The Price Of Prestige: 2024's Five Most Expensive Citizenship Programs

Dual citizenship has become popular among expats, serving as a gateway to worldwide travel, economic opportunities, lifestyle flexibility, and a Plan-B should things go south in your home country. In 2024, certain countries will continue to dominate with their Citizenship by Investment (CBI) programs, attracting individuals ready to make significant investments for the prized status of second citizenship. 

This article explores the five most expensive citizenship programs globally, evaluating them from the least to the most favourable based on cost, benefits, and process ease. Each program showcases its unique attributes and criteria, illustrating nations' varied approaches to leverage this profitable trend. Here is the ranking of the currently most expensive citizenship programs, from the least to most costly.

Saint Kitts and Nevis offers citizenship through investment, boosting its economy via tourism, agriculture, and finance

5. SAINT KITTS & NEVIS: ISLAND OF SANCTUARY

Saint Kitts and Nevis is a twin-island nation in the Caribbean. It operates as a parliamentary democracy under the Commonwealth realm, with the British monarch as the head of state, represented locally by a Governor-General. The Prime Minister leads the government. The economy relies mainly on tourism, agriculture, light manufacturing, a growing financial services sector, and an active citizenship-by-investment program that attracts foreign investment. The islands have a tropical climate and are part of the Leeward Islands. Their strategic location in the Caribbean Sea makes them vulnerable to hurricanes and important for maritime activities and regional trade.

Saint Kitts and Nevis is home to one of the world's oldest and most reputable Citizenship by Investment (CBI) programs, established in 1984. This program stands out for its simplicity, rapid processing times, and extensive travel privileges, including visa-free or visa-on-arrival access to over 150 countries. It's a unique opportunity for foreign investors to acquire citizenship through economic contributions.

INVESTMENT OPTIONS

• Sustainable Island State Contribution (SISC): Families of up to four can invest $350,000 USD into a government-held fund, contributing to the nation's advancement while securing a prosperous future for the investors and their families. This secure investment option ensures stability and peace of mind for our esteemed investors;

• Developer's Real Estate Investment: This option allows investors to obtain citizenship by purchasing real estate within an approved development, with a minimum investment of $400,000 USD. After seven years, the property is eligible for resale;

• Private Home Sale: Investors can choose between purchasing a condominium unit for at least $400,000 USD or a single-family private dwelling for $800,000 USD, categorized as Approved Private Homes. The properties must be held for at least seven years before resale;

• The Public Benefit Option: This option requires a minimum investment of $250,000 USD in an Approved Public Benefit Project, with payments made to the Approved Public Benefactor overseeing the project. This investment fosters significant socio-economic development and aligns investors with impactful community-oriented projects.

PROCESS

The citizenship application process is straightforward. It must be submitted through authorized agents and includes comprehensive documents such as a detailed background check, proof of fund source, and medical certificates. A thorough due diligence process is conducted to confirm the applicant's information, ensuring they have no criminal records and uphold high moral standards. Once approved, the investor finalizes the investment and necessary paperwork, receiving a certificate of registration that grants citizenship. This typically takes 3-4 months from application to receipt of citizenship.

BENEFITS OF ST. KITTS AND NEVIS CITIZENSHIP

Holders of a Saint Kitts and Nevis passport enjoy unparalleled freedom and flexibility. They have visa-free or visa-on-arrival access to over 146 countries, including the EU Schengen area, the UK, and many others. The country does not levy personal income tax and offers additional fiscal benefits such as no inheritance or gift taxes. Saint Kitts and Nevis permits dual citizenship, allowing investors to maintain their nationality. The program also includes provisions for family members, enabling the inclusion of a spouse, children, and dependent elderly parents under a single application. This comprehensive package of benefits puts you in control of your future.

The Turkish Citizenship by Investment program offers fast processing, dual nationality, and visa-free access to 117+ countries, appealing to global investors

4. TURKEY: A BRIDGE BETWEEN TWO CONTINENTS

Turkey is a transcontinental nation uniquely positioned at the nexus of Europe and Asia, serving as a bridge between the eastern Mediterranean and Black Sea regions. It is a parliamentary republic with a rich political heritage marked by secular and Islamic influences. Economically, Turkey boasts one of the region's largest and most dynamic economies, driven by the automotive, textiles, agriculture, and tourism sectors. However, it contends with challenges like inflation and currency volatility. 

