Second citizenship should not be driven by visa-free travel to Europe, says expert

Speaking exclusively to BusinessDay, Major, adviced families need to consider whether a program remains politically and diplomatically sustainable.

In addition to long-term resilience, reputation, compliance, source of funds, tax position, family objectives.

He noted this while speaking on the European Union’s (EU) decision to the end of Citizenship-by-Investment (CBI) programs by 2028.

He believes the transition should be framed as part of a wider global shift toward stricter oversight, greater transparency, and higher expectations around due diligence across all jurisdictions.

The EU’s ultimatum targets the CBI programs of Antigua and Barbuda, Dominica, Grenada, Saint Kitts and Nevis, and Saint Lucia based on what it perceives as having long served as a back door into Europe for wealthy foreign investors.

The concern also stems from the fact that statistically, the bulk of these passports have been issued to nationals from high-risk or sanctioned jurisdictions,

Addressing the path forward for high-net-worth investors and entrepreneurs navigating this tighter regulatory landscape, Major noted:

“For serious applicants, particularly internationally mobile families and entrepreneurs, the message is that planning needs to become more strategic. A second citizenship should not be chosen only because of visa-free access to one region”.

Geopolitical implications beyond the Caribbean

Expanding on the systemic consequences of the EU’s ultimatum,  Phil Roberts, director for Tourism and Multilateral Relations, Pan African AU Agenda 2063 diplomatic missions, observed that the decision sends a powerful message that a passport is not simply an economic product, but a choice that carries heavy geopolitical consequences.

He emphasized that nations operating similar schemes will increasingly face tough questions regarding physical presence, source of funds, beneficial ownership, and national security.

Analysts argue that using visa policies as regulatory leverage highlights how mobility is increasingly being weaponized as a tool of foreign policy.

EU rules perceived to be unfair 

Challenging the EU’s rationale, Niran Chohan, Wealth Manager at Windsor Capital Management, pointed out that the EU appears to be penalizing investor citizenship as a concept regardless of how well an individual program is run.

He stressed that Brussels needs to produce concrete evidence or publish a case file showing due diligence failures by the five Eastern Caribbean states.

Highlighting concerns in Europe’s approach, Chohan noted: “The standard is a difficult one to advance from Europe. Hungary, Greece, Portugal, Italy and Latvia all still sell residency that leads, in time, to EU citizenship… When the practice is acceptable inside the union and unacceptable a few hours’ flight away, the objection starts to look less like principle and more like who is doing the buying.”

Sweeping restrictions also risk unfairly penalizing legitimate applicants who utilize second passports for routine business travel, currency risk management, and family protection. Specifically addressing West African applicants, Chohan clarified that Nigeria is not a sanctioned jurisdiction and that treating an entire nationality as a risk category undermines basic regulatory principles.

Industry growth under global scrutiny

Contrary to the narrative that Caribbean nations are acting purely out of desperation, Elena Ruda, co-founder and managing partner of Immigrant Invest, explained that regional frameworks have already been tightening independently.

She pointed out that while the EU is raising the bar on vetting for partner jurisdictions, Caribbean CBI programs have simultaneously been reinforcing their own frameworks through mandatory interviews, closer agent oversight, and joint due diligence.

As a result, Ruda affirmed that demand for Caribbean options remains robust, “So this isn’t just Caribbean governments reacting to Brussels. It’s more that the industry is maturing, and these programmes are reinforcing their standing as scrutiny grows globally. And honestly, the Caribbean programmes are still very strong and popular.”

Oluyemi Adeosun, PhD, Economist frames the EU’s ultimatum to Caribbean Citizenship-by-Investment (CBI) nations as a fundamental clash between small-state fiscal survival and large-bloc security policy.

“For Caribbean countries, CBI is a core fiscal pillar accounting for an average of 6.5 percent of regional GDP (2019–2023) and up to 60 percent of non-tax revenue in Antigua—funding critical infrastructure, healthcare, and climate resilience.”

“The EU’s threat to revoke Schengen access overnight effectively reprices regional debt and investment, offering a vital lesson for African nations: revenue dependent on external policy is not sustainable revenue—it is ‘contingent rent'”.

He noted that while the EU’s security concerns regarding money laundering and tax evasion are valid, export-blocking the trade will destabilize these small states.

“The solution is not removal, but ‘CBI 2.0’, which is phased mobility that one earns over 3 to 5 years of compliance rather than instant passport-for-access deals, others are regional due diligence, published rejection rates, and ring-fencing funds strictly for productive diversification (digital economy, agriculture, climate adaptation) rather than recurrent budget spending.

Strategic lessons for Africa and Nigeria

For developing economies, the fallout offers a crucial lesson against relying on short-term residency or citizenship sales to generate revenue. Cautioning African policymakers against adopting such models, Roberts advised:

 “African countries should be extremely cautious about building economic strategies around selling nationality or residency primarily for financial contributions. Don’t sell the passport. Build an economy that makes people want to invest, live, work and establish genuine connections with the country.”

As restrictions tighten across traditional CBI nations, global capital seeking legitimate destinations will naturally look elsewhere.

Rather than adopting the cash-for-citizenship model, Roberts emphasized that Africa has an enormous opportunity to position itself as a sustainable hub for long-term productive investment, special economic zones, and infrastructure development, provided countries improve their security, ease of doing business, and transparency.