Latest news with #CitizenshipByInvestment
The National
08-07-2025
- Business
- The National
Jordan offers investors more pathways to citizenship after rules revamp
Jordan 's move to revamp its Citizenship By Investment programme has opened up more pathways for foreign investors to obtain a passport, but it is unlikely to make an economic impact in the short term, analysts say. Amman will grant Jordanian nationality to foreign investors through additional routes including pouring capital in local companies' shares, establishing new projects in important sectors or purchasing equity in existing projects, according to Petra news agency. The Cabinet last week approved an updated framework for granting citizenship and residency to investors that is aimed at attracting more foreign capital, creating new jobs and contributing to the Jordanian economy. 'While we appreciate the Jordanian government's efforts to develop the private sector, we believe the new citizenship policy will have limited economic impact in the near term,' Tianchen Peng, economist at Oxford Economics, told The National. 'The investment thresholds across all three routes – along with additional requirements like maintaining high employment levels – are prohibitively high.' Jordan has granted citizenship to 561 investors since 2018, with Syrian and Iraqi investors topping the list, according to Jordan's investment minister Mothanna Gharaibeh. However, Mr Peng said combined with Jordan's existing social welfare system and escalating tension in the region, 'the policy may lack sufficient appeal to attract eligible investors, particularly those based outside the region'. Jordan's economy is projected to expand by 2.6 per cent this year before accelerating further to 2.9 per cent in 2026, according to the International Monetary Fund's recently published Regional Economic Outlook. Both projections were lower than previous forecasts, mirroring a broader downwards trend because of US tariffs uncertainty. The Washington-based fund last month approved about $700 million to Jordan to address its long-term vulnerabilities in the water and electricity sectors and address public health emergencies. The Jordanian passport has relatively better strength in the Middle East compared to various countries in the region, according to the Henley Passport Index. It ranks 88th on the latest index, with visa-free access to 51 countries, according to the Henley Passport Index 2025 Global Ranking. By contrast, Syria ranks 102nd, Iraq 101st, Yemen 100th and Libya in the 99th position. The UAE is 8th and Saudi Arabia is 59th. This is out of a ranking of 103, where some countries are in tie positions. With stricter immigration rules in some protectionist economies, investors are casting a wider net for citizenship opportunities. Pathways to citizenship Under the revised criteria, Jordan will grant citizenship to foreign investors who inject at least one million Jordanian Dinars ($1.4 million) in new capital by buying shares in Jordanian companies. A maximum of 20 per cent of the investment can be concentrated in a single company, and the investor must retain the shares and any related proceeds for three years, according to Petra. Citizenship can also be granted to investors who set up new projects in vital sectors with a paid-in capital of at least 700,000 dinars in Amman or 500,000 dinars outside the capital, provided the projects create 20 jobs for Jordanians in the capital or 10 jobs outside it. Another route is purchasing equity in existing projects with a capital injection of at least one million dinars and new fixed assets worth at least 500,000 dinars. Investors must submit a feasibility study and audited financial reports, create 20 new jobs and hold the new shares for three years to qualify. Existing investors may qualify if their average equity share in fixed assets over the past three years totals at least 700,000 dinars in Amman or 350,000 dinars outside the capital. First-degree family members of the investor, who are inheriting or receiving shares, may also qualify for citizenship. This is provided the original investor's stake remains unchanged for three years. Citizenship can also be granted to investors in the pharmaceutical warehousing, medical equipment and large-scale food logistics sectors, with minimum capital of 3 million dinars and 20 Jordanian pharmacists employed in Amman or 10 outside the capital over three years. Another route is employing 150 Jordanians in Amman or 100 in other governorates for at least one year before application, with employment levels sustained for two consecutive years after receiving citizenship, Petra said. A cap of 500 investors per year will be applied, subject to security clearance and financial due diligence, the state news agency said.
