Why Now is the Right Time to Start Your Second Passport Application: A Guide for High-Net-Worth Individuals

If you've already spoken to an advisor about a second passport, you're ahead of most people. You know what citizenship by investment is, roughly what it costs, and why you need it. Research has been done. Conversations have happened.

What often doesn't come up in those early conversations and research is how much the market has shifted in the last three years. Between 2022 and 2025, there were five significant changes that reshaped the CBI landscape — price increases, route closures, and a program termination. The people who weren't affected were the ones who had already started their application.

This article covers two things: First, a clear record of what changed and what it means for you, as an applicant. Second, an honest look at what remains, because the programs still open today are genuinely strong, and for the right investor, today's market has a lot to offer.

Why High Net Worth Individuals Are Getting a Second Passport in 2026

The reasons vary by person, but a few themes have become consistently dominant over the last few years.

Of course, global mobility sits at the top. A strong second passport means fewer visa queues, fewer restrictions, and more options for where you spend your time, personally and professionally. Caribbean CBI passports typically unlock visa-free or visa-on-arrival access to 140+ countries, including the Schengen Area. For investors moving between markets regularly, that's a material difference.

Optionality is the second driver. Having the legal right to live, work, and base yourself in another jurisdiction is increasingly viewed as a component of serious wealth planning rather than a luxury. Americans now represent the largest single nationality seeking alternative citizenship globally — a shift driven by a combination of geopolitical uncertainty, tax policy changes, and a growing recognition that even the strongest passport has limits. It reflects a broader change in how wealthy individuals think about risks and Plan Bs. Visa-free access is not the only reason individuals seek out alternative citizenships.

Legacy planning is the third. Citizenship obtained through a CBI program is typically passed to children, and in most cases, to grandchildren. For families with global business interests, that intergenerational mobility is often as valuable as the immediate benefit.

Tax structuring, a credible Plan B, access to specific markets like the US E-2 route through Grenada — the specific objectives vary. The pattern is consistent: second citizenship is being treated as a strategic asset, not an afterthought.

CBI Program Changes Between 2022 and 2025: What Actually Happened

Did Portugal remove its Golden Visa property route?

Yes. The Portugal Golden Visa property route was, for years, the default answer for investors wanting European residency with a tangible asset. A minimum €500,000 real estate investment, a clean process, and a path to a Portuguese passport after 5 years. It was on a lot of shortlists.

Portugal's government had been debating housing reform publicly for some time before the Mais Habitação law passed on 7 October 2023. When it did, the residential real estate route was removed. Investors who had submitted before that date were protected. Everyone else, regardless of how seriously they'd been considering it, was not.

To this day, we still get questions about Portugal's real estate route, with some clients unaware that it is no longer a viable route, forcing them to rethink their plans. These are real repercussions of waiting too long in an industry that moves fast.

One further change on the Portugal Golden Visa program was introduced in May 2026. The government announced an extension of the timeline to citizenship, whereby most foreign nationals will only be eligible for citizenship after 10 years.

The good news is that Portugal's Golden Visa is still open. Fund contributions and other qualifying routes remain, permanent residency is still granted after 5 years, and the path to Portuguese citizenship still applies. It's just not the program many people originally researched.

Did St Kitts & Nevis raise its CBI minimum investment?

Yes. By USD 100,000. St Kitts & Nevis has run the world's oldest CBI program since 1984. In July 2023, it restructured, replacing the Sustainable Growth Fund with the Sustainable Island State Contribution, and moving the single-applicant minimum from USD 150,000 to USD 250,000.

Same passport. Same Schengen access, UK access, same processing timeline. But USD 100,000 more for anyone who applied after the change took effect. People who had already submitted weren't affected. People still deciding paid more.

What changed with Grenada's citizenship by investment program?

Two things. First, on 1 July 2024, as part of a coordinated OECS regional adjustment signed simultaneously by all five Caribbean CBI nations, Grenada's real estate minimum moved from USD 220,000 to USD 270,000.

Second, and more consequential for anyone drawn to Grenada for US access, the AMIGOS Act, signed by President Biden in December 2022, introduced a requirement that applicants who obtained Grenadian citizenship through investment must establish domicile in Grenada for three continuous years before applying for a US E-2 Treaty Investor Visa.

