Cheapest Citizenship by Investment Programs Right Now

Getting a second citizenship by investment was not nearly as popular when we first joined the business in 2007. However, since then, it’s become an ever more important wealth protection planning tool for clients around the world.

In our case, we work with US clients. To them, a second passport offers many benefits, as you’ll read in this article.

But how much does it cost to get those advantages? And what is the cheapest way to do it?

We’ll talk about that in this piece. And we provide a list of the cheapest citizenship by investment programs on the market today. With detailed price breakdowns.

What is Citizenship by Investment

If you’re new to all this, the idea of getting a second citizenship can be confusing. So, allow me to give you a bit of context.

Citizenship means “to belong” to a country. As a citizen, you have the most rights (and responsibilities) under that country’s laws. For most of our clients, the most valuable right is to a passport.

A second citizenship means “belonging” to a second country. There are a number of reasons people do so:

• The right to live in another country (or group of countries).
• Access to investment opportunities that non-citizens don’t have.
• Avoid being targeted if you carry a passport not well received in certain parts of the world.
• Ability to leave your home country if your home country passport is revoked.
• Access to embassy services of your second country as needed.

There are different ways to get a second citizenship. In this article, we’re talking about Citizenship by Investment (CBI) programs. The programs are very different but share one thing. They all require you to put money into a country’s economy.

For obvious reasons, most people would like to do so at the lowest price possible.

To do so, first you need to understand how the numbers are put together in the first place.

Overview of the Cheapest Citizenships to Buy

Let’s talk about the cheapest citizenship to buy. The price varies by country. The highest cost is the “base cost”. Some programs cut costs by trimming extra fees.

Here are some types of fees you may encounter:

1. Investment Criteria or Government Contribution
2. Due Diligence Fees
3. Legal and Professional Fees
4. Government Processing Fees
5. Other Fees

Let’s go through each one in turn…

1) Investment Criteria / Government Contribution

Different programs have different requirements. But, most fall into one of these categories:

• Donation to some sort of economic development fund.
• Real estate investment.
• Investment into a company.
• Government bonds.

Most programs offer a choice.

2) Due Diligence Fees

This is what the program charges you to do their homework on you. They will need to verify a number of details, do a background check, and ensure that the funds you’re using to purchase the citizenship come from legal sources.

Generally, anyone over the age of 16 has to go through a due diligence process. For some programs, any dependent older than 12 is subject to due diligence.

3) Legal and Professional Fees

We’re not aware of any program that will interact with an applicant directly. Instead, you will work with a representative. They will submit your application (or work with a licensed person) on your behalf.

There is a fee to do this, which will vary from firm to firm. A single applicant can expect to pay at least $15,000 in professional fees to that representative. An applicant with dependents can anticipate professional fees of $20,000 or more.

4) Government Processing Fees

Some programs have their own “government processing fees.” These can range from a few thousand to tens of thousands of dollars.

5) “Other” Fees

Then there’s a class of “other” fees as well. Different programs have different “other” fees. Some of the most common include courier charges, passport issuance fees, and optional expedited fees if you’re in a rush.

The Cheapest Programs

Antigua and Barbuda

The options to acquire citizenship under the program are:

• National Development Fund. A $100,000 non-refundable contribution plus a $30,000 processing fee. This covers the main applicant and up to three dependents, including opposite-sex spouse, dependent children 30 years old or younger, physically or mentally handicapped children of any age who are wholly dependent on the main applicant, and parents 55 and older who are financially dependent on the main applicant.For a family of five or more, a contribution of $125,000 is required with additional processing fees of $15,000 for each additional dependent.
• University of the West Indies (UWI) Fund. A $150,000 non-refundable donation gives a family with up to six members citizenship. This option entitles one family member to a one-year scholarship at the UWI.No processing fees are payable except for families of seven or more, in which case a fee of $15,000 applies for each additional dependent.
• Qualifying real estate. A purchase with a minimum value of $400,000 plus a processing fee of $30,000 covers a single applicant or a family of up to four persons.Alternatively, two applicants may make a joint purchase of property valued at minimum $400,000 by each making an investment of no less than $200,000.For a family of five or more, a processing fee of $15,000 applies for each additional dependent.
• Approved joint investment. Make an investment of $400,000 or more in an approved joint investment with at least one other person with a total value of $5 million or more. Or invest $1.5 million or more on your own in an approved local business. This investment plus a processing fee of $30,000 covers a single applicant or a family of up to four persons. For a family of five or more, an additional processing fee of $15,000 applies for each additional dependent.

