Citizenship by Investment (CBI) schemes have emerged as a pathway for individuals seeking to acquire citizenship of another country through investment. These programs serve various purposes, from boosting economic development to attracting foreign investment.
However, it’s essential to recognize that not all nationalities have equal access to these schemes. Let’s delve into the restrictions imposed on certain nationalities and explore the conditions associated with each country’s CBI program.
Banned or Restricted Countries for Citizenship by Investment Schemes
1. Vanuatu
Vanuatu, an island nation in the South Pacific Ocean, is home to a captivating natural beauty and offers a Citizenship by Investment program. Vanuatu operates a Citizenship by Investment Program known as the Vanuatu Development Support Program (DSP) or Vanuatu Contribution Program (VCP). However, nationals from countries subjected to US/EU embargo or sanctions face restrictions on applying for this scheme. These countries include:
- Yemen
- Syria
- Iraq
- Iran
- North Korea
- Russia
- Belarus
- Ukraine
Exceptions may apply for nationals who haven’t resided in restricted countries for at least five years and can provide evidence of permanent residence abroad. Additionally, Vanuatu’s Financial Intelligence Unit (FIU) may impose restrictions on countries subjected to UN sanctions. Stateless persons are also eligible to apply for Vanuatu citizenship.
2. Antigua & Barbuda
Antigua and Barbuda’s Citizenship by Investment Program prohibits citizens from countries such as:
- Afghanistan
- Iran
- North Korea
- Somalia
- Yemen
- Sudan
- Russia
- Belarus
- Ukraine
However, exceptions exist for individuals meeting specific criteria, including having migrated from these countries before the age of majority and maintaining permanent residence in eligible countries for at least ten years.
3. Dominica
Dominica, an enchanting Caribbean island, offers a Citizenship by Investment program.
Dominica considers applications on an individual basis and may accept stateless persons. However, nationals from:
- Iran
- Kurdistan
- North Korea
- Yemen (from Jan 19, 2024)
- Sudan
- Russia
- Belarus
- Ukraine
Nationals from these countries face restrictions unless they meet exemption criteria, including not having lived in these countries for the last ten years and having no substantial assets or business ties there. Dominica considers applications on an individual basis and may accept stateless persons.
4. Grenada
Grenada, a picturesque Caribbean nation comprising several islands, offers a Citizenship by Investment program. To qualify for Grenada’s program, individuals must contribute a minimum of $150,000 to the National Transformation Fund or invest at least $200,000 in an approved real estate project.
Grenada’s Citizenship by Investment Program does not specify country restrictions but decides cases individually. It’s noteworthy that Grenada may automatically reject applications refused by other CBI countries, including;
- Russia
- Belarus
- North Korea
- Iran
5. St. Kitts and Nevis
St. Kitts and Nevis, a stunning twin-island nation in the Caribbean, offers a sought-after Citizenship by Investment program for individuals seeking to acquire citizenship of this idyllic destination.
Under the St. Kitts and Nevis Citizenship by Investment Program, investors have several options to qualify for citizenship. One common pathway is contributing to the Sustainable Growth Fund or investing in approved island real estate projects. Additionally, applicants may choose to invest in an approved business or make a donation to a charity recognized by the government
However, citizens from the following countries are currently ineligible for participation in St. Kitts and Nevis Citizenship by Investment program without exceptions:
- Afghanistan
- Cuba
- Iran
- North Korea
- Belarus
- Russia
6. St Lucia
St. Lucia, a small and mountainous island in the Lesser Antilles, provides multiple options for individuals interested in Citizenship by Investment. These options range from a $100,000 donation to the National Development Fund to a $3.5 million investment in an approved project.
Currently, St. Lucia’s Citizenship by Investment program restricts applicants from four countries:
- Russia
- Belarus
- Iran
- Ukraine
This restriction is due to challenges in conducting thorough background checks on applicants from these countries.
7. Malta
Malta, a picturesque island in the Mediterranean, presents an appealing option for those aspiring to acquire European Union citizenship through its Citizenship by Investment pathway known as the Individual Investor Program (IIP).
Under the IIP, applicants must contribute to the National Development and Social Fund (NDSF) through a donation ranging from €800,000 to €750,000, depending on the length of their residency in Malta. There are additional financial obligations for each dependent, along with a mandatory charitable donation of at least €10,000. Moreover, applicants must invest in real estate, with a minimum property value of €700,000.
However, it’s important to note that citizens of certain countries are excluded from participating in Malta’s IIP. These countries include;
- Afghanistan
- Belarus
- Congo
- North Korea
- Russia
- Somalia
- South Sudan
- Syria
- Venezuela
- Yemen
8. Turkey
Turkey, a vibrant country bridging Europe and Asia, offers a citizenship-by-investment scheme for those seeking Turkish citizenship.
Under Turkey’s Citizenship by Investment scheme, investors have various options to qualify for citizenship. One standard route is through real estate investment, where applicants must purchase property worth a minimum of $250,000. Additionally, there are opportunities for investors to contribute to the Turkish economy through capital investments, job creation, or bank deposits.
While Turkey’s Citizenship by Investment program is open to applicants worldwide, there are certain restrictions and limitations. Nationals from countries such as;
- Armenia,
- Yemen,
- Syria, Cuba,
- Nigeria, and
- North Korea
The above countries may face challenges or restrictions, particularly in real estate transactions. Moreover, individuals from countries subject to international sanctions may encounter difficulties in banking transactions related to citizenship investment. Therefore, prospective applicants should carefully consider these factors before applying.
9. North Macedonia
North Macedonia hasn’t announced any specific restrictions on nationality for its citizenship by investment scheme.
10. Stateless People
Certain countries, including Dominica, Vanuatu, Turkey (for bank deposit only), and Antigua and Barbuda (for stateless people born in specific countries), may accept stateless persons or families. However, issues may arise with banks refusing transactions due to a lack of passports and identification.
Understanding the restrictions and eligibility criteria for citizenship by investment schemes is essential for individuals considering such programs. It’s crucial to thoroughly research the requirements of each country’s CBI scheme before applying to ensure a smooth application process and successful outcome.
Conclusion
In conclusion, citizenship by investment programs offer opportunities for individuals to acquire alternative citizenship through investment. However, stringent restrictions apply to nationals from certain countries due to geopolitical concerns and challenges in performing due diligence checks. Prospective applicants must thoroughly understand each country’s CBI scheme’s eligibility criteria and potential limitations.
Ready to explore your options for citizenship by investment? Contact us today to begin your journey towards a brighter future!
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