Botswana has joined the growing list of African countries introducing Citizenship-by-Investment (CBI) programs as it looks to attract foreign capital and cushion the impact of a sharp downturn in diamond revenues.
CBI programs provide legal pathways for foreign nationals to obtain a second citizenship and passport by making substantial financial contributions to a host country’s economy, typically through donations or real estate investments.
Last week, President Duma Boko signed a Memorandum of Understanding (MoU) with Arton Capital, a Canada-based investment migration firm, to design and launch the initiative — the country’s first-ever CBI scheme. Branded the Impact Investment Program, it is expected to take full effect early next year.
With the MoU signing, the southern African nation follows regional peers such as Egypt, Mauritius, and São Tomé and Príncipe, which have introduced similar initiatives to boost hard currency inflows.
Introduced in 2020, Egypt’s scheme requires contributions ranging from $250,000 to $500,000 depending on the investment option, while Mauritius offers residency rights through real estate purchases starting at $375,000.
São Tomé and Príncipe, which became the latest entrant in August, has set its citizenship threshold at $90,000 for a single applicant and $95,000 for a family of four.
A $75,000 price floor
Botswana, by contrast, is asking for a $75,000 minimum investment, positioning itself as the most affordable open CBI destination globally.
This is according to newly launched BotswanaCitizenship.com, the official registration portal for capturing investor interest. The site indicates a range between $75,000 and $90,000.
While Pakistan technically has a lower programme priced at $18,000, its scope is limited to select Commonwealth nationals — a restriction Botswana does not appear to have.
The portal describes the scheme as a chance for investors to secure Botswana citizenship while funding priority projects in tourism, renewable energy, financial services, and housing.
However, it offers little clarity on crucial details, including how the $15,000 price variation will be applied, the total cost once processing and due diligence fees are added, and the investment structures that qualify.
It also omits timelines for application processing, criteria for applicants and dependents, as well as the size of the quota system under which the scheme will operate.
Economic implications
Faced with dwindling reserves and a volatile currency, Botswana’s latest move comes at a critical time for its diamond-dependent economy.
Global demand for raw diamonds – the country’s key export— has slumped in recent years, worsened by competition from synthetic stones.
In 2024, Debswana, the country’s largest producer, responsible for 90% of sales, recorded a 50% year-on-year fall in diamond revenues.
These pressures have pushed the government to adopt austerity measures, which it claims have saved 5.5 billion pulas ($$389 million) between November 2024 and June 2025.
The pula has also come under strain, depreciating 6% against the US dollar since the central bank adjusted its exchange rate policy in July. The International Monetary Fund noted the changes were intended to preserve foreign reserves and support economic diversification, but the weaker currency has added pressure on households and public finances.
The new programme is expected to help diversify the economy and secure the country’s “long-term financial future” by channelling capital into luxury tourism, energy, and housing, according to President Boko.
Beyond diamonds
The CBI plan adds to a series of recent diversification measures. Earlier in September, Gaborone launched a sovereign wealth fund to channel investment into state-owned enterprises and productive assets under its Botswana Economic Transformation Program.
This followed a partnership between the government and global diamond company De Beers, earlier in the year, to establish the Diamonds for Development Fund, aimed at financing projects in key sectors.
Taken together, these measures highlight the government’s urgency in reducing dependence on diamonds while broadening the country’s appeal to global investors.
The citizenship programme, if successful, could mark a turning point in Botswana’s bid to reposition itself as a diversified investment destination.
Note: The Pula figure was converted to its estimated U.S dollar equivalent using P14.1/$1 as of September 30, 2025.
