Since St. Kitts and Nevis established the world's first citizenship by investment programme (CBI) in 1984, scores of countries worldwide have gotten in on the act and generated billions of dollars, either by launching straight CIPs, or residency by investment programmes (RBI) aka "golden visas" as a backdoor to citizenship. We take a look at 46 countries that offer these schemes, how much they cost and the myriad benefits they provide, and reveal why they are so controversial.

Chinese citizens have traditionally comprised the bulk of foreign nationals seeking citizenship or residency in other countries, followed by Russians and applicants from the Middle East. In 2019 research revealed Chinese investors had spent more than $44 billion (£38bn) on golden visas alone over the previous decade. However, these numbers have been dropping over the last three years, in part due to the country's COVID-19 lockdowns, but other reasons could be related to changing tax codes that make it harder to move money out of the country.  

Foreign investors are attracted to these schemes for various reasons, from wanting to live in the country of their choice to start a business and buy property, to obtaining a passport that allows visa-free travel to a greater number of countries. A second passport has become something of a status symbol, particularly for foreign nationals who have few options for visa-free travel.

Organisations including the EU and Transparency International have criticised CBIs and RBIs. The EU has raised concerns with member countries that run these programmes and sell EU citizenship, while Transparency International has urged governments to better regulate the schemes. Several programmes have been plagued by corruption and exploited by nationals from pariah states to work around international sanctions. In March the EU Parliament approved a report urging the bloc of countries to ban golden passport schemes by 2025, and immediatly end RBI and CBI programmes for Russian citizens. The UK ended access to its programmes for Russians a week before the invasion of Ukraine.

Currently, XX countries run citizenship by investment programmes (CBIs), though the actual number will depend th on country of origin for the applicant. These schemes award fast-track citizenship in exchange for a sizeable cash donation or investment in the country. Residency is not usually a requirement and these golden passports'are issued within a year, and almost instantly in many cases.

Dominica operates the most affordable CBI programmes in the world. A donation of $100,000 (£86,000) to the government for one of its social programmes, or investing $200,000 (£173,000) in real estate property that's largely related to the tourism sector, will bag you a passport offering visa-free travel to 114 countries and territories. This includes the Schengen Area in Europe that has open borders.  There is zero residency requirement and successful applicants are exempt from paying capital gains, inheritance and other taxes.

The scheme, which makes up half the government's revenue, hasn't been without its controversies. In 2015, authorities awarded citizenship to Iranian national Alireza Monfared and issued him with a diplomatic passport. Despite its due diligence, they failed to recognise that Monfared was wanted in Iran for perpetrating the country's biggest corruption scandal. He has since been extradited and sentenced to 20 years in prision. More recently, Dominica's Citizenship by Investment Unit has warned agents not to market access to Schengen countries — a practice that could jeopardise the country's visa waiver programme with the EU. Seperately the opposition party has criticised the programme saying a significant portion of the money hasn't made it into government coffers.

One of the newer schemes, Saint Lucia's CPI launched in 2016. There are currently four options: a one-off donation of $100,000 (£86,000) to the government, a $300,000 (£259,000) property purchase, a $500,000 (£432,000) bonds investment or a $3.5 million (£3m) investment in an approved enterprise project. The applicant doesn't even have to visit the country and, if successful, receives their passport in as little as three months.

Citizens of Saint Lucia have visa-free access to more than 140 countries and territories, including the UK, France and Switzerland, so the passport is highly sought-after. As is the case with the Dominican programme, successful applicants are also exempt from paying wealth and inheritance taxes.

Antigua and Barbuda has a similar golden passport programme. Since November 2017 applicants have been required to either donate $100,000 (£86,000) to the country's National Development Fund, or pump at least $400,000 (£346,000) into a government-approved property investment. Two more options are now available for either making a $1.5 million investment in an approved business or, for families of at least 6 members, a $150,000 donation to the University of the West Indies Fund. This second option includes a tuition-only scholarship for one family member for one year at the university. There are additional fees for processing the application that start from $37,500 (£32,000) and increase depending on how many people are applying from one family. 

