Borders have blurred, and citizenship has become a strategic asset. In 2024, citizenship by investment programs have changed how wealthy people protect themselves and their families.
The old ways of moving to a new country – waiting years for visas and permits – don’t work for today’s investors. They need speed, flexibility, and value.
And many countries recognize this demand.
Portugal stands out (Read also: European Citizenship by Investment: Why Invest in Portugal?). While Malta and Caribbean countries offer quick direct citizenship by investment, Portugal’s golden visa program and residency give investors something different: A clear path to European citizenship, low investment requirements, and minimal time commitments.
The Portugal golden visa is not a typical investment program. In this guide, we’ll showcase how Portugal is instead a bridge to the world’s most powerful passport and the entire European Union.
The Current State of Caribbean Citizenship by Investment
In 1984, St. Kitts and Nevis created the first citizenship by investment program. Their simple idea caught on fast: Come invest money and stimulate our economy. In exchange for your investment in our country, we’ll grant you citizenship.
Today, five Caribbean countries offer these programs, each trying to win over global investors.
Here’s what at least $200,000 buys you in the Caribbean:
St. Kitts and Nevis Citizenship by Investment Program
One of the most popular citizenship by investment programs in the world is in St. Kitts and Nevis. The strongest travel document of all five Caribbean citizenship by investment jurisdictions, their passport allows citizens visa free access to roughly 157 countries.
The key decision for investors is choosing between three minimum investment routes: A) the national development fund Sustainable Island State Contribution at $250,000, B) the Public Benefit Option at $250,000, or C) a real estate investment starting at $325,000.
St. Kitts and Nevis offers the most extensive visa-free travel network, proven program stability, and no physical presence requirements either before or after citizenship. Their real estate option requires a seven-year holding period, but this longer commitment comes with potential returns on investment.
And for families, additional dependents can be added for $25,000 per person under 18 and $50,000 for those over 18.
Antigua and Barbuda Citizenship by Investment Program
The second most popular citizenship by investment program in the Caribbean is in Antigua and Barbuda.
Their program provides four minimum investment options: a $230,000 National Transformation Fund contribution, a $260,000 University Fund option that includes one year of tuition-free education, a real estate investment at $300,000, or an option to invest in an eligible business project in Antigua and Barbuda.
They give successful applicants a passport with visa free travel to 151 countries. Investors must spend five days there in the five years after their application for citizenship is approved.
Dominica Citizenship by Investment Program
Dominica offers one of the more affordable routes to direct citizenship by investment in the region.
Dominica provides visa-free travel to 140 countries and maintains strict due diligence standards, just as the other programs. You can obtain citizenship in Dominica through two clear routes: a non-refundable $200,000 Economic Diversification Fund contribution or real estate investment of $200,000 in a government approved property. Their real estate option requires a five-year holding period, but this comes with potential returns through rental income or property appreciation.
Plus, Dominican citizens enjoy zero tax on worldwide income, and the program requires no physical residency requirements. Their passport opens doors to 145 countries.
Grenada Citizenship by Investment Program
A unique citizenship by investment opportunity that offers E2 visa eligibility to the United States, citizenship in Grenada requires a minimum investment of $235,000.
Citizenship in Grenada includes two investment options: a $235,000 National Transformation Fund contribution or real estate investment starting at $270,000. For global investors and entrepreneurs seeking US market access, the E-2 visa treaty provides a unique advantage unavailable through other Caribbean programs.
Similar to the aforementioned jurisdictions, Grenada citizenship by investment includes visa-free travel to 140 countries.
St. Lucia Citizenship by Investment Program
Rounding out the five Caribbean citizenship by investment options, St. Lucia offers citizenship for investments starting at $240,000.
Their program provides two distinct citizenship investment paths: a $240,000 National Economic Fund contribution and a $300,000 government bond option (which is unique among Caribbean programs), including a 100% redemption after five years. Despite their longer processing times relative to neighboring jurisdictions, citizenship in St. Lucia includes visa-free travel to 140 countries and zero tax on worldwide income.
