Source document
Too Much of a Good Thing? Prudent Management of Inflows under Economic Citizenship Programs (IMF Working Paper WP/15/93)
Has everything in it been taken?
CompleteReviewed 10 Oct 2026
Reviewed. Everything in it that belongs in the tables has been taken.
What the document holds
IMF Working Paper WP/15/93 (2015), 'Too Much of a Good Thing? Prudent Management of Inflows under Economic Citizenship Programs': ECP inflows and fiscal data (Box 1, tables, Box 5), Box 2 statistics and buffers, recorded earlier. France Table 1 row decided: EUR 10 million (t-831cac8508) assigned to fra-exceptional-contribution, with a launch event for the inception year 2013; the 5-year citizenship qualifying period (t-69da86ba35) is general naturalisation law, kept as a context row without a programme. Box 3 drawdown percentages are illustrative policy parameters, not programme figures.
What it supports
189 rows on this site come from this document. Each one opens with the page and the exact words.
Citizenship by investment
105 numbers1 programme32 rules6 events
Other documents give different figures in 1 case involving this one. Both are kept.
Numbers (105)
- People granted citizenshipNone (stated in words)2011-07/2015-05 · IMF 2015Reported by othersStated in wordsAustria · Citizenship for special interest
- CBI revenue to government as a share of GDP3.4% of GDP2013 · IMF 2015EstimateDominica · Citizenship by investment programme
- CBI revenue to government as a share of GDP0–1% of GDP2008 · IMF 2015Final figureDominica · Citizenship by investment programme
- Applications approved50–100 applicationsIMF 2015ForecastMalta · Individual Investor Programme
- CBI share of government revenue40%2014 · IMF 2015ForecastMalta · Individual Investor Programme
- CBI development-fund assets as a share of GDPCategory: Cash and deposits11% of GDP2013-12-31 · IMF 2015EstimateSt Kitts and Nevis · Citizenship by investment programme
- CBI development-fund assets as a share of GDP24% of GDP2013 · IMF 2015EstimateSt Kitts and Nevis · Citizenship by investment programme
- CBI development-fund assets as a share of GDP25% of GDP2013 · IMF 2015EstimateSt Kitts and Nevis · Citizenship by investment programme
- CBI development-fund income as a share of GDP11.9% of GDP2013 · IMF 2015EstimateSt Kitts and Nevis · Citizenship by investment programme
- CBI development-fund income as a share of GDPCategory: Cbi contributions12% of GDP2013 · IMF 2015EstimateSt Kitts and Nevis · Citizenship by investment programme
- CBI development-fund income as a share of GDPCategory: Net of transfers to budget6.3% of GDP2013 · IMF 2015EstimateSt Kitts and Nevis · Citizenship by investment programme
- CBI development-fund income as a share of GDP10.1% of GDP2012 · IMF 2015EstimateSt Kitts and Nevis · Citizenship by investment programme
- CBI development-fund income as a share of GDPCategory: Net of transfers to budget8.3% of GDP2012 · IMF 2015EstimateSt Kitts and Nevis · Citizenship by investment programme
- CBI development-fund income as a share of GDP8.7% of GDP2011 · IMF 2015Reported by othersSt Kitts and Nevis · Citizenship by investment programme
- CBI development-fund income as a share of GDPCategory: Net of transfers to budget6.6% of GDP2011 · IMF 2015Final figureSt Kitts and Nevis · Citizenship by investment programme
- CBI development-fund income as a share of GDP5.9% of GDP2010 · IMF 2015Reported by othersSt Kitts and Nevis · Citizenship by investment programme
- CBI development-fund income as a share of GDPCategory: Net of transfers to budget4.5% of GDP2010 · IMF 2015Final figureSt Kitts and Nevis · Citizenship by investment programme
- CBI development-fund income as a share of GDP2.4% of GDP2009 · IMF 2015Reported by othersSt Kitts and Nevis · Citizenship by investment programme
- CBI development-fund income as a share of GDP1.5% of GDP2008 · IMF 2015Reported by othersSt Kitts and Nevis · Citizenship by investment programme
- CBI development-fund income as a share of GDP0.9% of GDP2007 · IMF 2015Reported by othersSt Kitts and Nevis · Citizenship by investment programme
- CBI development-fund spending as a share of GDP9.0% of GDP2013 · IMF 2015EstimateSt Kitts and Nevis · Citizenship by investment programme
- CBI development-fund spending as a share of GDPCategory: Investment proceeds to government1.7% of GDP2013 · IMF 2015EstimateSt Kitts and Nevis · Citizenship by investment programme