The passport ensures visa-free travel to as many as 150 countries and territories, although Canada revoked this in 2017. The downside for non-residents is that they have to live in the country for a period of five days over the five years after naturalization in order to continue being entitled to full citizenship. The upside is they don't have to pay capital gains and other taxes.

Staying in the West Indies, Grenada started its CBI programme in 2013 and once offered the world's cheapest and most unregulated option charging applicants just $40,000 (£35,000) for instant citizenship. The government closed the programmed after the 9/11 attacks in 2001 amid fears the scheme was attracting terrorists, but re-instated in 2014 with tighter rules and higher prices. Still, golden passport holders don't even have to travel to, let alone live in, Grenada.

Today, a one-off donation of $150,000 (£130,000) to the government or a property investment of $350,000 (£251,000) are the minimum requirements, along with a range of fees that starts at around $8,000 (£7,000). Applications are generally approved within 60 days and once granted citizenship, passport holders can travel to more than 130 countries and territories, including the UK and China and apply for a US E-2 business visa.

The original golden passport, St. Kitts' scheme has been running for decades. There are three options for applicants to consider starting with a $150,000 (£130,000) donation to the Sustainable Growth Fund, a $200,000 (£173,000) investment in a pre-approved real estate project or a $175,000 (£151,000) "alternative investment option" that supports the government's capital projects such as new housing or even prisons. This passport offers visa-free or visa-on-arrival travel to more than 150 countires and territories, including the UK and Switzerland.

 

The programme has attracted criticism for a lack of due diligence. In 2013, the government banned Iranian nationals from applying after it emerged officials from the country were buying passports to evade international sanctions. More recently, the St. Kitts authorities were slammed for granting citizenship to one of China's most wanted fugitives, fraudster Ren Biao.

The tiny South Pacific island state of Vanuatu founded its CBI programme in 2015 to raise much-needed funds to rebuild the country following the devastating Cyclone Pam. Its golden passport is often promoted as one of the fastest and cheapest options, simply requiring a $130,000 (£112,000) donation. It's also developing a real estate option and started accepting cryptocurrency payments in 2021.

However, Vanuatu's new citizens have reduced visa-free travel options. The European Council annouced a partial suspension of the country's visa waver agreement due to its CBI scheme in March. This only affects citizens of Vanuatau holding ordinary passports issued since 25 May 2015 — essentially all golden passport holders. The council questioned the reliability of the programme's security and due diligence screening processes, and reported it was granting citizenship to applicants listed in Interpol's databases. Vanuatu has until February 2023 to address the council's concerns before it reassesses the ban.

Cambodia's CBI programme is enshrined in the country's constitution and has been going since the late 1990s. It offers "expedited" naturalisation for those who donate $245,000 (£212,000) to the government or are willing to invest $305,000 (£264,000) in approved projects. There is also a language and local history requirement.

A Cambodian passport isn't the best travel document, though. Visa-free access is restricted to around 50 countries and territories, none of which are in Europe or North America. Citizenship tends to be taken up by people who want to invest in real estate rather than roam the world with ease.

Turkey launched its CBI programmed in 2017 and has expanded it to offers several options for investment. Applicants can consider buying $400,000 worth of real estate, depositing $500,000 into a Turkish bank account, or committing $500,000 in government bonds or a private pension system. There are also options for fixed captial contributions, real estate investment fund shares or venture capital investment fund shares, which all required a $500,000 minium. A final option is to create jobs for at least 50 people, as verified by the government. Applications take around four months to process.

The programme is said to be popular with nationals from Middle Eastern countries and has seen an increasing volume of applications in general. However, it's got vocal opponents in Turkey who have called on the government to end the programme. A Turkish passport doesn't provide visa-free travel in the EU or the US, but holders of these golden passports can apply for the US' E-2 visa.

Malta launched its CBI programme in 2014 and following pressure from the EU, which frowns upon member states selling passports, has introduced stricter requirements. Currently applicants must make a €600,000 ($596,000/£537,000) investment, buy a residential property worth at least €700,000 ($696,000/£603,000), make a donation of €10,000 ($9,900/£8,600) to an approved local charity and reside in Malta for three years. Althought that can be reduced down to one year in "exceptional circumstances," but it costs an extra €150,000 ($149,000/£129,000).

