A second citizenship by investment.
If you are searching for a European passport by investment, start here. The law changed in 2025 — for most families the lawful route to a European future is now residence, secured and built over time at a far lower cost. In Europe itself, narrow exceptions remain: citizenship by merit — Malta and Austria both consider it, case by case.
Below, the merit exception and the citizenship programmes that remain open beyond the EU.
A European passport can no longer be bought — here is what actually happened.
On 29 April 2025 the Court of Justice of the European Union ruled, in Commission v Malta (Case C-181/23), that granting nationality in exchange for predetermined payments or investment is incompatible with EU law — it commercialises Union citizenship and breaches the principle of sincere cooperation. Malta was the last EU member operating such a scheme; Cyprus had already closed its programme in 2020 and Bulgaria in 2022. There is no longer a lawful, direct route to acquire EU citizenship by investment. What remains within the Union is narrow and discretionary: citizenship by merit — provided for in Malta’s amended Citizenship Act, and long available in Austria for extraordinary achievement in the interest of the Republic — granted case by case for exceptional contribution, never sold, never guaranteed, and not a programme. For most families, residence remains the accessible, far lower-cost path to a European future.
- Nov 2020Cyprus terminates its citizenship-by-investment programme.
- 2022Bulgaria repeals its investor-citizenship route.
- 29 Apr 2025The Court of Justice of the EU rules (Commission v Malta, C-181/23) that granting citizenship for investment is incompatible with EU law — ending the last CBI programme in the Union.
Source: Court of Justice of the European Union, Judgment in Case C-181/23 (Commission v Malta), 29 April 2025. The citizenship programmes below remain available outside the EU; for European access, residence is the established route — with discretionary citizenship by merit (Malta, Austria) as the rare, case-by-case exception.
The Kestrel Citizenship Dashboard
EU citizenship is still possible.
For most families the lawful route to a European passport is now residence by investment — secured in Cyprus or Greece and built, over the years, toward naturalisation. No shortcuts: with a clear plan, careful management and your commitment, it stays within reach. Our dashboard charts the route and tracks every qualifying year, language step and document — so nothing is left to chance.
- The whole route mapped — year by year, to the application date.
- Every qualifying day, language milestone and document tracked and evidenced.
- We watch the deadlines and call you before anything lapses.
- One accountable adviser, from the first qualifying year to the passport.
By exceptional merit · Malta & Austria
Separately, Malta amended its Citizenship Act in 2025 to provide for citizenship by merit — a discretionary naturalisation reserved for those who make a genuine and lasting contribution to the national interest. It is not a programme and nothing is for sale: the decision rests entirely with the Maltese authorities, is weighed case by case, and is never guaranteed. It is considered only where a family is prepared to support projects of real national importance to Malta — in the region of €1.5 million. Austria maintains a comparable possibility — citizenship for extraordinary achievement in the interest of the Republic, decided by its Council of Ministers — equally rare, and equally a matter of merit rather than purchase. Where the circumstances genuinely fit, we can introduce the matter and help coordinate the lawful naturalisation process alongside admitted local counsel.
Citizenship programmes still open — outside the Union.
Outside the EU, citizenship by investment remains lawful and active in several countries. The market is documented here in full — and advised on selectively. Figures are indicative and verified to official sources; everything is confirmed with admitted local counsel before you commit.
