William Huston, AIF®, AIFA®

Best Citizenship by Investment Countries in 2024

Obtaining citizenship through investment is becoming a viable way for investors to travel and diversify their investment portfolios across different regions. With the world becoming more interconnected, citizenship through investment continues to gain popularity among individuals who are interested in gaining access to profitable business opportunities through investing in a host country's economy, as well as visa free travel.

For investors looking to obtain a second passport through investment, here is a guide on the top countries that you should consider in 2024.

William Huston, AIF®, AIFA®

William Huston, AIF®, AIFA®

Key Takeaways
  • Citizenship by investment, also known as economic citizenship, is a legal process whereby individuals can acquire citizenship and a second passport in another country by investing in its economy.
  • Some of the top countries to invest in for second citizenship include: Austria, Malta, North Macedonia, Turkey, Antigua and Barbuda, Dominica, Grenada, Saint Kitts and Nevis and Saint Lucia.
  • Some benefits that come with citizenship by investment include visa free travel to specific countries, access to quality education and healthcare systems and tax benefits.
  • For individuals looking to invest in hotels in Portugal and The Bahamas for citizenship, consider investing through our Alt Path hotel fund. To speak to a member of our team for more information, get in touch with us here.

The contents of this article are for educational purposes only. They are not intended to be a source of professional financial advice. You will find experts on financial planning and financial management here.

Diversify Your Investments Through our Hotel Fund

For investors looking to get into hotel investing in Portugal and The Bahamas, our Alt Path hotel fund offers a great opportunity to do so. The primary goal of the fund is to set up and manage a collection of new boutique hotels in these tourist hotspots.

With pre-approved hotel development projects in Portugal which qualify for 45% to 55% cash incentives from the Portuguese government, investors not only have an opportunity to be a part of these potentially profitable projects through their financial input, but can also apply for citizenship by investment through support from our team.

By investing in our fund, investors are able to diversify their investment portfolio and minimize overall risk by spreading their investments across diverse markets. To read more on the Portugal golden visa program, read the latest insights here.

To speak to our team about the available investment opportunities through the Alt Path hotel fund, schedule a call with us today.

What is Citizenship by Investment?

approved passports for citizenship

Citizenship by investment, also known as economic citizenship refers to a legal process where individuals can acquire citizenship and a second passport in another country by investing in its economy.

These economic citizenship programs are offered by specific countries as a means to attract foreign investment in order to stimulate the economy of the host country. In exchange for making qualified investments which can include purchasing real estate, making a donation to a government fund or establishing and running a business, applicants can be granted citizenship along with associated rights such as the ability to live, work, study and travel visa free to specific countries.

Citizenship by investment programs allow individuals to obtain citizenship by making a significant investment in the economy of the host country. Here are some common types of investment citizenship programs.

Real estate investment

In such an investment program, individuals invest in either commercial or residential properties in the host country. Typically, the investment must meet a minimum threshold, for the investor to qualify for citizenship.

Investing in government bonds

Some countries offer citizenship by investment to individuals who invest in government bonds or treasury securities. These investments help fund government projects and infrastructure development. A great thing about this investment option is that you're assured full return of your money as the government usually guarantees these bonds. 

Business investment programs

Another way that investors can achieve dual citizenship through citizenship programs is by investing in local businesses, start-ups or established enterprises. That way, they can create jobs and contribute to economic growth in the host country.

Donation or contribution programs

Under these programs, individuals are required to make a non-refundable donation or contribution to a government fund or specific project(s) in areas such as arts and healthcare. In return, they become eligible for citizenship in the host country.

Best European Citizenship by Investment Programs

European passport

Located in the heart of Europe, Austria is among the European nations that is known for its vibrant culture, high standard of living and thriving economy. It is a great choice for investors looking to not only invest in a stable economy but also live a vibrant society.

Within Western Europe, Austria remains the only country that offers citizenship by investment and an EU passport without prior residency requirements.

Minimum Investment Amount
  • Invest €10 million if made directly into a business.

  • Second option is to invest €3 million as a contribution to the government's development fund.

  • To qualify for citizenship by investment, individuals are required to actively invest in the Austrian economy by either opening a company or making a direct investment in a business that creates jobs or generates new export sales. Investment in government bonds and real estate don't qualify.

  • Have their standard documents such as passport, birth certificate and marriage certificate. They are also required to have a clean criminal record and are required to provide a certificate to support that.