Highly desirable, a Maltese passport offers EU citizenship and visa-free travel to 185 countries and territories, including the USA and Canada. Candidates are screened rigorously but abuses of the programme have been uncovered. In 2021, a multi-agency investigation discovered investors exploited loopholes to avoid residency requirements by renting empty properties including yachts. 

The world's most coveted CIP is unsurprisingly, the most expensive. Austria's non-official scheme comes top in the latest Henley & Partners' Global Residence and Citizenship Programs report, the definitive comparison of CIPs. Shrouded in secrecy, the programme has no official guidelines and candidates are vetted meticulously, but passports are issued instantly following extensive checks.

Though not set in stone, a donation of $3 million (£2.2 million) to the Austrian economy or a $10 million (£7.2 million) investment, plus up to $600,000 (£430 million) in fees should secure a passport. Austrian citizens can live and work anywhere in the EU and travel visa-free to 177 countries and territories, but it's worth noting that you'd have to relinquish your existing passport as Austria doesn't recognise dual nationality.

Residency by investment programmes (RIP) aka 'golden visas' offer a more backdoor way of obtaining citizenship. Residency is granted in exchange for a cash donation or investment, but candidates must live in the country for a specific period of time to qualify for a passport, and may be subject to other requirements such as fluency in their chosen country's official language.

The cheapest RIP in the world is none other than Panama's, but you have to be a national of one of 50 so-called Friendly Nations to be considered. They include the US and Canada, Japan and Singapore, Brazil and other South American countries, as well the UK and the majority of EU nations. Nationals of these countries simply have to deposit $5,000 (£3,700) in a Panamanian bank account to qualify for residency.

Nationals from other countries must invest at least $200,000 (£142,000) in property to be eligible for residency. In all cases, Panamanian citizenship is granted to residence permit holders who have lived in the country for at least five years. The passport offers visa-free travel to 129 countries and territories, which include the UK, Spain, Russia and South Africa.

Hungary offers the EU's most economical RIP. To apply for the Hungarian Entrepreneur Residency Programme (HER), foreign nationals have to agree to invest $12,000 (£8.600) in a business in the country that will employ at least two members of staff with Hungarian nationality. The applicant is granted temporary residence, which is made permanent after three years.

HER participants are free to travel within the Schengen Area without a passport and become eligible for a Hungarian passport once they've lived in the country for eight years. Passport holders can live and work anywhere in the EU and travel to 171 countries and territories visa-free, from the USA and Canada to New Zealand.

Citizenship-seekers on a tight budget might want to look into funding a Colombian business. An investment of $23,000 (£16,000) is all that is needed to gain residency, and full citizenship is granted to business investors who reside in the country for at least 10 years. Alternatively, a property purchase of at least $150,000 (£107,000) offers a faster track to citizenship.

Property buyers that meet the relevant criteria have a shorter wait – they only need live in Colombia for five years to qualify for a passport. In the meantime, they are free to travel to most South American countries using their residence card as a travel document. The passport itself offers visa-free travel to 112 countries and territories, including Spain, Russia and South Korea.

Thailand launched a new elite RIP last year, which gives foreign nationals the right to live in the country permanently. Foreign residents simply pay a one-off fee of $60,000 (£43,000) and a $600 (£430) annual payment to stay. A number of VIP privileges are included in the package, including free spa treatments, a complimentary yearly health check and VIP airport lounge access.

To qualify for Thai citizenship, elite RIP participants must live in Thailand for five years uninterrupted and be prepared to denounce their existing nationality as dual nationality isn't allowed. Fluency in the Thai language is also a prerequisite for citizenship and applicants must show they are solvent. A Thai passport offers visa-free travel to 75 countries and territories.

If the low cost of living in the Philippines appeals, foreign nationals can organise a Special Investor's Resident Visa (SIRV) by investing $75,000 (£54,000) in the country. The investment has to be in a publicly listed company or private firm that operates in the services or manufacturing sector. In return, foreign investors get the right to reside in the Philippines for as long as the investment subsists.

