Nigerians and other nationals are eligible to invest in Sao Tome’s new citizenship-by-investment program (CIB) with $90,000 targeted at development initiatives such as renewable energy, housing and others.
The program, officially launched on August 1, is the newest pathway to second citizenship in the global market.
Although a Central African country, Nigerian passport holders need a visa to São Tomé.
However, with a São Tomé passport, visa free access is given to 61 countries including South Africa, Kenya, Rwanda, Zambia in Africa; the Americas such as Ecuador, Costa Rica, Panama, Nicaragua; and Asian countries such as Hong Kong, Singapore and Malaysia.
Others are access to visa-on-arrival countries like Egypt, Ethiopia, Ghana and Tanzania.
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Applications will be accepted in early September. Notably, the program promises a six-week processing time frame and will be administered by a newly formed Citizenship Investment Unit (CIU) operating out of Dubai, to ensure speed and accessibility.
The government has set a processing time of six weeks, with the CIU accepting applications in the first week of September.
Alfredo Trinidade, head of the government’s Promotion, Commerce and Investment Agency (APCI), explains the broader vision of the investment programme, noting,“These funds will flow directly into renewable energy first, then expand into housing, education, and extensive socioeconomic and infrastructure projects, including road development.”
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Trinidade emphasises the collaborative development process that shaped the final product. “The government issued a tender and listened to experienced professionals in the investment migration industry, and we shaped this program to benefit everyone involved: The clients, the agents, the government, and most importantly, the people of São Tomé and Príncipe.”
According to Trinidade, the private-public partnership (PPP) model of the program will enable the government maintain its standards while leveraging private sector agility.
São Tomé and Príncipe CBI program fees
The program requires a submission fee of $5,000 regardless of family size. Upon receiving Approval in Principle, single applicants pay a $90,000 donation. Families of two to four members pay $95,000 total, and each additional dependent incurs a US$5,000 donation.
Qualifying dependents include spouses, children up to 30 years old who remain unmarried and financially dependent, and parents above 55 years old. Adding future dependents requires paying submission costs again, plus $10,000 for spouses and $5,000 per additional qualifying dependent upon receiving Approval in Principle. Newborn children cost $500 to include.
Additional costs apply upon approval, which are $350 for passport fees, $150 for national ID, and $250 for certificate of registration per person.
The program does not have any interview requirements or residency obligations, following the biometric-based model used in previous iterations of the Caribbean CBI programs.
How the funds will be invested
The donations will go into a National Transformation Fund, which will then support local projects. The first key enterprise on the island will be a renewable energy infrastructure project, which will serve as the lighthouse project in the region, as it will enable the entire country will run on renewable energy.
Trinidade anticipates “genuine trickle-down benefits that will create jobs, increase foreign direct investment, strengthen the electrical grid, and support local businesses throughout the island economy.”
He positions the program for discerning clients who “Understand the true value of second citizenship and the comprehensive benefits of dual nationality beyond simple global mobility, including legal tax restructuring, global diversification, estate planning, business expansion opportunities, political risk mitigation, and enhanced privacy protection.”
Agents receive a flat $20,000 commission regardless of family size and can add their own office fees.
The government plans to establish a São Tomé embassy in Abu Dhabi, athough the UAE-based citizenship investment unit will handle passport renewals until then.