  • Have evidence that they are experienced in running a business, and provide quality references and proof that they are able to financially support themselves and their families.

  • Renounce their current citizenship in order to obtain Austrian citizenship. Under certain circumstances, some applicants can be able to maintain their original citizenship.

  • Individuals get to enjoy visa free access or visa on arrival travel across 190+ countries including those in the EU and Schengen Area, USA, Hong Kong and Japan. The Austrian passport is among the strongest passports in the world.

  • As an Austrian citizen, individuals can live and work in Austria and in any other country that is part of the European Union.

  • Once an investor and their family become Austrian citizens, they can transfer this citizenship status to future generations.

  • Investors and their family members get to enjoy quality healthcare and provide high quality education for their children.


Strategically situated in the Mediterranean Sea, Malta is a great country to settle in as your second home due to its thriving economy, stable political climate and high quality of life. As a member of the European Union, individuals are able to live and work in Malta, as well as in other countries in the EU.

Minimum Investment Amount
  • Individuals are required to invest at least €600,000 to the national development fund after completing 36 months of residency in Malta or €750,000 after living in Malta for 12 months. 

  • In addition, investors must purchase residential property in Malta that is worth at least €700,000. That property must be held for a minimum of 5 years and can be leased for a rental value of €16,000 annually. During these 5 years, individuals are not allowed to sublet or sell this property.

  • Investors are also required to make a donation of €10,000 to any organization approved by the Community Malta Agency. Donations can be made to a registered sport, cultural, scientific, philanthropic, animal welfare or cultural non-governmental organization or society.

  • Individuals are required to be 18 years old or more.

  • They must also have a valid residence card. A Malta identity document known as an e-ID card is normally issued upon purchase of real estate property.

  • Applicants and their family members must be in good health to qualify for citizenship.

  • With a Maltese passport, individuals are able to travel visa-free to 190+ countries and territories globally.

  • Investors and their families gain the ability to live, work and study in any country that is part of the EU.

  • With Maltese citizenship, individuals and their families enjoy high quality access to excellent education and healthcare systems.

North Macedonia

North Macedonia is located in Southeastern Europe and its strategic geographic location makes it a top destination for investors seeking a second passport. With a competitive business environment and growing economy, investors can take advantage of the investment opportunities to acquire citizenship in the nation.

Minimum Investment Amount

To gain citizenship by investment in North Macedonia, investors can choose either of these two options:

  • Donate at least €200,000 to a private development fund that has been approved by the government, for at least 2 years.

  • Invest €400,000 in a new business that will create employment for at least 10 people. Businesses in hospitality and food and beverage are not eligible for this option.

  • Applicants must be over the age of 18.

  • Individuals are also required to have a clean criminal record.

  • Applicants must provide proof of legality of the available investment funds.

  • They must have no record of illegal stay in the country.

  • Individuals can travel visa-free or get a visa on arrival in 120+ countries.

  • Citizenship can be passed down to future generations.

  • Dual citizenship is allowed and investors don't have to renounce their original citizenship.

  • North Macedonia offers investors a favorable tax environment whereby individuals pay 10% on all their income. Non-tax residents are not required to pay taxes on income coming from outside North Macedonia.

  • No minimum residency requirements.


Launched in 2017, the Turkey citizenship by investment program was set up to attract foreign investment in order to boost the real estate sector in the country. Over time, the investment options have increased and investors can choose based on their specific investment needs.

Minimum Investment Amount

Investors are required to invest in any of these options in order to qualify for citizenship.

  • Purchase real estate property worth at least $400,000.

  • Deposit a minimum of $500,000 into a Turkish bank account.

  • Invest at least $500,000 in shares in Turkish government bonds, real estate investment fund or venture capital.

  • Invest a minimum of $500,000 in fixed capital contributions. 

  • Commit at least $500,000 into a private pension system for a minimum holding period of 3 years.

  • The main applicant must be at least 18 years old.

  • They must have not at any point stayed in Turkey illegally.

  • Applicants are required to pay the taxes, fees and costs associated with the process.

  • Individuals with a Turkish passport can travel to 120+ countries visa free or get visa on arrival access, including Japan, Hong Kong and Singapore.

  • Individuals can get an E-2 visa after living in Turkey for 3 years, which allows investors and their families to live and work in the USA.

  • Investors and their families can enjoy dual citizenship as Turkey allows its citizens to retain their original citizenship status.