- CBI development-fund spending as a share of GDPCategory: Capital grants to government4.0% of GDP2013 · IMF 2015EstimateSt Kitts and Nevis · Citizenship by investment programme
- CBI development-fund spending as a share of GDPCategory: Grants to others2.4% of GDP2013 · IMF 2015EstimateSt Kitts and Nevis · Citizenship by investment programme
- CBI development-fund spending as a share of GDPCategory: Other expenditure0.9% of GDP2013 · IMF 2015EstimateSt Kitts and Nevis · Citizenship by investment programme
- CBI development-fund spending as a share of GDPCategory: Direct training1.7% of GDP2013 · IMF 2015Final figureSt Kitts and Nevis · Citizenship by investment programme
- CBI development-fund spending as a share of GDPCategory: Direct airlift subsidy0.0% of GDP2013 · IMF 2015Final figureSt Kitts and Nevis · Citizenship by investment programme
- CBI development-fund spending as a share of GDPCategory: Direct electricity subsidy0.7% of GDP2013 · IMF 2015Final figureSt Kitts and Nevis · Citizenship by investment programme
- CBI development-fund spending as a share of GDPCategory: Direct social economic total2.4% of GDP2013 · IMF 2015Final figureSt Kitts and Nevis · Citizenship by investment programme
- CBI development-fund spending as a share of GDPCategory: Budget support5.7% of GDP2013 · IMF 2015Final figureSt Kitts and Nevis · Citizenship by investment programme
- CBI development-fund spending as a share of GDPCategory: Net of transfers to budget3.3% of GDP2013 · IMF 2015EstimateSt Kitts and Nevis · Citizenship by investment programme
- CBI development-fund spending as a share of GDP2.8% of GDP2012 · IMF 2015EstimateSt Kitts and Nevis · Citizenship by investment programme
- CBI development-fund spending as a share of GDPCategory: Investment proceeds to government1.5% of GDP2012 · IMF 2015EstimateSt Kitts and Nevis · Citizenship by investment programme
- CBI development-fund spending as a share of GDPCategory: Capital grants to government0.2% of GDP2012 · IMF 2015EstimateSt Kitts and Nevis · Citizenship by investment programme
- CBI development-fund spending as a share of GDPCategory: Grants to others0.1% of GDP2012 · IMF 2015EstimateSt Kitts and Nevis · Citizenship by investment programme
- CBI development-fund spending as a share of GDPCategory: Other expenditure0.9% of GDP2012 · IMF 2015EstimateSt Kitts and Nevis · Citizenship by investment programme
- CBI development-fund spending as a share of GDPCategory: Direct training0.0% of GDP2012 · IMF 2015Final figureSt Kitts and Nevis · Citizenship by investment programme
- CBI development-fund spending as a share of GDPCategory: Direct airlift subsidy0.0% of GDP2012 · IMF 2015Final figureSt Kitts and Nevis · Citizenship by investment programme
- CBI development-fund spending as a share of GDPCategory: Direct electricity subsidy0.0% of GDP2012 · IMF 2015Final figureSt Kitts and Nevis · Citizenship by investment programme
- CBI development-fund spending as a share of GDPCategory: Direct social economic total0.0% of GDP2012 · IMF 2015Final figureSt Kitts and Nevis · Citizenship by investment programme
Showing 40 of 105. See all 105 in the table
Rules and prices (32)
- Donationmain applicant, Option I, National Development Fund (as listed by IMF, May 2015)USD 250,000Date not stated · IMF 2015Antigua and Barbuda · Citizenship by investment programme
- Investmentminimum investment (as listed by IMF, May 2015); residency requirement 5 days within a 5-year period; citizenship immediateUSD 250,000Date not stated · IMF 2015Antigua and Barbuda · Citizenship by investment programme
- Property purchasemain applicant, Option II (as listed by IMF, May 2015)USD 400,000Date not stated · IMF 2015Antigua and Barbuda · Citizenship by investment programme
- Business investmentmain applicant, Option II (as listed by IMF, May 2015)USD 1,500,000Date not stated · IMF 2015Antigua and Barbuda · Citizenship by investment programme
- Government feemain applicant, Option I (with NDF contribution) (as listed by IMF, May 2015)USD 50,000Date not stated · IMF 2015Antigua and Barbuda · Citizenship by investment programme
- Government feemain applicant, Option II (with private investment) (as listed by IMF, May 2015)USD 50,000Date not stated · IMF 2015Antigua and Barbuda · Citizenship by investment programme