Turkey's Citizenship by Investment program provides a straightforward and flexible route for foreign investors to gain Turkish citizenship, primarily through real estate purchases or substantial economic contributions. The program is appealing due to its relatively low investment thresholds and the benefits of a Turkish passport, which offers visa-free or visa-on-arrival access to numerous countries.

INVESTMENT OPTIONS 

• Real Estate Investment: Investors can acquire citizenship by purchasing real estate valued at a minimum of $400,000 USD, with a mandatory holding period of three years, confirmed by a restriction on the title deed and verified by the Ministry of Environment and Urbanization;

• Bank Deposit: Another option is to deposit at least $500,000 USD in Turkish banks, to be maintained for three years, with confirmation from the Banking Regulation and Supervision Agency;

• Government Bonds: An alternative pathway is to invest a minimum of $500,000 USD in government bonds, which must be held for three years. This requires confirmation by the Ministry of Treasury and Finance;

• Venture Capital Investment Fund or Real Estate Investment Fund: Investors may also choose to place at least $500,000 USD in shares of a venture capital investment fund or a real estate investment fund, with the investment retained for at least three years.

PROCESS

The investment process begins with purchasing property or making the required deposit. Investors must then procure all necessary documents, including proof of investment and a valid passport. The citizenship application is filed with the Provincial Directorate of Census and Citizenship, followed by a security background check and a due diligence process typically spanning a few months. The investor and their immediate family (spouse and children under 18) are granted Turkish citizenship if approved.

BENEFITS OF TURKISH CITIZENSHIP

Holders of a Turkish passport enjoy visa-free or visa-on-arrival access to over 117 countries. Immediate family members are also eligible for citizenship, and Turkey permits dual citizenship, allowing investors to maintain their original nationality. Furthermore, due to Turkey's strategic positioning, Turkey enjoys convenient access to the markets of Europe, Asia, and the Middle East.

Overall, the Turkish Citizenship by Investment program is recognized for its efficiency and relatively quick processing times, often ranging from 3 to 6 months from investment to citizenship issuance. This positioning makes it one of the more favourable options for investors seeking a rapid pathway to citizenship.

Malta's Citizenship by Investment program offers EU access and visa-free travel to 172+ countries, requiring a 12-36 month residency period

3. MALTA: A GEM IN THE MEDITERRANEAN

Malta is a small archipelago nation located strategically between North Africa and Sicily in the central Mediterranean. It is recognized for its stable political environment. Malta is a parliamentary republic in which the President has a ceremonial role, and the Prime Minister heads the government.

Economically, Malta boasts a diversified and robust economy, emphasizing high-value sectors like pharmaceuticals, financial services, and technology. It also has a vital tourism industry driven by its historical significance and pleasant Mediterranean climate. 

Geographically, Malta comprises three inhabited islands—Malta, Gozo, and Comino—and several smaller islets, all characterized by a rocky landscape and numerous harbours that have historically made it a significant naval base and continue to underscore its role as a regional commercial hub.

Malta's citizenship by investment program is known officially as the Malta Citizenship by Naturalisation for Exceptional Services by Direct Investment. This program was introduced as a replacement for the previous Individual Investor Programme (IIP) and is designed to attract individuals who can offer significant economic contributions to the country.

The program is administered under the provisions of the Maltese Citizenship Act, specifically through Legal Notice 437 of 2020. The Community Malta Agency administers and oversees the program.

INVESTMENT OPTIONS

• Donation to the National Development and Social Fund: Applicants are required to make a significant contribution to the national fund. The amount depends on the residency requirement:

  • €600,000 ($652,000 USD) for applicants who have been residents for 36 months, or

  • €750,000 ($818,000 USD) for applicants who have been residents for 12 months.

• Real Estate Investment: Applicants must purchase real estate in Malta with a minimum value of €700,000 ($761,000 USD) or lease a property with an annual minimum rent of €16,000 ($17,408 USD). This property must be held for at least five years;

• Donation to a Registered Non-Governmental Organisation: An additional donation of at least €10,000 ($10,880 USD) to a registered NGO in Malta is required.

PROCESS

Before applying for citizenship, applicants must reside in Malta for 12 or 36 months, depending on their contribution amount. The application process involves stringent due diligence checks to assess the applicant's background, source of funds, and overall eligibility. The application involves preparing and submitting numerous documents, including proof of investments, a comprehensive background check, and evidence of genuine links to Malta. The applicant and their family may be eligible to obtain Maltese citizenship if the due diligence process is completed successfully and the application is approved.