  • The Turkish citizenship by investment program includes the applicant's family, both spouse and children.

  • Investors who have obtained Turkish citizenship can easily get a В-1/В-2 tourist visa to the US.

Best Caribbean Citizenship by Investment Programs

Antigua and Barbuda

Known for its stunning beaches, vibrant culture and warm climate, Antigua and Barbuda is a top choice for investors looking to acquire citizenship by investment in the Caribbean. Antigua and Barbuda's citizenship by investment program offers investors profitable business opportunities and benefits ranging from visa free travel to 150+ countries and favorable tax policies.

Minimum Investment Amount
  • The first citizenship by investment option is by donation to the National Transformation Fund in Antigua and Barbuda. The minimum investment amounts required are: $100,000 for a single applicant, $100,000 for a family of 4 members and $15,000 for each additional dependent, plus fees.

  • Option two is to make a minimum investment of $200,000 in a government-approved real estate project that has to be held for 5-years. After that, the real estate investment can be sold.

  • The third option is by making a donation of $150,000 to the University of the West Indies (UWI) Development Fund for a family of 6. Investors are required to pay an additional $15,000 for every additional dependent.

  • The fourth option is for an individual to invest $1.5 million in a business venture, as the sole investor. A group investment of $5 million also qualifies as long as each investor contributes at least $400,000. During the application process, investors can include up to 4 family members. Each additional member must pay $15,000 to be included in the application. Investors are also required to pay a state fee of $30,000.

  • Applicants are required to show evidence of a clean criminal record.

  • They should not have any pending visa refusals from other countries.

  • Valid documentation including identification card, proof of address and business documents are required.

  • With an Antigua and Barbuda passport, investors can be able to travel to 150+ countries visa free. Investors can also be able to stay in the UK for 180 days per year.

  • Individuals also get to enjoy tax benefits as they aren't required to pay taxes on personal income, inheritance or capital gains. Residents of Antigua and Barbuda are also exempted from paying taxes on dividends, interests or royalties that are generated from other regions in the world.

  • With an Antigua and Barbuda passport, one can get a 10-year B-1/B-2 visitor visa to the USA. With this visa, individuals can spend up to 180 days in the US for business or leisure purposes.

  • Antigua and Barbuda is a member of the Caribbean Community and Common Market (CARICOM), and citizens can gain visa free access to all 15 CARICOM member states. Another opportunity that investors can take advantage of is the union's single market for all its 15 members.


Rated as one of the most beautiful islands in the Caribbean, Dominica is a haven for investors who not only enjoy being in a country with a stable economy but also enjoy being in nature. With natural hot springs and beautiful sandy beaches, the country's commitment to environmental preservation and high quality of life makes it an ideal location for investors looking to invest in an environmentally friendly and financially stable economy.

Minimum Investment Amount
  • The first available option to investors is to purchase an authorized real estate project that is worth at least $200,000. The property must be held for 3 years, after which it can be sold.

  • Option two is for a single applicant to contribute $100,000 to Dominica's Economy Diversification Fund. Something to note with this investment option is that for every additional applicant included, an additional investment has to be made. For example, an applicant who includes their spouse is required to donate $150,000, for a spouse and 3 dependents they are required to donate $175,000, $25,000 for every additional dependent under the age of 18 and $50,000 per additional dependent over the age of 18.

  • Applicants must be over 18 years.

  • Applicants should have a clean criminal record.

  • Each individual must be of good health and show proof that they do not suffer from any contagious diseases.

  • Provide a letter of application for economic citizenship that is to be addressed to the Minister responsible for citizenship.

  • Investors can travel visa-free to 140+ countries including those in the Schengen Area, Hong Kong and Singapore.

  • Successful applicants can also secure a 10-year B-1/B-2 US visa that allows them to stay in the country for up to 180 days per year for business and travel purposes.

  • Investors can benefit from tax benefits such as exemption of payment of taxes on gifts, inheritance or capital gains. Non-tax residents are only required to pay tax on income that is generated in Dominica.

  • As a citizen of Dominica, you can maintain dual citizenship status and don't have to renounce your original citizenship.

  • Dominica's citizenship by investment program makes inclusion for the investor's spouse, children under the age of 30, parents and grandparents.


Also known as the "spice island', Grenada is well known for producing 20% of the nutmeg in the world. With beautiful beach fronts, friendly locals and popular hiking trails, Grenada has grown to be a top destination for investors looking to acquire a second citizenship and live a high quality life.

