Citizenship by Investment Programs (CIPs) are growing in popularity but how big is the market for dual citizenship? Research by Investment Migration Insider indicates that the total number of successful applicants for these programs so far is roughly estimated at 40,000. That figure combines information released from eight of the most popular programs along with estimates for more recent months where official data has not yet been released.

The study looked at the CIPs in the following countries: Antigua and Barbuda, Cyprus, Dominica, Grenada, Malta, Saint Kitts and Nevis, Saint Lucia, and Vanuatu. Of those countries, Saint Kitts and Nevis led the way with 16,544 citizens under their program. Dominica is in second place with between 6,000 and 10,000 estimated new citizens. The number of approved applications by these two programs dwarves the other programs that each average between 1,000 and 4,000.

There are a number of reasons for these differences. Malta and Cyprus have particularly highly regarded programs since their membership in the EU provides numerous benefits to their citizens. The amount of investment required, and how long that investment has to remain within those countries make the bar higher for acceptance. While all of the programs require extensive background checks, the programs within the EU set a particularly high bar to ensure that anyone receiving citizenship has passed an intensive background check and has received their wealth through legitimate means. The good news is the programs continue to provide great opportunities for both investors and the countries offering the CIP and the range of options offered by the various countries makes it easier for those interested in a second citizenship to find the program that is right for them.

Astons is a leading global immigration advisory firm, offering residency & citizenship investment solutions in the UK, EU & the Caribbean.

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