São Tomé and Príncipe’s Citizenship by Investment (CBI) program has completed its first year of operation, recording strong demand but also highlighting delays between application approval and the issuance of citizenship documents and passports. According to the Citizenship by Investment Unit’s (CIU) first-year report dated September 1, 2026, the program received 548 applications, approved 350, and rejected 12, while 186 applications remained under processing.

Strong Demand During the First Year

During its first year, São Tomé and Príncipe’s CBI program received 548 applications. Of these, 350 were approved, 12 were rejected, and 186 remained in process at the time of the report.

The government therefore approved approximately 64% of all applications, while around one-third remained in the pipeline. The rejection rate stood at approximately 2%.

Fast Application Processing, but Delays After Approval

The program reported an average processing time of approximately two months, with the fastest application being approved in just 26 days.

However, the issuance of citizenship documents and passports has not progressed at the same pace as application approvals. Of the 350 approved applications, only 117 citizenships had been granted and 29 passports had been issued. The CIU attributed the backlog to post-approval procedures, coordination between government institutions, and limited office capacity in São Tomé. Each successful application requires four government documents: a birth registry entry, a national identity card, a citizenship certificate, and a passport. The involvement of three different departments means that errors or delays at any stage can affect the overall timeline.

National Transformation Fund Contributions

Approximately half of the 350 approved applications had completed their qualifying contribution payments. These contributions generated more than US$9.8 million for the National Transformation Fund (NTF).

The average amount generated per funded application was approximately US$56,000, while the official contribution starts at US$90,000 for a single applicant and US$95,000 for a family of two to four.

China, Russia, and Iran Dominate the Applicant Base

The program attracted applicants from 72 nationalities, with China representing the largest share at 29%. Russia accounted for 22%, Iran for 9%, and Germany for 5%. Together, China, Russia, and Iran represented approximately 60% of all applicants. The program also received applications from 10 stateless persons.

The significant number of Russian and Iranian applicants highlights one of São Tomé and Príncipe’s key competitive advantages: the program currently accepts all nationalities except North Korean nationals, allowing access to markets that face restrictions under several Caribbean CBI programs.

Small Families Represent the Majority

Families of two to four applicants represented the largest applicant group, accounting for 47% of applications.

Single applicants represented 43%, while families of five to eight accounted for the remaining 10%.

Families of three and four alone represented approximately 35% of all applications.

Key Issues for the Program’s Second Year

The program enters its second year with several important issues to address.

On April 10, 2026, a memorandum placed a hold on applications from individuals holding three or more foreign nationalities, citing Nationality Law No. 07/2022.

The same memorandum also froze passport issuance for adult dependents pending a revised dependency framework.

Finalising the Dependants Law and reducing post-approval processing times are expected to be among the key priorities for the program’s second year.

Summary

The program approved approximately 64% of applications received during its first year, with a rejection rate of around 2%. While the reported average processing time was approximately two months, passport issuance has progressed more slowly, with only 29 passports issued against 350 approved applications. The program attracted applicants from 72 nationalities, with China, Russia, and Iran accounting for 60% of the total applicant base. Its broad nationality eligibility and relatively low contribution requirements have contributed significantly to demand.