Khaleej Times
05-07-2025
- Business
- Khaleej Times
Thousands of UAE residents who bought second passport face uncertainty
Thousands of UAE residents who acquired Citizenship by Investment (CBI) passports from countries like Dominica, Saint Kitts and Nevis, Saint Lucia, Cambodia, and Egypt are staring at a storm they didn't see coming. Some had invested their life savings, believing these passports would unlock global mobility, tax benefits, and long-term security. On June 14, US Secretary of State Marco Rubio signed a memorandum giving 36 countries — including several with CBI programmes — a 60-day deadline, ending August 13, 2025, to meet stringent vetting and information-sharing standards or face visa bans. The European Union is also advancing legislation to suspend visa-free Schengen access for nations with weak oversight. If passed, the law could come into force by September. For expatriates from India, South Asia, and the Middle East, the implications are severe. Second citizenships had become a popular route to global travel and financial flexibility. Families typically spent between $115,000 and $330,000 on passports from Caribbean and other CBI jurisdictions that promised access to more than 140 countries. 'It's a perfect storm, and many passport holders didn't see it coming,' says Sam Bayat, founder of Dubai-based Bayat Legal Services and a pioneer in international investment migration in the region. 'People invested hundreds of thousands of dollars into citizenship programmes, believing it was their ticket to global freedom. Now, they're facing sudden restrictions that could render those passports practically useless.' The fallout is being felt most acutely in the UAE, where expats make up nearly 90 per cent of the population. While exact nationality data is unavailable, Bayat estimates that more than 10,000 applications have been filed from the region in recent years. 'Assuming three individuals per application, we're easily looking at 30,000 people, many of them UAE-based, who could be affected.' In limbo According to data shared by the European Commission, five Eastern Caribbean CBI jurisdictions — Antigua & Barbuda, Dominica, Grenada, Saint Kitts & Nevis, and Saint Lucia — have collectively issued over 100,000 citizenships between 2014 and mid-2024. The crisis is particularly acute for Indian nationals in the UAE. India does not allow dual citizenship, so many who opted for a second nationality had to relinquish their Indian passports. Henley & Partners' 2024 Private Wealth Migration Report notes that 4,300 wealthy Indians gave up their citizenship in 2023, with many choosing Caribbean or other CBI programmes while living in the Gulf. "We took this step thinking we were securing our future. Now it feels like everything's up in the air," said a Dubai-based Indian expat who acquired a Saint Lucia passport in 2022. "I'm following the developments and hoping it doesn't come to a point where we're left without real options,' he added. 'For families who sold property or dipped into savings to secure their second passports, this is more than a policy change — it's a personal crisis,' said Bayat. 'They may feel betrayed, especially those who renounced their nationalities." Local agencies in the Gulf, many of which aggressively marketed these programmes as low-risk, high-reward investments, are under pressure too. 'This could be the end of the road for dozens of firms that built their businesses on Caribbean passports,' says Bayat. 'Cosmetic change not enough' A 2023 European Commission report flagged 88,000 'golden passports' issued by Caribbean states, raising concerns about lax due diligence and high-risk applicants. The US memorandum also targets Cambodia and Egypt — a sign that the issue is no longer confined to the Caribbean. Many countries are pledging reforms, but Bayat argues that cosmetic changes won't suffice. 'A phased, credibility-first model is the only path forward. Without structural reform, CBI risks being viewed as a security threat rather than a legitimate development tool.' He warns: 'Commonwealth ties or past diplomatic goodwill won't protect countries from enforceent if their citizenship programmes fail to meet modern standards of integrity.' 'The EU's suspension of Vanuatu and the CJEU ruling against Malta have created a clear legal and policy precedent — CBI must involve genuine residency, integration, and public accountability, or face consequences.' 'Visa-free access to the UK or Schengen is not a birthright, it's a privilege based on trust. And that trust is eroding fast for countries that continue to operate opaque or outdated CBI models.' For countries like Saint Kitts and Nevis or Dominica, which rely heavily on revenue from citizenship sales to fund infrastructure, schools, and hospitals, the stakes are high. 'A US travel ban would devastate their local economies, and most of their populations won't understand the reason,' said Bayat. Secure alternatives Amid growing uncertainty, many affected individuals are exploring secure alternatives, particularly the UAE's 10-year Golden Visa. 'We are navigating a significant transformation in the citizenship by investment landscape,' says Rayyad Kamal Ayub, managing director of Rayad Group Immigration Services. 'The shift away from off-the-shelf passport purchases indicates a move toward more sustainable and legitimate pathways.' His firm has set up a help desk to assist affected individuals as the rules evolve. 'The growing appeal of programmes like the UAE Golden Visa lies in their credibility,' Rayyad says. 'Points-based systems in Canada, Australia, and New Zealand are also gaining traction, as countries prioritise applicants' qualifications and long-term value over cash.' Bayat is clear: The idea of investment migration isn't under attack, only the way it has been misused. 'Citizenship is a sovereign right, but it carries responsibilities for both the issuing state and the individual,' he says. 'The US and EU message is loud and clear: adapt or be shut out.'