São Tomé & Príncipe
São Tomé & Príncipe Citizenship by Investment or Donation (PCID — Programa de Cidadania por Investimento e Doação)
- From
- USD 90,000
- Visa-free
- ~60 destinations
- Timeline
- Statutory deadlines in the decree: Ministério Público visto prévio 30…
- Routes
- Donation
Grenada
Grenada Citizenship by Investment Programme
- From
- USD 235,000
- Visa-free
- ~147 destinations
- Timeline
- Approximately 4-6 months from a complete, compliant file to approval-i…
- Routes
- Donation · Real Estate · Enterprise
St Kitts and Nevis
St Kitts and Nevis Citizenship by Investment Programme
- From
- USD 250,000
- Visa-free
- ~157 destinations
- Timeline
- Standard processing generally takes 3 to 6 months
- Routes
- Donation · Real Estate
Antigua and Barbuda
Antigua and Barbuda Citizenship by Investment Programme (CIP)
- From
- USD 230,000
- Visa-free
- ~154 destinations
- Timeline
- Approximately 3-6 months from a complete file to approval
- Routes
- Donation · Fund · Real Estate
Dominica
Commonwealth of Dominica Citizenship by Investment Programme
- From
- USD 200,000
- Visa-free
- ~145 destinations
- Timeline
- Official processing time is 3 to 4 months from submission of the appli…
- Routes
- Donation · Real Estate
Saint Lucia
Saint Lucia Citizenship by Investment Programme (CIP)
- From
- USD 240,000
- Visa-free
- ~146 destinations
- Timeline
- Approximately ninety
- Routes
- Donation · Real Estate · Bonds
Türkiye
Turkish Citizenship by Investment (Exceptional Acquisition under Art. 12(b), Law No. 5901)
- From
- USD 400,000
- Visa-free
- ~113 destinations
- Timeline
- Approximately 6–12 months from a complete file to passport
- Routes
- Real Estate · Fixed Capital · Deposit
Vanuatu
Vanuatu Development Support Program (DSP) - Citizenship by Investment
- From
- USD 130,000
- Visa-free
- ~88 destinations
- Timeline
- One of the fastest CBI programmes in the world
- Routes
- Donation · Capital Investment · Real Estate
Nauru
Nauru Economic and Climate Resilience Citizenship Programme (ECRCP)
- From
- USD 90,000
- Visa-free
- ~89 destinations
- Timeline
- Three to four months from the date of a complete submission to citizen…
- Routes
- Donation
Programmes in flux.
Open in principle, but with recent or pending change — we verify current standing with counsel before any client commits.
Egypt
Egyptian Citizenship by Investment (Granting Egyptian Nationality in Exchange for Investment)
- From
- USD 250,000
- Visa-free
- ~49 destinations
- Timeline
- GAFI states that the application is processed within 3 to 6 months
- Routes
- Donation · Real Estate · Business
Jordan
Jordan Investor Citizenship Programme (Citizenship & Residency for Investors)
- From
- JOD 200,000
- Visa-free
- ~49 destinations
- Timeline
- Approval typically takes approximately 3 to 6 months where paperwork i…
- Routes
- Fund · Enterprise · Business
North Macedonia
North Macedonia Citizenship by Investment Programme (citizenship by naturalisation on grounds of special economic interest)
- From
- EUR 200,000
- Visa-free
- ~127 destinations
- Timeline
- No statutory fast-track timeline is set in the primary law
- Routes
- Fund · Business
Cambodia
Cambodian Citizenship by Investment / Donation (Acquisition of Khmer Nationality by Naturalisation)
- From
- USD 1,000,000
- Visa-free
- ~47 destinations
- Timeline
- There is no single statutory end-to-end timeline
- Routes
- Donation · Business
No longer accepting applicants.
A source-grounded reference register of citizenship-by-investment (CBI) programmes that have been abolished, repealed, suspended or ruled unlawful. It allows Kestrel Private to advise clients clearly that these passports are no longer obtainable and to direct them to live, compliant routes. The principal cases are Cyprus (abolished 1 November 2020; the residual Cabinet discretion to grant naturalisation was repealed on 4 December 2025), Bulgaria (citizenship-for-investment repealed, effective 5 April 2022), Montenegro (programme completed 31 December 2022 under EU pressure), Moldova (suspended August 2019, legal basis repealed effective 1 September 2020) and Malta (its CBI scheme ruled unlawful by the CJEU Grand Chamber on 29 April 2025 in Case C-181/23 Commission v Malta). Earlier terminations such as the Comoros economic-citizenship scheme (ended 2018) are included for completeness. Several Caribbean and Pacific programmes remain in operation but were materially reformed (a Caribbean USD 200,000 minimum from 1 July 2024) or lost EU visa-free access (Vanuatu, from 12 December 2024); these are referenced as context only and are not part of the discontinued set. In Malta, the discontinued investor route was succeeded in law by citizenship by merit (LN 159 of 2025) — a discretionary naturalisation for exceptional contribution to the national interest, considered case by case and never guaranteed.
All figures are indicative and verified to 2026 against official primary sources; final positions are confirmed in writing by licensed professionals in the relevant jurisdiction. Kestrel Private is an advisory firm, not a law firm; regulated legal and immigration work is delivered by admitted local counsel.