You will also need to pay due diligence fees. They are $7,500 for the main applicant, $7,500 for the main applicant’s spouse, $2,000 for dependents 12-17 years old, and $4,000 for dependents 18 years old or older. You will also need to pay professional fees of $15,000 or more. Applicants aged 16 or older must attend a virtual interview and are subject to an interview fee of $1,500.

Table Summary

Commonwealth of Dominica

There are two options:

• Economic Diversification Fund. The minimum non-refundable contribution is $100,000. This qualifies a single applicant for citizenship. A donation of $150,000 qualifies you and your opposite-sex spouse, and $175,000 for a main applicant and up to three qualified dependents. Additional dependents cost $25,000 each.
• Qualified Real Estate. Alternatively, you may purchase real estate in an approved project with a minimum value of $200,000. Processing fees are: $25,000 for a single applicant, $35,000 for an applicant and up to three qualified dependents, $50,000 for an applicant and up to six dependents, or $70,000 for an applicant with seven or more dependents.

Qualified dependents are your children under the age of 18; adult dependent children 18-30 pursuing university study; adult children of any age with special needs; and parents or grandparents 65 years old or older. Adult children dependents must be fully supported by the main applicant and/or their spouse.

An application fee of $1,000 applies, along with due diligence fees of $7,500 for the main applicant; $4,000 for the main applicant’s spouse; and $4,000 for each dependent over the age of 15, as well as a $1,000 interview fee. You can also expect to pay legal fees of $15,000 or more. Applicants aged 16 or older must attend a virtual interview and are subject to an interview fee of $1,000.

Table Summary

Saint Lucia

The country’s CBI program came into existence in 2015. To obtain citizenship, you must make an investment in one of four areas:

1. National Economic Fund.The minimum non-refundable contribution is $100,000. This qualifies a single applicant for citizenship. A $140,000 donation qualifies an applicant and their opposite-sex spouse; and $150,000 qualifies an applicant, their spouse, and up to two other qualifying dependents. Each additional qualifying dependent costs $25,000.
2. Qualified Real Estate. A $200,000 investment in high-end boutique properties or branded hotels. This option requires payment of a registration fee of $30,000 for the primary applicant, $45,000 for an applicant and spouse, plus $5,000 for each dependent under the age of 18 and $10,000 for each dependent over 18. The investment must be held for at least five years.
3. National Action Bond. A $300,000 investment in non-interest-bearing government bonds that is refundable after five years plus a non-refundable $50,000 administrative fee per application qualifies a main applicant and an unlimited number of dependents for citizenship.
4. Enterprise. A $3.5 million investment in an approved enterprise plus a $50,000 non-refundable administrative fee. There are currently no enterprise projects open for investment.

For all options, you’ll need to pay a processing fee of $2,000 plus $1,000 per spouse or dependent and a due diligence fee of $8,000 for the primary applicant and $5,000 for each dependent over 16.

A St. Lucia passport gives you visa-free entry or permits obtaining a visa upon arrival to more than 140 countries, including all EU members, Switzerland, Singapore, and Hong Kong. Visas are required for entry to the US and Canada. Citizenship from St. Lucia also provides a substantially expanded ability to live or work in countries that are full OECS members.

Table Summary

Grenada

There are two options:

• National Transformation Fund (NTF). The minimum non-refundable donation is $150,000 for a single applicant, $200,000 for an applicant, opposite-sex spouse, and two dependents, and $25,000 for additional children.
• Qualified Real Estate. There are two options:
  1. Make a joint investment in pre-approved tourism accommodation of $220,000 or more.
  2. Make an independent investment in pre-approved real estate of $350,000 or more.

A registration fee of $50,000 applies for the main applicant and $25,000 for each dependent beyond three dependents. You must hold this property for a minimum of five years before you sell it.

For both options, there is an application fee of $1,500 per person, due diligence and interview fees totalling $6,000 for each applicant 17 or older, and a processing fee of $1,500 per person; $500 for applicants under the age of 18. You can also expect to pay legal fees of $15,000 or more per application.

A Grenada passport gives you visa-free entry or permits obtaining a visa upon arrival to more than 140 countries, including all EU members, Switzerland, Singapore, and Hong Kong. Visas are required for entry to the US and Canada. Citizenship from Grenada also provides a substantially expanded ability to live or work in countries that are full OECS members.

The re-engineered Grenada program is higher-priced than most other citizenship by investment programs in the Caribbean.

