As geopolitical volatility, inflationary pressures, and uneven economic growth shape the global landscape, wealthy families and entrepreneurs are rethinking the concept of security. Increasingly, they are turning to Citizenship by Investment (CBI)—a structured pathway that allows individuals to obtain a second nationality in exchange for economic contributions. While demand for these programmes has surged, the list of countries offering credible, operational CBI pathways has narrowed dramatically.
Only ten countries with active Citizenship by Investment programmes will remain in 2026. These will include five Caribbean nations—Antigua and Barbuda, Dominica, Grenada, Saint Kitts and Nevis, and Saint Lucia—that have moved to establish a new region-wide regulator, the Eastern Caribbean Citizenship by Investment Regulatory Authority (EC-CIRA). Headquartered in Grenada, this new regional body is poised to become one of the most influential actors in global investment migration.
A Shrinking Global CBI Landscape
For years, Europe represented the most visible and politically influential region in the investment-migration landscape. Programs such as Spain’s residency-by-investment initiative and Malta’s citizenship framework attracted significant global interest. That era has now ended.
Spain closed its Golden Visa program in 2024, and in April 2025, the European Court of Justice ruled that Malta’s CBI scheme violated EU principles by commercialising access to citizenship. The ruling effectively ended all possibilities for citizenship-by-investment within the EU—both for current members and for countries seeking future accession. As a result, the centre of global CBI activity is expected to shift to the Caribbean.
Inside EC-CIRA: A Regional Approach to Oversight
Although each Caribbean CBI country will retain its own laws and sovereign decision-making, EC-CIRA is designed to harmonise standards and supervise critical aspects of program operation. Key pillars of the new framework include:
- Annual Application Caps: Each participating country will operate under an annual approval ceiling set by EC-CIRA.
- Stricter Applicant Requirements: Applicants must meet enhanced standards, including a 30-day physical residency requirement within the first five years, completion of civic-education and cultural-orientation programs, mandatory interviews, and adherence to compliance rules tied to five-year passport renewals. Non-compliance may lead to fines or revocation.
- Centralised Information Sharing: A new regional database will allow all five countries to securely share applicant information. This system prevents re-applications after rejection, stops duplicate filings, supports regional risk monitoring, and mandates screening through CARICOM IMPACS-JRCC to reinforce due diligence.
- Regulation of Agents and Developers: All intermediaries must be pre-qualified by EC-CIRA. The Authority will license, monitor, and discipline agents and developers; investigate misconduct; issue binding codes of conduct; and conduct annual audits of national CBI units, aligning the sector with professional regulatory standards.
- Enforcement Powers: EC-CIRA may impose financial penalties, adjust annual quotas, resolve disputes, and issue binding directives. Although countries can withdraw with six months’ notice, continued cooperation is viewed as essential for sustaining international credibility.
How CBI Works: Core Stages of the Process
Although programs differ, the typical CBI journey involves:
- Due diligence and eligibility screening
- Selection of an investment route
- Submission of documentation and interviews
- Approval in principle
- Completion of the investments
- Grant of citizenship and issuance of passport
Citizens enjoy the same rights as native-born nationals. Spouses, children, and—in some cases—parents or siblings may also qualify, and future children usually acquire citizenship automatically.
Overview of Caribbean programs
- Grenada CBI: Offers visa-free access to roughly 150 destinations including , Schengen Area, the UK, China, India, Russia, Argentina and Brazil. Grenada is the only Caribbean CBI country with an E-2 Investor Visa Treaty with the USA. The time to citizenship is typically ~4 months. Investment options include donations from about US$235,000 and real-estate investments from US$270,000.
- Antigua and Barbuda CBI: Provides visa-free access to roughly 150 destinations. Applicants can choose among several routes: donation, real estate, a University of the West Indies contribution, or business investment.
- Dominica CBI: One of the longest-running CBI programs (est. 1993), offering visa-free access to about 140 jurisdictions. Investment pathways include donations and real-estate purchases.
- St. Kitts and Nevis CBI: Home to the world’s oldest CBI program (est. 1984), with visa-free access to 150+ destinations. Contribution options start at US$250,000, while real-estate investments begin at US$325,000.
- St. Lucia CBI: Provides visa-free access to around 140 destinations and offers four investment routes, including a national donation, real estate investment, approved enterprise projects, or the government bond route.
CBI Beyond the Caribbean
Beyond the Caribbean, only five other countries are expected to maintain active CBI pathways in 2026. These include:
- Egypt – from US$250,000
- Jordan – from US$750,000
- Türkiye – from US$400,000
- Vanuatu – from US$130,000
- Nauru – from US$105,000
While these CBI programs offer routes to second passports, they generally provide narrower mobility and less predictability than the leading Caribbean passports that offer visa-free access to 140-150 destinations. Passports issued by the countries listed above provide less security and mobility in allowing visa-free entry to far fewer jurisdictions.
Looking Ahead
By 2026, the investment-migration industry is entering a more mature phase. Europe’s withdrawal, combined with stricter international expectations, has prompted the Caribbean to adopt a coordinated model of governance unprecedented in the sector. For investors, this will result in clearer processes, stronger oversight, and more consistent standards. For Caribbean governments, it is an opportunity to reinforce the integrity and sustainability of a major economic sector.