Countries Under EU and US Pressure

In 2025, the immigration by investment sector continues to mature, with some traditional programs adapting their rules, while new and highly promising destinations are entering the scene. Governments are refining their frameworks to ensure transparency, due diligence, and long-term economic benefit, which ultimately strengthens the credibility of the entire industry.

While a few jurisdictions have reached the natural completion of their programs, others — including Grenada, Turkey, and soon Argentina — are reaffirming their commitment to attracting global investors through clear and sustainable pathways. These changes don’t signal an end to opportunities; they mark a shift toward better-regulated, higher-quality citizenship and residency options worldwide.

For investors, this means the window of opportunity is still very much open — but with increasing focus on trusted, well-managed programs. Acting under current conditions allows applicants to secure predictable terms, stable returns, and lasting security in a fast-changing world.

The European Union has long been cautious about citizenship by investment, particularly when it comes to programs that provide visa-free or settlement rights within the Schengen Area. Its main tool of influence is visa-free access, which it can adjust or suspend to encourage tighter controls.

However, this influence primarily affects smaller or EU-aligned jurisdictions. Independent countries — such as Turkey or Egypt — are not bound by EU regulations and maintain full sovereignty over their citizenship policies.

By contrast, EU members and candidate countries — including Malta, Cyprus, Bulgaria, and Montenegro — faced stronger pressure to modify or discontinue their CBI programs. Their closures are a result not of the programs’ failure, but of political alignment with EU legal standards.

Meanwhile, Caribbean governments are working in close coordination to maintain high compliance standards and to reassure international partners. Instead of weakening, the region’s programs are evolving — becoming more transparent, secure, and resilient.

Dominica

Since 1993, Dominica has been a leader in the global CBI market. Its program is known for its transparency, consistency, and government oversight.

In July 2023, the United Kingdom revoked visa-free access for citizens of Dominica, citing “clear and evident abuse” of its Citizenship by Investment (CBI) program. The UK Home Office reported that the program had been exploited by individuals posing security risks, including those previously denied UK visas.

This decision was implemented swiftly, with immediate effect and a four-week grace period for travelers who had already booked flights. The UK government emphasised the necessity of this rapid implementation to prevent a surge in travelers before the new visa requirements took effect.

In response, the government of Dominica has been actively engaging with UK authorities to address the concerns and restore its citizens’ visa-free status. While the outcome remains uncertain, Dominica’s leadership is optimistic about regaining this privilege through continued reforms and diplomatic efforts.

For investors, Dominica continues to represent one of the most stable, well-regulated, and respected CBI options worldwide.

Antigua & Barbuda

Launched in 2013, Antigua & Barbuda’s program remains one of the most family-friendly in the Caribbean. The government has gradually refined it — raising the minimum investment to $230,000 for a family of four, limiting access for high-risk jurisdictions, and adding a short residency requirement of five days within five years.

These updates strengthen the program’s reputation and show alignment with global best practices. While further reforms are possible, Antigua & Barbuda continues to offer excellent value for families seeking a secure second citizenship.

St. Kitts & Nevis

Established in 1984, St. Kitts & Nevis operates the world’s first and most reputable citizenship by investment program. It remains the regional benchmark for transparency and governance.

Recent reforms have added biometric interviews, advanced due diligence, and new investment routes — including a $250,000 contribution to the Sustainable Island State Fund or a $400,000 real estate option. These updates enhance integrity while preserving investor confidence.

St. Lucia

St. Lucia, launched in 2016, quickly became a favorite among global investors thanks to its flexibility and competitive entry levels — starting from $240,000.

In October 2025, the European Parliament approved amendments to Regulation 2018/1806, introducing a mechanism to suspend visa-free access for countries whose policies may pose security or human rights risks. The proposal — expected to take effect in December 2025 after EU Council approval — could affect five Caribbean nations offering citizenship-by-investment (CBI) programs: Antigua and Barbuda, Dominica, Grenada, Saint Kitts and Nevis, and Saint Lucia.

In anticipation of these changes, the five countries jointly established the Eastern Caribbean Citizenship by Investment Regulatory Authority (ECCIRA) — a regional body designed to enhance oversight, standardize procedures, and strengthen cooperation on security matters. The new authority, based in Grenada, marks the first unified regulatory structure for CBI programs in the region.

Under the ECCIRA framework:

• All new applicants will undergo biometric screening, including during passport renewals.
• A shared registry of applicants, agents, and developers will be introduced.
• The authority will have powers to publish reports, impose penalties, and revoke licences.
• Collaboration with CARICOM IMPACS will be expanded to improve regional security coordination.

National parliaments are expected to ratify the ECCIRA agreement by October 2025.

Vanuatu

Vanuatu has undergone major reforms to reinforce transparency and restore investor confidence. After a temporary pause in March 2025 to review due diligence standards, the program reopened under stricter regulations.

While visa-free access to the EU and UK has been suspended, Vanuatu remains one of the fastest and most straightforward citizenship routes for investors seeking efficiency, simplicity, and long-term security.

Countries such as Turkey and Egypt continue to operate robust CBI programs largely unaffected by EU or OECD political dynamics. Their independence provides investors with stability and predictability, which is increasingly valuable today. These programs do not provide visa-free access to the EU or Schengen. Turkey has been considered a prospective EU member for over 25 years, but with no concrete steps toward European integration, its programs remain reliable and accessible.

Turkey

Turkey’s citizenship by investment program remains active. Citizenship can be obtained through real estate investment of $400,000 or more, with processing in as little as 8 months. The government has strengthened background checks and introduced additional compliance measures, but demand continues. Investors are primarily attracted by opportunities in the property market; however, it is complex and exposed to fluctuations, including inflation.