BENEFITS OF MALTESE CITIZENSHIP 

As Malta is a member of the European Union, successful applicants gain the right to live, work, and study in any EU country, along with visa-free or visa-on-arrival access to over 172 countries, including the USA.

Including dependents, such as spouses, children, and, in certain circumstances, parents and grandparents, in the application is possible. However, please note that there may be additional fees involved. If you bring dependents along, you must shell out an additional €50,000 ($54,400 USD) each. The program is capped at 400 applications per year, with a total limit of 1,500. 

Investment in Jordan's CBI grants residency to investors and their families, but transitioning to Jordanian citizenship requires adherence to strict naturalization laws and is subject to government discretion

2. JORDAN: GATEWAY TO THE LEVANT

Jordan is a constitutional monarchy located in the Middle East and shares borders with Syria, Iraq, Saudi Arabia, Israel, and Palestine. Since 1999, King Abdullah II has been its head of state, overseeing a nation that enjoys relative political stability compared to its neighbours. Despite facing economic challenges like limited natural resources, high unemployment, and a dependency on foreign aid, Jordan has developed a diversified economy focused on services, tourism, and information technology. The country's varied geographical features range from arid deserts to fertile valleys, and its strategic location has turned it into a refuge for those fleeing regional conflicts, significantly impacting its social and economic fabric.

Jordan's Citizenship by Investment program, officially known as the "Jordan Investment Commission (JIC) Residency and Citizenship Program," is a notable initiative to bolster economic growth. This program doesn't immediately grant citizenship; instead, it offers permanent residency with a potential path to citizenship under specific conditions. Overseen by the Jordan Investment Commission, the program lays out a clear legal framework to attract foreign investment by offering incentives like residency and citizenship.

INVESTMENT OPTIONS

The Jordanian government offers several investment avenues for obtaining residency, which could eventually lead to citizenship if all legal prerequisites are met over time. These options include:

• Investing $1 million USD in treasury bonds for six years, with the interest rate set by the Central Bank of Jordan;

• Purchasing $1,5 million USD worth of shares in Jordanian companies, stipulating that the shares must be held for at least three years;

• Investing $750,000 USD in projects outside Amman, which must create at least ten jobs for Jordanians, or investing $1 million USD in Amman, which is expected to generate 20 job opportunities.

PROCESS

These investments provide residency for the investor's entire family, including the spouse, children (unmarried, widowed, or divorced daughters and sons under 18), and dependent parents.

However, transitioning from residency to citizenship involves additional steps and adherence to Jordan's naturalization laws, which emphasize continuous residency, financial stability, moral conduct, and other standard requirements. Importantly, citizenship is granted at the government's discretion and requires compliance with all local laws over several years.

BENEFITS OF JORDAN CITIZENSHIP

Jordanian passport holders enjoy visa-free or visa-on-arrival access to approximately 50 countries, spanning regions like the Middle East, Africa, and Asia. This facilitates relatively easy travel to Gulf Cooperation Council (GCC) countries, which is advantageous for business and personal trips within the region. Additionally, Jordan permits its citizens to hold dual nationality, offering significant benefits for Jordanians residing overseas or those who possess another citizenship.

Related content: Maximizing The Benefits Of Having Dual Citizenship

The Freedom Passport Program in El Salvador requires a $1 million investment in BTC or USDT, targeting high-net-worth individuals to support its growth as a Bitcoin hub, offering citizenship to successful applicants

1. EL SALVADOR: FREEDOM PASSPORT

El Salvador, often celebrated for embracing innovative cryptocurrency use, offers the Freedom Passport Program. This program aims to attract global investors by providing a pathway to Salvadoran citizenship through significant economic contributions. Limited to 1,000 participants, the Freedom Passport Program provides financial support for President Nayib Bukele's Economic Renaissance Program.

El Salvador's Economic Renaissance Program, "Plan Despegue Económico," aims to revitalize the economy by promoting investment, developing infrastructure, and enhancing digital transformation. The program focuses on improving education and vocational training to build a skilled workforce while increasing financial inclusion through digital payments and expanded banking services. Support for small and medium-sized enterprises (SMEs) is emphasized, with measures to facilitate credit access and market opportunities. The program also enhances tourism, security, and the rule of law to establish a secure business environment.

Although El Salvador has historically scored low on economic freedom indices, it has recently initiated innovative projects to build a new economic and political framework prioritizing individual economic freedom.