Until 2023, we suggested Grenada to US applicants:

• who were 100% certain they would renounce US citizenship after getting a second citizenship, AND
• wanted to be able to visit the US without needing a sometimes hard-to-obtain visitor’s visa, AND
• were unable to qualify for citizenship by naturalization from a country that already offers visa-free travel to the United States.

In this situation, we suggested Grenada because it has an investor visa treaty with Uncle Sam. This route offers an easier way to re-enter the country than a visitor’s visa, which can be difficult for an expatriated US citizen to obtain.

However, a new federal law that took effect in 2023 makes it much more difficult to qualify for a US investor visa from a country with a citizenship by investment program in effect. In that situation, you must demonstrate that you have been “domiciled” in that country for at least three years.

The term “domicile” refers to a person’s permanent home. To prove you are domiciled in a particular country, you need to demonstrate deeper ties to that country than any other country. Even living in that country for three years or longer wouldn’t necessarily make you domiciled there. Instead, you would need to demonstrate, in effect, that the country is the center of your vital interests.

Table Summary

Qualified dependents include children aged 18 to 29 who are supported by the main applicant or spouse, children aged 18 or over who are physically or mentally challenged, dependent parents or grandparents of the main applicant or spouse who are fully supported by the main applicant, and siblings of the main applicant or spouse who are at least 18, unmarried, and without children.

Saint Kitts and Nevis

There are four options available:

1. Sustainable Island State Contribution (SISC). A non-refundable donation of $250,000 qualifies a single applicant for citizenship. For a main applicant and their opposite-sex spouse, the required donation is $300,000, or $350,000 for a main applicant, spouse, and up to two additional dependents. Each additional dependent up to age 18 requires another $50,000 donation. Each additional dependent over 18 costs another $75,000.
2. Public Benefit Option. This option is intended for investors who would like to develop a project bringing substantial public good to the people of St. Kitts and Nevis. The required donation is a minimum of $250,000.
3. Developer’s Real Estate Investment Option. A purchase with a minimum value of $400,000 at an approved development. You may sell this investment after seven years.
4. Private Home Sale Option. A purchase with a minimum value of $400,000 in a condominium unit or an $800,000 investment in a single-family home designated as an Approved Private Home. You may sell this investment after seven years.

For all options other than the SISC, a registration fee of $25,000 applies to the main applicant; $15,000 to the spouse of the main applicant; $10,000 for each qualified dependent up to the age of 18; and $15,000 for each qualified dependent over 18.

All options require the payment of due diligence fees of $10,000 for the main applicant and $7,500 for each dependent 16 years old or older along with professional fees of $15,000 or more. Applicants aged 16 or over must also submit to a mandatory interview and pay a $1,000 interview fee.

St. Kitts and Nevis passport holders can travel without a visa or obtain a visa upon entry to more than 150 countries, including all EU members, Hong Kong, and Singapore. Travel to the US and Canada requires a visa. Again, citizenship provides a substantially expanded ability to live or work in other members of the OECS.

This program therefore offers the highest-quality passport among Caribbean citizenship by investment programs, albeit a much higher price point than its local competitors.

Table Summary:

Please note that the Public Benefit Option does not specify additional costs for dependents, so the table reflects the same donation amount for a single applicant, a couple, and a family of four. The Developer’s Real Estate Investment Option and the Private Home Sale Option have the same minimum investment amount for a single applicant, a couple, and a family of four, but the registration fees vary based on the number and age of dependents.

North Macedonia

If you do any research online, you may see that the young country of North Macedonia has a second citizenship program.

The first version of the program launched in 2016 and required an investment of EUR 400,000 (about USD 432,000 at current exchange rates). However, it was only offered on a discretionary basis.

In 2021, a group of companies approached the government about launching a more formalized program, in this case built around a EUR 200,000 donation option.

However, according to one industry resource, by the end of 2022, the government had yet to approve any citizenship applications. So, the private sector (that is, people like us who help clients get second citizenship), considered it dead.

That said, you will still see a number of notable second citizenship firms promoting it. And we believe the program does officially still exist. But we don’t see anybody being approved any time soon.

That’s because The European Union has made it clear they are not fans of Citizenship by Investment programs. North Macedonia wants to join the EU. This pressure seems to have stopped the program dead in its tracks.

Vanuatu

Vanuatu (formerly known as the New Hebrides) is a group of 83 volcanic islands in the South Pacific, 68 of which are populated. It has a land area of around 4,700 square miles widely spread over an ocean region of 325,000 square miles – about the size of Arizona and California combined. The climate is tropical and most of the population of about 280,000 works in agriculture.

