Reputation: some banks scrutinise holders of such passports more closely.
- ✛More supervision: the Caribbean states are setting up a joint regulator; the FATF is tightening its standards on source of funds and beneficial ownership.
The trend is towards higher prices, stricter checks and fewer but better-controlled programmes. Anyone wanting a second passport should not wait too long and should choose an established programme.
Conclusion
In 2026, citizenship by investment remains a legal and fast route to a second passport – especially in the Caribbean and Turkey. Within the EU, the route has been closed since the CJEU ruling on Malta. Before applying, clarify the total budget, the stability of visa-free travel, your home country's dual citizenship rules and the tax consequences. A passport alone does not save tax; that only happens together with a genuine change of residence.
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Frequently asked questions
How much does citizenship by investment cost?
In the Caribbean, the contribution starts at USD 200,000 for a single applicant. Including fees, due diligence and advice, total costs are usually USD 250,000 to 350,000, more for families. Turkey requires at least USD 400,000 in real estate.
How long does the process take?
Usually four to six months for the Caribbean programmes and six to twelve months in Turkey. Incomplete documents or a complex source of funds extend the process.
Is there still citizenship by investment in the EU?
No. After the CJEU ruling of 29 April 2025 on Malta, naturalisation in return for investment alone is no longer permissible in the EU. Only residence programmes with later naturalisation are possible.
Can I take a second passport as a German citizen?
Yes, since 27 June 2024 without a permit. Swiss citizens may also do so, while Austrians generally lose their citizenship unless they have a retention permit.
Does a second passport save tax?
Not on its own. Tax liability depends on residence. Tax benefits only arise if you actually move your residence to a low-tax country.
Which passport offers the most travel freedom?
Among the Caribbean programmes, St Kitts and Nevis and Antigua and Barbuda are considered particularly strong. All require a visa for the US; Grenada offers access to the E-2 US investor visa.
Planning a second passport for your family?
We compare the programmes, review dual citizenship and tax questions and support the application through licensed partners – confidentially and at fixed prices.
This article is a general analysis and does not replace individual tax or legal advice. Regulations change; the information reflects the status at the date of publication.