Dwayne Chauhan, Group CEO of Vancis Capital.
I’ve spent years in the investment migration space advising families, speaking with ministers and, yes, going through naturalization processes myself. From that vantage point, I can tell you this industry is at an inflection point.
From a niche understood by a select few, it’s become mainstream. Applications are up, awareness is widespread and the stakes (for applicants and host nations) are far higher.
That visibility is a blessing and a curse. Done right, second citizenship is profoundly positive: It diversifies families’ opportunities, channels capital into productive projects and supports local communities.
Done poorly, though, it breeds cynicism, invites regulatory scrutiny and undermines the very passports it issues. The industry, as we know it, has had a good run. Now it needs to grow up.
What Went Wrong (And Why It Matters)
Let’s be honest about how we got here. Marketed shortcuts (with words like “quick,” “guaranteed,” “buy a passport”) quickly diluted the true value of citizenship. The message to clients became: Pay, receive passport, full stop. That’s not how citizenship works, and I’ve seen how the attitude that formed around it has weakened both programs and the public’s perception of them.
Governments share responsibility. Many haven’t set hard caps on the annual number of applicants. And too few have designed options that are attractive investments rather than donations at ever-higher price points.
People are committing hundreds of thousands of dollars, even with long waits and limited clarity. It works, for now. But to turn today’s demand into lasting value (not just transactions), I believe we have to raise the bar.
I’d like to see new, high-quality investment opportunities with a defined exit, solid risk controls and a transparent link to local impact.
I believe we also need to emphasize the human element. Mailing passports like a consumer product cheapens the process. Citizenship is identity. It should be felt. Witnessed, even.
When new citizens can’t point to their country on a map or pronounce it properly, that signals we’ve skipped the education and the ceremony that builds respect among citizens—old and new.
What Better Looks Like
I often point to elements of European residency-by-investment programs that have matured faster on the investment side: regulated funds with bankable strategies, clear exit routes and a basic expectation that you’ll engage with the country.
You don’t have to move permanently, but you need to show up. We can learn something from this. Here’s what I’d advise any citizenship-by-investment (CBI) program today:
1. Upgrade The Investment Menu
I think we need to move beyond donations as the default. Let’s build credible options: regulated funds in clean energy, infrastructure or local businesses; structured real assets with audited reporting; co-investment vehicles that crowd in both local and foreign capital.
2. Put The Human Back In The Process
We can continue to use technology, but we should also incorporate human assessment to determine the best fit, set clear expectations and educate applicants about the country they are joining, including its local norms and rights. This isn’t about gatekeeping; it’s about ensuring that applicants respect the country in which they are applying for citizenship.
3. Require At Least One Visit
After approval-in-principle, invite applicants to naturalize in person. It adds friction, yes. But I also believe it creates connection. And it opens real economic doors: Many new citizens will explore business, real estate or philanthropic opportunities once they’ve set foot on the ground.
4. Synchronize CBI With Investment Promotion
Too often, I see the citizenship unit and the department for foreign direct investment work in silos. Every approved applicant is a relationship opportunity. Set up non-program meetings with sector leaders (energy, tourism, agriculture). Make introductions. Some of those conversations will inevitably lead to jobs, taxes and exports.
5. Tighten Market Conduct
Enforce standards on advertising, fee transparency and claims. Ban “guaranteed” language. When the rules are clear and enforced, reputable firms can better thrive.
6. Speed With Integrity
I find regions like the Caribbean are already strong on due diligence. We should keep it rigorous across programs. And make it faster. If there’s a backlog, we should stop adding new files until we’re caught up. Publish service-level targets to help with accountability.
Why This Matters To Locals (Not Just Applicants)
Citizenship programs must be win-win. If locals see only donations disappearing into general revenue, support will erode. If, instead, they see funded solar assets lowering energy costs, or an upgraded hospital wing, the social support strengthens.
That’s why the investment architecture should be the core. It’s also why language matters. When the conversation is framed as “buying a passport,” everybody loses. You don’t buy citizenship. You apply. You’re vetted. You invest.
And if approved, you join a community (with rights and responsibilities included). Agents, governments, and clients all have a role in restoring that mindset.
I’ve naturalized. I’ve felt the weight of a citizenship certificate in my hands. That moment is humbling.
It changes how you carry the passport and how you speak about the country. We should design programs to create more of those moments, not fewer. The ceremony is not bureaucracy; it’s nation-building.
The Path Forward
Investment migration can (and should) be a durable part of modern economies. It diversifies revenue, attracts talent and integrates countries into global networks.
But durability requires discipline: clear rules and transparent numbers, attractive investments with stronger governance, human-centered processes that teach as much as they assess and a joined-up state that turns approved applicants into long-term partners.
If we make those changes, I am certain we’ll see sentiment shift, visa relationships stabilize and demand return—at healthier price points and with far better outcomes for host nations.
If we don’t, programs risk drifting into the “quick and cheap,” with everyone (from border officers to honest applicants to local citizens) paying the price.
This industry has had a good run. Now it needs to earn its next chapter. I’m optimistic we can, and I’m committed to helping make it happen.
Forbes Business Council is the foremost growth and networking organization for business owners and leaders. Do I qualify?