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Risks, Limitations, and Guarantees

Engaging in Citizenship by Investment (CBI) programs carries certain risks and limitations. One significant risk is the potential for changes in government policies. Countries may alter or suspend their CBI programs, impacting applicants. Always verify the current status of a program before proceeding.

CBI programs often have hidden costs, such as application fees, due diligence fees, and processing fees. These can add thousands of dollars to the initial investment. For instance, Dominica requires a minimum non-refundable contribution of USD 200,000, but additional fees can increase the total cost significantly (5).

Another limitation involves the quality and recognition of citizenship. Some countries may not have the same global standing, affecting travel and business opportunities. Research the country’s reputation and the benefits it offers to citizens.

Refund policies vary. Some programs may allow partial refunds under specific conditions, while others do not offer refunds at all. For example, if an application is rejected, understanding the terms regarding refunds is crucial.

Before proceeding with any CBI program, ensure you check the following:

• Current investment requirements and fees.

• The country’s political stability and reputation.

• Refund policies and conditions for cancellation.

Taking these precautions can help mitigate risks associated with obtaining citizenship through investment.

What Is Citizenship by Investment (CBI)?

Citizenship by Investment programs let individuals acquire citizenship or residence rights by making specific financial contributions. These can include donations to national development funds, real estate purchases, or investments in government bonds (2). The IMF defines true CBI programs as those offering a direct path to citizenship within 12 months or far less than the typical five-year naturalization period (2).

Not all programs qualify as CBI under this strict definition. For example, the OECD groups both Citizenship by Investment and Residence by Investment schemes together, as they both provide rights in exchange for investments or fees (7). However, the IMF distinguishes CBI by its accelerated timeline and immediate citizenship grant (2).

As of 2026, over a dozen countries offer active CBI programs, including Antigua and Barbuda, Dominica, Grenada, St. Kitts and Nevis, St. Lucia, Vanuatu, Türkiye, and Malta. Argentina and Botswana are set to join this list with new programs launching the same year (3) (8). These programs often require minimal or no residency, allowing investors to gain citizenship without physical presence (1).

The Eastern Caribbean region has taken steps to standardize oversight. In 2025, the Eastern Caribbean Citizenship by Investment Regulatory Authority (ECCIRA) was established to regulate CBI programs in the area, ensuring transparency and compliance (9).

In Europe, the landscape is more restrictive. The European Parliament’s 2025 report identifies only Malta as a true CBI program in the EU, with Cyprus having discontinued its program in 2020. Austria and Bulgaria are excluded due to their longer naturalization processes (2).

CBI programs are designed to attract foreign capital while offering investors a fast track to citizenship and its associated benefits, such as visa-free travel and global mobility.