Travel Daily News
12-05-2025
- Business
- Travel Daily News
Global Citizen Solutions unveils Residency and Citizenship by Investment Report
According to Global Citizen Solutions' report, Caribbean nations lead rankings for citizenship by investment, while Greece and Malta top 'Golden Visa' residency by investment programs. FORT LAUDERDALE, FLA. – As the world navigates geopolitical instability, market volatility and shifting regulations, Global Citizen Solutions, a leading advisory firm specializing in investment migration, has released its first-ever Global Residency and Citizenship by Investment (RCBI) Report. The report evaluates Citizenship by Investment (CBI) and Residency by Investment (RBI) programs currently available across 37 countries, providing key insights for those seeking a new beginning beyond their home nation. This timely report is the most comprehensive, data-driven analysis of global CBI and RBI programs to date, highlighting the top destinations where individuals can obtain a second passport or secure long-term residency. Antigua and Barbuda, St. Kitts and Nevis, and Grenada lead the CBI rankings, while Greece and Malta lead the global RBI list. 'This groundbreaking new report reveals a growing interest in dual and multiple citizenships, made possible by the fact that more than 75% of countries now allow some form of dual nationality. In today's world, investment migration is no longer just about obtaining a second passport – it's about unlocking global mobility, securing long-term opportunities and building a legacy,' said Patricia Casaburi, CEO of Global Citizen Solutions. 'Our Global RCBI Report, designed to serve as an essential guide to navigating complex RCBI programs, helps individuals understand how and where they can protect their wealth, move freely and hedge against global uncertainty.' Whether seeking a long-term home or exploring the best options for dual citizenship, the report offers a new perspective on how legal frameworks of RBI and CBI programs can serve as platforms for greater freedom, improved quality of life and financial advantages aligned with individuals' mobility goals. The report evaluated programs using 18 key indicators across the following five dimensions: Procedure Index: Minimum Investment Threshold, Average Processing Time, Path to Citizenship (RBI only), Investment Options, Visit and Residency Requirements, Family Member Inclusion and Program Reputation Tax Optimization Index: Type of Tax System and Tax Rates Mobility Index: Visa-Free or Visa-on-Arrival Access and Destination Attractiveness Quality of Life Index: Human Development, Migrant's Acceptance, Global Peace, and Healthcare Investment Environment Index: Ease of Doing Business and Economic Stability Top Countries for Global Citizenship by Investment (CBI) Programs – programs where full citizenship and a passport are granted in exchange for an economic contribution, such as real estate, bonds or a business: Rank Country Total Score 1 Antigua and Barbuda 94.33 2 St. Kitts and Nevis 93.62 3 Grenada 93.16 4 Dominica 90.51 5 St. Lucia 89.79 The Caribbean region, known for its flexible investment options, moderate cost of living, and efficient processing timelines, suit individuals and families seeking fast-track citizenship with moderate investments, no residency requirements and attractive tax regimes. The region accounts for 36% of all active programs and ranks among the top five in the CBI Index. European countries such as Malta, which is still processing pending applications despite the recent decision of the European Court of Justice (ECJ) to end Malta's Exceptional Investor Naturalization (MEIN), and Austria offer access to the European Union and high-quality healthcare, education and lifestyle, though tagged with significantly higher investment thresholds and processing times. Both programs appeal to investors seeking