About a dozen countries currently offer citizenship by investment, with minimum contributions running from roughly $130,000 in Vanuatu to well over $1 million in Malta. The five Eastern Caribbean nations dominate the market, and Malta, Turkey, and Vanuatu round out the mainstream options. Each program is structured similarly on the surface, either a government fund contribution or an approved real estate purchase, but the passports they produce differ sharply in travel strength, U.S. access, processing speed, and long-term political risk.
The Five Caribbean Programs
All five Caribbean programs allow dual nationality, require no residency before approval, and finish in a few months. The differences are in price, holding periods, and a few country-specific quirks.
St. Kitts and Nevis
The oldest program in the world, launched in 1984. The Sustainable Island State Contribution starts at $250,000 for a single applicant or a family of up to four.1St. Kitts and Nevis Citizenship by Investment Unit. Sustainable Island State Contribution – Section: Minimum Contribution Requirements The real estate route requires at least $400,000 in approved property held for seven years, the longest holding period in the region.
Dominica
The cheapest Caribbean option. The Economic Diversification Fund starts at $200,000 for a single applicant.2Citizenship by Investment Unit (Dominica). Economic Diversification Fund Real estate also starts at $200,000, and the holding period is only three years, the shortest in the Caribbean. Dominica is known for strict due diligence, which has helped preserve the passport’s standing internationally.
Grenada
Grenada’s National Transformation Fund accepts contributions starting at $235,000.3Investment Migration Agency (IMA) Grenada. Citizenship by Investment The real estate minimum is $270,000, held for five years. Grenada’s distinguishing feature is its E-2 investor treaty with the United States, discussed further below.
Antigua and Barbuda
The National Development Fund requires $230,000, which covers a family of four with no extra fund payment for dependants.4Citizenship by Investment Programme. NDF Antigua is the only Caribbean CBI country with a physical presence rule: new citizens must spend at least five days in the country during the first five years. Missing that requirement can cost you your citizenship, and the investment is not refunded.5Citizenship by Investment Programme. The Citizenship by Investment Programme
St. Lucia
The National Economic Fund, established under the Citizenship by Investment Act, starts at $240,000 for a main applicant and up to three dependants.6Attorney General Chambers. Citizenship by Investment Act Real estate starts at $300,000 with a five-year hold. St. Lucia issues fewer passports than its neighbors, which some applicants view as an advantage at borders.
Malta, Turkey, and Vanuatu
Malta
Malta is the only program that produces an EU passport, and it is priced accordingly. Three financial components apply together. The main contribution is €600,000 if you first hold residency for 36 months, or €750,000 on the faster 12-month track. You must also either buy Maltese residential property worth at least €700,000 or lease at €16,000 per year for five years, and donate at least €10,000 to an approved charity.7Aġenzija Komunità Malta. Acquisition of Citizenship Realistic total outlay comfortably exceeds €1 million. Malta caps annual approvals and applies heavy vetting.
Turkey
Turkey grants citizenship for a $400,000 real estate purchase, with a title deed annotation blocking resale for three years. A licensed appraiser must confirm the value. Turkey also accepts bank deposits of at least $500,000 held for three years. Processing typically runs four to six months. Like Grenada, Turkey holds an E-2 treaty with the United States.
Vanuatu
Vanuatu’s Development Support Program starts around $130,000 for a single applicant and produces citizenship faster than any other program, sometimes in under two months. The legal basis is the Citizenship Act.8Citizenship Office and Commission. Application Process The trade-off is a weaker passport, with visa-free access to about 96 destinations versus 145 to 156 for Caribbean passports, and border officers tend to scrutinize it more closely.
Passport Strength and the Schengen Risk
Approximate visa-free destination counts as of early 2026: Malta above 190, St. Kitts and Nevis 156, Grenada 148, St. Lucia 146, Dominica 145, Turkey roughly 110, and Vanuatu about 96. Caribbean CBI passports grant Schengen visa-free access for 90 days in any 180-day window and visa-free UK entry for up to six months. None of these programs, including Malta, produce visa-free entry to the United States, though Malta’s EU passport does make its holders eligible for the U.S. ESTA.
Anyone comparing Caribbean programs needs to weigh a serious emerging risk. In December 2025, the European Commission released a report stating that operating a CBI program is “in itself” enough to justify suspending Schengen visa-free access. The report named all five Caribbean CBI countries and urged them to tighten vetting “pending the discontinuation” of their programs. No deadline has been set, but if the EU triggers formal suspension, every passport holder of the affected country loses Schengen access, not only those who bought citizenship.
Access to the U.S. E-2 Investor Visa
Grenada and Turkey are the only two CBI countries whose citizens qualify for the U.S. E-2 investor visa, which allows you to live and work in the United States while running a qualifying business and can be renewed indefinitely. For applicants whose real goal is U.S. presence, this treaty eligibility often decides the program.
