…Mauritius, Ethiopia,São Tomé and Príncipe launched in 2026
Africa’s investment migration market is expanding rapidly as a growing number of nations introduce or prepare new residency and citizenship-by-investment (RBI and CBI) programmes, also known as golden visas.
These initiatives offer foreign investors residence or citizenship rights in exchange for real estate purchases, foreign capital injection, or passive wealth deployment. In the first half of 2026 alone, nations such as Mauritius, Ethiopia, and São Tomé and Príncipe launched active golden visa frameworks, whilst similar proposals in Botswana, Kenya, Namibia, and Nigeria continue to work their way through legislative channels.
The momentum behind this continent wide policy shift is driven by distinct national strategies designed to attract foreign capital and expand the pool of high net worth individuals. Mauritius launched its $1 million Golden Visa in May 2026, while Ethiopia introduced an Investor Residency Programme requiring investments of up to $10 million, or $5 million for projects meeting specific job creation criteria.
In Central Africa, São Tomé and Príncipe entered the citizenship by investment market in late 2025 with a direct route starting at $90,000, issuing its first passport under the scheme in January 2026. Meanwhile, Botswana unveiled its proposed Impact Citizenship Programme targeting contributions between $75,000 and $95,000, though its full rollout remains subject to enabling legislation and application infrastructure. Namibia is likewise reviewing its Desert Visa scheme in Cabinet alongside a pending Migration Control Bill, even as investors currently access residency via existing investment provisions from $316,000.
Read also: Digital innovation, financial reforms key to closing Africa’s $100bn trade finance gap
Golden visas emerge as aid declines
This policy surge comes at a time when traditional foreign aid is dropping sharply. Between 2016 and 2025, total United States (US) foreign assistance to Africa reached $120.9 billion, with Ethiopia receiving the largest share at $638.8 million.
However, disbursements fell by 35 per cent last year to $7.86 billion from $12.1 billion in 2024, creating severe budget shortfalls across the continent.
Analysing how the decline in bilateral aid is driving governments toward alternative non-debt financing, Oluyemi Adeosun, PhD, an economist, observed that Western nations are increasingly redirecting funds toward domestic priorities. Adeosun noted that this reduction forces developing countries to seek non-debt capital inflows. “The sharp reduction and reallocation of foreign aid by the US and EU toward domestic issues have created severe fiscal shortfalls for recipient nations,” Adeosun said. “A single $200,000 citizenship investment, for example, generates immediate foreign exchange inflows without the heavy repayment obligations associated with traditional loans or issuing Eurobonds at double digit interest rates.”
Drawing parallels with Southern Europe and the Caribbean, where schemes in Portugal and Malta generated billions of Euros to clear surplus property and fund public works, Adeosun nevertheless cautioned that international bodies like the EU and OECD are tightening scrutiny over financial transparency and money laundering risks. “The global investment migration sector remains caught in an ongoing tension between cash strapped nations relying on alternative capital to offset falling foreign aid and major international powers enforcing strict regulatory compliance,” Adeosun added.
Read also: The 10 most expensive golden visas in the world
Investment migration and economic diversification
For economies reliant on a single commodity, investment migration offers an essential way to diversify and fund key projects. Addressing Botswana’s diamond dependent economy, which contracted by 3 percent in 2024 amid rising demand for lab grown alternatives, President Duma Boko emphasized that the Impact Citizenship Programme could secure the country’s long term financial stability by reducing reliance on mineral exports.
Elaborating on the broader economic benefits of such capital for national priorities, Armand Arton, chief executive officer of Arton Capital, noted that targeted investment schemes provide multi-sectoral support. Arton explained that funds raised through golden visas are expected to support housing, luxury tourism, renewable energy, mining, and financial services, thereby attracting foreign capital and skilled talent to help diversify local economies beyond raw materials.
Foreign capital supports property and infrastructure
Beyond national budget support, investment migration schemes play a vital role in sustaining local property markets and funding social infrastructure amid rising living costs.
