13 Countries Offering Citizenship by Investment in 2024

In this article, we will take a look at 13 Countries Offering Citizenship by Investment in 2024. You can skip our detailed analysis and go directly to the 5 Countries Offering Citizenship by Investment in 2024.

In the contemporary world, the need for monetary as well as physical safety and security has created a surge for international mobility. Given the relaxation witnessed in immigration laws as well as a greater focus on governments to encourage foreign direct investment and attract foreign talent, citizenship by investment programs have taken a higher prominence. It has been estimated that about 5000 individuals, annually, are granted citizenship by investment. The year 2022, saw 1,375 citizenship by investment applications submitted in the three Caribbean Islands — Antigua & Barbuda, Saint Lucia, and Grenada — which are also among the most popular destinations under these programs.

Factors Highlighting Citizenship By Investment Programs

Citizenship by investment programs are designed to fast-track the naturalization process in return for a substantial amount of investment in various avenues consisting of property, bonds, funds, bank deposits, businesses and donations etc. For high-net-worth-individuals (HNWIs) especially, the allure of citizenship programs is manifold. While in some cases they might be motivated to gravitate towards nations that offer a higher quality education and healthcare, safety, and in short a higher quality of life, in others the reason could be the tax law differential across countries. Tax havens with citizenship by investment programs are favorites for wealthy individuals seeking to maximize their incomes. In 2018 about 108,000 HNWIs migrated and the 2024 projected-figure stands at 128,000.

Apart from HNWIs, the benefit of tax-friendly countries offering citizenship programs can be enjoyed by other people as well, especially in cases where the investment is not too high. The American expats, for instance, have to pay taxes on income generated from anywhere around the world, even when they are not living in the country. A latest survey on American expats revealed that about 1 in 3 American expatriates either plan on renouncing their citizenship or are “seriously considering” to do so. The reason behind the inclination was found to be tax filing and their management. In fact, in 2020 a record high of 6,705 Americans actually gave up their citizenship, although the number did drop to 2,426 in 2022.

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Positive Impacts on Host Country

While investors can indeed benefit from citizenship by investment schemes, the countries offering them stand to gain much as well. Vanuatu recorded $40.5 million from citizenship-by-investment programs from January 2022 to June 2022, while the European Parliament Research Service reported earnings of 9.2 billion euros from 2008 to 2018 through investment programs. Citizenship and residence by investment programs can have varying impacts on the GDP of the host country, ranging between 2% and 30%.

Role of Global Financial Players

Financial companies with global presence can become extremely useful for people planning on investing and setting up finances in another country. In this field, firms like JP Morgan Chase and Co. (NYSE:JPM) as well as American Express Co. (NASDAQ: AXP) are two names that spring to mind.

JP Morgan Chase and Co. (NYSE:JPM) is a multinational American financial institution that has been serving millions of clients in more than 100 global markets. JP Morgan Chase and Co. (NYSE:JPM) Wealth Plan is one of their greatest success, whereby customers can have a digital money coach experience through an app. It is reported that over 10 million customers are using this plan for their future wealth management.

American Express Co. (NASDAQ: AXP), an American bank holding company and multinational financial services firm, it provides excellent payment card services, personal services, business services, and insurance among others. Here are some comments from American Express Co. (NASDAQ: AXP) earning’s call for the fourth quarter of 2023:

Methodology

We present to you 13 Countries Offering Citizenship by Investment in 2024 by meticulously searching the web for countries that offer formal Citizenship by Investment Programs. We then use the Tax Friendliness score calculated in our article 20 Best Citizenship by Investment Programs in 2023, to rank the countries in a descending manner.

By the way, Insider Monkey is an investing website that uses a consensus approach to identify the best stock picks of more than 900 hedge funds investing in US stocks. The website tracks the movement of corporate insiders and hedge funds. Our top 10 consensus stock picks of hedge funds outperformed the S&P 500 stock index by more than 140 percentage points over the last 10 years (see the details here). So, if you are looking for the best stock picks to buy, you can benefit from the wisdom of hedge funds and corporate insiders.

13. Austria

Insider Monkey Tax Friendliness Score: 13

Austrian citizenship, while on the steeper side, can bring multiple benefits for individual investors as well as their family. Transferable to future generations by descent, visa-free or visa-on-arrival travel to around 190 destinations,  access to high standards of life as well as the right to reside anywhere in the EU and Switzerland, Austrian citizenship holds a distinctive allure for investors seeking long-term association with the country.  The minimum amount required under this citizenship is €2 million and goes up to €10 million, while the application is usually processed in 24-36 months. The aim of the program is to ensure that the investment contributes towards uplifting the Austrian economy through actively investing in either a joint venture or a direct investment in a job or a new business that would create export sales. However, on a note of caution, other than for specific cases, Austria does not recognize dual citizenship.

