In this article, we will explore the 15 cheapest CBI programs in 2023. You can skip our comprehensive analysis and proceed directly to the 5 Cheapest CBI Programs in 2023.
In an era of increasing globalization, Citizenship by Investment (CBI) programs have emerged as a solution where international borders are less limiting and opportunities transcend geographical barriers. These programs enable individuals to obtain foreign citizenship through strategic investments, benefiting investors and the host countries.
Canada exemplifies how embracing immigrants can drive demographic growth and economic prosperity. With a population surge, low unemployment, a diversified economy, and strong stock market performance since 2021, most economists predict it to outperform other G7 nations by 2025. On June 22, Bloomberg reported regarding the impact of Canada's immigration strategy. The country grew to over 1 million individuals, equivalent to a 2.7% expansion in 2022. This growth rate stands out among developed economies.
Canada boasts a commendable standing among the world's most influential passports. This elevated passport status signifies greater global mobility and offers holders seamless access to numerous countries, bypassing cumbersome visa requirements. For deeper insights, our article on the 25 most powerful passports in the world presents valuable information.
The Global Landscape of Citizenship by Investment Initiatives
CBI programs, or economic citizenship programs, are policies various countries establish to attract foreign investors. In exchange for making significant financial contributions, such as real estate purchases, business investments, or direct contributions to national development funds, investors can obtain citizenship or permanent residency in the host nation.
According to IMI Daily, if the current compound annual growth rate (CAGR) of 23% continues, the revenue of the investment immigration market is projected to reach $100 billion by 2025.
As per Immigrant Invest, In 2020, Portugal generated 647 million euros (approximately $761 million) in revenue, along with an additional 126 million euros (roughly $148 million) in the first quarter of 2021 through its residence permit by investment program. The UK similarly garnered approximately $600 million in 2020 from its investment-based residence permit initiative.
Meanwhile, Grenada set a remarkable new precedent by achieving an unprecedented revenue milestone of almost $100 million from its CBI program in 2020. Additionally, in the same time frame, both Antigua & Barbuda and Vanuatu also enjoyed substantial financial gains, each amassing revenue surpassing the $100 million mark through their respective CBI programs. Notably, the overwhelming participation of Chinese investors remains a significant trend, constituting an average of 80% of participants in citizenship and residency programs aimed at acquiring a secondary passport.
The landscape of CBI programs spans the globe, with numerous countries offering initiatives to attract foreign capital and talent. Nations such as Cyprus, Malta, Saint Kitts and Nevis, Dominica, Grenada, and Antigua & Barbuda have pioneered CBI programs, providing a blueprint for others to follow suit.
CBI Programs Fueling Business Diversification
One of the primary motivations for high-net-worth individuals (HNWIs) to participate in CBI programs is the prospect of financial gains through investments. These programs offer a pathway to citizenship or residency in countries with favorable tax structures, business environments, and access to global markets. For HNWIs and investors, CBI programs can provide opportunities to diversify their assets, mitigate risks, and expand their international business portfolios.
According to The Guardian, over 24 nations present a viable option for investors seeking to participate in businesses, real estate ventures, or government bonds in exchange for acquiring new residency. The Caribbean region hosts some of the most renowned and cheapest citizenship by investment programs for obtaining a second passport at an affordable threshold of just $100,000.
Eligibility criteria can differ significantly across various programs, spanning minimum investment thresholds, background checks, health prerequisites, and mandatory residency periods. This diversity in requirements reflects the dynamic nature of each program. Amidst this variation, savvy investors are continually seeking ways to diversify their portfolios.
Simplifying Relocation: Immigration Services and Support
International relocation involves more than moving belongings; it includes visa requirements, currency exchange, housing, transport, utility setup, healthcare, education, and culture shock. This process demands paperwork, cultural adaptation, and support networks.
Immigration consultancy firms play a significant role in navigating the complex second citizenship or relocation process. Some prominent names in citizenship and residency planning are Premier Consultancy Group, Kälin and Associates, Passpro, Riftrust, Guide Consultants, and Bluemina.