Grenada's Citizenship by investment program offers investors benefits such as visa-free access to over 145+ countries and great tax incentives.

  • Applicants must be over the age of 18.

  • They must have a clean criminal record.

  • Each individual must be in good health.

  • They have to make a qualifying donation or investment.

Minimum Investment Amount
  • Applicants are required to make a non-refundable contribution of at least $150,000 to the National Transformation Fund for a single applicant. To include their spouse and two children, investors are required to contribute $200,000. For every additional dependent child, an additional contribution of $25,000 per person is expected.

  • An alternative option is to invest at least $220,000 in real estate projects that are government approved. The real estate investments acquired can be sold after 5 years if the investor desires to recoup their original investment.

  • Investors get to enjoy visa free access to 145+ countries including the UK, countries within the Schengen Area, Singapore and Hong Kong.

  • Individuals have the ability to live, work and settle in any other member state of the Caribbean Community and Common Market (CARICOM).

  • Applicants gain the ability to live, work and settle in any other member of the CARICOM.

  • Investors get to enjoy some tax benefits as they are not required to pay taxes on inheritance, capital gains and stamp duty. In addition, global income, dividends, interest or royalties earned outside Grenada aren't eligible for taxes.

  • Citizenship status can be passed down to future generations.

Saint Kitts and Nevis

Saint Kitts and Nevis is located in the Caribbean, and the beautiful beaches and ocean fronts are a rare sight. As a citizen of St Kitts and Nevis, investors get to enjoy benefits such as visa-free access to over 155+ countries and tax incentives. The country's commitment to sustainable development and high quality of life in the nation makes it the perfect destination for investors looking to live a balanced life.

Minimum Investment Amount
  • The first option is to make a donation to the local government whereby a single investor is required to contribute $250,000 investment to the government fund. A married couple should donate $300,000 and a family of four $350,000. Families with more than 4 members are expected to pay $50,000 for every additional member under the age of 18 and $75,000 for any additional family member above 18 years.

  • Option two is to invest at least $400,000 in government-approved real estate developments. Investors are allowed to lease the property during the period when they own the property. Resale of the property can only happen after 7 years of owning it.

  • Applicants are required to have a clean criminal record.

  • They must be in good health and free from any contagious diseases.

  • They need to provide valid documentation such as a birth certificate, passport and proof of funds.

  • Investors are required to make a qualified investment in government approved projects.

  • Applicants gain access to visa-free travel to 155+ countries, including those in the Schengen areas, Hong Kong and Singapore.

  • Investors get to enjoy tax benefits as they are not charged taxes on capital gains, inheritance or income.

  • Individuals can acquire a 10-year US visa for business and leisure travel.

  • They are given the ability to include family members; spouse, children under 26 and parents over the age of 65.

  • There are no minimum stay requirements for successful applicants.

  • Investors get to enjoy dual citizenship as Saint Kitts and Nevis doesn't require new investors to renounce their original citizenship.

Saint Lucia

Saint Lucia lies in the eastern Caribbean Sea, northwest of Barbados and south of Martinique. With its beautiful beaches and tropical rainforest, the country continues to stand out as a top choice for investors considering economic citizenship in the Caribbean.

As a member of the CARICOM, Saint Lucia has excellent travel links to Europe and North America, which makes it easier for its citizens to take advantage of business and opportunities in Europe and the United States.

Minimum Investment Amount
  • The first option is to invest at least $200,000 in approved real estate projects. The real estate investment must be held for at least 5 years.

  • Option two is to invest at least $3.5 million in approved business projects and create a minimum of 3 jobs. The other alternative is to make a joint contribution of $6 million with each applicant contributing at least $1 million, and create a minimum of 6 permanent jobs.

  • The third option is to donate a one time, non-refundable fee of $100,000 to the National Economic Fund. Additional fees apply for additional family members.

  • Option four is to invest in non-interest-bearing government bonds worth at least $300,000. The investor will be required to pay a fee of $50,000 and the bond must be held for at least 5 years.

  • Main applicant should be over the age of 18.

  • All family members included in the application must have a clean criminal record.

  • Each one of them must be in good health.

  • Visa free or visa on arrival access to over 145+ countries, including those in the Schengen Area, Hong Kong, Singapore and the UK.

  • Applicants can enjoy dual citizenship and aren't required to renounce their original citizenship.