Grenada remains the only Caribbean CBI program with US E-2 treaty access. That advantage is real. But the strategy now requires a multi-year commitment that many investors weren't planning for.

Did Vanuatu lose Schengen visa-free access?

Yes. Vanuatu attracted investors looking for speed (30 to 60 day processing) in a zero-income-tax jurisdiction. EU visa-free access also played a part in adding value to the program.

The EU raised concerns about the program's due diligence standards over time. Partial suspension began in March 2022. Full suspension of Schengen visa-free access took effect on 4 February 2023. Today, Vanuatu still processes quickly and the zero-tax structure remains. But if European mobility was part of the reason it was on your list, that element is gone.

Is Malta's citizenship by investment still available?

No. Malta's Exceptional Investor Naturalisation program was the only route in the EU to citizenship by direct investment, with the right to live and work across all 27 EU member states.

The European Commission had been challenging the program's compatibility with EU law for several years. On 29 April 2025, the European Court of Justice ruled against it, and Malta formally closed MEIN on 24 July 2025. Pending applications lost their legal basis when the legislation was repealed.

Malta has since introduced a citizenship-by-merit framework for people who can demonstrate exceptional contributions in areas like science, technology, or the economy. It is discretionary, there are no published investment thresholds, and it is not a CBI program.

What These Changes Tell You About How CBI Markets Work

In each case above, changes were announced with ample notice and a clear effective date. But that's not the point.

The point is simpler: CBI programs change. Prices go up. Routes close. And when they do, the only people who aren't affected are the ones already in process, whose applications were already submitted when the change came into force.

Not the ones who had done the research. Not the ones who were almost ready. The ones who had actually submitted.

Starting now doesn't mean rushing a decision you're not comfortable with. It means that once you've made a considered decision, moving into the application process locks in the terms you've assessed, rather than leaving them subject to any possible upcoming changes.

Which Citizenship by Investment Programs Are Still Open in 2026?

The market is more selective than it was in 2022. That said, the industry is constantly evolving and the programs that remain are genuinely strong.

Caribbean CBI Programs: Still the Core of the Market

Five Caribbean programs are open and actively processing: St Kitts & Nevis, Grenada, Dominica, Antigua & Barbuda, and St Lucia. These are the world's most established citizenship by investment programs. They are well-regulated, with strong due diligence, and passports that carry real weight.

December 2025 brought a significant development to the Caribbean CBI programs. The five Caribbean CBI nations jointly established ECCIRA — the Eastern Caribbean Citizenship-by-Investment Regulatory Authority. This was a great welcome to the industry. For the first time, the five programs operate under a unified regulatory framework. For investors, this means greater consistency, stronger oversight, and a more predictable process across the region. It is a maturation of the market, not a complication of it.

Caribbean CBI passports offer visa-free or visa-on-arrival access to 140+ countries. No residency requirement before or after citizenship. Family inclusion is standard. Well-prepared applications complete in three to six months.

Caribbean CBI Program Comparison 2025

Note: Figures represent minimum investment amounts for a single applicant as of 2025. Government fees, due diligence fees, and professional fees apply in addition. Family applications are priced separately by program. Confirm all figures at the time of application.

As of 2026, St Kitts & Nevis has announced that there will be upcoming changes for their CBI program, which will roll out over time. If you're still considering investing into a St Kitts & Nevis citizenship, the time to do so would be very soon. This ensures that the program you're actively researching and have decided on remains unchanged before you've locked it in.

European Residency Routes: Portugal and Greece

Direct EU citizenship by investment is no longer available following Malta's closure. But European residency by investment remains open, with a clear path to citizenship for investors prepared to work on a longer timeline. Residency-first programs have their merits when it comes to long-term planning. When we talk to our clients, we are aware that waiting 5 to 10 years for a citizenship requires patience and faith in the program. This patience is, then, rewarded by giving them the opportunity to make long-term business plans, put everything in place for their family's relocation, and plan out their children's path to further education.

Portugal's Golden Visa remains open through its fund route. Residency is maintained with minimal physical presence (7 days per year or 14 days every 2 years) making it one of the most flexible European options for active investors. Portuguese citizenship is available after 10 years of residency. Current processing time: 12 to 18 months.