Moreover, Companies like H&R Block, Inc. (NYSE:HRB), Liberty Tripadvisor Holdings, Inc. (NASDAQ:LTRPA), and Medallion Financial Corp. (NASDAQ:MFIN) cater to the needs of immigrants and expats through various specialized means. H&R Block, Inc. (NYSE:HRB) stands out with its expertise in global tax preparation, boasting offices across 100 countries, multilingual services, and in-depth knowledge of diverse tax laws.
Liberty Tripadvisor Holdings, Inc. (NASDAQ:LTRPA) owns TripAdvisor, a crucial resource for newcomers seeking insights into their new countries. This platform provides detailed reviews of accommodations, restaurants, and attractions, helping expats acclimate to their new surroundings. In a similar vein, Medallion Financial Corp. (NASDAQ:MFIN) extends lending services, including mortgages, car loans, and personal loans, which can be especially vital for immigrants and expats navigating unfamiliar financial systems.
For the physical aspects of relocation, international moving companies offer comprehensive services—from packing and logistics to real-time tracking. Notable names include Crown Relocations, Allied International, AGS International Movers, SIRVA Worldwide, and UniGroup Worldwide. Simultaneously, expatriate social platforms provide emotional and informational support to newcomers. InterNations connects globally, Expat.com offers forums, Just Landed has guides, Meetup connects like-minded people, and ExpatFocus covers diverse expat aspects.
Entities like H&R Block, Inc. (NYSE:HRB), Liberty Tripadvisor Holdings, Inc. (NASDAQ:LTRPA), and Medallion Financial Corp. (NASDAQ:MFIN) are valuable resources for immigrants and expats. They offer various services to help immigrants and expats settle in their new home countries.
15 Cheapest CBI Programs in 2023
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Methodology
To identify the cheapest citizenship by investment programs in 2023, our methodology involved identifying programs with the lowest required investments for obtaining citizenship. In instances where multiple programs featured comparable investment thresholds, we conducted an additional assessment of the political stability prevailing in the respective nations, thereby serving as a decisive criterion. We drew upon data from The Global Economy for the year 2021, as it represented the latest available information. This approach allowed us to pinpoint the CBI programs that offer minimal investment and the assurance of a stable and secure environment for potential citizens.
Note: To ascertain investment costs, we consulted various sources such as Premier Consultancy Group, Global Citizen Solution, IMI Daily, and Elma Global.
15 Cheapest CBI Programs in 2023
15. Turkey
Minimum Investment: $400,000
Obtaining Turkish citizenship through investment offers a range of options to interested individuals. These include acquiring real estate assets worth a minimum of $400,000, making a fixed capital contribution of at least $500,000, depositing a minimum of $500,000 or its equivalent in foreign currency or Turkish lira into a designated Turkish bank account, committing at least $500,000 or its equivalent to government bonds, investing a minimum of $500,000 or its equivalent in foreign currency or Turkish lira in shares of real estate investment funds or venture capital investment funds, and creating employment for a minimum of 50 individuals, which the Ministry of Family, Labour, and Social Services verifies.
14. Mauritius
Minimum Investment: $375,000
Mauritius residency through investment is a potential pathway to citizenship. This route becomes available to individuals willing to relocate and desire to become full-fledged citizens of Mauritius, contingent upon satisfying ongoing residency stipulations. Aspiring investors seeking permanent residency in Mauritius can explore investing in real estate, which presents a direct and uncomplicated trajectory toward attaining this status. Notably, a minimum investment of $375,000 is obligatory for participation in a real estate project, facilitating the acquisition of permanent residency within the jurisdiction of Mauritius.
13. Curaçao
Minimum Investment: $280,000
The residence permit scheme in Curaçao offers investors the opportunity to secure residency through investments in real estate, local enterprises, or companies listed on the Dutch Caribbean Securities Exchange (DCSX). This program encompasses three distinct investment tiers: a three-year renewable permit with a $280,000 investment, a five-year renewable permit for $425,000, and an indefinite residence permit with an investment of $850,000. After maintaining a residence permit for five years, investors can apply for Dutch citizenship. To be eligible for this initiative, investors must fulfill specific prerequisites, including a spotless criminal record and a valid passport.