Arranging citizenship is another matter entirely. Foreign nationals with an SIRV are required to live in the Philippines for at least 10 years. In addition, they will have to speak and write Tagalog fluently and have an in-depth knowledge of Filipino history and culture. If the applicant is successful, they will be issued with a passport that offers visa-free travel to just 64 countries and territories.

Latvia has one of Europe's most affordable RIPs. Investors can garner residency status by either investing $123,000 (£88,000) in a business, depositing $370,000 (£263,000) in a Latvian bank, or splashing at least $339,000 (£241,000) on property. Holders of the country's residence permits are free to move within the 26 Schengen nations.

Russian nationals are particularly drawn to the programme due to Latvia's proximity to their homeland. To obtain full citizenship, residence permit holders must live in Latvia for a minimum of 10 years. Citizens are free to live and work in EU member states and can travel visa-free to a total of 170 countries and territories, including the USA, Canada and Japan.

Another relatively budget option, Fiji's investor visa programme will set you back $125,000 (£89,000), which has to be spent on property in the South Pacific island country. The scheme has been most popular with Chinese nationals. To gain full citizenship and that all-important passport, visa holders must live in Fiji for a minimum of five years.

The passport is ranked joint 52nd in the Henley Passport Index, and visa-free travel is restricted to 84 countries and territories, which don't include the US, Canada or Australia. Ireland is the only European country Fijians can visit without a visa but the passport does offer visa-free access to China, Russia and Singapore.

Brazil has a RIP in the form of the country's VIPER programme. Investors have to either buy a property priced at a minimum of $150,000 (£107,000) or bankroll a business for the same amount of money. Full citizenship rights are awarded to VIPER visa holders who live in Brazil for at least four years, but residence card holders can visit most South American countries without a passport.

Along with the Chilean passport, Brazil's travel document is ranked the best in South America for global visa-free access with minimal fuss. The passport entitles its bearer to visit a total of 160 countries and territories without a visa, including EU nations, Switzerland, Singapore and New Zealand.

In terms of advanced economies, the UK offers the most affordable RIP in the world. The minimum investment is just $281,000 (£200,000), which must be used to start a business in the country. Otherwise, foreign nationals can invest a minimum of $2.8 million (£2 million) in UK government bonds, shares, or loan capital in active and trading British companies, to qualify for a Tier-1 visa.

After five years of residence, visa holders are entitled to citizenship and a UK passport, which gives them access to 177 nations visa-free. The scheme has its fair share of critics, who have vilified the government for granting citizenship to foreign nationals without carrying out the appropriate Home Office checks. Last year for instance, it emerged that the son of Kazakh fugitive Mukhtar Ablyazov had acquired UK citizenship using stolen money.

Cash-strapped Greece has raised more than $1.2 billion (£856 million) from its RIP. Foreign nationals who invest $308,000 (£220,000) in property are eligible for the country's golden visa programme, making it the cheapest property-based RIP in Europe. Restrictions do apply however, and residence permit holders are not allowed to work in the country.

Residents are entitled to citizenship after seven years of uninterrupted living and are then able to live and work in any EU country. The Greek passport is rated the sixth best in the world according to the Henley Passport Index and holders can travel to a total of 174 countries and territories without a visa.

Foreign nationals who wish to participate in Germany's vibrant economy and live in the country can do so by investing $308,000 (£220,000) in a German business. Successful applicants are given a German residence permit, which they can use to travel anywhere within the Schengen Area, and are issued with a passport after eight years of residence.

Eight years many seem like a long time, but the passport is worth the wait for many people. Almost topping the latest Henley & Partners Passport Index, Germany's travel document is considered the joint second best in the world. German passport holders are able to live and work in other EU member states and can travel without a visa to 179 countries and territories.

Germany's EU neighbour offers a similar scheme. In order to be considered for France's RIP, foreign nationals are required to invest $370,000 (£264,000) in a business that creates jobs for French workers. Approved candidates are issued with a carte de séjour that guarantees free movement in other Schengen countries.

Permanent residency is granted after five years living in the country, and full citizenship is awarded after 10 years. The French passport is one of the most prestigious in the world. French citizens have visa-free access to 178 countries and territories, from the USA and Canada, to Japan and Australia, and can live and work in any EU nation.

