Argentina has suspended the practical launch of its citizenship-by-investment program following the cancellation of an international tender to select a consultant tasked with developing and implementing its operational model. The country’s Ministry of Economy has canceled the tender for consulting and technical services for the Citizenship by Investment program, according to official tender documents.
This does not involve the repeal of the program’s legal framework, but rather a suspension of its launch. The basis for the mechanism was previously established by Argentine President Javier Milei’s Decree No. 524/2025. The document allowed foreigners who had made a “significant investment” to apply for Argentine citizenship through a special agency under the Ministry of Economy.
To prepare for the practical launch, the authorities announced an international tender in December 2025 for “consulting and technical services” for the Citizenship by Investment program. It is this tender that has now been canceled.
Sources familiar with investment migration note that following the cancellation of the tender, the program’s parameters—including final investment requirements and launch dates—have once again become uncertain.
It was previously expected that Argentina would become one of the first countries in Latin America with a distinct citizenship-by-investment model. However, the launch will now likely be postponed at least until the organizational structure is revised and a new operational model for the program is selected.
According to the Relocation project, the Paraguayan government has launched the new Paraguay Investor Pass program, which allows foreign investors to obtain permanent residency directly, without a prior temporary residency phase. According to the country’s official authorities, the program offers several investment options. To obtain permanent residency, foreigners can invest $150,000 in tourism projects or $200,000 in real estate or the Paraguayan stock market.
The program will be administered through the SUACE single-window system under the Ministry of Industry and Trade. Most of the procedure has been digitized, while in-person visits will be required primarily for obtaining an identity card.
The Paraguayan government expects that the new scheme will increase the country’s appeal to foreign capital and simplify the relocation of investors interested in launching or developing projects locally.
The government cites tax benefits for residents as an additional incentive. Specifically, the dividend tax rate for residents has been reduced from 15% to 8%.
According to official data, Paraguay issued 40,600 residence permits last year, with the majority going to Brazilian citizens. The government expects a further increase in the number of residency permits in 2026.
The new program may contribute to capital inflows primarily into tourism, real estate, and the financial sector, as well as increase foreign investors’ interest in Paraguay as one of the relatively affordable jurisdictions for obtaining permanent residency through investment.
According to Open4business, the Caribbean nation of Saint Lucia has seen a sharp increase in interest in its citizenship by investment program. In the 2023/2024 fiscal year, 5,642 applications were submitted under the Citizenship by Investment Program (CIP), which is 424% more than the previous year, when there were 1,076. This is stated in the program’s official statistics and annual report.
According to the report, the number of approved applications rose to 1,171 compared to 544 the previous year, while the number of rejections was 77 compared to 8 in the prior period. At the same time, the volume of applications in a single fiscal year exceeded the cumulative total of all previous years of the program’s operation, which was estimated at 2,768 applications over seven years.
The financial impact on the country was also significant. Program revenues reached 240.3 million East Caribbean dollars, or approximately $89 million, which is nearly four times higher than the previous year’s level. The bulk of the revenue came from due diligence fees and administrative charges, primarily related to real estate investments.
Thus, Saint Lucia has become one of the most dynamic players in the investment citizenship market in the Caribbean. At the same time, such a sharp surge may heighten scrutiny of the quality of due diligence, application processing times, and the sustainability of the model itself, especially given that certain Western countries have been taking a tougher stance on “passport-for-investment” programs in recent years. This conclusion is based on official program statistics and the market context described by industry publications.
Saint Lucia is an island nation in the eastern Caribbean and a member of the British Commonwealth. The country uses the East Caribbean dollar, and its economy relies primarily on tourism, real estate, and external services. The citizenship-by-investment program has been in effect here since 2015 and has become one of the tools for attracting capital to state funds and approved development projects.
Last year, the enterprises of the Lviv-based “Elektron” Group invested 58 million UAH in development, more than double the amount invested in 2024 (28 million UAH), according to a report on the group’s website.
“In 2025, the company’s enterprises invested 58 million UAH in development. Capital investments amounted to 50 million UAH, current investments to 8 million UAH, with accrued depreciation of 26 million UAH,” the report states.
The year before last, out of 28 million UAH in investments, capital investments amounted to 23 million UAH, and current investments to 5 million UAH.
One of the largest investments in 2025 was the production by the “ElektronMash” plant of a demonstration model of an electric bus (12 m).
“This electric bus will be used to showcase the plant’s capabilities, but may be sold in the future,” the concern noted.
