Buy property and get citizenship? It is possible, but not everywhere. Let’s look at the latest information about countries that are ready to issue passports to investors who have invested heavily in the economy. Requirements, conditions and useful links are in this review.
What is “investment citizenship”
Since the 1980s, “Citizenship through Investment”—also called “economic” or “alternative” citizenship—has grown. St. Kitts and Nevis granted citizenship to foreigners who made substantial economic contributions in 1984.
The text sparked a new industry and changed history. Economic immigration now generates billions of dollars. At least 40,000 people have second citizenship by investment.
Sector programs change annually. 15 Caribbean, European, Middle Eastern, and Oceania countries competed for foreign investment in 2019.
Why get a second citizenship
1. Freedom of movement
Russia, the CIS, China, and the Middle East are drawn by visa-free travel. The Citizenship by Investment scheme becomes increasingly marketable as more nations “open” a second passport.
2. Freedom of residence
The second passport allows you to immigrate to the specified state at any time, but it does not necessitate it. EU nationals may live and work anywhere in the EU. Many become Cypriots or Maltese and live in Europe.
3. Tax planning
A second passport does not automatically make a foreigner a tax resident of the new country, but it simplifies the tax planning process. For example, you can have company registration in Ukraine and be the owner of a company in Grenada.
4. Access to all social infrastructure
Investment passport holders have the same privileges. Investors value easier access to foreign education for youngsters and excellent medicine most. All foreigner business and real estate restrictions are lifted.
Investment Citizenship Programs
Austria regulated investment immigration in 1985. The “Citizenship Law” allowed the federal government to give foreigners passports for remarkable accomplishments, particularly economic ones.
The Austrian program lacks openness. Each case is examined separately, since the law does not prescribe investor prerequisites. Immigration specialists recommend a minimum investment of €2.5 million for charity and €8 million for business. Socially meaningful initiatives that generate employment and boost regional economies are prioritized.
Pros: Get a European passport in 12–18 months. Investors are exempt from learning German and Austrian history and do not have to forfeit their citizenship.
Grenada announced the “Passport for Investment” in 2013. Over 1,600 foreigners become economic citizens since then.
Investors have two choices. First, give the NTF $150,000. Second, a property purchased for $350,000 or more in a government-approved project must be held for 5 years. Two or more applicants may spend at least $220,000 apiece on one tourist housing project. Read about Grenada’s immigration policy.
Grenada passport holders may apply for US E-2 non-immigrant visas. Only locals may visit China visa-free. The benefits and negatives are similar: low entrance barrier, rapid processing time, visa-free access to 140 countries, distance from Russia, and storm danger in the area.
Cyprus has Europe’s most renowned “Citizenship by Investment” scheme. