If you’re looking for second citizenship without making a non-refundable donation, some programs let you invest in assets like real estate or bonds instead. The best part? You can sell these investments after a few years and keep your citizenship. Here’s a quick overview of five programs offering this option:
- São Tomé & Príncipe: Invest from $90,000 in eco-tourism or renewable energy projects. Visa-free access to 61–71 countries, including South Africa and Singapore.
- Vanuatu: Invest $155,000–$200,000 in real estate or business. Visa-free travel to 91–96 countries, including New Zealand and Russia.
- Nauru: Contribute $105,000 to government bonds or real estate. Visa-free travel to 89 countries, including the UK and UAE.
- Dominica: Invest $200,000 in real estate. Visa-free access to 140+ countries, including the EU and UK.
- Grenada: Invest $270,000–$350,000 in real estate or business. Visa-free travel to 144–147 countries, including China and the EU, plus access to a U.S. E-2 visa.
These programs differ in investment amounts, visa-free travel benefits, and family inclusion policies. Choose based on your budget, travel goals, and desired benefits.
Quick Comparison:
| Program | Minimum Investment | Holding Period | Visa-Free Access | Unique Feature |
|---|---|---|---|---|
| São Tomé & Príncipe | $90,000 | Not Specified | 61–71 countries | Affordable entry; access to CPLP countries |
| Vanuatu | $155,000–$200,000 | 5 years | 91–96 countries | Future visa-free access to New Zealand |
| Nauru | $105,000 | Not Specified | 89 countries | Includes UK visa-free travel |
| Dominica | $200,000 | 3 years | 140+ countries | Shorter holding period |
| Grenada | $270,000–$350,000 | 5 years | 144–147 countries | U.S. E-2 visa eligibility |
These programs turn citizenship into an investment, offering financial returns alongside global mobility.
1. São Tomé & Príncipe Real Estate or Fund Investment
Recoverable Investment Options (Real Estate & Fund Investments)
On August 1, 2025, São Tomé & Príncipe launched its Citizenship by Investment program, offering a recoverable investment route to secure second citizenship. This initiative, guided by Decree No. 07/2025, distinguishes between "Investment" and "Donation", allowing participants to invest in national projects that aim to generate returns. Key sectors include eco-tourism, renewable energy, housing, and infrastructure – areas chosen for their potential to boost the economy.
The minimum investment starts at $90,000 for a single applicant. For families (2–4 members), the entry point is $95,000, with an additional $5,000 per extra dependent. Government fees include $5,000 for application submission and due diligence, $350 for a passport, $150 for a National ID card, and $250 for a citizenship certificate.
Visa-Free Travel Benefits
A São Tomé & Príncipe passport provides visa-free or visa-on-arrival access to 61–71 destinations. Some notable destinations include South Africa, Singapore, Hong Kong, and Vietnam. The passport is particularly advantageous for those engaging with African markets, granting access to countries like Angola, Ghana, Kenya, Morocco, Tunisia, and Tanzania. Additionally, as a member of the Community of Portuguese-Speaking Countries (CPLP), citizens can apply for simplified residence permits in Portugal and Brazil. The program also ensures privacy by not disclosing citizenship in public registries. Its family-friendly approach adds further appeal, complementing the investment recovery framework.
Family Inclusion Policies
The program allows applicants to include their spouse, unmarried children up to age 30, and parents over age 55 in a single application. If a spouse is added after the initial approval, the fee is $10,000, while other dependents can be included for $5,000 each. There are no requirements for residency, physical presence, or interviews, making it one of the simplest citizenship programs available.
Investment Recovery Timelines and Potential Returns
This program emphasizes protecting investor capital while delivering citizenship benefits. Applications are typically processed within 6 weeks to 2 months, and investments are directed toward projects like eco-tourism and renewable energy. Managed by a Citizenship Investment Unit based in Dubai, the program allows dual citizenship, meaning you can retain your current passport.
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2. Vanuatu Real Estate or Business Investment
Recoverable Investment Options (Real Estate & Business)
Vanuatu provides two straightforward routes to citizenship through recoverable investments. The Real Estate Option (REO), established under Section 13F of the Citizenship Act, requires a minimum investment of US$200,000 in government-approved projects. These include various developments in tourism and real estate.
The second option, the Capital Investment Immigration Plan (CIIP), introduced in 2023, involves a total cost of US$155,000 to US$165,000, which includes a US$50,000 recoverable investment held for five years. Applicants must work with authorized agents and demonstrate a net worth of at least US$250,000.
Visa-Free Travel Benefits
A Vanuatu passport unlocks visa-free or visa-on-arrival access to 91–96 destinations, including popular locations like Singapore, Hong Kong, Malaysia, and Russia. Starting in July 2025, citizens will also enjoy visa-free entry to New Zealand via the NZeTA system. While travel to the U.S. still requires a visa, Vanuatu citizens can apply for 5-year B1/B2 visitor visas.
Family Inclusion Policies
The program allows applicants to include their spouse, dependent children under 25, and parents over 50. For families exceeding four members, additional dependents typically add US$10,000 to US$25,000 per person. Biometric data must be submitted in person at specific international hubs.
Investment Recovery Timelines and Potential Returns
Both the REO and CIIP programs require investors to hold their investments for at least five years before recovery is possible. Processing times vary between 1–4 months. Some projects, such as Narpow Point Coral Bay, have reported annual dividends of 3%, though many projects are still under development. Investors are advised to conduct thorough due diligence, especially as due diligence fees increased to US$7,500 in 2024. Additionally, by mid-2025, approximately 30 citizenships were revoked due to non-compliance.
3. Nauru Economic Resilience Bonds or Real Estate
Recoverable Investment Options (Real Estate, Bonds)
On November 13, 2024, during the UN Climate Change Conference, Nauru introduced its Economic and Climate Resilience Citizenship program. This initiative moves away from conventional recoverable investment models. Applicants must contribute a minimum of US$105,000 to Nauru’s Treasury Fund, which supports the country’s economic growth and climate resilience efforts. While the program centers on this Treasury contribution, it also includes options for investments in real estate and government bonds. Additional costs, such as application, due diligence, and passport issuance fees, apply.
Visa-Free Travel Benefits
A Nauru passport opens doors to visa-free or visa-on-arrival travel to 89 countries, including destinations like the United Kingdom, Singapore, Hong Kong, and the UAE. As of 2024, Nauru stands out as the only citizenship program in its price range (starting at US$105,000) that provides visa-free access to the UK.
Family Inclusion Policies
The program takes a flexible approach to family inclusion, evaluating applications from same-sex couples, unmarried couples, and stateless individuals on a case-by-case basis. It also allows dual citizenship, enabling investors to keep their original nationality while enjoying broader global mobility. This inclusive stance aligns with the program’s distinctive investment framework.
Investment Recovery Timelines and Potential Returns
Citizenship approval is generally completed within 3 to 6 months. However, unlike other recoverable investment programs, contributions to Nauru’s Treasury Fund are non-recoverable, as these funds are dedicated to advancing climate resilience initiatives.
4. Dominica Real Estate Investment
Recoverable Investment Option (Real Estate)
Dominica’s citizenship-by-investment program offers an option to invest in real estate with a minimum required investment of US$200,000 in government-approved projects. These projects include luxury resorts, eco-friendly hotels, and villas that align with the island’s "Nature Isle" identity. Examples of eligible developments are Anichi Resort and Spa, InterContinental Dominica Cabrits Resort, Secret Bay, and Sanctuary Rainforest Eco Resort.
To meet program requirements, you must hold the property for at least three years after receiving citizenship. If you plan to sell the property to another applicant, a five-year holding period applies. Unlike donation-based options, this path allows you to recover your initial investment and potentially earn rental income during the holding period.
Applications must be submitted through government-authorized agents, and all applicants aged 16 and older are required to complete a virtual interview as part of enhanced due diligence measures introduced in 2023. These features make the program appealing for those seeking both financial returns and additional benefits like expanded travel opportunities.
Visa-Free Travel Benefits
One of the standout advantages of Dominica’s citizenship program is the travel freedom it provides. A Dominican passport grants visa-free or visa-on-arrival access to over 140 destinations, including the EU Schengen Area, the United Kingdom, Hong Kong, and Singapore. Dominica’s program was ranked 2nd overall in the 2023 CBI Index, earning a score of 75 out of 90 marks, which reflects its strong reputation.
Family Inclusion Policies
Dominica’s program is designed with families in mind. You can include your spouse, unmarried children under 30, and parents or grandparents over 65 who rely on your financial support. Additionally, Dominica allows dual citizenship, so there’s no need to renounce your current nationality. For family applications, government fees start at US$100,000 for up to four members.
Investment Recovery Timelines and Potential Returns
The application process typically takes 6–9 months. After the mandatory three-year holding period, you can sell the property to recover your investment and potentially benefit from capital gains. This structure transforms citizenship into a financial asset, offering a practical path to second citizenship.
However, there are non-recoverable costs to account for, including US$75,000 in government fees for a single applicant, US$7,500 in due diligence fees, and around US$2,000 in administrative fees. In total, a single applicant should budget approximately US$285,000 for the entire process.
5. Grenada Real Estate or Business Venture
Recoverable Investment Options (Real Estate and Business)
Grenada’s citizenship program offers two primary real estate investment paths: shared ownership starting at US$270,000 and sole ownership from US$350,000. Both options require a five-year holding period. Shared ownership involves investing in government-approved projects like the InterContinental Grenada Resort or Six Senses La Sagesse, while sole ownership provides full title to a villa or condominium. To secure a property, investors pay just 10% upfront, with the balance due upon citizenship approval. Notably, over 70% of applicants in Q1 2025 chose the recoverable real estate option. This investment not only preserves your capital but also grants access to extensive travel opportunities.
Visa-Free Travel Benefits
A Grenadian passport unlocks visa-free or visa-on-arrival access to 144–147 destinations, including the United Kingdom, the EU Schengen Area, Singapore, Hong Kong, Russia, and China. Grenada stands out as one of only three Caribbean Citizenship by Investment countries offering visa-free entry to China for up to 30 days. Additionally, the program boasts an exclusive E-2 Investor Visa treaty with the United States. After living in Grenada for three years, citizens can apply for an E-2 visa to live and run a business in the U.S., provided they meet the separate investment requirement of at least US$100,000.
