The True Cost of a Second Citizenship: Beyond the Headline Investment Figure

When a citizenship-by-investment programme advertises a minimum investment of $200,000, many applicants are surprised to discover that their total expenditure is significantly higher. A realistic cost assessment is essential before committing to any citizenship programme — and the gap between the headline figure and the true cost can be substantial. This guide sets out every category of cost that a typical applicant should budget for, with illustrative ranges across the most popular programmes.

Disclaimer: All figures in this guide are illustrative based on publicly available information as of mid-2026. Fees change frequently. Always obtain a detailed written fee schedule from a licensed agent before proceeding. Investment values can fall as well as rise.

Category 1: The Qualifying Investment

The qualifying investment is the core cost — the amount you must deploy to meet the programme's investment threshold. However, it is important to understand what happens to this money:

Donation-based programmes (Dominica, St Lucia, Vanuatu, Caribbean generally):

• The donation is non-refundable. The money goes to the country's national development fund and is gone.
• This is the simplest structure: pay, and in return receive citizenship. No asset to manage, no exit strategy required.
• Dominica: from $200,000 (single applicant, following the 2024 Caribbean minimum-price harmonisation); Vanuatu: from $130,000; St Kitts & Nevis: from $250,000.

Real estate-based programmes (Grenada, Greece, Turkey, formerly Portugal residential):

• The investment goes into an asset — property — which you own and which has a market value.
• The asset can (in principle) be sold after the required holding period.
• However, property in CBI-designated developments is often priced at a premium because of CBI demand, and liquidity can be limited.
• Programme minimum purchase prices are typically the floor, not the ceiling of what you spend once you factor in location, quality, and marketability.
• Net total cost over a five-year holding period (allowing for purchase costs and sale costs) may be broadly similar to the donation route once all costs are factored in.

Fund-based programmes (Portugal, some others):

• Investment goes into a regulated fund.
• Returns are possible but not guaranteed.
• Capital is tied up for the duration of the fund's lifecycle (typically five to eight years).
• Risk of loss exists — this is an investment, not a guaranteed return.

Bank deposit programmes (Turkey, Greece for some routes):

• Capital is deposited in a local bank.
• Access to capital is restricted for the required holding period.
• There is counterparty risk on the bank.
• Interest rates may be below market.

Category 2: Government and Programme Fees

On top of the qualifying investment, every programme charges government processing fees and due diligence fees. These are non-refundable whether or not your application is approved.

Illustrative government and programme fees by programme (single applicant; family applications higher):

Programme	Government / Due Diligence Fees (Approx.)
Dominica (donation)	$7,500 due diligence + $1,000 processing
St Kitts & Nevis	$7,500 due diligence + processing fees
Vanuatu (DSP)	$5,000 included in total
Malta (MEIN)	€10,000 NGO donation + €40,000 due diligence-related fees
Greece Golden Visa	€2,000 application fee
Turkey CBI	Relatively low (~$500–$1,000 in government fees)

These figures exclude the qualifying investment itself and vary with family size. Malta's MEIN programme is particularly fee-heavy — the donation component and government processing fees add tens of thousands to the headline figure.

Category 3: Licensed Agent Fees

Most CBI programmes require or strongly recommend using an authorised or licensed agent to submit your application. Even where not mandatory, self-application is rarely advisable — the processes are complex, documentation requirements demanding, and errors can result in application rejection with no refund of government fees.

Agent fees vary widely:

• Caribbean donation programmes: agent fees typically $10,000–$20,000 for a single applicant; $15,000–$30,000+ for families. These are professional service fees, not commissions paid by the programme.
• Vanuatu DSP: agent fees from $8,000–$15,000.
• Malta MEIN: agent fees $30,000–$80,000 for the end-to-end process, sometimes higher for complex family situations.
• Turkey real estate CBI: agent fees from $5,000–$15,000, often combined with estate agency fees.
• Portugal Golden Visa (fund route): legal fees from €5,000–€15,000; fund management fees ongoing.
• Greece Golden Visa: legal fees from €3,000–€8,000.

Beware of agents who quote very low fees: in some cases the shortfall is made up through undisclosed referral fees from real estate developers or fund managers, which may affect the impartiality of the advice you receive. Always ask your agent to disclose all sources of remuneration.

Category 4: Legal Fees and Document Authentication

Independent of agent fees, applicants should budget for:

• Independent legal review of investment documents: if you are purchasing property, you need a lawyer independent of the developer checking your contract.
• Apostilles and notarisation: your supporting documents (birth certificate, marriage certificate, police clearance, bank statements, business records) may need apostilles from the issuing country, certified translations, and notarisation. For a family of four with complex backgrounds, this can cost $1,000–$5,000 easily.
• Background investigation reports: some agents and programmes require you to commission a professional background check from a reputable firm as part of the application package. Cost: $1,000–$5,000 per adult.
• Tax advice in home jurisdiction: you should understand the tax implications of acquiring a new citizenship in your current home country before proceeding. A specialist session with a qualified adviser: $1,000–$5,000 or more.

