Wealthy Nigerians May Lose Shortcut to Second Citizenship in 5 Countries
- The European Union has threatened to revoke Schengen visa-free access for five Caribbean nations unless they scrap their citizenship-by-investment schemes
- Nigeria is among the high-risk countries whose nationals the EU flagged as receiving passports through the Caribbean investment programmes
- Antigua and Barbuda's prime minister warned that ending the scheme would cost the country over $100 million in annual revenue
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Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The European Union has issued a deadline to five Caribbean nations, ordering them to shut down their citizenship-by-investment (CBI) programmes by 2028 or lose visa-free access to the Schengen area, a move that could cut off a key route to second citizenship for wealthy Nigerians.
Source: UGC
The five countries affected are Antigua and Barbuda, Dominica, Grenada, Saint Kitts and Nevis, and Saint Lucia.
Their programmes allow foreign nationals to obtain citizenship within months by making qualifying investments that typically start at around $200,000, with no requirement to live in the country.
Why the EU Is Acting
The European Commission said the schemes create serious security risks because they allow applicants to obtain citizenship through accelerated processes with little or no physical residency, making thorough background checks difficult. Authorities also raised concerns about money laundering, tax evasion, and the movement of illicit funds.
The EU specifically named Nigeria alongside China, Russia, Syria, Iran, Iraq, Yemen, and Libya as high-risk jurisdictions from which applicants had obtained Caribbean passports under the programmes.
The Caribbean CBI schemes have been popular among affluent Nigerians because the passports they offer come with visa-free or visa-on-arrival access to dozens of countries, including most of Europe, making them attractive for business travel and wealth planning.
What the Caribbean Nations Stand to Lose
For the affected island states, the EU ultimatum carries serious financial consequences. International Monetary Fund data shows that CBI programmes contributed an average of 6.5% of gross domestic product across the Eastern Caribbean between 2019 and 2023.
In Antigua and Barbuda, the stakes are even higher. The scheme accounts for as much as 60% of the country's non-tax government revenue.
Prime Minister Gaston Browne said his country faces a stark choice between keeping visa-free access to Europe and surrendering more than $100 million in annual income from the programme.
He argued that the scheme cannot simply be abandoned without a credible alternative source of funding.
Leaders of all five countries are expected to travel to Brussels to push for a compromise, BusinessDay reports.
Their position is that investment migration programmes exist in many other jurisdictions and that the solution should be stronger regulation, not abolition.
Source: Getty Images
BusinessInsider reports that the EU's current pressure follows a broader campaign against so-called "golden passport" schemes. The push intensified after the European Court of Justice ruled that such programmes were incompatible with EU law, leading several EU member states to wind down similar initiatives.
If the 2028 deadline holds, one of the most accessible paths to a second passport for high-net-worth Nigerians and other global investors will effectively close.
Canada lists 2 documents Nigerians need to claim citizenship
Earlier, Legit.ng reported that Nigerians seeking Canadian citizenship through a parent, grandparent or earlier ancestor must now submit two specific documents or risk having their applications stall under rules updated by Immigration, Refugees and Citizenship Canada (IRCC) in June 2026.
The revised guidelines require applicants to provide records issued directly by the original issuing authority, such as a civil registry, vital statistics office or government archive.
Source: Legit.ng
