Gaining citizenship through investment is an attractive option for many individuals seeking global mobility, financial opportunities, and enhanced quality of life. However, the costs associated with these programs can vary significantly, making it essential to find the most affordable options. In this blog post, we share the most affordable citizenship by investment programs, highlighting key benefits, eligibility requirements, and investment options. Whether you’re looking to diversify your portfolio, secure a second passport, or simply explore new horizons, knowing the most cost-effective programs can help you make an informed decision.
What Is Citizenship by Investment?
Citizenship by Investment (CBI) programs allow foreign nationals to obtain citizenship in a host country by making specific investments, such as real estate purchases, donations to government funds, or business investments. This pathway often bypasses the lengthy residency requirements typically associated with naturalization processes. For many investors, the allure of these programs lies in the benefits they offer, including visa-free access to numerous countries, favorable tax regimes, and the security of a second passport.
Why Apply for Citizenship by Investment?
The reasons for seeking second citizenship through investment vary. Common motivations include:
- Visa-Free Travel: Many CBI programs offer visa-free access to numerous countries, including European Union nations.
- Tax Benefits: Some nations with CBI programs offer favorable tax conditions, such as no capital gains, inheritance, or gift taxes.
- Security for the Future: A second passport provides a safety net, ensuring that families have options in case of political or economic instability in their home country, creating a stable environment for future generations.
- Business Opportunities: Access to new markets and the ability to operate businesses in countries with more favorable economic conditions.
The 5 Cheapest Citizenship by Investment Programs in the Caribbean
The cost of obtaining citizenship through investment varies by country, with the Caribbean islands offering some of the most affordable options. Below, we explore the cheapest CBI programs available throughout the Caribbean, detailing their investment requirements, benefits, and application processes.
1. Dominica
Minimum Investment Requirement: $200,000 (Donation)
Dominica, often referred to as the “Nature Island of the Caribbean,” offers one of the most cost-effective and straightforward Caribbean citizenship programs. Established in 1993, the program is known for its low cost and high return on investment, making it a popular choice for single applicants and families alike.
Investment Options
- Economic Diversification Fund (EDF): A non-refundable donation of $200,000 for a single applicant. The cost for a family of four starts at $250,000, with additional fees for larger families.
- Real Estate Investment: A minimum investment of $200,000 in government-approved real estate, such as luxury resorts and residential properties. The property must be held for at least five years.
Benefits
- Visa-Free Access: Dominican citizens enjoy visa-free or visa-on-arrival access to over 140 countries, including the Schengen Area, the UK, and Hong Kong.
- Tax Benefits: No wealth, gift, inheritance, or capital gains taxes.
- Dual Citizenship: The country allows dual citizenship, enabling investors to maintain their original nationality.
- Processing Time: The process is efficient, with most applications processed within 3-4 months.
Application Process
Applicants must choose an investment option, engage a licensed agent, and submit the required documentation. This includes proof of investment, identity verification, and a clean criminal record. Once approved, the applicant completes the investment, and citizenship is granted.
2. Grenada
Minimum Investment Requirement: $235,000 (Donation)
Grenada’s CBI program, launched in 2013, is unique in its offering of eligibility for the U.S. E-2 Visa, allowing Grenadian citizens to live and work in the United States. The “Isle of Spice,” with its rich culture and beautiful landscapes, provides a strategic option for investors looking for a gateway to both global mobility and business opportunities.
Investment Options:
- National Transformation Fund (NTF): A non-refundable contribution of $235,000 for a single applicant.
- Real Estate Investment: A minimum investment of $270,000 in a government-approved joint tourism real estate project, such as high-end resorts. The property must be held for at least five years. For independent investment, the minimum is $300,000
Benefits:
- Visa-Free Access: Grenadian citizens enjoy visa-free or visa-on-arrival access to over 140 countries, including China, the Schengen Area, and the UK.
- U.S. E-2 Visa Eligibility: Grenadian citizenship provides eligibility for the U.S. E-2 Investor Visa, allowing investors to start a business and reside in the U.S.
- Tax Advantages: Grenada offers a tax-efficient environment with no wealth, or inheritance taxes.
- Fast Processing: The application process typically takes 3-4 months.
Application Process:
The process involves selecting an investment option, submitting the required documents through a licensed agent, and passing due diligence checks. After receiving approval in principle, the applicant makes the investment, and citizenship is granted.
3. Antigua & Barbuda
Minimum Investment Requirement: $230,000 (Donation)
Antigua & Barbuda, known for its stunning beaches and vibrant culture, offers one of the most affordable CBI programs, especially for families. The program, established in 2013, has become a popular choice for those seeking both value and comprehensive benefits. It has historically been one of the cheapest citizenship-by-investment programs for foreign investors but as of July 2024, the prices have increased.
Investment Options:
- National Development Fund (NDF): A non-refundable minimum contribution of $230,000 for a family of up to four members. For a family of five or more, the contribution is $125,000. This option is particularly cost-effective for larger families.
