Buying a Second Passport: The Complete Guide to Citizenship by Investment

A second passport is one of the most tangible tools available to the internationally mobile individual. For some it is primarily a travel document — filling gaps that the primary passport cannot cover. For others it is a planning tool: a residency option held in reserve, a tax flexibility mechanism, or an insurance policy against political risk at home. For a growing number of families it is simply a legacy asset passed to the next generation.

Citizenship by investment (CBI) is the mechanism by which a second citizenship is acquired through a qualifying financial contribution to a national government or its designated development fund, or through a real estate purchase in the programme country. Programmes vary considerably in cost, quality, processing speed, and the value of the resulting passport.

This guide covers the active programmes as of 2026, the criteria by which they should be compared, the legitimate concerns about programme quality, and what a second passport actually delivers in practical terms.

Active Programmes in 2026

The Caribbean Programmes

The Caribbean remains the most active region for citizenship by investment, with five long-established programmes offering relatively accessible citizenship for meaningful financial contributions.

St Kitts & Nevis is the oldest CBI programme in the world, established in 1984. It continues to set the standard against which others are measured. As of 2026, the non-refundable Sustainable Growth Fund contribution is approximately USD 250,000 for a single applicant, with family pricing available. A real estate route also exists at a higher investment threshold. The St Kitts & Nevis passport provides visa-free access to approximately 157 countries, including the Schengen Area, the UK, Hong Kong, and Singapore. Processing typically takes three to six months. The programme operates under strict confidentiality — citizenship is not publicly disclosed.

Antigua & Barbuda offers citizenship via a National Development Fund contribution (approximately USD 230,000 for a family of four), a qualifying real estate investment, or a business investment. The programme imposes a residency requirement: successful applicants must spend five days in Antigua & Barbuda within five years of obtaining citizenship. The Antiguan passport provides access to approximately 150 countries, including Schengen and the UK.

Grenada is distinctive for one specific reason: it is the only Caribbean CBI programme whose passport holders are eligible to apply for the US E-2 Treaty Investor Visa. This allows Grenadian citizens to establish or invest in a US business and reside in the United States on a renewable basis — without the complexity or waiting times of the EB-5 Green Card route. The National Transformation Fund contribution is approximately USD 235,000 for a single applicant. The Grenadian passport provides access to approximately 144 countries.

Dominica has historically been the most affordable Caribbean programme, with contributions starting at approximately USD 200,000 for a single applicant. The Commonwealth of Dominica passport provides access to approximately 145 countries. The programme has been active since 1993 and maintains a generally clean record, though it has faced periodic EU scrutiny in common with other Caribbean programmes.

St Lucia launched its programme in 2016 and offers a National Economic Fund route at approximately USD 240,000 for a single applicant. A unique feature is the COVID-19 Relief Bond route, though this has varied in availability. The St Lucia passport provides access to approximately 147 countries, including Schengen and the UK.

Pacific Programmes

Vanuatu deserves specific mention because it offers citizenship by investment with a passport issued within 30 to 60 days in some cases. The Development Support Programme requires approximately USD 130,000 to USD 180,000. However, Vanuatu's programme has faced significant challenges: the European Union suspended Vanuatu's visa-free Schengen access — partially from March 2022 and then fully from 4 February 2023 — citing concerns about its golden-passport due diligence standards, and in December 2024 the Council made the position permanent by moving Vanuatu to the EU visa-required list. The suspension has not been lifted, so Vanuatu citizens now require a visa for the Schengen Area. Vanuatu remains a high-speed option but carries clear reputational risk compared to Caribbean programmes, and buyers should factor in the loss of Schengen visa-free access.

The Middle East and North Africa

Jordan offers a citizenship by investment programme requiring a USD 750,000 deposit (refundable after three years) or a USD 1 million real estate investment. Processing takes approximately three to six months. The Jordanian passport provides visa-free access to approximately 58 countries — relatively limited, but Jordanian citizenship offers specific strategic value for those operating in the Arab world, and Jordan has strong bilateral relations with the Gulf states.

Egypt introduced a citizenship by investment programme in 2019, with a real estate investment route at approximately USD 300,000 (in Egyptian pounds or foreign currency — verify current terms given currency movements). The Egyptian passport provides visa-free access to approximately 47 countries. The programme is primarily used by investors with existing business connections to Egypt and the wider Arab market rather than for passport strength purposes.

Turkey offers citizenship by investment through a USD 400,000 real estate purchase (the threshold was raised from USD 250,000 in 2022). The Turkish passport provides access to approximately 110 countries visa-free, including Japan and South Korea, though it does not provide Schengen visa-free access. Turkey's programme is notable for processing speed (approximately three to four months) and the investment — unlike most Caribbean donation routes — results in an asset that can be sold after three years. The strategic value is the combination of a reasonably capable passport, a real estate asset, and access to Turkey's bilateral networks.

