Immigrant investor programs are immigration programs offered by countries or territories that allow individuals to more quickly obtain residence or citizenship of a country in return for making qualifying and substantive investments. Broadly, the programs offer either citizenship by investment ("golden passport" or "cash-for-passports"), residence by investment ("golden visa"), or a hybrid with immediate residence followed by accelerated citizenship.
Program applicants must usually fulfill multiple qualification criteria. Investment can take a variety of forms including a contribution to government funds; purchase of qualifying real estate (for example, in specific government-sanctioned projects); investment in a qualifying business (for example, in a specific industry); or creation of a set number of jobs.
Citizenship by investment programs Citizenship by investment programs enable the applicant to rapidly obtain citizenship with no required residence period, or only a short nominal period measured in days or weeks. These are often known as "golden passports" or "cash-for-passport" programs, offering visa-free travel and possible tax advantages.
As of mid-2023, more than twenty countries had citizenship by investment programs. These included five countries in the Caribbean Community (Antigua and Barbuda, Dominica, Grenada, Saint Kitts and Nevis and Saint Lucia), as well as Cambodia, Egypt, Jordan, Malta, North Macedonia, Turkey, Vanuatu and Nauru.
Countries that have historically offered citizenship by investment include Austria, Cyprus (closed), Moldova (closed),Malta (closed), and Montenegro (closed 31 December 2022).
Annually, an estimated 50,000 people, including family members of those who apply, obtain citizenship through investment programs, worldwide.
Argentina In the context of its ongoing monetary crisis, in October 2026, Argentine president Javier Milei announced plans for the country to offer "golden passports" to individuals contributing $350,000 or investing $800,000 into a seven-year government bond. It is set to become the first South American country to offer citizenship by investment, with applications planning on opening by the end of 2026.
Dominica
Dominica implemented its program in 1993 to provide investors the opportunity to gain Dominican citizenship via a contribution to its Economic Diversification Fund or the purchase of an alternatively approved project along with a fee. As of 2022, Dominica requires a minimum donation of $100,000 in its Economic Diversification fund or a $200,000 minimum investment in a government approved real estate project.
Egypt Egypt grants citizenship to investors who contribute $250,000 to the treasury, invest $300,000 in state-owned property, fund a business with $350,000 plus a $100,000 donation, or place $500,000 in a refundable bank deposit for three years. The program launched in 2020 under Law No. 190/2019.
Jordan Jordan's investment program was launched by the Cabinet of Jordan in February 2018 and grants citizenship to those who invest in certain areas of the country's programs (though the minimum investment value is placed around JOD 350,000).
Nauru Nauru has officially introduced the Nauru Economic and Climate Resilience Citizenship Program (NECRCP), unveiled at the 2024 United Nations Climate Change Conference (COP 29) in Baku. The program is defined in Nauru Economic and Climate Resilience Citizenship Act No. 15 of 2024 Part 2, Section 4, 2025.
The passport will cost a minimum of $105,000, but will be prohibited for people with certain criminal histories.
The government says the program will help raise funds for climate action, needed for a plan to move 90% of the island's around 12,500-strong population onto higher ground and build an entirely new community.
Saint Kitts and Nevis Saint Kitts and Nevis was the first country to offer citizenship by investment, starting in 1984. It requires a minimum of US$250,000 as an economic contribution to the country or to invest in an approved real estate development or property.
The minimum qualifying real estate investment was US$400,000 until 25 October 2024, when S.R.O No. 43 of 2024, the Citizenship by Substantial Investment (Amendment) Regulations 2024, reduced the minimum to US$325,000 for both approved development real estate and condominium units or shares in approved private real estate. The changes were made separately under provisions 6 and 9(a), amending regulations 20(12) and 22(10), respectively. Provision 9(b) also reduced the minimum investment for an approved private real estate single-family home from US$800,000 to US$600,000. At the same time, the minimum age at which a parent of the main applicant or their spouse could qualify as a dependent was reduced from 65 to 55. The government said the changes followed consultations with local and international stakeholders and reflected an effort to align the programme with market needs and support further economic growth.
St Lucia St Lucia has offered citizenship by investment since 2015. It requires a minimum of $240,000 as a contribution to the National Economic Fund (main applicant + 3 dependents) or at least $300,000 into an approved real estate development.
Sao Tome and Principe In 2025, Sao Tome and Principe (STP) established a citizenship-by-investment framework under Nationality Law No. 7/2022, regulated by Decree-Law No. 07/2025, the Regulamentacao da Nacionalidade por Investimento ou Doacao. The framework allows applicants to qualify for Santomean nationality by making a contribution to the National Transformation Fund (NTF) and sets out the applicable tariff and cost schedule, starting with a US$90,000 contribution for an individual applicant or US$95,000 for a family application of two to four members, with an additional US$5,000 for each additional dependent. The government requires an additional US$5,000 due diligence and processing fee per application. The contribution to the NTF is payable only after receiving approval in principle.