enhanced global mobility and seamless EU access, thanks to the strength of the passports they confer. Asia, Oceania, Middle East, Africa regions including Cambodia in Asia and Vanuatu and Nauru in the Pacific, feature lower investment thresholds and accelerated timelines, making them attractive to cost-conscious investors seeking rapid access and flexible requirements, though their passports offer more limited, regionally focused mobility. Türkiye's CBI program stands out by offering a low investment threshold, expedited processing, and a passport granting visa-free access to important parts of the world. Top Countries for Global Residency by Investment (RBI) Programs – commonly referred to as 'golden visa' programs, these initiatives allow foreign nationals to obtain a legal residency through investment: Rank Country Total Score 1 Greece 91.47 2 Malta 89.97 3 Switzerland 89.94 4 Luxembourg 89.26 5 Portugal 89.2 European RBI programs are heavily weighted toward Europe, which accounts nearly for 50% of the 23 active programs worldwide. This reflects a shift in EU strategy toward longer-term integration and development goals, with countries like Portugal, Greece, Malta, and Luxembourg offering well-structured RBI options. Asia and the Middle East offer RBI programs characterized by business-friendly climates and favorable tax regimes, with the UAE and Singapore standing out for their global connectivity and zero-tax policies, attracting tech entrepreneurs and ultra-high-net-worth individuals. Oceania, led by New Zealand, targets innovative entrepreneurs and venture capitalists through high-threshold programs tied to business creation and job development. The country also ranks highly for quality of life, appealing to families and retirees seeking long-term relocation. In Africa, Mauritius is the option for regional diversification and future mobility. The country draws real estate and business investors with strong legal protections and tax incentives. Additional key takeaways that emerged from Global Citizen Solutions' RCBI Report include: Increased Interest in Wealth Preservation and Security Through Global Mobility: Global mobility is no longer a luxury but a necessity for individuals navigating a world of shifting borders, regulations and economic realities. Second citizenship can simplify this process, allowing heirs to reside in or manage assets from locations with more favorable inheritance laws. New-Generation Programs Emphasize Talent, Innovation, and Sustainability: Countries like Canada, and Singapore are moving away from passive capital inflows and focusing on attracting skilled entrepreneurs and professionals in strategic sectors such as artificial intelligence, clean energy and biotechnology. Dual Citizenship: Most of Europe and the Anglosphere RBI jurisdictions (61%) allow dual citizenship, with most offering a pathway to naturalization, making them attractive to globally mobile individuals. In contrast, 26% of countries require renunciation of prior citizenship, mainly in Asia, which limits their appeal. Another 13%, in the Middle East, operate in legal gray zones where dual nationality is restricted but inconsistently enforced, creating uncertainty. Tax Optimization: The Caribbean remains the go-to region for CBI, offering minimal residency requirements, straight forward procedures and favorable tax structures. These programs operate under zero or territorial tax regimes, making them ideal for high-net-worth individuals focused on global mobility and tax neutrality, with relatively little regulatory friction. 'This is the first report of its kind to offer a holistic, transparent and comparable view of both CBI and RBI programs worldwide,' added Dr. Laura Madrid Sartoretto, research lead at Global Citizen Solutions. 'Our goal was to provide a resource that empowers stakeholders to make informed, forward-looking decisions.'