Egypt

Launched in 2019, Egypt’s CBI program is the only one of its kind in North Africa. It offers four routes — from a $250,000 non-refundable contribution to a $500,000 refundable bank deposit — with a processing period of 6–12 months.

Egypt’s program operates independently from EU frameworks, allowing it to maintain flexibility and control over policy direction. With its moderate entry levels and large domestic market, Egypt is becoming an increasingly attractive and stable long-term option.

With many traditional Citizenship-by-Investment (CBI) programs facing increasing international scrutiny or restrictions, investors are exploring alternative options that remain accessible and credible. Several countries have recently launched or announced programs that offer competitive entry points, fast processing, or valuable travel benefits:

• Argentina is preparing to launch its citizenship-by-investment program by late 2025 or early 2026, requiring an investment of around $500,000 in sectors like technology, agribusiness, energy, or tourism, potentially without any residency requirement. The program will include visa-free access to the Schengen Area, but the level of international scrutiny or pressure it may face is unclear until it officially starts.
• São Tomé & Príncipe launched its program in August 2025, starting from just $90,000 with processing in as little as six weeks; it does not provide Schengen access, so there is minimal risk of external restrictions.
• In October 2025, Botswana announced a citizenship by investment program designed to diversify its economy. A Botswana passport grants visa-free access to 80+ countries.
• El Salvador provides a strong citizenship through investment option with Schengen access; however, the EU has not commented on it, likely because the program’s high investment threshold of $1,000,000 keeps participation limited and exclusive.

Argentina

Argentina is preparing to launch its citizenship by investment program by late 2025 or early 2026. Expected investment thresholds start from $500,000 into strategic sectors such as renewable energy, technology, agribusiness, or tourism. The proposed framework could grant direct citizenship without residency, processed within a year.

If confirmed, Argentina would become Latin America’s most competitive and prestigious CBI destination — offering visa-free travel to the Schengen Area.

Sao Tome and Principe

São Tomé & Príncipe’s program has officially launched as of August 2025, making it one of the most accessible new CBI options available. The structure offers:

• A minimum donation of USD 90,000 for a single applicant, or USD 95,000 for a family of 2–4, with additional dependents at USD 5,000 each.
• Processing in approximately six weeks, without residency or interview requirements.
• Administration via a public–private Citizenship Investment Unit in Dubai, under Decree-Law No. 07/2025.
• Inclusion of spouses, children (to age 30), and parents over 55.
• Full dual citizenship rights and visa-free access to 60+ destinations.

El Salvador

El Salvador’s Freedom Passport, launched in 2023, targets crypto investors and digital entrepreneurs. With a $1,000,000 investment in BTC or USDT and a limited cap of 1,000 applicants per year, it offers an exclusive, fast-track route to global mobility — including visa-free travel to 130+ countries such as the Schengen Area and Singapore.

This innovative program positions El Salvador as a rising player in the investment migration space — ideal for forward-thinking investors who act early.

Botswana

Botswana is set to launch its Citizenship by Investment (CBI) program in early 2026, offering one of the most affordable pathways to second citizenship globally. The program requires a minimum investment of $75,000, with total costs potentially reaching up to $120,000, depending on family size and additional fees. This initiative aims to diversify Botswana’s economy beyond its traditional reliance on diamond exports by channeling investment into key sectors such as housing, tourism, renewable energy, mining, and financial services. The program is designed to attract high-quality investors through a limited quota system, ensuring exclusivity and a controlled flow of applications.

Several well-known programs have ended over the past decade, primarily due to EU legal rulings or domestic political changes, not because of issues with the investment model itself:

• Cyprus (2007–2020) — closed following corruption scandals revealed by the Al Jazeera investigation. Authorities are now reviewing and revoking only those passports obtained fraudulently.
• Malta (2014–2025) — ended after the European Court of Justice ruled that direct citizenship-by-investment contravened EU principles, as Maltese citizens gain full EU mobility rights.
• Bulgaria (until 2022) — discontinued its program during EU negotiations amid procedural reforms.
• Montenegro (2019–2022) — terminated its pilot program as part of its EU accession process.
• Moldova (2018–2020) — suspended amid domestic political changes and EU consultation.
• Peru (2022–2023) — short-lived and closed after low participation and local debate.

Importantly, citizenships already granted remain valid. These closures simply reflect political realities — and emphasise that timely action is the only way to secure lasting advantages.

Investors often worry about losing their money or status when a program faces suspension or a program shutdown. In practice, several points are worth noting:

• Transition period: When governments announce closure or higher thresholds, they usually allow a grace period with a clear application deadline so applicants already in process can finish under existing rules.
• Security of granted citizenship: Those who have already received passports do not lose them retroactively, as laws are not applied ex post facto.
• Grounds for revocation: Citizenship is typically revoked only in cases of serious violations — submitting falsified documents, concealing criminal history, or failing to meet mandatory residence requirements.
• Risk for late applicants: Pending applications may be cancelled if they are filed too late.

Consulting a licensed advisor is crucial: professionals can assess whether you have enough time to complete the process before new rules take effect, or whether shifting to an alternative program is the safer choice. To minimise long-term risks, Astons recommends prioritising jurisdictions with stable democratic governance, strong compliance, and a solid international reputation.

The citizenship by investment sector remains strong and forward-looking, but global conditions are shifting. Opportunities are becoming more limited, programs more selective, and entry thresholds higher.

Just a few years ago, investors could obtain EU citizenships through Cyprus or Malta — today, those doors are closed. The next set of closures or reforms could arrive just as suddenly.

To secure your family’s freedom, protection, and global mobility, now is the time to act — not to wait.

At Astons, we help investors navigate every step of the journey, from program selection and due diligence to legal processing and property investment.