- Required physical presenceminimum residency requirement as listed by the IMF5 days within a 5-year periodDate not stated · IMF 2015Antigua and Barbuda · Citizenship by investment programme
- Investmentminimum investment (as listed by IMF, May 2015); no residency requirement (under revision); citizenship immediateEUR 2,500,000Date not stated · IMF 2015Cyprus · Citizenship by investment programme
- Investmentmain applicant, Option I as printed (row National Development Fund) (as listed by IMF, May 2015)EUR 2,500,000Date not stated · IMF 2015Cyprus · Citizenship by investment programme
- Investmentmain applicant, Option II: real estate, business or financial instruments (as listed by IMF, May 2015)EUR 5,000,000Date not stated · IMF 2015Cyprus · Citizenship by investment programme
- Donationminimum investment (as listed by IMF)USD 100,0002015 – 27 Jun 2024 · IMF 2015Dominica · Citizenship by investment programme
- Property purchasemain applicant (as listed by IMF)USD 200,0002015 – 27 Jun 2024 · IMF 2015Dominica · Citizenship by investment programme
- Government feemain applicant, real estate option (as listed by IMF)USD 50,000Since 2015 · IMF 2015Dominica · Citizenship by investment programme
- Donationmain applicant, Option I, National Development Fund (NTF) (as listed by IMF, May 2015)USD 200,000Date not stated · IMF 2015Grenada · Citizenship by investment programme
- Investmentminimum investment (as listed by IMF, May 2015); no residency requirement; citizenship immediateUSD 250,000Date not stated · IMF 2015Grenada · Citizenship by investment programme
- Property purchasemain applicant, Option II (as listed by IMF, May 2015)USD 250,000Date not stated · IMF 2015Grenada · Citizenship by investment programme
- Government feemain applicant, Option I (with NDF contribution) (as listed by IMF, May 2015)USD 50,000Date not stated · IMF 2015Grenada · Citizenship by investment programme
- Government feemain applicant, Option II (with private investment) (as listed by IMF, May 2015)USD 50,000Date not stated · IMF 2015Grenada · Citizenship by investment programme
- Property rentmain applicant, annual rent (alternative to the EUR 350,000 purchase)EUR 16,000Date not stated · IMF 2015Malta · Individual Investor Programme
- Investment in shares or securitiesmain applicant, financial instruments (e.g. government bonds), in addition (as listed by IMF, May 2015)EUR 150,000Date not stated · IMF 2015Malta · Individual Investor Programme
- Property purchasemain applicant, residential property (held 5 years), in addition to the contribution (as listed by IMF, May 2015)EUR 350,000Date not stated · IMF 2015Malta · Individual Investor Programme
- Donationmain applicant, National Development and Social Fund (part of the EUR 650,000 contribution) (as listed by IMF, May 2015)EUR 455,000Date not stated · IMF 2015Malta · Individual Investor Programme
- Donationmain applicant, total official-sector contribution (70 percent to the National Development and Social Fund, the rest to central government)EUR 650,000Date not stated · IMF 2015Malta · Individual Investor Programme
- Investmentminimum investment (as listed by IMF, May 2015); residency requirement 6 months; citizenship after one yearEUR 1,150,000Date not stated · IMF 2015Malta · Individual Investor Programme
- Government feemain applicant, contribution to central government (part of the EUR 650,000 contribution) (as listed by IMF, May 2015)EUR 195,000Date not stated · IMF 2015Malta · Individual Investor Programme
- Qualifying period for citizenshipqualifying period for citizenship as listed by the IMF1 yearsDate not stated · IMF 2015Malta · Individual Investor Programme
- Required physical presenceminimum residency requirement as listed by the IMF6 monthsDate not stated · IMF 2015Malta · Individual Investor Programme
- Maximum number of applicantstotal applicants the programme may admit (cap), as described by the IMF1,800 applicantsDate not stated · IMF 2015Malta · Individual Investor Programme
- Donation to the SIDFmain applicant, Option I, National Development Fund (SIDF) (as listed by IMF, May 2015)USD 250,000Date not stated · IMF 2015St Kitts and Nevis · Citizenship by investment programme
- Investmentminimum investment (as listed by IMF, May 2015); no residency requirement; citizenship immediateUSD 250,000Date not stated · IMF 2015St Kitts and Nevis · Citizenship by investment programme
