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Library guide · Jurisdiction Strategy

What Is Citizenship by Investment?

How the wealthy acquire a second passport or residence through investment, and how it differs from a golden visa.

Last updated 8 August 2026 · 2 min read

Citizenship by investment (CBI) is acquiring a country's citizenship, and passport, in exchange for a qualifying investment, such as a donation to a national fund or a real-estate purchase. It differs from a golden visa, which grants residency rather than citizenship. Together they are known as investment migration.

For wealthy, internationally mobile families, a second passport has become a standard piece of planning. The main way to acquire one quickly is citizenship by investment, and it is routinely confused with its cousin, the golden visa. Here is the distinction and the reality.

What it is

Citizenship by investment (CBI) is a legal route to a country's citizenship, and its passport, in exchange for a significant qualifying investment. The investment usually takes one of two forms: a donation to a national development fund, or a real-estate purchase above a set threshold. Applicants must pass due-diligence checks on their identity and the source of their funds. Approval delivers full citizenship, often within months.

CBI versus the golden visa

The two are frequently mixed up, but the difference is fundamental:

  • Citizenship by investment grants citizenship and a passport, now.
  • A golden visa, or residency by investment, grants the right to live in a country, which may lead to citizenship years later after a residence period, but not immediately.

CBI gives you a passport; a golden visa gives you residence and a longer road. Together, the two are known as investment migration.

The main programs and their cost

The best-known CBI programs are in the Caribbean, St Kitts and Nevis, Dominica, Antigua and Barbuda, Grenada, St Lucia, typically starting around a few hundred thousand dollars through a government-fund contribution. Malta offers a European route at a substantially higher cost, often well over a million euros in combined investment and contributions. Golden visa and residency programs exist across Europe (Portugal, Greece) and in the UAE, among others, with their own thresholds. All serious programs add due-diligence and legal fees, and the industry's credibility depends on the rigour of those checks.

Why families do it

The motives are mobility, security and optionality. A second passport can mean far greater visa-free travel, an insurance-like alternative if the home country becomes politically or economically unstable, and flexibility in where the family and future generations can live, work and structure their affairs. It is, in plain terms, a personal Plan B, bought before it is needed rather than scrambled for when it is. As with every cross-border structure, it should be done transparently and with proper tax advice, because acquiring a new citizenship does not, by itself, change what you owe where you are taxed.

Frequently asked questions

What is citizenship by investment?
Citizenship by investment (CBI) is a legal route to a second citizenship and passport in exchange for a significant qualifying investment in the country, typically a government-fund donation or a real-estate purchase, after passing due-diligence checks. Caribbean nations and Malta run the best-known programs.
What is the difference between citizenship by investment and a golden visa?
Citizenship by investment grants full citizenship and a passport. A golden visa, or residency by investment, grants the right to live in a country, which may lead to citizenship years later, but not immediately. CBI gives a passport now; a golden visa gives residence and a longer path.
How much does citizenship by investment cost?
It varies widely by country. Caribbean programs typically start around a few hundred thousand dollars via a government-fund contribution, while European options such as Malta cost substantially more, often well over a million euros including required investment and contributions, plus due-diligence and legal fees.
Why do wealthy families get a second passport?
For mobility, security and optionality: greater visa-free travel, a insurance-like alternative if their home country becomes unstable, and flexibility in where they and future generations can live and structure their affairs. It is often described as a personal Plan B.

This guide is educational and general in nature. It does not constitute investment, legal, tax or financial advice.