Citizenship by investment: risks, due diligence and a checklist before you invest
A second passport can be valuable, but citizenship by investment (CBI) is also one of the riskiest areas of immigration for consumers. Programmes change, travel access can be withdrawn, and the market is full of aggressive sales pitches. Use this guide to think through the risks before you commit money.
The main risks
1. Travel access can change. The value of a passport depends on the visa-free list at the time you travel, not the time you applied. Reports in 2025 and 2026 describe new visa requirements or restrictions affecting passports from several CBI countries, including the EU's removal of Vanuatu from its visa-free list.
2. Programmes can close or be repriced. Malta's scheme was ended in 2025, Cyprus closed in 2020 and several Caribbean states raised minimum contributions. Applications in progress can be affected.
3. Passports can be revoked. Governments can revoke citizenship obtained through misrepresentation or after new security concerns. Dominica was reported to have revoked dozens of passports since 2024.
4. Home-country rules. Some countries do not allow dual citizenship or require you to report foreign nationality. Others tax citizens or former citizens in ways that surprise people. Check before you apply.
5. Banking and compliance friction. Banks and some countries apply extra checks to applicants from CBI programmes, so you should keep clear records of the source of your funds.
6. Investment risk. Real estate routes tie up money for years. Resale markets can be thin, and projects can be delayed.
7. Scams and unlicensed agents. Some operators promise guaranteed approval, ask for payments to personal accounts or press you to decide quickly.
Due diligence checklist
- Use the official government CBI unit to verify the current rules, fees and approved agents.
- Ask for written, itemised costs, including government fees, due diligence and agent fees.
- Check the refund terms if your application is refused. Many fees are non-refundable.
- Check the current visa-free list for the exact countries you need.
- Find out what interviews or visits are required. Several programmes now include interviews or biometrics.
- Get independent legal and tax advice in your country of residence and your country of nationality.
- Verify real estate projects: title, licence, developer track record and resale rules.
- Never pay into personal bank accounts, and use escrow or government channels where available.
- Keep documents proving the lawful source of your funds.
- Plan for time. Real waits are often longer than advertised.
Residence or citizenship?
If your goal is to live in a country rather than carry its passport, residence by investment may be cheaper and carry fewer reputational risks. If your goal is travel, check whether another route such as naturalisation, work or study could achieve it.
Red flags
- Promises of guaranteed approval or a "secret" route.
- Pressure to pay a deposit immediately.
- No licence number or government listing for the agent.
- Claims that visa-free access is guaranteed to stay.
Read our country-by-country guides for the amounts and timelines of the main programmes, and always confirm with official sources.
Citizenship-by-investment programmes change often and are frequently suspended, repriced or restricted without much notice. Amounts and timelines below were gathered in October 2026 from law-firm and industry summaries, which sometimes disagree with each other; they are not official price lists. Always confirm figures with the government's own CBI unit or a licensed agent before paying anything, and take independent legal and tax advice. Visa Ray is not an immigration adviser. You can run a free assessment on Visa Ray to compare residence and citizenship pathways.