Our research and analytics team has just published the State of CBI Report, a data-driven look at where the global citizenship by investment (CBI) market stands and where it’s heading. Every year when I read the final draft, there’s usually at least one finding that makes me pause. This year, there were several.
The market has shifted structurally. The sub-US$100,000 Caribbean era is behind us. These programmes served as the entry point to second citizenship for a broad range of investors for years. Not anymore, and I think the market needed that shift.
For example, Grenada now starts at US$235,000, and we project a floor of approximately US$250,000 across the region by 2027. Caribbean governments are repositioning their programmes as premium offerings, strengthening due diligence, and tightening compliance. In Saint Kitts and Nevis, thirteen individuals had their citizenship revoked for sub-minimum payments in the last cycle.
One marketing agent was permanently blacklisted and another suspended. The race to the bottom is finished, and the market is better for it.
Even so, I’d argue the Caribbean remains one of the strongest parts of the market today. The due diligence process is thorough, the legal frameworks are well established, and the programmes cover a wide family unit; spouses, dependent children, and, in most cases, parents and siblings.
Investors keep their existing citizenship, are not required to live in the country, and citizenship passes on to future generations. The tax environment in these jurisdictions also works in investors’ favour for international income. Higher prices reflect tighter compliance and better governance, not a weaker offer. If anything, the value has gone up.
But a new lower tier below US$100,000 is emerging. São Tomé and Príncipe launched its programme in 2025. Botswana is in advanced stages, pending dual citizenship legislation.
I get asked about these programmes a lot right now, and my answer is always the same: They deserve serious evaluation, not reflexive scepticism. The question we always ask is what the naturalisation certificate actually delivers, in terms of visa access, banking, and operational utility.
Sierra Leone, for instance, though priced from US$140,000, is often chosen precisely for the visa-free access and settlement rights it provides across ECOWAS, a benefit that rarely shows up in a simple price comparison. The price tag alone tells you very little.
American demand has become one of the defining stories of this cycle, though it isn’t new. We’ve worked with US clients for years; what changed is the pace. Over the past year, demand from American citizens jumped sharply, and they are now one of the largest applicant groups in the CBI market.
The drivers are real and simple: Political uncertainty, international tax planning considerations, a broader reassessment of what relying on a single nationality actually means day to day. Enquiries from the United States accelerated through 2025 and show no signs of slowing ahead of the midterms.
Another important point: Visa access matters less than people assume. Yes, sometimes visa conditions do change. Recently we’ve seen the US and UK tightening restrictions. These shifts are real, and they matter. But when we look at our own client base, visa access was rarely the primary reason for their decision. Most already held long-term US or Schengen visas at the time of application.
For the majority, a second citizenship functions as insurance, a fallback option, not a travel upgrade. Having visa access is useful. The real question is what happens when it changes: What is the alternative? As governments tighten controls on cross-border movement, the value of holding a second citizenship as that fallback only grows.
Looking ahead, I don’t believe we’re witnessing the end of the CBI market. Quite the opposite. We’re seeing its evolution. As demand broadens beyond traditional investor groups and governments raise standards, choosing a programme will require more analysis than ever before.