INVESTMENT OPTIONS

The Freedom Passport Program requires a substantial investment to qualify for Salvadoran citizenship. Applicants can invest either in Bitcoin (BTC) or Tether (USDT). The minimum investment amount is $1,000,000 USD. This investment directly contributes to El Salvador's economic renaissance program, which supports the country’s development and growth initiatives.

The Freedom Passport Program aims to attract individuals who can contribute economically and socially to El Salvador's goal of becoming a global hub for technology, freedom, new capital markets on Bitcoin, and peer-to-peer innovation. The eligibility criteria are primarily targeted at high-net-worth individuals or investors interested in supporting the development of "Bitcoin Country." Applicants must meet the government's financial threshold of $1 million in Bitcoin or USD. The successful candidates will be qualified to receive a Salvadoran passport.

PROCESS

To apply for the Freedom Passport, applicants must complete several steps. Interested individuals must first register on the official Adopting El Salvador website to begin the application process. To begin the evaluation process for the Freedom Passport Program, investors need to submit a non-refundable application fee of $999 in Bitcoin (BTC) or USDT. 

If your evaluation is successful after the initial review process, you will receive an official notification via email. Applicants must prepare and submit various documents, including proof of investment, personal identification, and background information. These documents are subject to rigorous due diligence checks to ensure the legitimacy and eligibility of the applicants.

Finally, you must follow the guided steps provided in your account to complete the payment of the remaining fee of $999,001, payable in Bitcoin (BTC) or USDT. Additionally, an administrative fee of $999 in BTC or USDT is required per family member included in the application. 

An investment of $1,000,000 in BTC or USDT is required to demonstrate the applicant's commitment and contribution to El Salvador's economy. Upon completing due diligence and verifying the investment, the application is reviewed for final approval. Once approved, applicants and their immediate family members can obtain Salvadoran citizenship.

BENEFITS OF EL SALVADORIAN CITIZENSHIP

Obtaining Salvadoran citizenship through the Freedom Passport Program provides several notable benefits. Salvadoran citizens have visa-free or visa-on-arrival access to numerous countries, enhancing global travel convenience. A Salvadoran passport allows visa-free access to 136 countries, including all member states of the Schengen Area and the United Kingdom (UK).

El Salvador is known for its innovative approach to cryptocurrencies, particularly its decision to adopt Bitcoin as legal tender in September 2021. This move reflects the country's progressive stance on digital currencies. 

The system also permits close family members, such as spouses and children under 18, to participate, ensuring that families can remain united while enjoying the advantages of Salvadoran citizenship.

Austria may grant citizenship for significant economic contributions, like investments that boost the economy, but terms are not quantified and highly discretionary

BONUS PROGRAM: AUSTRIA

Although Austria does not offer direct citizenship through an investment program, citizenship can be granted under exceptional circumstances. It could be an appealing option for those seeking a second passport from a prominent European country through investment. However, the application process is not formalized; it is the government's discretionary decision.

Austrian government can award citizenship for extraordinary merits, including significant economic investments that substantially benefit the Austrian economy. Such contributions often involve large-scale investments that create jobs, enhance export sales, or introduce innovative technologies. 

So, one could also theoretically gain Austrian citizenship via investment, but there is really no way to quantify what that might entail. Under the right circumstances, it could very well be the most expensive citizenship you could buy!

Related content: Dual Citizenship: Breaking Down Borders And Barriers

Obtaining citizenship through investment enhances global mobility, economic opportunities, and lifestyle. Programs in Saint Kitts, Turkey, Malta, Jordan, and El Salvador offer diverse benefits tailored to investor priorities, from tax advantages to EU access

CONCLUSION

Obtaining citizenship through investment is a strategic decision for expats seeking global mobility, economic opportunities, and lifestyle enhancements. The five most expensive citizenship programs of 2024 offer varied benefits and processes. Saint Kitts and Nevis provides a quick path to citizenship with substantial travel privileges and no personal income tax. Turkey offers lower investment thresholds and rapid processing times. Malta grants access to the entire European Union through high-value investments. Jordan emphasizes long-term commitment with regional benefits, while El Salvador appeals to those interested in cryptocurrency investments. Austria offers citizenship through exceptional economic contributions, providing global mobility and EU access. 

Each program caters to different investor priorities, such as financial advantages, strategic geographic positioning, travel freedom, or supporting emerging economies. Understanding these distinctions helps investors choose the most suitable program based on their goals and preferences.