Why Programme Selection Matters So Much
The citizenship and residency by investment industry offers an extraordinary range of options. Antigua, Dominica, Grenada, St Kitts, St Lucia, Vanuatu, Turkey, Malta, Portugal, Greece, Cyprus, UAE, New Zealand, and others all offer programmes at varying price points, timelines, and with different outcomes (Spain closed its Golden Visa in April 2025). New programmes emerge; existing ones change their rules, raise their thresholds, or close entirely.
This complexity is, in itself, one of the primary reasons to work with a specialist adviser. But understanding the framework for choosing — the questions to ask yourself before speaking to anyone — is valuable regardless of whether you are in the early research stage or close to making a decision.
Getting this wrong is expensive. Choosing the wrong programme because you misidentified your primary objective, or because you were influenced by an adviser whose interests differed from yours, can mean spending hundreds of thousands of pounds or dollars on something that does not actually deliver what you needed.
The Framework: Six Questions
1. What do you actually want at the end?
This is the first and most important question. The answer shapes everything else.
Common objectives and the programmes that deliver them:
- A backup passport for personal security or geopolitical protection → Caribbean CBI (fast, relatively affordable, good travel document)
- An EU passport for freedom of movement in Europe → Malta (fastest, most expensive), Portugal (5 years, moderate cost), Greece (7 years, lower entry). Spain's Golden Visa closed in April 2025, so it is no longer an investment route to EU residency or citizenship.
- US access via E-2 Investor Treaty → Grenada (the only Caribbean CBI country with a US E-2 treaty; Grenada passport gives E-2 eligibility without the US EB-5 investment)
- Schengen access quickly → Any Caribbean programme (all five have Schengen visa-free travel); alternatively Portugal or Greece Golden Visa residency card gives Schengen travel rights
- UK visa-free travel → Most Caribbean passports and many others give UK visa-free entry for short stays
- A tax-efficient residency for relocation → UAE (no income tax), Cyprus (non-dom rules), Malta (non-dom), Portugal (IFICI programme), Greece (lump-sum tax for retirees)
- The most powerful possible passport overall → Malta is the top CBI/RBI option; Maltese passport: 190 countries, including USA (Visa Waiver Programme), EU, UK, Schengen
2. What is your budget?
Be honest about the total budget, not just the minimum headline investment. Total cost includes:
- The investment itself (refundable or non-refundable)
- Government fees
- Due diligence fees (government and programme-level)
- Adviser fees (typically 2–5% of total investment, or fixed fees)
- Legal fees in the jurisdiction
- Document preparation, translation, and apostille costs
- Travel to the jurisdiction for biometrics or naturalisation
- Family members' additional fees
A rough total-cost guide for a single applicant in 2026:
| Programme | Headline Investment | Typical Total Cost (single) |
|---|---|---|
| Dominica | $100,000 donation | $120,000–$140,000 |
| St Lucia | $100,000 donation | $125,000–$150,000 |
| Antigua | $100,000 donation | $130,000–$155,000 |
| Grenada | $150,000 donation | $180,000–$210,000 |
| St Kitts | $250,000 donation | $290,000–$330,000 |
| Vanuatu | ~$130,000 | $150,000–$170,000 |
| Turkey | $400,000 property | $420,000–$460,000 |
| Portugal GV | €500,000 fund | €530,000–€570,000 |
| Greece GV | €400,000 property | €430,000–€470,000 |
| Malta | €600,000 contribution + | €690,000–€850,000 |
3. How fast do you need it?
If speed is the priority:
- 30–60 days: Vanuatu (the fastest programme available)
- 2–4 months: Dominica, St Lucia
- 3–6 months: Grenada, St Kitts, Antigua, Turkey, Jordan
- 6–12 months: Malta (minimum residency period begins)
- 12 months (minimum residency) + 2–3 months processing: Malta final application
- 5 years: Portugal citizenship (via Golden Visa residency)
- 7 years: Greece citizenship (via Golden Visa residency)
- 10 years: Spain citizenship (by ordinary naturalisation only — the Spanish Golden Visa closed in April 2025, so there is no longer an investment route)
Processing times are estimates. Government backlogs, due diligence complexity, and incomplete documentation can all extend timelines. St Kitts and Dominica currently tend to have the most consistent processing times.
4. Do you want to actually live there?
This question is more important than many applicants initially acknowledge.
If you genuinely want to live in the destination:
- Choose a programme in a country you would actually want to live in — Portugal, Greece, Malta, Cyprus, UAE, and others offer genuinely attractive lifestyle propositions
- Consider the tax regime in that country and how it interacts with your current tax position
- Consider language (does the country have English as a primary language, or will you need to learn the local language for eventual citizenship?)
- Consider infrastructure, healthcare, education (if you have children), and business environment
If you do not want to live there:
- Choose a programme with low or no physical presence requirements
- Caribbean CBI, Vanuatu, and Turkey all give passports with no requirement to reside in the country afterwards
- Portugal and Greece Golden Visas have minimal presence requirements (seven days per year in Portugal; no minimum in the Greek Golden Visa programme itself)
5. What is your family situation?
Family composition significantly affects total programme cost and programme suitability.
Key considerations:
- Spouse: included in almost all programmes, usually with a defined additional fee
- Minor children: included in almost all programmes
- Adult children: some programmes include dependent adult children under 25 or 26; others do not
- Parents: the Caribbean programmes (especially Dominica, Antigua, St Lucia) are notable for allowing parents of the main applicant to be included, usually over age 55 or 65, for an additional fee. Malta and Portugal do not include parents.
- Grandparents: some Caribbean programmes allow grandparents
- Adopted children or stepchildren: rules vary significantly — verify before assuming inclusion
For large families including elderly parents, Caribbean programmes often represent better value for family inclusion than European alternatives.