12. Turkey

Insider Monkey Tax Friendliness Score: 11

Strategically placed and connected with large markets around it, Turkey stands out as a very beneficial place for investors. Their Direct Citizenship by Investment Program comes with multiple advantages. Not only can the investors enjoy a high quality of life in this country but they can also bring in their family with this program. International mobility can also be increased with visa-free travel available for 110 destinations. In addition, investors who have been domiciled in the country for three years can also apply for E-2 Investor Visa in the US.   There are various ways in which the investment for this citizenship can be made, but the minimum amount calls for a $400,000 investment in real estate. This must be maintained for at least three years after gaining citizenship (which can be gained in about 3-6 months). Family members, including spouse and children below 18 years or children of any age with disabilities, are also considered in the application.

11. Dominica

Insider Monkey Tax Friendliness Score: 10

The Caribbean Islands are a famous spot for investors looking to gain a second citizenship in exchange for an investment. Established in 1993 to boost the country’s economy, this citizenship program can allow a life spent around beautiful scenery, with no minimum stay requirements and dual citizenship restrictions. Citizenship by descent is also available for future generations, while visa-free travel extends to 143 destinations.

Moreover, the application also takes into consideration spouse, unmarried children below 31 who are dependent on the applicant, parents as well as grandparents 65 and above and the option to add in dependents after the citizenship has been granted. The minimum required investment is a donation for US $100,000 into the Economic Diversification Fund, for a single applicant and the amount increases with additional applicants. The citizenship can be attained in 3-6 months.

10. Malta

Insider Monkey Tax Friendliness Score: 10

Not only is Malta’s residency program a popular choice for investors, its citizenship by investment plan — known as Malta Exceptional Investor Naturalization (MEIN) Policy — has also enticed many people looking for a second home. Among its various benefits, the applicant can include family members including spouse, children, parents, and grandparents. Under this plan, there are two options for the investor and the lowest cost pertains to a contribution to a National Development and Social Fund of €600,000, granting citizenship in about 36 months. €50,000 is charged for every additional family member. The applicant also must make a donation and purchase or lease a property in the country. The higher investment of €750,000 grants citizenship in 12 months.

9. Jordan

Insider Monkey Tax Friendliness Score: 9

Jordan sports a highly business conducive environment and is a great option for investors wishful for not only expanding their business but also in gaining a second citizenship. A stable country in the Middle-East, its passport can allow visa-free travel to more than 50 countries. Furthermore, the application includes immediate family members in which spouse, children under 18, widowed or divorced daughters as well as parents can qualify. There are three available options, ranging from $1.5 million to $1 million to the lowest amount of $750,000 in a productive economic sector project located outside of Amman that provides at least 10 jobs for Jordanians. The citizenship is generally awarded in about 3-6 months.

8. Saint Lucia

Insider Monkey Tax Friendliness Score: 9

Saint Lucia offers a comparatively low cost citizenship by investment program. For a single applicant the minimum cost amounts to US $100,000 investment in the country’s National Economic Fund, and this price increases with addition of family members in the application. Family members can include a spouse, children under 31, siblings under 18, and parents aged 55 and over. Dependents can also be added on after the citizenship is awarded. The attractiveness of greater international mobility encompassing visa-free travel to more than 140 countries is yet another plus point of the program.

7. Grenada

Insider Monkey Tax Friendliness Score: 8

Another Caribbean country offering citizenship by investment program in 2024, Grenada can provide investors with multifarious benefits. The country has an E-2 Investor Visa Treaty with the US according to which Grenada citizens that haven been domiciled in the country for three years, can become eligible to apply for the non-immigrant visa. Additionally, the passport granted after citizenship of the country can open up visa hassle free travel to more than 140 countries.

Furthermore, the investor is allowed to include spouse, children below 30, unmarried siblings from 18 and over, parents, and grandparents of the main applicant as well as that of the spouse. The citizenship is also transferable to new spouses and future generations. A minimum investment in the form of a donation to the National Transformation Fund of US $150,000 for a single applicant is the minimum cost and the application is usually processed in 3-6 months.

6. Egypt

Insider Monkey Tax Friendliness Score: 7

In order to attract foreign direct investment, the Egyptian government launched the citizenship by investment program in 2020. Strategically placed the country offers access to Africa, Europe, Indian subcontinent, and the Middle-East. Egypt also possesses the added advantage of E-2 Investor Visa Treaty with the US, attracting many investors. From five possible choices, the minimum investment calls for a non-refundable contribution to the CIU account in the central bank of the country, worth US $250,000. Citizenship then becomes available in 6-9 months.

Click to continue reading and see our 5 Countries Offering Citizenship by Investment in 2024.

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Disclosure: None. 13 Countries Offering Citizenship by Investment in 2024 is originally published on Insider Monkey.