Family Inclusion Policies
Grenada’s program is highly inclusive when it comes to family members. You can include your spouse, unmarried children under 30, parents, grandparents, and even unmarried siblings over 18, as long as they are financially dependent on the primary applicant. The government fee for real estate investments is US$50,000, with due diligence fees of US$5,000 per applicant aged 17 and older.
Investment Recovery Timelines and Potential Returns
After a 6–9 month application process and a five-year holding period, investors can benefit from annual rental yields of 3%–5% and property appreciation of 2%–4%. Over five years, this translates to an estimated total appreciation of 15% to 20%. Rental returns, managed by the resort team, provide a steady income stream. For a single applicant pursuing shared ownership, the total costs include the US$270,000 property investment, a US$50,000 government fee, a US$5,000 due diligence fee, and processing fees ranging from US$1,500 to US$3,000. Investors are exempt from the typical 10% Alien Landholding License fee, and Grenada imposes no taxes on worldwide income, wealth, gifts, inheritance, or capital gains. Additionally, there are no physical residency requirements.
Program Comparison Table
Choose a program that fits your budget, timeline, and travel needs. The table below lays out five options side by side, helping you identify which aligns best with your priorities.
| Program | Minimum Investment | Hold Period | Visa-Free Access | Family Inclusion Rules |
|---|---|---|---|---|
| São Tomé & Príncipe | $90,000 | Not specified | 60–71 countries | Spouse, children, and dependent parents |
| Vanuatu (CIIP) | $130,000 | Not specified | 100–107 countries | Spouse, children under 25, parents/grandparents over 50 |
| Nauru | $105,000 | Not specified | UAE, Singapore, Hong Kong, UK | Spouse, children, and dependent family members |
| Dominica | $200,000 | 3 years | 140–145 countries | Spouse, children, and dependent parents/grandparents |
| Grenada | $270,000 | 5 years | 140–148 countries | Spouse, children, parents, and siblings |
This comparison highlights key differences, helping you weigh investment levels against travel perks and family inclusion.
Dominica stands out for its quick capital recovery period of just 3 years, while Grenada offers the broadest visa-free access (up to 148 countries) and is the only program to include siblings in family applications.
São Tomé & Príncipe provides the most affordable entry point but offers more limited travel benefits compared to the Caribbean programs. Vanuatu strikes a balance with access to over 100 countries, and Nauru focuses on key international business hubs like Singapore and Hong Kong.
For the strongest passports, Grenada and Dominica lead the pack, granting access to over 140 destinations, including the UK, EU, and China. Meanwhile, lower-cost options like São Tomé & Príncipe and Nauru offer practical alternatives with recoverable investments.
Conclusion
Recoverable investment citizenship programs stand apart from donation-based options by allowing you to retain ownership of the asset – whether it’s real estate, government bonds, or a business venture – even after the required holding period of 3 to 5 years. While the initial investment typically ranges between $90,000 and $270,000, you can sell the asset after the holding period to recoup your funds.
The best program for you depends on your goals. For instance, Dominica offers quicker access to your capital, Grenada provides extensive visa-free travel and a pathway to the U.S. E-2 visa, while São Tomé & Príncipe serves as a more affordable option, albeit with fewer travel perks.
"Sophisticated investors should approach with appropriate expectations: citizenship first, investment second, and liquidity never." – Alex Recouso, Digital Assets Expert
To make the most of these programs, thorough due diligence is essential. Investigate the viability of the asset, including project completion, actual rental income, and potential resale options. Be prepared for additional costs like stamp duty (around 2.5%), property management fees (15–25% of rental income), and due diligence expenses that can exceed $7,500 per adult. Since the secondary market for citizenship-by-investment properties is often illiquid, ensure you can commit to the full holding period without relying on immediate access to your capital.
These programs are ideal for investors with a 5- to 7-year outlook who see second citizenship as part of a broader plan for wealth diversification and greater global mobility, rather than as a quick financial gain.
FAQs
What costs are non-refundable even in “recoverable investment” programs?
Non-refundable costs in "recoverable investment" programs typically cover government fees, application fees, and due diligence fees. These are expenses you’ll need to pay upfront, and they remain non-refundable, no matter if the investment yields returns or not.
How easy is it to sell the real estate after the holding period?
Selling real estate after the holding period is usually a simple process since properties are often treated as liquid assets. How quickly a sale happens largely depends on the current market conditions and any specific requirements tied to the program. In many cases, properties can be sold within a few years after the holding period concludes.
Which program is best if I want U.S. E-2 visa options?
The Grenada Citizenship by Investment program stands out as a strong option for those aiming for a U.S. E-2 visa. By obtaining Grenadian citizenship, individuals can become eligible for the E-2 visa, which often involves making investments such as in real estate. This pathway not only opens doors to the U.S. but also allows investors to maintain their assets.