- Property purchasemain applicant, Option II (as listed by IMF, May 2015)USD 400,000Date not stated · IMF 2015St Kitts and Nevis · Citizenship by investment programme
- Government feemain applicant, Option II (with real estate) (as listed by IMF, May 2015)USD 50,000Date not stated · IMF 2015St Kitts and Nevis · Citizenship by investment programme
Timeline (6)
- IMF paper warns of risks from citizenship-sale moneyMay 2015ContextSeveral countries: St Kitts and Nevis, Dominica
- Investment Migration Council launched in GenevaOct 2014ContextSeveral countries
- IMF says Comoros' economic citizenship programme was terminated in September 2013Sep 2013ClosureComoros · Economic citizenship programme
- Citizenship-sale fund created to help economy move beyond sugar2006Rule changeSt Kitts and Nevis · Citizenship by investment programme
- Belize economic citizenship programme operating (1995-2002 per IMF)1995LaunchBelize · Economic citizenship programme
- Tonga Trust Fund set up, funded by passport sales1988ContextTonga · Passport and citizenship sales
Residence by investment
5 numbers1 programme37 rules2 events
Numbers (5)
- Applicant shareNationality: China75–80%2013 · IMF 2015Reported by othersPortugal · Golden visa
- Investment by programme investorsEUR 1.11 billion2012-10/2014-12 · IMF 2015Reported by othersPortugal · Golden visa
- Programme investment inflows as a share of foreign direct investment13%2014 · IMF 2015EstimatePortugal · Golden visa
- Applicant shareNationality: China81%2013 · IMF 2015Reported by othersUnited States · Investor visa (EB-5)
- Programme grants as a share of all grants of the same statusCategory: Annual immigration2%2013 · IMF 2015Reported by othersUnited States · Investor visa (EB-5)
Rules and prices (37)
- Investmentminimum investment (as listed by IMF, May 2015); residency 40 days/year; 5-year qualifying periodAUD 5,000,000Date not stated · IMF 2015Australia · Significant Investor visa
- Qualifying period for citizenshipqualifying period for citizenship as listed by the IMF5 yearsDate not stated · IMF 2015Australia · Significant Investor visa
- Required physical presenceminimum residency requirement as listed by the IMF40 days per yearDate not stated · IMF 2015Australia · Significant Investor visa
- Investmentminimum investment (as listed by IMF, May 2015); no residency requirement; 5-year qualifying periodEUR 500,000Date not stated · IMF 2015Bulgaria · Permanent residence for investors
- Qualifying period for citizenshipqualifying period for citizenship as listed by the IMF5 yearsDate not stated · IMF 2015Bulgaria · Permanent residence for investors
- Investmentminimum investment (as listed by IMF, May 2015); 730 days within a 5-year period; 3-year qualifying period; table note: program suspended since February 2014CAD 800,000Date not stated · IMF 2015Canada · Federal Immigrant Investor Program
- Qualifying period for citizenshipqualifying period for citizenship as listed by the IMF3 yearsDate not stated · IMF 2015Canada · Federal Immigrant Investor Program
- Required physical presenceminimum residency requirement as listed by the IMF730 days within a 5-year periodDate not stated · IMF 2015Canada · Federal Immigrant Investor Program
- Investmentminimum investment (as listed by IMF, May 2015); 730 days within a 5-year period; 3-year qualifying periodCAD 800,000Date not stated · IMF 2015Canada · Quebec Investor Program
- Qualifying period for citizenshipqualifying period for citizenship as listed by the IMF3 yearsDate not stated · IMF 2015Canada · Quebec Investor Program
- Required physical presenceminimum residency requirement as listed by the IMF730 days within a 5-year periodDate not stated · IMF 2015Canada · Quebec Investor Program
- Investmentminimum investment (main investor) as listed by the IMFEUR 10,000,000Date not stated · IMF 2015France · Residence card for an exceptional economic contribution
- Investmentminimum investment (as listed by IMF, May 2015); no residency requirement; 7-year qualifying periodEUR 250,000Date not stated · IMF 2015Greece · Golden visa
- Qualifying period for citizenshipqualifying period for citizenship as listed by the IMF7 yearsDate not stated · IMF 2015Greece · Golden visa
- Investmentminimum investment (as listed by IMF, May 2015); no residency requirement; 8-year qualifying periodEUR 250,000Date not stated · IMF 2015Hungary · Residency bond programme
