Europe is coming for the passports Nigerians spend millions to get

In early June, Bidemi Sonoiki, Grenada’s Honorary Consul in Nigeria, disclosed during a press conference in Lagos that the small island nation in the eastern Caribbean was set to give Nigerian entrepreneurs, investors, and professionals easier access to the Caribbean following the country’s decision to grant visa-free entry to Nigerians as part of efforts to deepen economic and business ties between both countries.

According to him, the visa-free arrangement presents a compelling opportunity for Nigerian investors and entrepreneurs looking to access new markets beyond Africa.

While the initiative was scheduled to commence the following month in July, there is a related but separate shift underlying that announcement which, in many ways, is far more significant than gaining visa-free access to a Caribbean country.

That shift is Grenada’s citizenship-by-investment (CBI) programme, which many wealthy Nigerians have increasingly used as a gateway to greater global mobility, including easier access to Europe and other major markets.

Why wealthy Nigerians are buying Caribbean passports

That same month as Sonoiki’s widely welcomed press conference in Nigeria’s commercial hub, the European Union issued a directive giving five Caribbean nations — Antigua and Barbuda, Dominica, Grenada, Saint Lucia, and Saint Kitts and Nevis — just two years to reform or phase out their lucrative citizenship-by-investment programmes or risk losing visa-free access to the bloc.

Citizenship-by-investment programmes allow foreigners who invest in a country’s economy — either through real estate purchases or direct donations to the government — to obtain citizenship and a passport that grants visa-free or visa-on-arrival access to more than 140 countries and territories, including at least 25 of the 27 European Union member states. The minimum investment typically starts at around $200,000.

For Nigerians, whose passport provides visa-free access to only about 44 countries, most of them within Africa, the prospect of gaining access to more than 140 countries and territories has fuelled growing interest among entrepreneurs, investors, and affluent families seeking greater mobility and access to global opportunities.

To understand the growing demand for Grenadian citizenship, Nairametrics spoke exclusively with Neringa Bulakiene, co-founder of Migronis, an international advisory firm that helps high-net-worth individuals obtain second citizenship and residency permits through investment. Bulakiene has spent about 15 years advising clients on global mobility and investment migration.

• “The primary driver why Grenada has become a primary target for most Nigerians is mobility. It is not about the tax environment or lifestyle, but the weakness of the passport,” she told Nairametrics during a call that was also joined by the firm’s Chief Operating Officer, Anastasia Zapevalova.

She continued:

• “As I’m sure you are aware, by global ranking, the Nigerian passport has visa-free access to approximately 44 countries, which is pretty low. Because of their rejections, people lose accessibility for their kids to study, for medical treatments, or for business.”

Nigeria’s limited passport mobility is compounded by the high rate of visa rejections. Nigerians recorded one of the highest Schengen visa rejection rates in the world in 2024 at 45.9%, far above the global average refusal rate of 14.8%.

• These rejections come with a significant financial cost. African visa applicants, who recorded the highest rejection rates globally in 2024, lost an estimated €60 million (about $67.5 million) in non-refundable Schengen visa fees after their applications were rejected, according to an analysis of official European Commission data.

To circumvent these constraints, many wealthy Nigerians have increasingly turned to Grenada and other Caribbean countries.

• In February, Nairametrics reported that Nigeria recorded the highest number of Grenada citizenship applications for the fourth quarter of 2025, accounting for 16% of all applications received year-to-date, the largest share among applicant countries.

Nigeria was followed by China (12%), Iraq (9%), the United States (7%), and Pakistan (5%).

• “To sum it up, the demand for a Grenada passport among Nigerians is driven by business travel, education, and the ability to move with their families without restrictions,” Anastasia added.

The real cost of obtaining a Grenada passport

Accessing the benefits of a Grenada passport — including visa-free travel to the Schengen zone, the United Kingdom, China, and eligibility for certain U.S. investment pathways — comes with a substantial financial commitment.

• Grenada’s citizenship-by-investment programme offers two options. The first is a one-time donation to the government, starting at $235,000 for a family of four. The second is a real estate investment, which starts at $270,000.

For the real estate option, investors are generally required to hold the property for five years, after which they may sell it on the open market or, in some cases, back to the developer.

Grenada is not the only country that has attached a price tag to residency or citizenship.

• In December 2025, U.S. President Donald Trump introduced a new immigration programme that offers wealthy foreigners a fast-track route to U.S. residency in exchange for a $1 million contribution.
• Under the programme, applicants must first pay a $15,000 Department of Homeland Security processing fee and undergo background checks before becoming eligible to make the $1 million contribution.

As of May 2026, only one applicant had been approved after making the contribution, although 338 people had expressed interest and 165 had already paid the processing fee, according to the Department of Homeland Security.

Caribbean nations push back against EU pressure

In a joint statement seen by Nairametrics, the Heads of Government of the participating Eastern Caribbean states criticised the European Union for imposing constraints on the implementation of their citizenship-by-investment programmes, warning that the proposed changes could have serious economic consequences for their countries.

• “Citizenship by Investment programmes have become an important pillar of economic resilience and development financing for small island developing nations. Revenue generated through these programmes has supported critical investments in climate resilience, disaster recovery, infrastructure, housing, healthcare, education, and fiscal stability.
• “These programmes have enabled our countries to respond to extraordinary external shocks while reducing dependence on unsustainable borrowing and preserving macroeconomic stability,” the statement read in part.

The economic benefits these nations derive from citizenship-by-investment programmes are well documented. While the programmes provide Nigerians with opportunities that their passports would not ordinarily offer, the Caribbean nations are also benefiting significantly from the inflow of investment.

In 2025, one estimate suggested that Grenada’s citizenship-by-investment programme attracted about $135 million in investments. In Dominica, the programme generated more than 30% of GDP in 2022.

However, the EU has expressed growing concerns.

In its Eighth Report under the Visa Suspension Mechanism, seen by Nairametrics, the European Commission argued that citizenship-by-investment programmes could allow individuals to bypass standard security screening procedures and gain access to the Schengen area.

• “Visa-free countries operating investor citizenship schemes pose inherent security risks by potentially allowing third-country nationals who would otherwise be subject to visa requirements to bypass standard checks and gain access to the Schengen area through the acquisition of citizenship,” the report stated.

The Commission’s concerns are not merely theoretical.

Over the years, the five Caribbean countries are estimated to have collectively issued about 107,000 passports, including 13,113 in 2023 and 10,573 in 2024.

• Rejection rates have remained exceptionally low. Antigua and Barbuda recorded a rejection rate of 1.7%, while Saint Lucia and Dominica recorded rejection rates of 5.3% and 6.5%, respectively.

The pressure on Caribbean programmes also reflects a broader global trend.

In recent years, several countries have begun scaling back or tightening investment-based migration pathways. Spain ended its Golden Visa programme in 2025, Portugal removed the real estate investment option from its residency programme in 2023, and several European countries have introduced stricter immigration and investment migration rules.

For Anastasia, there is little evidence that these restrictions will ease anytime soon.

• “The era of ‘one passport solves everything’ is almost gone,” she said, arguing that wealthy individuals are increasingly combining multiple residencies and citizenships to diversify their global mobility options.

For Nigerians seeking greater access to international markets, education, healthcare, and business opportunities, one deadline stands out: the European Union has given the five Caribbean nations until June 1, 2028, to reform or phase out their citizenship-by-investment programmes.

For many wealthy Nigerians, the window for buying a second passport that unlocks broader global mobility may be narrowing. (Nairametrics)