Highlighting how foreign capital can revitalise construction sectors when local purchasing power wanes, Jennifer Oyelade, an international workforce and talent specialist, pointed out that investor-focused programmes keep property developments moving. “With inflation costs going up, people are not really able to save for deposits anymore,” Oyelade explained, noting that foreign investors purchase properties outright or with limited borrowing for commercial use, long-term rentals, or holiday accommodation. “Whether they use them commercially or whether they use them as a buy to rent scheme, or whether they live in them as holiday homes or turn them into Airbnbs, the finances are just circulating around,” Oyelade said. Oyelade added that capital generated from these investments allows governments to channel funds into wider infrastructure or affordable social housing initiatives.
African wealth shifts towards capital retention
From an intra continental trade perspective, these schemes mark a shift from wealth protection to active capital retention and easier movement across African borders. Examining this evolution in investor sentiment, Chidinma Okebalama, director for Africa at Multipolitan, observed that African governments are actively positioning themselves as destinations for productive capital. “Historically, African HNWIs sought foreign Golden visas to hedge against passport restrictions, currency volatility and domestic political risk; today, African governments are turning the table,” Okebalama noted.
Okebalama emphasised that countries are tailoring schemes to specific economic priorities, such as Mauritius directing funds into fintech, green energy, and technology, while simultaneously making cross-border operations smoother under regional trade frameworks. “For African business owners, these programmes can also reduce cross border banking and visa friction by providing a stable operating base, easier banking access and greater executive mobility. As the AfCFTA deepens continental integration, Golden Visas can complement this by helping regional business leaders establish operations, move management teams and deploy capital across borders,” she added.
Read also: Ethiopia sets $10m entry bar for Golden Visa programme
Competition drives adoption
This shift is further accelerated by global market maturation and growing competition. Outlining the strategic motivations attracting African governments to investment migration, Weyinmi Oritsejafor, managing director (Nigeria) at Passport Legacy, emphasised the role of capital mobilisation, soft power, and established market standards. “RBI and CBI programmes offer African governments a fast, low friction way to attract hard currency without taking on new debt,” Oritsejafor stated.
She added that African nations are benefiting from mature frameworks developed in the Caribbean and the Gulf, which offer strong due diligence and escrow structures. “Beyond capital, running a programme signals that a country is investment ready and can strengthen its soft power through stronger passports, visa free travel negotiations and diaspora engagement,” Oritsejafor noted, adding that regional competition is driving adoption as nations seek to keep capital within the continent.
EU scrutiny raises governance concerns
There is growing scrutiny of CBI schemes in general, even as African countries increasingly explore these programmes to attract foreign capital without offering an immediate passport.
Recently, the European Union (EU) gave five Caribbean countries until June 1, 2028, to phase out their CBI programmes or risk losing visa-free access to the Schengen area. The countries affected are Antigua and Barbuda, Dominica, Grenada, Saint Kitts and Nevis, and Saint Lucia.
The EU’s concerns centre on weak due diligence, limited residency requirements and security risks associated with granting citizenship to investors without a substantive connection to the country. The bloc has also raised concerns about the nationality profile of applicants from countries such as Nigeria, as well as China, Russia, Syria, Iran, Iraq, Yemen and Libya.
Stronger regulation needed
Hence, the long-term success and credibility of African golden visas will ultimately depend on institutional integrity and clear legal oversight. Contextualising the governance needed to prevent system abuse, Idowu Durosinmi-Etti, partner at Fenchurch Associates, stressed the urgent need for legal and institutional reform. “New legislation will have to be effected in these African countries and where there is some legislation it should be studied and amended where necessary as things have evolved,” Durosinmi-Etti cautioned.
Durosinmi -Etti concluded that because public institutions across the continent can be vulnerable to weakness and misuse, legal frameworks and regulatory oversight must be substantially strengthened to ensure these programmes deliver real economic value.