- Qualifying period for citizenshipqualifying period for citizenship as listed by the IMF8 yearsDate not stated · IMF 2015Hungary · Residency bond programme
- Investmentminimum investment (as listed by IMF, May 2015); no residency requirementEUR 500,000Date not stated · IMF 2015Ireland · Immigrant Investor Programme
- Investmentminimum investment (as listed by IMF, May 2015); no residency requirement; 10-year qualifying periodEUR 35,000Date not stated · IMF 2015Latvia · Investor residence permits
- Qualifying period for citizenshipqualifying period for citizenship as listed by the IMF10 yearsDate not stated · IMF 2015Latvia · Investor residence permits
- Investmentminimum investment (as listed by IMF, May 2015); residency 146 days/year; 5-year qualifying periodNZD 1,500,000Date not stated · IMF 2015New Zealand · Investor 2 visa
- Qualifying period for citizenshipqualifying period for citizenship as listed by the IMF5 yearsDate not stated · IMF 2015New Zealand · Investor 2 visa
- Required physical presenceminimum residency requirement as listed by the IMF146 days per yearDate not stated · IMF 2015New Zealand · Investor 2 visa
- Investmentminimum investment (as listed by IMF, May 2015); residency 7 days/year; 6-year qualifying periodEUR 500,000Date not stated · IMF 2015Portugal · Golden visa
- Qualifying period for citizenshipqualifying period for citizenship as listed by the IMF6 yearsDate not stated · IMF 2015Portugal · Golden visa
- Required physical presenceminimum residency requirement as listed by the IMF7 days per yearDate not stated · IMF 2015Portugal · Golden visa
- Investmentminimum investment (as listed by IMF, May 2015); no residency requirement; 2-year qualifying periodSGD 2,500,000Date not stated · IMF 2015Singapore · Global Investor Programme
- Qualifying period for citizenshipqualifying period for citizenship as listed by the IMF2 yearsDate not stated · IMF 2015Singapore · Global Investor Programme
- Investmentminimum investment (as listed by IMF, May 2015); no residency requirement; 10-year qualifying periodEUR 500,000Date not stated · IMF 2015Spain · Golden visa
- Qualifying period for citizenshipqualifying period for citizenship as listed by the IMF10 yearsDate not stated · IMF 2015Spain · Golden visa
- Investmentminimum investment (main investor) as listed by the IMF250,000 CHF per yearDate not stated · IMF 2015Switzerland · Lump-sum taxation
- Qualifying period for citizenshipqualifying period for citizenship as listed by the IMF12 yearsDate not stated · IMF 2015Switzerland · Lump-sum taxation
- Investmentminimum investment (as listed by IMF, May 2015); residency 185 days/year; 6-year qualifying periodGBP 1,000,000Date not stated · IMF 2015United Kingdom · Tier 1 (Investor) visa
- Qualifying period for citizenshipqualifying period for citizenship as listed by the IMF6 yearsDate not stated · IMF 2015United Kingdom · Tier 1 (Investor) visa
- Required physical presenceminimum residency requirement as listed by the IMF185 days per yearDate not stated · IMF 2015United Kingdom · Tier 1 (Investor) visa
- Investmentminimum investment (as listed by IMF, May 2015); residency 180 days/year; 7-year qualifying periodUSD 500,000Date not stated · IMF 2015United States · Investor visa (EB-5)
- Qualifying period for citizenshipqualifying period for citizenship as listed by the IMF7 yearsDate not stated · IMF 2015United States · Investor visa (EB-5)
- Required physical presenceminimum residency requirement as listed by the IMF180 days per yearDate not stated · IMF 2015United States · Investor visa (EB-5)
1 more row from this document is in the source data but not on this site: numbers we would have had to work out ourselves, figures a later correction replaced, or programmes outside these datasets.
About the document
What it covers Cross-country overview of CBI/RBI programs and a table of minimum investments (May 2015); CBI fee receipts in St Kitts and Nevis (~13% of GDP) and Dominica (3.4% of GDP) in 2013; inflows to SIDF (~12% of GDP in 2013); SIDF operations 2007-13 (Box 5); SIDF created 2006; FinCEN advisory and Canada visa requirement 2014.
Notes Working paper: views of the authors, not IMF policy. Printed page numbers are cited in some rows (PDF page = printed + 1); each row's location says which. Formerly also registered as dma-imf-wp-15-93 and kna-imf-wp-15-93 (same file, SHA-256 5590620c...); those ids were merged into this one.
Source id intl-imf-wp-15-93 · accessed 28 Sep 2026