Limits of Caribbean Citizenship by Investment Programs
But Caribbean citizenship programs have limits. These passports don’t give you:
- Access to the United States or Canada without visas
- The right to live and work in major economies or other countries
- Strong financial centers for your international bank accounts
- Top-tier healthcare and education
- Geopolitical weight in global affairs
Plus, several countries and organizations view these programs with suspicion. The European Union, the United States, and other regional powers have put checks on Caribbean passport holders in recent years, leading the five Caribbean citizenship by investment units to implement a Memorandum of Understanding and standardize processes and due diligence in 2024.
The investment requirements are more lenient here than in other countries’ residency and citizenship by investment programs. And, direct investment through Caribbean programs is faster than traditional immigration processes.
But forward-thinking foreign investors are increasingly looking beyond the price tag. They ask: What real value does this citizenship give me and my future generations?
This question and its answers has pushed investors to look at alternative citizenship and residency programs, especially golden visas in European countries like Portugal, Italy, Greece, and Hungary.
European Residency and Citizenship by Investment
Apart from the Caribbean, Europe leads in citizenship and residency by investment programs. But unlike the Caribbean programs’ standardized requirements, each European jurisdiction sets its own rules, costs, and benefits.
Malta Citizenship by Investment Program
Malta runs Europe’s most expensive citizenship program. The direct citizenship by investment requires at least a €600,000 donation to the government (€700,000 if choosing a 12-month residency period vs. the 36-month standard option) and a €700,000 in direct investment in Maltese property or a €16,000 annual lease. Plus, each dependent on the application costs an additional €50,000.
If all investment requisites are complete, Malta citizenship gives you full European Union rights to live, work, and study in all EU countries.
Malta Permanent Residence Program
Malta also offers a residency by investment program similar to Portugal’s. After proving the required assets under control (€500,000 to be maintained throughout the first five years), investors must contribute €80,000 to the government of Malta and buy a property worth at least €375,000, or they can donate €110,000 to Malta and rent a property in Malta for five years with an annual lease of at least €14,000.
In addition, each dependent on the application costs €10,000. And investors must donate €2,000 to an approved charity in Malta.
Türkiye Citizenship by Investment Program
Türkiye offers a faster path to citizenship than Malta. Investors must purchase $500,000 worth of local real estate or keep $500,000 in Turkish banks for three years. However, the latter bank deposit option is now exposes investors to sometimes extreme currency volatility.
Investors in the Turkish citizenship by investment program can obtain citizenship in 3-4 months. Moreover, their program attracts international investors because of:
- No language test
- No residency rules
- No dual citizenship prohibitions
- Fast processing time
- Lower investment requirements than EU options
However, Türkiye isn’t in the EU. Though their passport allows investors visa free access to 110 countries (far fewer than Malta’s 186 countries), it does not allow for residency, labor, or education rights in the European Union like Malta’s does.
Citizenship by Investment vs. Residency by Investment Programs
As citizenship by investment programs undergo more scrutiny from world governments and organizations, residency by investment may be a safer bet in the long-term. Why? Investors must dedicate some time to actually living in the country before naturalizing as a citizen of the country.
Most citizenship by investment programs do not require any physical presence of their investors and therefore, leave room for scrutiny.
Although residency by investment programs require a longer time horizon, they are more affordable for investors and create actual ties to the country via naturalization. Here’s how the world’s most popular residency by investment program works:
Portugal’s Golden Visa Residency Program
Portugal’s golden visa program requires €500,000 in investment in local business establishments or investment funds. After 5 years of minimal physical presence requirements (7 days a year on average in Portugal) and a basic A2-level Portuguese language test, you can apply for permanent residency or even citizenship. (You might also be interested in: 8 Reasons to Invest in Portugal)
Successful applicants of the residency program obtain:
- Residency rights in Portugal
- Path to EU citizenship
- Visa-free travel in Europe
In comparison to other golden visa residency programs in Europe, Portugal’s investment options and requirements stand out. (Read also: Why Portugal is the Obvious Choice Among European Golden Visas)
Greece’s residence permit requires €250,000 in real estate conversion or renovation or in local startups. But foreign nationals must live there 6 months each year and learn fluent Greek to qualify for citizenship after 7 years.
Italy’s investment visa starts at €250,000 for local innovative startups, €500,000 for companies, or €2 million in government bonds. But investors must reside in the country for more than 6 months a year for 10 years to apply for citizenship.
