Is it possible to obtain second citizenship by investment? There is a whole international market for such programs, which has begun to take shape thanks to the “pioneer” of the industry – Caribbean citizenship. In the early 1980s, Saint Kitts and Nevis established a second citizenship program (CIP) for foreign investors. The program is still running and Apex Capital Partners is its licensed agent. Thanks to this initiative, Saint Kitts and Nevis managed to attract hundreds of millions of dollars to its budget for the construction of the necessary infrastructure and social needs. The market for such services is constantly evolving, but preparing and launching such a program requires time and expert participation. Here is an overview of some important industry news.
Africa
The presidential candidate of the Republic of Ghana, billionaire Nana Kwame Bediako, proposes to introduce the country’s own second citizenship by investment program. Option offers a Ghana passport, a country in West Africa, to applicants of African descent in exchange for an investment of $50,000 in various sectors of the economy, such as gold, oil and agricultural processing. Bediako sees this initiative as a step towards uniting Africa under the project “United States of Africa”.
Pacific Ocean
Solomon Islands, a country in the southwest Pacific, has introduced a draft law on second citizenship by investment. The cost and conditions are not yet known, but the benefits are obvious – visa-free entry for Solomon Islands citizens to 134 countries, including the Schengen countries, Canada and the UK. The Bill, which is currently undergoing peer review in the Chamber of the Prosecutor General, will soon be submitted to the Cabinet of Ministers for consideration.
Latin America
Previously this year the President of the Republic of El Salvador, Nayib Bukele, promised to issue 5,000 passports to foreign highly skilled workers. At that moment announcement felt like a public relation strategy on a global scale. Since then, Bukele even had his moment of fame being interviewed for Times magazine.
Not only new programs for second citizenship, but also residence permits for investors are entering the market and being relaunched.
Asia
Indonesia’s Golden Visa attracted investments worth about $259.4 million into the country in a month and a half. The program was launched by Indonesian President Joko Widodo on July 25, 2024. To date, the number of applicants is close to 500. Most of them have invested in the banking sector in the form of savings and bonds, based on home purchases.
Europe. Greece
Greek Prime Minister Kyriakos Mitsotakis announced the expansion of the Golden Visa program to include the opportunity to invest in startups. The announcement came at the 88th Thessaloniki International Fair and is part of the country’s comprehensive economic strategy. The minimum investment for the new option will be no less than €250,000. Details will be known later, but it is already clear that the most popular option of the program has been and remains real estate.
We remind you that from September 1, 2024, the conditions for obtaining the Greek Golden Visa program have changed >>
USA
In the United States, the program for issuing residence permits for investors is gaining momentum after its relaunch. So, in 2024, a record number of EB-5 green cards were issued. According to statistics from the US Citizenship and Immigration Services (USCIS), 3,607 applications were approved during the three quarters of this year. The failure rate remains low at 5%. Most investors preferred projects of regional centers, some invested in their own businesses.
APEX provides an example of an authorized project under the EB-5 program — cottage homes (single-family and duplexes) in California. More about the program >>