Category 5: Property-Specific Costs

Where the investment involves real estate, additional costs apply:

• Transfer tax / stamp duty: varies by jurisdiction. Turkey: 4% (split buyer/seller or agreed); Greece: 3.09% on taxable value; Caribbean: varies by island (some programmes structure around this; some do not).
• Legal fees for conveyancing: typically 1–2% in most jurisdictions.
• Property survey and inspection: $500–$2,000.
• Agent/broker commission: some markets have buyer's commissions; others do not. Clarify upfront.
• Renovation and furnishing: if purchasing an investment property in a resort development, there may be fit-out requirements or ongoing maintenance costs.
• Property management fees: if the property is rented out during the holding period (common in Caribbean resort CBI properties), management fees of 20–35% of gross rental income are typical.
• Capital gains tax on eventual sale: factor in local CGT when modelling the net cost of the real estate route.

Category 6: Ongoing Obligations After Citizenship is Granted

Citizenship once granted is generally unconditional, but some programmes have ongoing obligations or associated costs:

• Renewing the passport: Irish, British, EU passports: renewable every 10 years. Caribbean passports: similarly. Cost per renewal: $100–$500 typically.
• Maintaining investment for required period (permits only, not full citizenship): Golden Visa programmes require the investment to be maintained for the life of the permit. Selling the qualifying asset may invalidate the permit. Only relevant for residency-first programmes (Greece, Portugal, Turkey), not donation-based citizenship programmes.
• Physical presence requirements for permanent residency → citizenship pathways: if your programme grants permanent residency with a citizenship pathway (Portugal, Greece), you must meet minimum presence requirements to activate the citizenship pathway. This may involve living in the country for extended periods — factor in cost of living.
• Annual tax filings in new citizenship country: many Caribbean countries have no income tax, so this is simple. EU countries (if you become tax resident) will require annual filings — professional fees for ongoing tax compliance: $1,000–$5,000+ per year.
• FBAR and FATCA for US persons: Americans who acquire foreign citizenship and maintain foreign bank accounts must file FinCEN 114 (FBAR) annually. Non-compliance penalties are severe. Add $500–$2,000 per year for a qualified US expat tax preparer.

Category 7: Travel Costs

The application process often requires travel:

• Consular appointments: some programmes allow the full process remotely; others require at least one in-country visit. Caribbean programmes typically allow fully remote processing. Malta requires 12 months of genuine residency.
• Property viewing trips: if purchasing real estate, at least one site visit is advisable.
• Document submission and collection: some passports must be collected in person.

Estimate $2,000–$10,000 for travel, accommodation and related costs over the course of an application.

Putting It Together: Total Cost Examples

Dominica donation (single applicant):

• Donation: $200,000
• Government fees: ~$10,000
• Agent fees: ~$15,000
• Document costs: ~$2,000
• Total: approximately $227,000

Vanuatu DSP (family of 4):

• Donation: ~$180,000
• Agent fees: ~$15,000–$20,000
• Document costs: ~$4,000
• Total: approximately $200,000–$210,000

Malta MEIN (fast track, single applicant):

• Contribution: €600,000
• Property lease (1 year minimum): €16,000+
• NGO donation: €10,000
• Government/due diligence fees: ~€40,000+
• Agent fees: ~€50,000
• Document costs: ~€5,000
• Total: approximately €720,000+

Turkey real estate CBI (single applicant, property route):

• Property: $400,000 minimum
• Transfer tax + legal: ~$20,000
• Agent fees: ~$10,000
• Document costs: ~$2,000
• Total: approximately $432,000 (with property asset retained)

These are illustrative figures. Your actual costs will depend on family size, programme selected, agent, property values, and currency movements.

Questions to Ask Before Committing

1. What is the all-in cost, including fees, investment and any ongoing obligations?
2. What is the refund policy if my application is rejected?
3. Is the investment recoverable, and under what conditions?
4. Are there any ongoing costs after citizenship is granted?
5. What are the tax implications in my current country of residence?
6. Does my home country permit dual citizenship?
7. Is this agent licensed by the programme authority?

How Global Investments Can Help

Global Investments provides independent fee transparency to all clients considering citizenship and residency programmes. We will present you with a full cost analysis — not just the headline investment figure — before you commit to any programme. Our advisers have deep experience across the major programmes and can help you identify the route that offers the best value for your specific circumstances, family composition, and strategic objectives.

We will never recommend a programme based on commission arrangements. Our interest is in the right outcome for you.

This guide is for information purposes only and does not constitute legal, tax or financial advice. All figures are illustrative and subject to change. Always take current professional advice and obtain a written fee schedule before making any commitment. Investment values can fall as well as rise.