Belgium's business investor RIP is the most popular of its kind in Europe. Foreign nationals are required to invest $431,000 (£307,000) in a business that creates jobs for Belgian citizens. They are then issued with a residence permit that also allows them to travel within the Schengen Area without a passport.

There is no official minimum investment, but typically, you'd have to put down at least $432,000 (£307,000). Citizenship is granted to investors who reside in the country for at least five years. Belgian passport holders can visit 174 countries and territories visa-free and can of course live and work anywhere in the EU.

The Portuguese government has cashed in to the tune of more than $3.2 billion (£2.1 billion) thanks to its super-popular RIP. The golden visa programme is property-based. The minimum investment to qualify is $431,000 (£307,000), but the property has to be within a specific regeneration zone outside Lisbon and buyers are required to renovate it.

Otherwise, golden visa applicants can invest a minimum of $431,000 (£307,000) in Lisbon and elsewhere in the country to qualify. Citizenship and an EU passport with visa-free access to 177 nations is granted after six years of residency. Superstar Madonna acquired a Portuguese golden visa last year, but the lion's share of applicants come from China, followed by Brazil and South Africa.

Nestled in the Pyrenees between France and Spain, Andorra is renowned for its high standard of living and refreshingly low taxation system. Foreign nationals who invest more than $493,000 (£350,000) in property are entitled to a residence permit, but won't have the option to move freely within the Schengen Area as Andorra isn't technically in the EU, which is a distinct disadvantage.

Residence permit holders have to live in Andorra for at least 20 years to even be considered for full citizenship. For foreign nationals looking for a fast-track way of securing a passport, Andorra is probably not the most suitable programme, unless of course they're prepared to hold out for those two decades.

Always dreamed of living out your days in the beautiful Bahamas? You'd need to fork out at least $500,000 (£356,000) on a property purchase to make that dream a reality. Property buyers who spend more than half a million dollars on a home or condominium are rewarded with a residence permit.

Residence permit holders can live and work in the Bahamas but can't vote in elections. They pay zero income tax, no inheritance, gift or capital gains taxes and there is no sales tax in the country. Full citizenship is granted after 10 years of residence and the passport offers visa-free travel to 141 countries and territories.

Canada's federal government closed its RIP in 2014, leaving 65,000 applicants hanging. Luckily, foreign nationals can still obtain residency via the Quebec Immigrant Investor Program (QIIP). In order to qualify, applicants must have assets of at least $1.2 million (£900,000) and be prepared to invest a minimum of $611,000 (£435,000) in a business located in the province, which is refundable.

The applicant is also expected to have at least two years' management experience. Citizenship is awarded to QIIP participants who live for three years uninterrupted in Canada, but quotas are limited and delays are common. Investors who battle through get a passport that allows them to travel visa-free to 176 countries and territories, including the USA, UK and Japan.

The best option for foreign nationals who wish to get hold of a green card and potential US passport is to invest $500,000 (£356,000) in a business located in a Targeted Economic Area that provides jobs for at least 10 American workers, though the minimum investment is expected to rise significantly in the near future. The investment will secure an EB-5 investor visa and permanent residency.

President Trump's senior advisor Jared Kushner is currently being investigated for misuse of the visa programme, which has become more popular since the Trump Administration's clampdown on the H-1B visa scheme. After five years of residence, visa holders can apply for US citizenship and a passport that offers visa-free access to 176 nations, but they will be taxed on their worldwide income.

The Indian Ocean island of Mauritius offers a speedy route to citizenship through the country's property investment visa programme. Foreign nationals who put at least $500,000 (£356,000) into a real estate project, be it a residential or commercial property, are entitled to permanent residency.

Applicants only have to live in Mauritius for a two-year period to qualify for citizenship. The passport, which is ranked joint 31st best in the world in the Henley Passport Index, permits the holder to travel visa-free to a total of 134 countries and territories. These include most EU nations, Russia, China and Japan.