Hungary recently re-introduced their golden visa residency program. Residency in Hungary requires a €250,000 investment in real estate investment funds or a €1 million donation to Hungarian higher education institutions. The path to citizenship is unclear.
Most foreign investors choose the residency-to-citizenship route through Portugal. Why?
- Lower investment requirements than Malta
- Faster citizenship than Greece or Italy
- Easier language rules
- Minimal physical presence required
- Clear process to EU citizenship after 5 years of maintaining the visa
Plus, Portugal’s program has several investment options through funds and business options. This flexibility lets investors match their immigration goals with their investment strategy.
How to Obtain Portugal’s Golden Visa
Investment Paths
Since the program was introduced in 2012, Portugal has changed its qualification rules. Here are the current qualifying investments for the Portugal golden visa:
€500,000 Investment in Regulated Funds:
- Investment funds focused on Portuguese companies
- Potential indirect exposure to digital assets and cryptocurrency
- Venture capital or private equity funds
€500,000 Business Investment:
- Start or join a Portuguese company
- Create at least 10 permanent jobs
€500,000 Donation to Scientific Institutions or Projects
€250,000 Arts and Culture Donation:
- Donate to preserve national heritage
- Support arts programs
- Fund cultural projects
Each investment route has different risks and rewards. Investment funds give you professional management and a clear exit after 5 years. Business investments let you control your money but may require more documentation and actual involvement in the business, especially with the job creation requisite. The lower price point donations do not offer any potential return on investment.
Meanwhile, investment funds stand out as the most popular choice. Why?
- Professional fund managers handle investments
- Regulated by Portuguese authorities
- Clear investment strategy
- Regular reporting
- Exit options after year 5
- Simple to maintain for visa renewal
This optionality makes Portugal’s golden visa program unique. Other countries may force you into real estate. Portugal lets you invest your way – into the asset class that best fits with your strategy.
Path to European Citizenship
The most desired feature of the Portugal golden visa is the ongoing requirements and flexibility they offer. Investors must only spend 7 days a year in Portugal to get EU citizenship. No other European country makes it this easy. (Read also: This is the Ultimate Passport Portfolio You Didn’t Know You Needed)
Here’s the step-by-step path to Portuguese citizenship:
Year 1:
- Countdown to citizenship starts at application submission
- Make your qualifying investment
- Get your temporary residence permit
- Spend 7 days in Portugal
Your temporary residence permit lets you settle in Portugal, explore 31 European countries freely, and access the EU’s world-class healthcare system. While residency in Portugal does not require relocation, many families use this time to enroll their children in top European schools. You can also start building your European financial base by opening EU bank accounts and establishing businesses across the continent.
Year 2-3:
- Keep your investment active
- Maintain valid visa
- Start learning basic Portuguese
- Spend 14 days in Portugal (over 2 years)
Year 4-5:
- Keep your investment active
- Maintain valid visa
- Spend 14 days in Portugal (over 2 years)
- Reach A2 Portuguese language level
Then, after investors complete five years of residency and all other requirements, they can submit their permanent residence or citizenship application. After you receive Portuguese citizenship, your opportunities expand dramatically.
Investors gain the right to live, work, and study in any of the 27 EU countries. Your children can live in Paris, go to university in Greece, or start a company in Sweden – all while keeping your original Portuguese citizenship. The EU rights you gain last forever and pass down to future generations.
Look at the alternatives: Caribbean passports offer quick processing but zero EU access. Malta’s program costs three times more for the same EU rights. Greece demands you live there six months every year for seven years to qualify for citizenship.
Portugal’s program checks many proverbial boxes: Reasonable investment, minimal time requirements, and a clear route to full EU citizenship rights and one of the world’s strongest passports.
Conclusion
Caribbean citizenship programs offer quick passports but limited value. Malta costs significantly more than alternatives. Türkiye sits outside the EU. Greece and Italy demand too much time in-country to reasonably qualify for citizenship.
This is why Portugal’s golden visa stands alone: Lowest physical presence rules in Europe, flexible investment options, and a clear path to EU citizenship and residency rights across the region.
If you’re interested in applying for the golden visa or learning more about how it fits in your portfolio, contact our team for a personal consultation about your Portuguese golden visa application.