Comparing Programmes: The Key Criteria

Visa-Free Access

The number of countries accessible visa-free is the headline comparison metric but it requires interpretation. Access to the Schengen Area (27 European countries with a single visa regime) is the most valuable single block for most international travellers. Caribbean passports generally provide Schengen visa-free access; Vanuatu's was suspended. UK visa-free access is also valuable and is maintained by most Caribbean programmes. The United States requires a separate visa from nearly all CBI passport holders (Grenada's E-2 route is indirect), so the US cannot be assumed as a CBI benefit.

Processing Time

Caribbean programmes typically run three to six months end to end. Vanuatu can be faster. Malta's former investor-citizenship route took a minimum of twelve months, but it was discontinued following the 2025 ECJ ruling and is no longer available. Jordan and Egypt run three to six months. Turkey runs three to four months. If speed is critical — for example, to have a second passport before a deadline in the primary country — the faster programmes carry a premium.

Cost

True cost should include: the government contribution or investment, legal and agent fees (typically USD 20,000 to USD 50,000 for a reputable authorised agent), due diligence fees (paid to the government), passport and application fees, travel costs, and — if a real estate route — the ongoing costs of holding the property (maintenance, management, property tax, insurance). Donation routes have no return on investment; real estate routes provide an asset but require holding for typically three to five years before sale.

Due Diligence Standards

Programme integrity — the rigour of the due diligence process — directly affects passport value. Where due diligence is weak, bad actors enter, and other countries' governments downgrade or remove visa-free access as a result. Malta historically operated the most rigorous due diligence process of any CBI programme before its scheme was discontinued in 2025. Among the active programmes, the established Caribbean programmes conduct thorough background checks but their resources are more limited. Prospective applicants should treat strong due diligence as a positive: it protects the value of the citizenship already granted to legitimate holders.

Confidentiality

Several CBI programmes are confidential: the granting of citizenship is not published or publicly accessible. St Kitts & Nevis and Dominica maintain particularly strong confidentiality. Malta's former programme involved a gazette publication that named recipients, which reduced confidentiality. This matters for applicants from countries that prohibit dual citizenship — in such cases, confidential programmes are significantly preferred.

Transferability to Children and Descendants

Most CBI citizenships are hereditary — they can be passed to children born after the citizenship is acquired. This is a significant long-term value: the cost of the citizenship amortises across generations. Confirm the specific descent rules for each programme, as they vary.

The Legitimate and the Problematic

CBI programmes operate within a spectrum of international legitimacy. The EU and FATF have both scrutinised certain programmes. In 2022, the European Commission initiated infringement proceedings against Malta's programme, arguing that citizenship for investment is fundamentally incompatible with EU citizenship concepts. On 29 April 2025, the European Court of Justice ruled (Case C-181/23, Commission v Malta) that Malta's investor-citizenship scheme is contrary to EU law, and Malta was required to discontinue it. As a result, Malta no longer operates an open citizenship-by-investment programme; it has signalled a move towards a narrower "citizenship by merit" route for exceptional contributions. There is currently no EU member state offering direct citizenship by investment.

Caribbean programmes are generally considered legitimate within their tier but require ongoing maintenance of Schengen visa-waiver agreements, which are periodically reviewed by the European Parliament.

Prospective buyers should work with authorised agents rather than unlicensed intermediaries, verify that the programme in question has not been downgraded or suspended, and take independent legal advice in their country of residence before applying.

What a Second Passport Actually Delivers

A second passport is not a magic solution. What it genuinely delivers:

Travel freedom: the ability to enter countries that impose visa requirements on your primary passport without advance bureaucracy. For a Bangladeshi, Indian, Chinese, or South African national, a Caribbean passport removes the Schengen visa requirement and simplifies access to the UK, freeing significant time and eliminating rejection risk.

Planning flexibility: a second citizenship creates an option to establish legal residency in the passport country. Caribbean CBI countries generally have no income tax, CGT, or inheritance tax — though establishing genuine tax residency there requires actually spending time in the jurisdiction.

Insurance: if the political or economic situation in your primary country deteriorates, a second citizenship and passport provides a legal basis for relocation that pure visa access cannot. The 2020-2022 period accelerated interest in second citizenships considerably.

Banking access: in some jurisdictions, holding a second citizenship from a neutral country simplifies the bank account opening process in third countries, which has become increasingly complex under CRS and correspondent banking de-risking.

Family legacy: CBI citizenship typically passes to children and can be a meaningful asset across generations, particularly for families building international wealth and careers.

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The above reflects programme parameters as understood at the date of publication. CBI programmes change their terms, pricing, and availability; applicants should verify current details directly with authorised programme agents. Rules change; citizenship, residency, and investment decisions should be taken in conjunction with qualified legal and tax advisers in all relevant jurisdictions. Investments can fall in value as well as rise, and past programme performance does not guarantee future visa-free access or programme continuity.

How Global Investments Can Help

Global Investments has guided internationally mobile families and wealth holders through citizenship and residency planning for over three decades. Our citizenship advisory team works across the full range of active CBI programmes and can provide an independent comparison of the options most relevant to your travel profile, family structure, and planning objectives. We work with authorised agents and specialist immigration lawyers in each programme jurisdiction, and we prepare due diligence files that reflect well on our clients. If you are considering a second citizenship, contact our team for a confidential consultation.