One of the world's newest countries, Montenegro has a proviso in its citizenship legislation that allows for citizenship by investment following a long period of residency. The minimum investment is $616,000 (£439,000), which can be spent on property or funnelled into a business in the country, and applicants have to reside in Montenegro for at least 10 years to get a passport.

In 10 years time, Montenegro could well be a member of the EU, which boosts the appeal of the passport. In the meantime, the country's travel document offers visa-free travel to 112 countries and territories, which include all EU countries apart from the UK and Ireland, Russia, Singapore and Brazil.

Spain's golden visa programme got off to a slow start following its launch in 2014, but the scheme has since generated more than $2.5 billion (£1.8 billion). Non-EU foreign nationals who want to live in the country are required to invest at least $616,000 (£439,000) in property, bonds or shares. In return, they get a permiso de residencia, which allows them to travel freely within the Schengen Area.

Successful applicants must then live in the country for a total of 10 years unless they're from a Spanish-speaking nation – the authorities favour residence permit holders whose mother tongue is Spanish. These individuals only have seven years to wait for a passport, which offers visa-free travel to 178 countries and territories.

Not wanting to miss out on the cash windfall, Italy launched its golden visa programme last year following a change in the law. A minimum investment of $616,000 (£439,000) in an Italian startup, $1.2 million (£900,000) in a regular Italian company or charitable endeavour, or $2.5 million (£1.8 million) in government bonds will secure a two-year residence permit that can be renewed.

As a bonus, permit holders receive generous tax benefits but must live full-time in Italy for at least 10 years to qualify for citizenship. They do however get permanent residence status after five years and can travel to Schengen countries. One of the most highly regarded in the world, the Italian passport offers visa-free travel to 178 countries and territories.

Bulgaria has a RIP that paves the way for citizenship, but the precise details are rather sketchy. A minimum investment of $631,000 (£449,000) in property, business or bonds will secure permanent residency, but the time it takes to garner citizenship can vary from as little as 12 months to as long as six years, depending on the size of the investment.

The situation is so confusing, some brokers market the scheme as a CIP, while others push it as a RIP or golden visa. In any case, once the naturalisation period has elapsed, however long it takes, residence permit holders can apply for a Bulgarian passport, which allows them to live and work anywhere in the EU and travel to 154 countries and territories without a visa.

Investors who channel at least $800,000 (£570,000) into a business in Hong Kong are eligible for permanent residency via the semi-autonomous territory's investor visa programme. While residency and low taxes are assured, citizenship is only granted if the visa holder lives uninterrupted in Hong Kong for a period of seven years.

Once the seven-year wait is up, the visa holder can apply for Chinese citizenship, but will have to denounce their existing nationality. The Hong Kong passport is among the best in the world in terms of visa-free travel. Holders can travel to 161 countries and territories, including every single EU nation, Canada, Russia and New Zealand.

The Seychelles offers a RIP that rewards participants with permanent residence status, but it doesn't come cheap. Foreign nationals have to invest at least $1 million (£712,000) in a Seychellois business to qualify. The main plus is they are then able to take advantage of the country's lenient tax laws.

Organising citizenship is more complex and involves a long wait. Foreign residents are required to live in the Seychelles for at least 11 years to be eligible. Seychellois passport holders can travel to a total of 144 countries and territories without a visa, including Schengen Area nations, China, Russia and South Korea.

Securing Swiss citizenship is no walk in the park, but the country's business investor golden visa offers a backdoor. The minimum requirement is an investment of $1.1 million (£783,000) in a Swiss enterprise, which entitles the investor to a residence permit that can be used to travel within the EU's Schengen Area. Tax benefits are lucrative and residents are able to buy property.

The foreign investor has to live in Switzerland for 12 years to be considered for citizenship. If Swiss nationality is awarded, a passport is issued within months that offers freedom of movement in the EU and visa-free travel to 176 countries and territories worldwide, including the US, Canada and Australia.

An attractive destination for Chinese nationals in particular, New Zealand offers two types of investor visas for foreign citizens who wish to live in the country. The simple Investor Visa requires an investment of $2.2 million (£1.6 million) in New Zealand companies or property that isn't for the investor's personal use. Only applicants who are under 65 with fluent English and three-years business experience are eligible.