Given the relocation opportunities offered by CBI, companies like H&R Block, Inc. (NYSE:HRB), Liberty Tripadvisor Holdings, Inc. (NASDAQ:LTRPA), and Medallion Financial Corp. (NASDAQ:MFIN) emerge as vital assets in aiding immigrants who desire to relocate.
12. Egypt
Minimum Investment: $250,000
Introduced in 2020, this initiative offers investors a viable route to attain Egyptian citizenship by leveraging diverse investment channels. These avenues encompass a non-refundable contribution of $250,000 directed towards the Egyptian government, a real estate investment requiring $300,000, a business investment totaling $350,000, or a bank deposit of $500,000. Eligibility prerequisites for participation in the program involve fulfilling specific criteria, including maintaining an untarnished criminal record and possessing a valid passport. The anticipated duration for processing applications within the program typically spans a period of 6 to 9 months.
11. St Kitts and Nevis
Minimum Investment: $250,000
St Kitts and Nevis CBI program ranks 10th on our list of cheapest CBI programs in 2023. St. Kitts and Nevis Citizenship by Investment Unit (CIU) announced on July 27, 2023, that it had made significant changes to the program. The minimum investment for the donation and real estate options has been doubled to $250,000 and $400,000, respectively. The Sustainable Growth Fund (SGF) has been replaced with the Sustainable Island State Contribution (SISC) fund. Additionally, mandatory interviews will now be required for all applicants, either at a consulate or embassy or in person in St. Kitts.
10. Cambodia
Minimum Investment: $245,000
Cambodia ranks 10th on our list of cheapest CBI programs in 2023. This program stands out with an expedited processing time of 3-4 months. Notably, it doesn't impose any physical presence requirement, allowing investors and their families to obtain Cambodian citizenship without needing to reside there. This feature caters to those seeking swift and flexible citizenship options while contributing to Cambodia's progress through the stipulated investment amount of $245,000 as a donation to the government fund.
9. North Macedonia
Minimum Investment: Approx. $220,000
North Macedonia is a small Southeast European country with just over 2 million people. It is a popular destination for investors due to its low cost of living, skilled workforce, and strategic location. The minimum investment requirement for North Macedonia is approximately $220,000 (€200,000). This amount can be invested in an approved development fund.
8. Cape Verde
Minimum Investment: Approx. $220,000
Cape Verde does not have a formal citizenship by investment program. However, it does extend the option for non-citizens to attain citizenship by making a significant financial commitment to the nation. The entry point for this pathway is an investment of $200,000 (€200,000), with the flexibility to allocate these funds across different avenues. Furthermore, the process involves thorough vetting and a demonstrated contribution to the country's development, making it a rigorous and selective route to obtaining Cape Verdean citizenship.
7. Armenia
Minimum Investment: $150,000
Armenia requires a minimum investment of $150,000 to offer its citizenship. This pathway to citizenship involves directing the investment into various channels, such as real estate, bonds, shares, and funds within the country. By participating in this program, investors gain the advantage of Armenian citizenship and contribute to the nation's economic growth and development. This initiative underscores Armenia's commitment to attracting foreign investment while allowing interested individuals to become integral members of the Armenian community.
6. Grenada
Minimum Investment: $150,000
Grenada offers Citizenship by Investment through its National Transformation Fund. The minimum investment is $150,000 for the main applicant. Families of up to 4, including spouses and children, can apply for $200,000. Additional dependents can be included at $25,000 each. This program provides a pathway to Grenadian citizenship and its associated benefits in exchange for these investments.
Amidst the growing interest of HNWIs in immigration opportunities, entities such as H&R Block, Inc. (NYSE:HRB), Liberty TripAdvisor Holdings, Inc. (NASDAQ:LTRPA), and Medallion Financial Corp. (NASDAQ:MFIN) have mastered their respective industries to provide tailored support through their services.