Turkey
The Turkish citizenship by investment program was launched in 2017. As of 2024, foreign investors can acquire Turkish citizenship by purchasing real estate worth at least $400,000 and committing to hold it for three years. Alternative options include a fixed deposit of $500,000 in a Turkish bank, or a similar investment in government bonds or a Turkish business. The application process typically takes between six to nine months.
Vanuatu Vanuatu offers one of the fastest citizenship by investment programs in the world. Launched in 2017, the scheme grants citizenship in as little as one month in exchange for a minimum donation of $130,000 to the country's Development Support Program. No residency or language test is required, and family members can be included. While the program has boosted Vanuatu's economy, it faced EU criticism over due diligence, leading to tighter security checks in recent years.
Former schemes Cyprus
The Cyprus Investment Program allowed foreign investors to gain Cyprus citizenship by investing €2,000,000 in an approved category. The program was closed on 1 November 2020. A later review found that 53% of the passports were illegally issued.
Malta The Malta Individual Investor Programme, which Henley & Partners was contracted in 2014 by the Government of Malta to design and implement, was similarly capped at 1,800 applicants. The minimum investment for this program was $870,000 with a non-refundable contribution of $700,000.
On the 29th of April 2025, in CJEU Case C-181/23, Malta's transactional investor-citizenship scheme was ruled contrary to EU law. A 2026 report by Kestrel Private, After the EU's Golden Passports, analyzing the situation and aftermath cites this Malta judgment as the final stage in the coordinated closure of the EU retail investor-citizenship market, after Cyprus and Bulgaria. Following Austria's approach, Maltese citizenship may still be acquired through other forms of naturalization, including the typical residence-based and discretionary naturalization on the basis of merit or exceptional contribution.
Montenegro Citizenship of Montenegro could be obtained within a year through an investment of €250,000 into approved development projects and a €200,000 government fee, until the program ended in 2022.
Residence by investment programs Residence by investment programs allow an applicant to obtain a permanent residency visa for a country by making an investment such as purchase of property or investment in a business. These programs are often known as "golden visas". The programs (on their own) do not allow the applicant to obtain citizenship. However, the person may eventually be able to apply for citizenship using standard naturalization procedures after residing in the country for a required amount of time.
Many users of such programs are wealthy Chinese and Russian citizens seeking legal security and a better quality of life outside of their home country. Golden visas have been especially popular with Chinese nationals, over 100,000 of whom acquired them during the period from 2007 to 2016. In 2015, the majority of golden visas were issued to Chinese nationals.
Numerous governments offer these programs including in Abkhazia, Australia, Brazil, Greece, Hong Kong, Malta, Monaco, New Zealand, Portugal, Singapore, Spain, Ukraine, the United Arab Emirates, the United Kingdom and the United States.
In operation Belize Belize offers an investor residency program with a real estate investment of $250,000 and after 5 years an individual is eligible for Belizean citizenship which offers a CARICOM passport for travel.
Greece Introduced in 2013, the Greek Golden Visa program offers residency to non-EEA nationals in exchange for specific direct investments in real estate or financial instruments, as an incentive to attract international capital flows. The program originally requires a minimum investment of in real estate or in securities or a bank deposit in Greece. The investors' close family members also receive a residence permit without further investment requirements, including their spouse, children up to 21 years old, parents and parents-in-law.
By February 2023, the country had issued 10,105 residence permits to investors and 18,154 to their family members. On 23 December 2022, the golden visa program was changed, setting the 5 year visa at a minimum of for real estate investments in specific areas of the country, coming into effect on 1 August 2023.
As of September 2024, Greece's revised Golden Visa Program requires a minimum real estate investment of , except on islands with fewer than 3,100 residents, where the threshold is halved to . Investors are restricted to purchasing a single residential property of at least 120 square meters and are barred from short-term rentals. Violations incur a fine and revocation of residency rights.
The visa grants residency exclusively in Greece and does not permit employment or guarantee citizenship. Naturalization requires seven consecutive years of tax residency (minimum 183 days annually), a Greek language and culture exam, and, for males aged 18–45, completion of compulsory military service unless exempted.
For comparison, ordinary residence visas are available, such as for Financially Independent Persons, or Freelance remote workers, that have a minimum income requirement with private medical insurance, and do not involve investment.
Hungary