6 High-Yield RCBI Government Bond Options

Moustafa Daly
Cairo

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With annual yields as high as 35%, these RCBI bond routes deliver the industry’s strongest returns.

Global investors pursuing second citizenship or residency have long favored real estate for its tangible value and high returns. But with many programs increasingly phasing out real estate options, government bonds are emerging as a competitive alternative, offering solid returns and pathways to second residency or citizenship.

Yet choosing the government bonds route requires careful consideration. Some programs offer strong yields, such as those in Turkey and Sri Lanka, while others, including Egypt and Latvia, offer zero-interest bonds that serve primarily as compliance tools for residency or citizenship by investment (RCBI) requirements.

Higher-yield bonds are typically available in more volatile economies, making them attractive to risk-tolerant investors. In contrast, more mature and stable markets usually offer lower-yield options, making them well-suited for risk-averse individuals.

Moreover, governments typically denominate and repay these bonds in the local currency, adding another layer of economic risk and reward for investors.

Here are six RCBI programs offering the highest average annualized returns on five-year government bonds, based on the latest data from each respective government or central bank. While some require shorter holding periods, we opted to standardize the five-year yield rate to provide a consistent benchmark for comparison.

Turkey

Program: Turkey Citizenship by Investment (CIP)

• Bond Requirement: Minimum holding period of three years
• Investment Options: Real estate, government bonds, or business investments
• Minimum Bond Investment: US$400,000

Turkey’s government bonds boast an exceptional 35% average annual yield on its five-year bonds, the highest globally. However, high inflation, which peaked at 75% in May 2024 before easing to 38% by March 2025, and rapid currency devaluation pose significant challenges for foreign investors. The Turkish Lira has devalued by over 500% between 2020 and 2025.

Despite these risks, the program’s relatively short three-year holding period for citizenship qualification lowers the risk exposure and makes this an attractive and affordable option for risk-tolerant investors.

Sri Lanka

Program: Sri Lanka Investor Visas

• Bond Requirement: Minimum holding period of five years
• Investment Options: Government bonds, real estate, or business investments
• Minimum Bond Investment: US$300,000 for five-year residency or US$500,000 for ten-year residency

Sri Lanka offers an annualized yield of nearly 11% on five-year bonds. However, the country’s 2022 debt default underscores the fragile state of its economy. As of early 2025, Sri Lanka has experienced deflation, with the inflation rate dropping to -4.2%, largely due to currency appreciation and falling energy prices.

Also, investing in Sri Lankan bonds does not grant permanent residency or citizenship; bond investors are only eligible for temporary residency permits valid for five or ten years, depending on the investment value.

Jordan

Program: Jordan Citizenship by Investment (CIP)

• Bond Requirement: Minimum holding period of five years
• Investment Options: Government bonds or business investments
• Minimum Bond Investment: US$1 million

Jordan’s 6.7% average annual yield provides a stable investment opportunity in a relatively low-risk Middle Eastern market. The inflation rate stood at a modest 1.6% in 2024, contributing to the country’s appeal as a stable investment destination. The program’s moderate returns are paired with the benefits of securing citizenship after the five-year bond holding period. Its main drawback is the prohibitively high threshold of US$1 million.

Indonesia

Program: Indonesia Golden Visa

• Bond Requirement: Minimum holding period of five years
• Investment Options: Government bonds, real estate, or business investments
• Minimum Bond Investment: US$350,000

Indonesia’s 6% average annual yield offers above-average returns. The country maintained moderate inflation in 2024, averaging 2.3%, down from 3.7% in 2023, making it relatively stable among emerging markets.

However, its Golden Visa bond investment route only leads to temporary residency and doesn’t include a path to permanent residency or citizenship.

Greece

Program: Greece Golden Visa

• Bond Requirement: Minimum holding period of five years
• Investment Options: Government bonds, real estate, or business investments
• Minimum Bond Investment: €250,000 in bonds or real estate

Greece’s 2.6% yield reflects its steady recovery and low risk. Inflation in 2024 was reported at 2.7%, reflecting stability in the Greek economy. Its Golden Visa program grants residency through investments in Greek government bonds with a maturity of at least three years.

To qualify for permanent residency and later citizenship, applicants must meet several conditions, including holding the bond investment for a minimum of five years while residing as tax residents.

Italy

Program: Italy Investor Visa (La Dolce Visa)

• Bond Requirement: Minimum holding period of two years
• Investment Options: Government bonds and business investments
• Minimum Bond Investment: €2 million in Italian government bonds

Italy’s government bonds yield a steady 2.4% annually, but the program comes with one of the highest entry thresholds in Europe, requiring an investment of €2 million. Italy recorded a low inflation rate of 1% in 2024, underscoring its reputation as a stable and mature European market.

While the returns are modest, the investment must be maintained during the validity of the two-year visa, after which investors may apply for a three-year renewal. Naturalization as an Italian citizen requires a minimum of ten years of physical residence in the country.

Navigating RCBI bond options

Choosing an RCBI bond investment is about more than just chasing yields – it’s about aligning financial returns with the economic realities and prospects of each country.

From navigating the challenges of inflation and currency risk in high-yield markets like Turkey or Sri Lanka to leveraging the stability of lower-yield options in places like Greece or Italy, every program offers a distinct balance of risk and reward.

For investors, the decision is about understanding the broader context of where they are placing their capital and the long-term value it creates, financially and personally.

Note: all inflation rates mentioned in the article are according to The World Bank.