São Tomé Joins Global Passport Program as Caribbean Reforms

A small island nation off Africa's west coast is selling something unusual: citizenship itself.

São Tomé and Príncipe launched its citizenship-by-investment program in late 2024, receiving nearly 100 applications in just four months. The program allows wealthy foreigners to obtain a second passport through government donations or real estate investments, typically processed within three to six months.

The move makes São Tomé the newest player in a booming global industry. The citizenship-by-investment market reached $5.2 billion in 2024 and is projected to hit $12.8 billion by 2033, serving the 40 million people worldwide who identify as digital nomads.

For small island nations, these programs have become economic lifelines. Dominica's passport revenue now accounts for 36.6% of its entire GDP, while St. Kitts and Nevis generated $229 million from citizenship sales in 2023. That same year, accumulated savings from passport revenue helped St. Kitts reduce its public debt below 60% of GDP, according to the International Monetary Fund.

The industry began in 1984 when St. Kitts and Nevis launched the first program, though it remained small for decades. Caribbean nations including Dominica, Antigua, Grenada, and Saint Lucia followed suit, creating a template that spread globally.

Turkey entered the market in 2018 and quickly became the world's most popular program, now requiring a $400,000 property investment for citizenship granting visa-free access to roughly 140 countries.

The Bright Side

The industry is getting cleaner and more responsible. After coordinated pressure from the EU, UK, and US, four Eastern Caribbean programs signed a 2024 agreement raising minimum investment thresholds to $200,000 and requiring investors to spend 30 days physically present within five years.

Cyprus shut down its program in 2020 after investigations exposed corruption, stripping 77 investors of citizenship. Malta faced similar scrutiny when the EU Court of Justice ruled its program violated EU law in April 2025.

St. Kitts provides the most dramatic reform story. After doubling its investment floor and strengthening background checks, revenue initially fell 60% in early 2024. But the country chose long-term credibility over short-term cash.

These reforms show small nations balancing urgent revenue needs with international standards. For islands battered by hurricanes and tourism shocks, passport programs offer fiscal breathing room while they build more diverse economies.

São Tomé's entry into this reformed market suggests the model still works when countries prioritize integrity alongside income.