BLS International Services Limited (“BLS”) has announced a definitive agreement to acquire a 100% stake in Citizenship Invest (CI), a Dubai-based advisory firm specializing in expedited investor programs for obtaining residence and citizenship in over 15 countries. The acquisition, valued at US$ 31.0 million (~Rs 260 Crores), will be financed through internal resources and is expected to close by October 31, 2024, pending necessary approvals.
Founded in 2009, Citizenship Invest has become a significant player in the citizenship and residency application market, offering services through 20 programs. The firm has successfully assisted over 1,800 clients from more than 85 nationalities, boasting an impressive 99% application success rate—well above the industry average of 80%. In 2023, CI reported audited revenues of US$ 9.6 million (~Rs 81 Crores) and an EBITDA of US$ 4.4 million (~Rs 37 Crores), with a strong EBITDA margin of 45%. The company experienced a 28% increase in revenue and a 43% rise in EBITDA for the year, with its margin expanding by 470 basis points compared to the previous year.
This acquisition represents a strategic expansion of BLS’s portfolio in visa and consular services, particularly in long-term visa solutions like citizenship and residency services. With a 15-year history of building a strong brand and reputation among high-net-worth individuals, CI is well-positioned as a trusted provider for citizenship and residency applications. The integration with BLS’s extensive global network across 66 countries is anticipated to significantly enhance overall processing volumes.