There is a catch worth planning around. A 2022 amendment to the Immigration and Nationality Act requires anyone who obtained citizenship through a “financial investment” to be domiciled in that country continuously for at least three years before applying for E-2 status. Grenada’s law does not classify a donation to the National Transformation Fund as a “financial investment,” which may exempt fund contributors from the three-year wait. Real estate applicants in either country should plan for the full three years.
Fund Contribution vs. Real Estate vs. Bonds
Every program offers at least two qualifying routes, and the choice comes down to whether you want the lowest cash outlay or want to recover most of your capital later.
A non-refundable government fund contribution is the simplest and cheapest path. The money goes to national development priorities and does not come back. Most applicants take this route because it avoids property transactions and ongoing management.
Government-approved real estate lets you recover principal when the holding period ends. Approved projects are usually resort developments, condominiums, or hotel shares. Holding periods run from three years in Dominica to seven in St. Kitts and Nevis, with five years typical. Resale is usually to the next CBI applicant, and the approved pool is limited, so resale values are not guaranteed.
A few programs also accept government bonds that return principal at maturity. Turkey accepts qualifying bank deposits. Business investment routes exist in some programs but require larger sums and local job creation, which limits their appeal to individual applicants.
What the Full Cost Actually Looks Like
The headline number understates the total. Government fees, due diligence charges, and administrative costs add up quickly. In Dominica, for example, the main applicant pays $7,500 in due diligence fees, with $4,000 per dependant aged 16 or older. The processing fee is $1,000 per application and the Certificate of Naturalization costs $500 per person.9Citizenship by Investment Unit (CBIU). Dominica Citizenship Cost and Fees Real estate applicants pay an additional government fee of $75,000 for a single applicant or $100,000 for a family of up to four.
Beyond government fees, agent or law firm fees typically run $10,000 to $25,000, and you will pay for document authentication, medical examinations, and courier services. For a family of four using the fund route in the Caribbean, expect the total to land roughly 30 to 50 percent above the headline investment.
Whether Your Current Country Allows It
Every major CBI country permits dual nationality, so none of them will ask you to renounce your existing passport. The harder question is whether your home country tolerates a second one.
Several nations prohibit dual citizenship or automatically revoke citizenship when a national voluntarily acquires another. China, India, and Singapore fall into this category. Saudi Arabia requires prior government permission. Japan does not formally recognize dual citizenship for adults. The UAE, Nigeria, and several Eastern European countries allow it only under specific conditions. If your home country prohibits it, obtaining a CBI passport can mean losing your original nationality. This deserves legal advice before you apply, not after.
How the Application Works
You cannot apply directly to any CBI program. Applications must go through an authorized agent licensed by the host country.10Citizenship by Investment Unit (CBIU). Authorised CBI Agents Grenada goes further and explicitly bars applicants from contributing to the National Transformation Fund on their own.3Investment Migration Agency (IMA) Grenada. Citizenship by Investment
Expect to provide certified passports and birth certificates for every family member, marriage or divorce records, police clearances from every country you have recently lived in, a medical examination, detailed financial records, and evidence of how you earned the money being invested. You will also disclose global net worth, employment history, and business interests. The government then commissions third-party intelligence firms to check international databases for criminal history, sanctions, political exposure, and financial integrity. If you clear that stage, you receive an approval in principle, transfer the funds, take an oath of allegiance, and receive a Certificate of Naturalization that lets you apply for the passport. Total timeline runs roughly three to nine months, with Vanuatu at the fast end and Malta at the slow end.
When Citizenship Can Be Revoked
CBI citizenship is not unconditional. Governments retain the right to revoke naturalization for fraud or misrepresentation during the application, for failure to complete or maintain the required investment, and for criminal activity discovered after approval. St. Kitts and Nevis revoked 13 citizenships in 2025 on grounds that included unpaid investments and post-approval sanctions listings.
Antigua and Barbuda can revoke citizenship if you fail to spend the required five days in the country during your first five years, and the investment is not refunded.5Citizenship by Investment Programme. The Citizenship by Investment Programme Most programs run continuing due diligence, so issues that surface years later can still trigger revocation. Appeals in court are available but expensive, and the odds favor the government.
U.S. Tax Reality
A second passport does not change your U.S. tax situation. The United States taxes citizens on worldwide income regardless of where they live or how many passports they hold. Foreign accounts opened in your new country of citizenship must be reported to the Financial Crimes Enforcement Network through a Foreign Bank Account Report if the combined value exceeds $10,000 at any point in the year.11Internal Revenue Service. Report of Foreign Bank and Financial Accounts (FBAR) Separate FATCA reporting may apply for larger balances. CBI citizenship creates no shelter and reduces no filing obligation for a U.S. citizen.