- Real Estate Investment: Principal applicants can also opt for a real estate investment of at least $325,000 in government-approved projects. The property must be held for at least five years.
- Business Investment: This option requires a minimum investment of $1.5 million in an eligible business, or a joint investment where each party contributes at least $400,000.
- University of the West Indies Fund: This option is specifically for families with six or more members. A contribution of $260,000 grants citizenship and covers one year’s tuition at the University of the West Indies for one family member.
Benefits:
- Visa-Free Access: Antigua & Barbuda citizens enjoy visa-free or visa-on-arrival access to over 150 countries, including the Schengen Area, the UK, and Singapore.
- Tax Efficiency: The country offers a favorable tax regime with no capital gains or inheritance taxes. There is no personal income tax in the country.
- Residency Requirement: Unlike many CBI programs, Antigua & Barbuda requires applicants to spend at least five days in the country during the first five years of citizenship, allowing you to get a taste of the beautiful country.
- Processing Time: The process is typically completed within 3-4 months.
Application Process:
The application process involves selecting an investment option, hiring a licensed agent, submitting the necessary documents, and undergoing due diligence checks. After approval, the investment is made, and citizenship is granted.
4. Saint Lucia
Minimum Investment Requirement: $240,000 (Donation)
Saint Lucia, with its stunning landscapes and luxury resorts, offers one of the most flexible and affordable citizenship schemes. Established in 2016, the program is known for its variety of investment options and efficient processing time.
Investment Options:
- National Economic Fund (NEF): A non-refundable donation of $240,000 for a single applicant. For a family of four, the contribution remains the same at $240,000.
- Real Estate Investment: A minimum investment of $300,000 in government-approved real estate, such as luxury hotels and villas. The property must be held for at least five years.
- Government Bonds: A minimum investment of $300,000 in non-interest-bearing government bonds, with a holding period of five years.
- Enterprise Project: Invest at least $3.5 million in an approved enterprise project that contributes to the development of Saint Lucia’s economy and creates at least three permanent jobs. This option is geared towards business owners who can offer more substantial business investments and is less common among individual applicants.
Benefits:
- Visa-Free Access: Saint Lucian citizens enjoy visa-free or visa-on-arrival access to over 140 countries, including the Schengen Area, the UK, and Hong Kong.
- Tax Advantages: Saint Lucia provides a favorable tax regime with no inheritance, capital gains, or wealth taxes.
- Dual Citizenship: The country permits dual citizenship, so applicants can retain their original nationality.
- Efficient Processing: The typical processing time is between 3-4 months, allowing for a relatively quick route to obtaining citizenship.
Application Process:
The application process includes selecting an investment option, engaging a licensed agent, and preparing necessary documents such as proof of investment, identity verification, and background checks. After approval, the applicant completes the investment, and citizenship and a Caribbean passport are awarded.
5. Saint Kitts & Nevis
Minimum Investment Requirement: $250,000 (Donation)
Saint Kitts & Nevis, the original pioneer of CBI programs, offers one of the most well-established and respected routes to citizenship. Launched in 1984, the program has evolved to become a model for other nations. The country’s economy thrives on tourism, real estate, and financial services, making it an attractive destination for investors.
Investment Options:
- Public Benefit Option: This is the most straightforward and affordable route to citizenship. A single applicant must make a non-refundable donation of $250,000. For additional family members, the fees increase by $10,000 for each extra dependent.
- Real Estate Investment: This option requires a minimum investment of $400,000 in a government-approved real estate project, such as luxury resorts or condominiums. The property must be held for at least seven years, after which it can be sold.
Benefits:
- Visa-Free Access: The Saint Kitts & Nevis passport allows visa-free or visa-on-arrival access to over 150 countries, including the UK, the Schengen Area, and Hong Kong.
- Tax Advantages: No personal income, wealth, or inheritance taxes, making it an attractive option for high-net-worth individuals.
- Dual Citizenship: Saint Kitts & Nevis allows dual citizenship, meaning you can retain your original nationality.
- Fast Processing: Applications are typically processed within 3-6 months, with an accelerated process available for an additional fee.
Application Process:
The application process involves several steps, including the selection of an investment option, submission of the required documents (such as proof of investment, a clean criminal record, and identity documents), and passing due diligence checks. Once approved, the applicant makes the investment, and citizenship is granted.
How to apply for citizenship by investment
Affordable European Citizenship by Investment Options
For those looking to obtain European citizenship, several countries offer CBI programs with various investment requirements and benefits. While European options tend to be more expensive, they provide the advantage of EU residency and the associated benefits.
Portugal Golden Visa
Minimum Investment Requirement: €250,000 (Donation)
Portugal’s Golden Visa program is one of the most popular in Europe due to its relatively low cost compared to other EU countries and its straightforward pathway to citizenship. Launched in 2012, the program has attracted thousands of investors with its promise of residency and eventual citizenship.
Investment Options:
- National Heritage Preservation: A minimum investment of €250,000 for investing in Portuguese national heritage or in supporting artistic production.