In total, capital investments by the “ElektronMash” plant amounted to 24.4 million UAH.
The second-largest investments (11.2 million UAH) were made by the Innovation and Industrial Enterprise “Elektron” (formerly “Elektron Leasing”), whose main specialization is real estate leasing services. The funds were mostly invested in building renovations.
More than 7 million UAH was invested by the manufacturer of heaters and heat exchangers for vehicles, the Sferos-Electron joint venture, specifically in accounting software (1.7 million UAH), repairs to production equipment and presses (2.2 million UAH), and the purchase of new equipment—a stacker, a liquid cooler, a hydraulic table, and compressor units (2 million UAH).
As reported, in 2025, “Sferos-Electron” recorded the highest sales and profit among the group’s enterprises, increasing net revenue by 15%—to 250 million UAH—and net profit by more than 45%—to 43 million UAH.
The Electronpobutprylad (EPP) plant, which manufactures electric drives and motors, received nearly 6.3 million UAH in investments, primarily for the preparation of new production facilities (5.5 million UAH).
The report notes that by 2026, EPP’s main production of all motors will be located in modern facilities with space reserved for expanding the range of existing and new motor types. In particular, a metalworking shop with an area of up to 2,000 square meters has been built and is being commissioned, and new automatic presses and CNC machines are being installed.
The “Elektron” television plant, with total investments of 4.63 million UAH, developed computer software for trolleybuses and adapted electronic systems for vehicles. Significant investments were made in the repair and restoration of buildings (3.5 million UAH).
NVP “Elektron-Karat,” a developer of production technologies and a manufacturer of materials for nano- and microelectronics, sensor technology, and information technology, invested nearly 2.4 million UAH in development.
The report notes that a 95 kW grid-connected solar power plant was installed on the roofs of one of the “Elektron-Karat” buildings to increase the company’s energy independence. The cost of the work amounted to 1.35 million UAH, with a payback period of 2.5 years.
The “Elektron” Concern comprises 12 enterprises, as well as the parent company, PJSC “Concern-Elektron.”
As reported, JSC “Concern-Electron” (Lviv) ended 2025 with a consolidated net profit of 17.22 million UAH, which is 3.3 times less than the corresponding figure for 2024; net revenue decreased by 10.4% to 671.1 million UAH.
The European Bank for Reconstruction and Development (EBRD) is building a portfolio of private investments in renewable energy and battery energy storage systems (BESS) in Ukraine for 2026, with a total capacity of over 1 GW.
“The EBRD is building a portfolio for 2026 and plans to support such transactions as early as this year,” the EBRD’s Ukraine Facebook page reported on March 24.
Specifically, the EBRD plans to attract investors to projects involving the construction of approximately 570 MW of wind power plants, 240 MW of solar generation, and 230 MW of storage systems.
“All these projects are private investments. As Arvid Türkner, the EBRD’s Head of Operations in Ukraine and Moldova, emphasizes, private sector participation is critical,” the statement noted.
As the EBRD emphasized, this is precisely why RAMP UP was created—a joint initiative of the EBRD and the World Bank that stabilizes revenues from renewable energy and unlocks large-scale private investment.
“The goal is to accelerate the sector so that Ukraine’s potential can be harnessed as soon as conditions improve. The first auctions are expected in 2026,” the bank states.
Turkey is streamlining certain administrative procedures for foreign investors participating in the citizenship-by-investment program, while the basic eligibility requirements for the program remain unchanged. The most popular option still involves purchasing real estate worth at least $400,000 with a commitment not to sell the property for three years; alternative routes include a bank deposit, the purchase of government bonds, stock market investments, or fixed capital investments starting at $500,000.
According to industry consultants, in 2026 the program continues to operate without requiring long-term residence in the country or a language exam, and the total processing time for citizenship is typically about six months after investment confirmation. Market participants cite clearer and more centralized coordination of procedures through investment and immigration authorities as one of the practical simplifications, which reduces some of the bureaucratic burden on applicants.
Interest in the Turkish program remains steady amid overall foreign demand for local real estate, although the market itself cooled significantly in 2025. According to Daily Sabah, citing official statistics, foreigners purchased 21,534 residential properties in Turkey in 2025—the lowest figure in nine years.
Russian citizens led the list of buyers, followed by Iran, Ukraine, Germany, and Iraq. The top 10 also included Azerbaijan, Kazakhstan, China, Saudi Arabia, and Afghanistan.