  • Individuals can live, work and study in St Lucia and other CARICOM member states.

  • Excellent healthcare and education systems.

  • Investors are not required to pay taxes on inheritance, capital gains and any income generated outside St Lucia.

Benefits of Citizenship by Investment Programs

foreign investor and immigration expert

Acquiring a second passport comes with several benefits that can be of great value to investors. These benefits include:

  • Access to a greater number of countries without the need for a visa or with visa-on-arrival access. This enables easier travel for investors, be it for business or for leisure.

  • Having dual citizenship can provide a safety net for investors and their families in the case of economic instability or political unrest in their country of origin. This can help their families have peace of mind.

  • For investors, a second passport can provide access to new business and investment opportunities. That way, individuals are able to expand their professional networks and grow their wealth internationally.

  • Some countries offer their residents and citizens tax benefits such as tax exemptions on capital gains, inheritance and foreign income. These tax incentives allow individuals to reduce their tax liabilities and preserve their wealth.

  • By obtaining citizenship through investment, investors and their families can access the country's quality education and healthcare systems, ensuring a better quality of life for investors and their families.

  • A second passport allows individuals to enjoy a different cultural experience by virtue of living in a different country. Together with their families, investors can immerse themselves in different cultures, learn a new language and live a different lifestyle. These aspects can enhance their personal development and growth.

Factors to Consider Before Applying for Citizenship by Investment Programs

resident by investment securing citizenship

Before you apply for any citizenship by investment program, here are key factors that you should consider as an investor.

Eligibility criteria: Before getting started with the application process, first review the eligibility requirements of the specific citizenship by investment program that you're interested in applying for. This is to ensure that you meet all the requirements listed, such as minimum investment thresholds and background checks.

The available investment options: Different countries offer various investment options including real estate investment, government bonds, donation to national development funds or investment in local businesses. Before deciding on one, you should assess which option aligns best with their financial goals.

Citizenship benefits: Another key thing to consider are the benefits that come with citizenship by investment programs. Depending on whether your main interest lies in visa free travel to other countries or tax benefits access, be sure to check all the advantages that come with your new citizenship status.

Investment thresholds: Depending on the country that you want to invest in for citizenship, evaluate the minimum investment thresholds and the return on investment for each qualifying investment. This will help you determine the best investment options for you.

Processing time and procedure: Application for a citizenship program is not the easiest process to undergo. It is therefore crucial that you understand the application process and timeline for each program. Take note of all the documents that are required in the application process, processing time, due diligence procedures and any language requirements.

How to Select the Best Citizenship by Investment Program

newly naturalized citizens

Selecting the best citizenship by investment program requires extensive research to ensure that it aligns with your personal and financial goals. Here are some tips that you can use to choose the best citizenship by investment program for you.

  • Start by doing your research so you can identify the specific countries offering citizenship by investment programs. The next thing is to look up and go over the investment requirements, benefits, processing times and eligibility criteria of each program.

  • Next, you need to determine your reasons for seeking citizenship in another country through investment. Whether it's for visa-free travel, better business opportunities or tax benefits, clarifying your why will help narrow down your options.

  • Investors also need to evaluate the investment options and financial requirements of each citizenship by investment program. It is important that they take note of the minimum investment amounts required, qualified investment opportunities and vehicles as well as any additional fees that they may incur.

  • Another important factor to assess is the rights and privileges that an investor and their family will get to enjoy. Check to see if you will have access to quality healthcare, education and employment. Choose a program that caters to the needs of you and your family.

  • Investors also need to evaluate the political and economic stability of the country that they want to apply for its citizenship. Ideally, they should look for nations with strong legal frameworks and respect for human rights to ensure that they are investing in a secure environment.

  • Lastly, before making any commitments, it is very important that investors conduct thorough due diligence on the investment citizenship program that they want to sign up for. Be sure to verify any agencies or parties involved in the process to avoid any potential cases of fraud.

Bay Street Capital Holdings

Based in Palo Alto, Bay Street Capital Holdings is an independent financial planning firm that specializes in investment advisory, wealth management and financial planning. The firm was founded with the main focus of growing their clients' portfolios while managing overall risk.

In 2023, Bay Street was selected as a finalist in the Asset Managers: Diversity, Equity and Inclusion category at the 2023 WealthManagement.com Industry Awards, as a result of their collaboration with Resthaven Properties in the real estate sector.









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