Economic Citizenship Programs (ECPs) have recently been proliferating, with large andpotentially volatile inflows of investment and fiscal revenues generating significant benefitsfor small economies, but also posing substantial challenges. This paper discusses recentdevelopments and implications of such programs for fiscal discipline and the real economy,including risks to macroeconomic and financial stability, with a focus on small stateeconomies. It discusses the prudent management of these programs, overviews strategies tominimize risks to various sectors, and addresses potential governance and integritychallenges. The paper proposes a framework for managing inflows and savings from ECPs tocontain macroeconomic risks, and it recommends the establishment of a sovereign wealthfund (SWF) where such revenues are large and persistent.
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