- Investment Funds: A minimum of €500,000 in qualified investment funds that focus on capital investment and job creation.
- Business Investment: An investment of €500,000 in a business that creates at least ten jobs for Portuguese nationals.
Benefits:
- Visa-Free Access: Portuguese citizenship provides visa-free access to all Schengen Area countries.
- Pathway to Citizenship: Primary applicants and their families, including dependent children, can apply for Portuguese citizenship after five years of legal residency.
- No Minimum Stay Requirement: There is no requirement to reside in Portugal full-time, making it easier to maintain residency while traveling.
- Tax Benefits: Portugal offers favorable tax rates for new residents under the Non-Habitual Resident (NHR) program.
Application Process:
The process involves selecting an investment option, obtaining a permanent residence permit, and fulfilling residency requirements. After five years, investors can apply for Portuguese citizenship. The application process is handled by the Portuguese Immigration and Borders Service (SEF), and processing times can vary.
Greece Golden Visa
Minimum Investment Requirement: €250,000 (Real Estate)
Greece’s Golden Visa program offers a relatively low-cost route to European residency. Established in 2013, the program provides a residency permit that can lead to citizenship after seven years of continuous residency.
Investment Options:
- Real Estate Investment: A minimum investment of €250,000 in residential or commercial real estate. The property can be leased or rented, and there is no minimum holding period required for the property.
- Business Investment: While less common, investors can also invest in a Greek business or create a business that meets certain criteria.
Benefits:
- Visa-Free Access: The Greek residence permit allows for visa-free travel within the Schengen Area.
- Pathway to Citizenship: Investors can apply for Greek citizenship after seven years of continuous residency.
- Family Inclusion: The Golden Visa allows for the inclusion of family members, including spouse, children, and dependent parents.
Application Process:
Investors must acquire real estate or make a business investment, apply for a residence permit, and fulfill residency requirements. The process is managed by the Greek Ministry of Migration and Asylum, and processing times are generally within 2-3 months.
- *Note: The greek residency by investment program is set to increase at the end of August 2024, with the minimum investment skyrocketing from €250,000 to €400,000. If you are interested in the Greece CBI program, contact our citizenship lawyers at JH Marlin to expedite the process and ensure you get the best deal.
Malta Citizenship by Investment
Minimum Investment Requirement: €600,000 (Donation)
Malta’s CBI program offers a direct route to citizenship but is one of the more expensive options in Europe. The program is designed for individuals who can contribute significantly to the nation’s economic development and provides a strong EU passport.
Investment Options:
- Donation: A non-refundable contribution of €600,000 to the National Development and Social Fund, which supports national development projects. An additional €50,000 is required for each dependent included in the application.
- Property Purchase: An investment in real estate with a minimum value of €700,000 or rental of a property with a minimum annual rent of €16,000.
- Investment Bonds: Investors must also commit to a government bond investment, typically worth at least €150,000, which must be held for five years.
Benefits:
- EU Citizenship: Maltese citizenship provides full EU citizenship, including the right to live, work, and study in any EU country.
- Visa-Free Access: Maltese citizens enjoy visa-free access to over 180 countries worldwide.
- Tax Benefits: Malta offers various tax incentives, including favorable rates for new residents.
Application Process:
The application involves making a financial contribution, purchasing or renting property, and fulfilling residency requirements. The process is rigorous and includes extensive due diligence, with the final approval taking several months.
Factors to Consider When Choosing a CBI Program
Choosing the right CBI program involves evaluating several factors to ensure it aligns with your investment goals and personal needs. Working with a law firm that specializes in Citizenship by Investment such as JH Marlin will help you understand the benefits and drawbacks of each scheme.
Here are some key considerations:
- Cost and Investment Type: Determine the minimum investment required and the type of investment that suits you best, whether it’s a donation, real estate, or business investment.
- Processing Time: Different countries have varying processing times. Consider how quickly you need to obtain citizenship and choose a program that meets your timeline.
- Family Inclusion: Check the costs and requirements for including family members in your application. Some programs offer more affordable options for larger families.
- Tax Implications: Research the tax regime of the host country, including personal income, capital gains, inheritance, and gift taxes.
- Visa-Free Travel: Evaluate the number of countries you can access visa-free with the new passport, especially if travel freedom is a priority.
- Residency Requirements: Some programs require a minimum stay or periodic visits to the host country. Ensure that you can meet these requirements.
- Reputation and Stability: Choose a program from a country with a stable political and economic environment to ensure the security and value of your investment.
Apply for Citizenship by Investment with the Help of JH Marlin
JH Marlin Law is a premier law firm specializing in citizenship by investment. We have assisted hundreds of clients in creating a Plan B action plan and obtaining a second passport through investment programs worldwide. Our firm is dedicated to achieving the best possible outcomes for our clients. We offer legal expertise in Canadian and Caribbean law, including citizenship by investment (immigration), residency by investment, corporate commercial law, and real estate services.