Currency fluctuations and increasingly rigorous compliance requirements remain the biggest challenges facing high-net-worth individuals (HNIs) pursuing Citizenship by Investment (CBI) programmes.
This is according to the Managing Director of Passport Legacy Nigeria, Weyinmi Oritsejafor.
Speaking in an interview with Nairametrics, Oritsejafor said that while demand for second citizenship remains strong among wealthy Nigerians seeking greater global mobility and long-term wealth planning opportunities, applicants must be prepared to navigate foreign exchange volatility and stringent due diligence processes.
What they are saying
Oritsejafor acknowledged that exchange rate fluctuations can significantly affect applicants, given that most CBI programmes require investments in foreign currency.
However, she noted that many of Passport Legacy’s clients have diversified income streams and international financial exposure, which helps mitigate the impact of currency movements.
- “Currency volatility is certainly something we contend with in this industry. However, many of our clients have a global outlook, and their income is not necessarily domiciled in Nigeria. Some fund their applications directly from foreign bank accounts,” she said.
She added that Nigerian banks have proven more efficient than many people assume when processing investment migration transactions, with exchange rate instability remaining the primary concern.
- According to her, most prospective applicants have already factored currency risks into their planning before embarking on the citizenship process.
- Beyond currency concerns, Oritsejafor identified compliance and due diligence requirements as another major hurdle for applicants.
She explained that while scrutiny of Nigerian applicants has not necessarily increased, citizenship-by-investment programmes globally have adopted strict standards regarding source-of-funds verification and anti-money laundering (AML) compliance.
- “Whatever information you provide must be backed by documentary evidence. Every claim made during the application process must be substantiated,” she said.
Using real estate wealth as an example, she noted that applicants claiming property investments as their primary source of wealth must provide verifiable documentation to support such claims.
She also emphasized the importance of compliance with anti-money laundering regulations, describing due diligence procedures as highly rigorous across leading CBI jurisdictions.
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Citizenship-by-investment programmes have continued to be dominated by Caribbean nations.
- According to the 2023 Citizenship by Investment Index, St. Kitts and Nevis ranked as the world’s leading CBI destination, followed by Dominica, Grenada, Saint Lucia, and Antigua and Barbuda.
St. Kitts and Nevis achieved the highest overall score in the index, reinforcing the Caribbean’s position as the most competitive region globally for investment migration programmes.
More insights
Oritsejafor also addressed what she described as one of the most common misconceptions among Nigerians considering investment migration.
According to her, citizenship-by-investment programmes are often incorrectly viewed as a means of permanently relocating abroad.
- “The biggest misconception we encounter is the belief that investment migration is a relocation or ‘japa’ programme. That is not what citizenship by investment is about,” she said.
She explained that most clients seeking second citizenship are already successful and deeply rooted in Nigeria, using additional passports primarily to enhance travel freedom, improve family opportunities, and strengthen wealth planning strategies.
- “These individuals are not necessarily looking to leave Nigeria. They are looking for tools that make international business, travel, and family planning easier,” she added.
Another misconception, according to Oritsejafor, is the belief that investment amounts paid under CBI programmes are retained by migration agents.
She clarified that minimum investment thresholds are established by the governments of participating countries and that agents merely facilitate the application process.
- “Each jurisdiction determines its own minimum investment requirement. If a country sets a threshold of $250,000, that amount goes into the approved government programme. We are marketing and advisory agents; we do not determine the investment amounts,” she said.
According to Oritsejafor, demand among Nigerian investors has shifted over the past 18 months from Antigua and Barbuda and Saint Lucia to Grenada and St. Kitts and Nevis, largely due to faster processing times.
She noted that approvals in some jurisdictions now take as little as three to seven months, compared with waiting periods that previously stretched to nearly two years.
The main motivations driving demand remain visa-free travel opportunities, wealth preservation, succession planning, and improved educational and business prospects for applicants’ families.
What you should know
One of the most attractive programmes for Nigerians remains Grenada’s citizenship-by-investment scheme, which offers access to the United States E-2 Investor Visa programme.
- According to data released by the Investment Migration Agency (IMA), Nigerians accounted for 16% of all Grenada citizenship-by-investment applications received in the fourth quarter of 2025, making Nigeria the largest source market during the period.
- China followed with 12% of applications, while Iraq accounted for 9%. The United States contributed 7%, Pakistan 5%, while Egypt, India, Lebanon, Vietnam, and Türkiye each represented 3%.
Applicants from countries including Libya, Kenya, Sudan, Iran, Saudi Arabia, Morocco, New Zealand, and Ghana collectively accounted for the remaining 19%.