In 2014, the government authorized at least two and possibly three separate CBI options with different price points and no central administrative authority. In 2019, the government issued two sets of regulations to resolve ambiguities and price points for the program.

According to the Vanuatu Citizenship Office (VCO), citizenship by investment is available to a single applicant for a one-time donation of $130,000. Another option highlighted on the VCO website offers citizenship for either a fee or investment (it’s not clear which) of $260,000.

Given a program this disorganized, it came as little surprise that in 2022, the EU warned Vanuatu that it could lose visa-free access to this bloc of nations if it did not reform its CBI program. When the country failed to do so, in early 2023, visa-free access to the EU was suspended for Vanuatu citizens whose passports were issued after May 25, 2015.

Currently, the Vanuatu passport offers visa-free access, or access with minimal visa formalities, to nearly 100 countries, but not the EU, the US, or Canada.

What is the Cheapest Citizenship by Investment Programs

“Why Would I Invest in a Cheap Second Passport?”

There are many reasons to get a second citizenship. But in a word, it’s about freedom.

Your passport is the property of the government that issued it. If your government decides it doesn’t want you to travel internationally, it can simply revoke your passport.

That’s not just for criminals either. The US State Department can legally take your passport if it wants. This power is often abused, with many native-born Americans stripped of their passports.

Here are the reasons our clients say they got a second citizenship…

1) Being Able to Travel to More Places Without Needing a Visa

One of the most compelling reasons for obtaining a second citizenship is the potential for easier travel.

Many passports, especially those from countries within the European Union, offer visa-free or visa-on-arrival access to a significant number of countries. This can simplify travel plans, reduce waiting times for visa approvals, and eliminate the need for extensive paperwork.

For US citizens who travel frequently for leisure or business, a second passport can open up a world of hassle-free travel opportunities. In particular, visits to the Middle East, China, and Russia are often much simpler to arrange with a second passport.

2) An Insurance Policy Just in Case

In an increasingly unpredictable world, having a second citizenship serves as a form of insurance. Political instability, economic downturns, or natural disasters can happen unexpectedly.

Having the option to reside in another country provides a safety net, allowing individuals and their families to relocate if the situation in their home country becomes untenable. This Plan B can offer peace of mind in turbulent times.

3) Business Opportunities

A second citizenship can also unlock new business opportunities. Some countries offer tax advantages, access to new markets, or more favorable business regulations.

Entrepreneurs and business owners may find that holding citizenship in another country simplifies the process of setting up and operating businesses there.

Additionally, being a citizen of the country where you’re doing business can foster trust and goodwill with local partners and customers.

4) No Longer a Target

US citizens traveling or living abroad can sometimes be targets for crime or political hostility due to the perception of wealth or political affiliations.

Holding a second passport and the ability to present oneself primarily as a citizen of a less conspicuous nation can reduce this risk.

This is particularly relevant in regions where anti-American sentiment is prevalent or in situations where being inconspicuous can ensure personal safety.

5) Education and Healthcare

Access to high-quality education and healthcare are significant motivators for seeking a second citizenship.

Many countries offer excellent, subsidized or even free education and healthcare benefits to their citizens. For families, the prospect of providing their children with access to good universities without the burden of high tuition fees is appealing.

Similarly, the availability of high-quality, affordable healthcare can be a strong incentive, especially for those facing the high costs of medical care in the US.

6) Wanted to Give Up US Citizenship

Finally, some individuals consider a second citizenship as a step towards renouncing their US citizenship.

Many people (including the folks in Washington) seem to think American expats give up their citizenship to avoid taxes. And, for some, that can play a part.

But, at least so far as our clients are concerned, it’s rarely the main motivator. In fact, we’ve had more than a few clients move to countries where taxes are actually higher.

They do it because the US government does not make it easy for expats to live abroad as Americans. Beyond the expensive accounting and asset reporting headaches, the long arm of US law simply makes day-to-day life more challenging in their adopted homelands.

At a certain point, they just give up and renounce US citizenship.

Comparison of the Cheapest Citizenship by Investment

Advantages and Disadvantages

FAQs

Which Citizenship by Investment Program is right for you?

At the end of the day, the best citizenship by investment program is not necessarily the cheapest; it’s the one that will help you reach your goals.

That may include visa-free access to a certain country. Or maybe you’re looking to move to the Caribbean and want to be treated as a local. Or perhaps you’re looking for a second citizenship that can open the door to new investment opportunities.

Whatever that goal is, be sure that the second passport you get will help you do that. We can help of course. Just schedule a free, no-obligation consultation with one of our associates to learn more.