South China Morning Post
09-05-2025
- Business
- South China Morning Post
New office for Vanuatu golden visas on Phuket puts citizenship-for-sale risks in spotlight
Phuket's popularity with Russian and Chinese visitors is drawing Vanuatu 's citizenship-for-sale business to Thailand in a bid to cash in. While some law enforcement officials warn that Asia's booming passport trade is fuelling cross-border crime and illicit finance, the strike-it-rich mood in Phuket remains undeterred. Advertisement Investment Economics Ltd – a company owned by Russian nationals who also hold Vanuatu citizenship – has opened a Citizenship by Investment (CBI) office on Phuket, offering so-called 'golden visas' to clients seeking greater global mobility and offshore investment opportunities. Vanuatu's CBI programme, which begins at US$130,000 for a single applicant and US$150,000 for couples, promises visa-free travel to dozens of territories, alongside the right to set up businesses and purchase property. The government says the scheme is open to anyone aged over 18 who meets the requirements and pays the fees. The Phuket-based firm is led by Iurii Nazaretc, who carries the title of Vanuatu's Trade Commissioner to Phuket, and his son Dmitrii. Both are recent recipients of Vanuatu citizenship. Aerial photo of Karon beach in Phuket. Photo: AFP 'We are observing a steady and gradual increase in interest from both Russian and Chinese markets – particularly in light of regional shifts and the growing demand for mobility and security solutions,' Dmitrii Nazaretc told This Week in Asia. Advertisement
Forbes
08-05-2025
- Business
- Forbes
As Malta Golden Passport Likely Ends, Demand For Golden Visa Rises
A high court ruled that Malta must stop its golden passport program but its golden visa program is still in place. Golden passport and visa programs offer high-net-worth individuals a fast track to citizenship or residency in exchange for substantial investments. Often seen as a gateway to global mobility, these programs provide access to visa-free travel, tax benefits, and enhanced security. However, they are not without controversy, with critics arguing they promote inequality and pose risks of misuse. The recent declaration by the highest EU court that the Malta golden passport program is illegal has caused a stir. More generally, it's essential to know that: A golden passport or golden visa program is the name commonly given to Citizenship-by-Investment (CBI) plans that offer a fast track to residency or citizenship to wealthy individuals from third countries who invest money in a country. The amount varies from country to country. For example, Latvia's golden visa is one of the most accessible, offering a golden visa in exchange for €50,000 of investment. The difference between a golden passport and a golden visa is that passport programs offer immediate citizenship. In the EU, countries mainly offer golden visas that provide residency with a possible path to citizenship in a few years. Malta is often cited as one of the best programs. For example, the 2025 Global Citizenship Program Index, run by Henley and Partners, residence and citizenship by investment advisors, placed Malta first for the tenth year. The highest court in the EU has decreed that Malta violated European law in its golden passport program, known formally as Malta's Exceptional Investor Naturalisation (MEIN). The EU Commission said the country was "commercializing" EU citizenship and acting against the reciprocity of other member states. Cyprus ended its golden visa program in 2021 and Bulgaria in 2022. Via a statement, the Maltese government said it is reviewing the legal implications, and the country must likely end its golden passport program or, as it says, bring it in line with the principles outlined in the judgment. If not, further legal action or financial penalties are possible. However, companies such as Global Citizen Solutions, an investment migration consultancy firm, expect Malta to uphold the program's conditions for applications in process. Patricia Casaburi, its CEO, adds that "applicants who submitted their files prior to the ruling did so under a valid legal framework." Global Citizen Solutions also states that those individuals who were granted citizenship via the MEIN process will remain full citizens of Malta and the EU. "The recent ruling by the ECJ does not apply retroactively and does not invalidate citizenships that have already been granted," says Casaburi. While the ruling impacts Malta's golden passport, Malta's Permanent Residence Programme (MPRP) is a golden visa program that offers permanent residency rights to applicants. It remains fully operational and unaffected by these rulings, per advice from Global Citizen Solutions. This program operates within a different legal framework that continues to be available. In Global Citizen Solutions' new report, Global Residency and Citizenship by Investment, highlighting trends in investment migration, Caribbean nations led in the rankings for Citizenship by Investment. In the EU, Greece and Malta led the golden visa residency by investment program. Detractors have long argued that golden visa and golden passport schemes are complicated for several reasons. Critics