Greece's Golden Visa grants residency through real estate investment starting at €250,000 in most regions. Many clients we speak to prefer having a real estate investment. Hence, the Greece Golden Visa is a popular choice, coupled with its relatively lower entry point. This option has no minimum stay requirement and naturalisation is possible after 7 years. Current processing time: 6 to 12 months.

Both are government-approved, popular routes for investors who want European ties and are comfortable with a 5-to-10 year timeline plan.

UAE Golden Visa: Best for Tax Base and Residency

The UAE Golden Visa is a residency program, not a citizenship one. This is worth stating early and clearly. But for investors who want a stable, zero-income-tax base with strong global connectivity, it is hard to look past. 10-year renewable residency, no personal income tax, and excellent infrastructure for international business.

For investors whose primary objective is a second citizenship rather than a tax base, the UAE works best as a complement to a CBI program rather than a substitute.

Comparing between residency by investment and citizenship by investment? Read our article on second citizenship options where we compare EU permanent residency programs and Caribbean citizenship programs.

How to Choose the Right CBI Program for Your Situation

This is where early conversations often go sideways. People come in asking which program is best. The honest answer is that it depends entirely on what your objectives are, which is why our initial consultation with clients is important for us to assess the programs to identify the right one for each client's unique circumstance.

A few questions that sharpen the shortlist quickly:

• What is your primary objective? Global mobility, US access via E-2, European residency on a longer timeline, legacy planning, or tax structuring? The answer changes the shortlist significantly.

• Who are you including in the application? Family structure matters. Some programs are more cost-efficient for larger families than others. Dominica and Antigua offer broad family inclusion at competitive pricing. Work through the numbers based on your actual family, not a hypothetical one.

• Do you prefer a donation/contribution or a real estate investment? Contribution routes are simpler and faster. Real estate routes take longer but leave you with an asset you can eventually sell. The right answer depends on your liquidity preference and whether a recoverable investment matters to you.

• What's the timeline? Caribbean applications complete in 2 to 6 months from submission. European residency programs run 6 to 18 months. If you have a specific window in mind, that should shape the program choice.

Our article on how to choose the right citizenship by investment program goes into more detail for southeast asian investors.

How Long Does Citizenship by Investment Take? The Process Explained.

One reason people delay is that starting feels like a bigger commitment than it is. In practice, an initial assessment is a conversation — about your objectives, your family situation, and your current passport. Not a contract.

After that, a typical Caribbean CBI application moves through these stages:

• Program and investment route selected.

• Documentation gathered: passport copies, birth certificates, marriage certificates, police clearances from each country of residence, source of funds evidence, professional and personal references. For a well-organised applicant, four to eight weeks.

• Application submitted through an authorised agent. Governments do not accept direct submissions.

• Due diligence conducted by the government's CBI unit and independent due diligence firms. All adult applicants are vetted. Under ECCIRA's new unified framework, due diligence standards are now consistent across all five Caribbean programs.

• Approval in principle issued. Investment made.

• Citizenship certificate and passport issued.

Total timeline from submission: 2 to 6 months for Caribbean programs. The documentation phase before submission is what most applicants underestimate. Starting that process now means you're not losing weeks to paperwork when you're ready to move.

Ready to Start? Here's What to Do Next.

Three things, in this order.

Get a current program assessment. We're not talking about a refreshed version of the conversation you had before, but a current, honest look at what fits your particular situation today. The industry has evolved and your shortlist probably should too.

We recommend setting a decision date to finalise your decision. This helps you stick to your plan and to strike while the iron is hot. People who treat this as a decision with a timeline tend to complete it. People who leave it open-ended tend to still be considering it the next time something changes.

If you'd like to work through it with us, Levella offers initial consultations at no cost and no obligation. We advise across Caribbean CBI, European residency, and UAE residency.

Read our article on the 5 questions to ask before you choose a citizenship by investment program.

The Programs Are Good. The Terms Won't Stay the Same.

The CBI market in 2025 is more selective than it was in 2022. Malta is gone. Spain closed. Portugal's property route no longer exists. St Kitts costs more. Vanuatu doesn't include Schengen.

What remains is genuinely strong. Five well-regulated Caribbean programs now operating under a unified regional authority, credible European residency routes, and the UAE for investors who want a tax base alongside their citizenship strategy.

The question isn't whether the opportunity is there. It clearly is. The question is whether the program that works for you is still available on the terms you've assessed, and whether you're in process before the next change, or still deciding after it.