Have you ever wished to have an opportunity to have a second passport? It is not only for the elites and millionaires any longer. Nowadays, the majority of countries practice citizenship by investment, which means that You and I have an opportunity to be International Citizens.
But why bother? Well, second citizenship can unlock new opportunities, guarantee a safety net as well as a chance to minimize the number of taxes paid. Also, it’s always nice to say that you’re participating in the program during informal chit chat.
Let’s take a look at some of the most widely known techniques to obtain that second precious passport through investment. Therefore, sit back, grab your cup of coffee and let us begin discovering them!
Ways To Get Second Citizenship By Investment
Getting second citizenship through investment is not as complicated as most people would want to consider. In its simplest form, what you are doing is giving your dollars, Euros, Pounds or whatever currency you hold in exchange for a new passport.
Each country has its own conditions; however, they mainly consist of the purchase of local real estate, investment in companies, or a donation to the state’s budget. The time it takes to complete some programs is more than others and so are the costs associated with those programs.
Don’t worry though, we’ll go into details with some of the most common choices you can think of.
Portugal Golden Visa Program
The Golden Visa program of Portugal is something like the popular student in school with a fancy car, a new phone, and lots of friends. It has been in existence since 2012 and up to date, it has received a lot of investors.
The best part? Here, you don’t even have to spend your days in Portugal, as you may only rent an apartment there for several months in a year. Just go there on business for a week or two every year and you’ll be all set (gold digger intended). This may involve putting money into the purchase of property, generating employment or moving cash around. And then after five years, you have the opportunity for the permanent resident status or become a naturalized citizen.
Also, Portugal is an attractive country, with delicious cuisine, and to top it up, who doesn’t like port wine?
Turkey Citizenship by Investment
Turkey’s program is relatively younger and yet, it is quite famous. Why? It is quick and it is not very costly when you consider the services it offers. It takes as little as four months to be a citizen the moment you invest in real estate worth $250,000, in government bonds or in a Turkish bank worth $500,000.
The catch? The investment must be held for at least three years from the time of investing in it. Well, that’s not so bad when one is receiving a passport to a country that is in between Europe and Asia!
Antigua and Barbuda Citizenship by Investment Programme
Want to live on a Caribbean island? Antigua & Barbuda may be a good place for it. Their program has provided several choices such as donating $100,000 to the National Development Fund, investment in real estate $400,000. It is rather fast, not taking more than 3-4 months on average with the subject. Also, there is visa-free travel in more than 150 countries across the world. Quite impressive for a small country, isn’t it?
Dominica Citizenship by Investment Program
Dominica (which is different from the Dominican Republic) has one of the cheapest citizenship by investment programs in the world. You can give the government $100,000 in terms of donation or you can spend $200,000 in approved real estate. The process is quite simple and the whole process takes between 3 and 4 months on average.
As the “Nature Island of the Caribbean,” Dominica is ideal for those travelers who are fond of eco-tourism and unique adventurous activities.
Grenada Citizenship By Investment Scheme
Grenada’s program is special since it allows visa-free access to China (one of the few countries that provide this opportunity). You can either contribute $150,000 to the National Transformation Fund or invest $350,000 in approved real estate. It takes 4-6 months.
Interestingly, Grenada has good tax policies, smoother trade policies and it is widely referred to as the “Spice Island” of the Caribbean. I bet no one will not want to be a citizen of a place with that kind of name.
Malta Individual Investor Program
The investment program in Malta is one of the most distinguished and costly programs that a foreigner can choose. They need €1 million raised by donations and investments to be paid in one visit. It lasts for about 12-14 months; but at the end you get citizenship of the European Union which is not bad at all.
Malta is an island located in the Mediterranean Sea which boasts good weather, rich history and an English speaking nation.
Cyprus Investment Program
Last but not the least is Cyprus. This is another country that provides an opportunity to become an EU citizen, but this is quite expensive. You’ll have to invest at least €2 million in an actual estate or business in Cyprus and its corresponding Companies.
The shortcoming, however, is that the whole process does not take a very long time, about 6-8 months.
Cyprus has a nice climate, well-developed coast line, a culture of centuries, and the island has an exceptionally advantageous geographical position, being in between Europe, Asia, and Africa.
Final Thoughts: How to Apply and Get Second Citizenship By Investment
Well there you have it – a brief overview of some of the more well-known citizenship by investment schemes.
But how does one effectively get an application done? Well, it is not as easy as reading an article online. Few do it independently; instead, they seek the services of a local law firm or a legal consultant to assist in the process. They can direct you to the right program, collect relevant documents for your application, and even submit your application.
Do not forget that getting citizenship is a very serious step. It’s not just the financial aspect – you’re considering the fact that you might be moving to a different country with a different way of life. You must think about where you want to be in the future too and that’s why you should go, do the research, visit them.
I wish you good luck!