say these programs promote inequality and are exclusive, creating a two-tier system where wealthy individuals can "buy" rights and privileges unavailable to ordinary citizens. The program, they add, undermines the principle, particularly in the EU, that everyone should have equal access to citizenship and residency. In 2022, then-Justice Commissioner Didier Reynders said, "EU values are not for sale." Money laundering and organized crime are often linked to golden visa and golden passport programs. For this security reason, many countries, such as the U.K. and Ireland, stopped these programs at the outbreak of the Ukraine war so that Russian nationals could not acquire EU citizenship through these programs. In March 2022, Malta said it too had suspended the processing of Russian and Belarusian nationals. Outside of the EU, these schemes have been associated with tax evasion and providing sanctuaries for unscrupulous individuals. There is also an economic lens that makes these programs complicated; the invested capital is thought, by some, to benefit a small elite rather than the broader population, and a hotter political potato is that these programs can sometimes inflate real estate prices, meaning that local housing becomes less affordable for residents. For this reason, the golden visa program in Spain ended in April 2025. The European Court of Justice (CJEU) ruled that Malta's program "amounts to the commercialization of EU citizenship," which undermines the principles of solidarity and mutual trust between member states. The court also argued that EU citizenship should not be treated as a commodity and must involve a "genuine link" between the applicant and the granting country. The Guardian reported in 2021 that ultra-high-net-worth individuals who didn't have links to the country and had only spent a few weeks there were granted citizenship in Malta. It also reported that many new residents' properties were empty, implying that they had become residents to obtain nationality and free movement across Europe. There are many advocates of visa and passport investment programs. Before the EU court decision, Prime Minister Robert Abela told the Times of Malta that the MEIN program was safe and beneficial to the country—the Maltese government said that the program has generated more than €1.4 billion in revenues for the government since 2015. Casaburi, CEO of Global Citizen Solutions, says that "these programs remain legitimate and distinct legal pathways that fall squarely within member states' sovereign competencies regarding residency rights." She added that individuals "met stringent eligibility requirements, including a residency period in Malta, contributed meaningfully to national development, and successfully passed what is widely regarded as one of the most rigorous due diligence processes globally." Henley and Partners clearly state that the "trajectory of investor migration remains firmly upward and the ECJ ruling will not change that", and it is likely to increase demand, if anything. Its Group Head of Private Clients, Dominic Volek, adds that demand from high-net-worth individuals is growing rapidly, "driven by persistent geopolitical uncertainty, rising fiscal pressures in key markets, and a sharpened focus on legacy planning and family security." Its most extensive client base is North American families. Both Henley and Partners and Global Citizen Solutions expect clients to follow a dual strategy to investment through residency and citizenship, where families seek EU residence rights, with citizenship in reputable third countries. Volek says they anticipate "clients combining EU residence rights with non-EU citizenship options to diversify access and mitigate regulatory or reputational risk. Jurisdictions that offer robust due diligence, clear legal frameworks, and mobility-enhancing benefits—such as Austria (merit-based), Greece (residence and merit-based citizenship), the UAE (residence and citizenship by investment), as well as the Caribbean nations and the first climate-supporting citizenship program in Nauru—will continue to attract strong interest." In a broader context, Henley and Partners say there are 100 countries worldwide with investment migration legislation—over 60 of these have active programs, with around 30 attracting most applicants. The company fully expects more to begin or expand because it believes it is a win-win situation; host nations have a vital injection of capital and talent, and offer stability and opportunity for applicants. The U.S., Canada, UAE, Hong Kong, Singapore, and New Zealand are all expanding opportunities, and in that sense, Volek believes the EU is "pulling up the drawbridge when they can least afford to do so." Whether or not the EU is missing a trick to increase its coffers is a moot point now that the ECJ jas ruled that EU passport options are unfavorable. Golden passport and visa programs remain polarizing, balancing the promise of economic growth for host nations with concerns over fairness and security. What is clear, though, is that these schemes will continue to operate, regardless of the ECJ ruling on the Malta golden passport program, and indeed, many believe they will continue to grow in popularity.