New Zealand's Investor Visa Plus programme calls for an investment of $7.2 million (£5.1 million), but the visa is subject to fewer conditions. Applicants have no requirement to speak or write English, needn't have any business experience, and can apply at any age. After five years of residence, visa holders are entitled to a passport, which ensures visa-free travel to 173 countries and territories.

Ireland's RIP is reported to be popular among wealthy Brits who want to retain EU citizenship post Brexit and don't have an Irish-born grandparent that would make them automatically eligible. A $1.2 million (£900,000) investment in property, business or bonds, or a charitable donation of the same amount secures permanent residence in the republic.

Irish citizenship can be applied for after five years of interrupted living in the country. The Irish passport is one of the best in the world for visa-free travel – Irish passport holders can visit 176 countries and territories without a visa, and are able to live and work in any EU country of their choosing.

Europe's premier tax haven, Monaco is a magnet for mega-rich foreign nationals seeking a more favourable tax regime. A property investment of $1.2 million (£900,000) or a bank deposit of the same amount are the minimum requirements for residency. Successful applicants also have the right to live in France and travel freely within the Schengen Area.

After 10 years of living in the principality, residence permit holders are entitled to Monégasque citizenship. The passport ranks 16th in the latest Henley Passport Index. A total of 162 countries and territories are accessible without a visa, including the USA, Canada and New Zealand.

Australia has been running a golden visa programme since 2012. Chinese nationals are the main recipients – as many as 85% of Aussie golden visas have been taken up by citizens of China. The scheme is also popular with South Africans and nationals from countries in the Middle East. To qualify, a minimum investment of $1.2 million (£900,000) is required.

The investment must be in an Australian business – property and other investments won't cut the mustard. Once residency is granted, the visa holder has to live in Australia for a minimum of four years to be eligible for citizenship and apply for a passport, which offers visa-free travel to 174 countries and territories.

India boasts a wealth of opportunities for foreign investors, but the country's RIP is on the steep side. To qualify for a golden investor visa, foreign nationals have to find $1.5 million (£1.1 million) and invest the money in an Indian enterprise. This visa is more suited to entrepreneurs who wish to do business and live in India rather than foreign nationals looking to travel the world.

The wait for citizenship is long. Investors are required to live in India for at least 12 years to be considered for a passport, which ranks joint 73rd in the world. Visa-free travel is limited with an Indian passport – holders can travel to a mere 56 countries and territories visa-free and need to obtain a visa to visit EU countries and the USA.

On a a par with India's, the Netherlands' golden visa programme will set you back a cool $1.5 million (£1.1 million). The investment must be in a Dutch business, bonds or shares. If successful, applicants are rewarded with instant residency and the right to move freely within the Schengen Area.

Like many countries around the world, the Netherlands has a naturalisation period of five years, so investors are required to live uninterrupted in the country for half a decade in order to qualify for Dutch and EU citizenship. A Dutch passport offers visa-free travel to a bumper 177 countries and territories.

Samoa offers a fast-track way of securing citizenship through its RIP, which could almost be classed as a CIP. Applicants need to invest $1.7 million (£1.2 million) in the Polynesian country to qualify and prove they have $1 million (£712,000) in assets, so this isn't a budget option, but the investment criteria are varied, ranging from property to tourism and IT opportunities.

Fortunately, residence visa holders are eligible for citizenship if they hold a residence permit for a minimum of three years. Chinese nationals are especially fond of this scheme. The Samoan passport is a formidable travel document offering visa-free travel to 116 countries and territories, from every single EU country to Canada, Russia and South Korea.

Out of all the countries on the planet, Singapore operates the most expensive RIP, which like Samoa's has some characteristics of a CIP. To be eligible, foreign investors must pump a whopping $1.9 million (£1.4 million) into a Singaporean business, but for many people, the golden visa scheme represents excellent value for money.

Foreign investors can take advantage of numerous tax breaks in the thriving city state and only have to live there for two years to land citizenship and the world's most prestigious passport. Along with Japan's travel document, the Singaporean passport is ranked the joint best in the world according to the Henley Passport Index. It offers visa-free travel to 180 countries and territories.