6. Can you document your source of funds?
This question should be addressed before choosing a programme, not after. Every legitimate CBI and RBI programme requires the applicant to demonstrate:
- That the investment funds exist and are in a bank or asset account in the applicant's name (or a company they control)
- That those funds derive from a legitimate source (employment income, business profits, inheritance, asset sales — all documented)
- That there is no criminal conviction that would disqualify the applicant
- That the applicant is not a sanctioned individual or a politically exposed person (PEP) with unexplained wealth
The rigour of source-of-funds due diligence varies by programme. Malta, Portugal, and the Caribbean (particularly St Kitts) are known for thorough processes. Programmes with more cursory due diligence attract more scrutiny from international bodies — and approvals from weaker due diligence processes carry reputational risk for the passport holder.
If there are aspects of your financial history, business background, or prior legal matter that you are concerned may complicate an application, discuss these openly with a specialist adviser before submitting anything. A good adviser will conduct pre-screening and advise whether a clean application is achievable and to which programme.
Mapping Objectives to Programmes: A Quick Reference
| Primary Objective | Recommended Programme(s) |
|---|---|
| Fastest second passport | Vanuatu (30–60 days), then Caribbean |
| Best value Caribbean | Dominica or St Lucia (both from $100k) |
| EU passport, fastest | Malta (12–36 months) |
| EU passport, best value | Portugal Golden Visa → citizenship (5 years) |
| EU residency, lowest entry | Greece Golden Visa (€250k non-premium areas) |
| US E-2 treaty access | Grenada CBI |
| No income tax residency | UAE Golden Visa |
| UK expat EU access | Portugal, Greece, or Malta |
| Best passport overall | Malta (190 countries, VWP USA) |
| Budget conscious, no EU needed | Dominica ($100k), St Lucia ($100k) |
Red Flags to Avoid
Not all programmes and not all advisers are equal. Be alert to:
- Programmes not recognised by FATF members or under international scrutiny: Some passports are de-listed from visa-free arrangements. Vanuatu, for example, lost EU/Schengen visa-free access — partially suspended in 2022, fully suspended from February 2023, and made permanent by the European Council in December 2024 — so Vanuatu passport holders now require a Schengen visa. Always check current status.
- Advisers who guarantee approval: No one can guarantee government approval. Guarantees are a red flag.
- Advisers who downplay due diligence: Any adviser who tells you that source-of-wealth scrutiny is minimal is either wrong or cutting corners.
- Advisers with no IMC membership or recognised oversight: The Investment Migration Council (IMC) sets industry standards; member firms have committed to codes of conduct.
- Unusually low total costs: If a quoted total cost is significantly below the figures above, either the investment is into a lower-tier programme, fees are not being disclosed, or something else is wrong.
Compliance and Disclaimer
Investment migration is a regulated activity in many jurisdictions. Citizenship and residency programme rules change. The figures and programme terms in this guide reflect conditions as of mid-2026 and should be verified at the point of application. Acquiring foreign citizenship or residency may have tax implications in your home country. Professional legal and tax advice is essential before proceeding. Investments can fall as well as rise in value.
How Global Investments Can Help
Our citizenship team combines genuine programme expertise — including direct relationships with authorised agents in key jurisdictions — with the financial and tax planning context that most dedicated immigration firms lack. We work with a small number of clients per year, providing genuinely individual advice rather than processing volume.
We do not recommend programmes because of commission structures. We recommend programmes because they are the right fit for the client. Our first step is always to understand your objectives fully before we make any recommendation. Contact us for a confidential initial consultation.
Frequently Asked Questions
What is the single most important factor in choosing a CBI or RBI programme?
The passport or residency you want at the end of the process. Work backwards from the outcome. If you want an EU passport via investment, the realistic universe is Malta (citizenship by naturalisation), Portugal (Golden Visa to citizenship) or Greece (Golden Visa to citizenship) — Spain's Golden Visa closed in April 2025. If you want Schengen access within six months, all five Caribbean programmes deliver it via their own passports. If you want US E-2 visa treaty access, Grenada is the primary option. Start with the desired outcome, then compare the programmes that can deliver it.
How do I know if a programme agent or adviser is trustworthy?
Look for: membership of the Investment Migration Council (IMC), a physical office address and verifiable track record, named advisers with professional qualifications (immigration lawyers, regulated financial advisers), transparency about fees and the role they play, and references from previous clients. Be cautious of advisers who guarantee approval, do not provide a written engagement agreement, or ask for fees in cryptocurrency or to offshore accounts.
Can my family be included in a CBI or RBI application?
In most cases, yes. Spouses and dependent children (typically under 18, sometimes under 26 if in full-time education) can almost always be included. Parents and grandparents are allowed in several Caribbean programmes with an additional fee. Siblings are included in some Caribbean programmes. The cost per additional family member varies significantly — compare total family cost rather than single-applicant cost.
How long does source of funds documentation take to prepare?
This is frequently the longest part of the process and is consistently underestimated. A clean, well-documented source of wealth file — covering the origin of the specific investment funds, the broader wealth trajectory, tax filings, business documents, and bank statements — typically takes two to six months to compile properly. Starting this process before finalising programme selection is strongly recommended.
What happens if my application is rejected?
Government due diligence processes can reject applications for undisclosed criminal convictions, unexplained wealth, PEP status, connections to sanctioned individuals or entities, or incomplete documentation. Rejection in one programme does not necessarily bar you from others, but it can complicate subsequent applications. Professional pre-screening before submission is the best way to identify and address potential issues.
This guide is for general information only and does not constitute legal, financial or immigration advice. Programme details change; verify current requirements with a qualified immigration lawyer before making any investment or application. Investment values can fall as well as rise.