A second citizenship — and the honest state of play.
If you are searching for a European passport by investment, start here. The law changed in 2025 — the lawful route to a European future is now residence, secured and built over time.
Below, the citizenship programmes that remain open beyond the EU — mapped openly and honestly.
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.
- 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.
The lawful route to Europe is residence by investment — held and built, over time, toward naturalisation.
We don't sell shortcuts that no longer exist. A European future is now a relationship, not a transaction: secure residence in Cyprus or Greece, maintain it correctly, and we structure the years that lead to a passport — handling every step so you don't have to.
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 lawful route.
Citizenship programmes still open — outside the Union.
Outside the EU, citizenship by investment remains lawful and active in several countries. We are deliberately selective and are re-establishing our on-the-ground relationships in each jurisdiction — so for now we welcome your interest and will act for you personally once we can. Figures are indicative and verified to official sources; everything is confirmed with admitted local counsel before you commit.
Programmes in flux.
Open in principle, but with recent or pending change — we verify current standing with counsel before any client commits.
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 AT20 Capital 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.
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. AT20 Capital is an advisory firm, not a law firm; regulated legal and immigration work is delivered by admitted local counsel.