Citizenship by Investment: Global Shifts and Emerging Trends (2025)

The world of citizenship-by-investment is undergoing the most substantial transformation in a decade. Programs are closing, rules are tightening, and new players are emerging — all in response to growing international scrutiny and the push for greater transparency.

🇲🇹 Malta Suspends Its Program

One of the year’s major turning points came on April 29, 2025, when the European Court ruled (Case C-181/23) that Malta’s CBI program violates EU law by granting citizenship without genuine ties to the country. Following the decision, Malta suspended new applications, sending a strong signal across the EU.

🇪🇸 Spain Ends Golden Visa

On April 3, Spain officially terminated its golden visa program, citing rising property prices and social tension in major cities. The government stated the program no longer aligns with public interest.

In Portugal, where real estate investment was removed from the scheme in 2023, the government now plans to double the residency requirement (from 5 to 10 years) before citizenship. Family reunification rules may also become stricter.

Both countries are shifting toward long-term, value-based migration policies.

🌴 Caribbean: Tightening Controls

Caribbean nations — notably St. Kitts and Nevis and Dominica — have responded to a U.S. State Department memo by revising their programs. Investors must now submit biometrics, attend interviews (in-person or virtual), and be physically present in the country.

Dominica plans to ban name changes post-passport. Both countries stress their programs remain active — but more regulated and transparent.

🇻🇺 Vanuatu Adds Biometrics

As of July 1, 2025, Vanuatu mandates biometric data collection. Applicants can now submit biometrics not only in Port Vila but also at centers in Dubai, Hong Kong, and Brussels. The program retains its speed but gains credibility.

🇹🇷 Turkey Requires a Second Visit

Turkey now requires applicants (including spouses) to make two visits — one for property purchase, one for biometric collection. Core conditions remain: $400,000+ investment, 8–12 months processing time. Flexibility remains, but with greater verification.

New Entrants: Sierra Leone & Slovenia

Two new options emerged in 2025:

• Sierra Leone launched a straightforward CBI program: $140,000 donation, remote processing, multiple citizenship allowed, 60+ visa-free countries.

• Slovenia offers a residence permit via real estate purchase, recognized as a valid reason for legalization. Not a classic golden visa, but a real path to EU residency — especially attractive after Ukraine's dual citizenship law.

🇺🇦 Ukraine Legalizes Dual Citizenship

On June 18, 2025, Ukraine passed legislation allowing dual citizenship. A historic step that opens legal access to alternative passports and residency options for Ukrainians, without renouncing their native citizenship.

Conclusion: Market Narrows, but Resilient Options Remain

2025 marked a turning point: Europe exits, the Caribbean tightens, Asia increases control. But some programs remain viable:

• Grenada CBI: access to the UK, China, and U.S. E-2 visa
• Turkey CBI: fast, property-based, stable
• Greece Golden Visa: still active, real estate-based EU residency

In the new landscape, the winners are those who act strategically — not hastily.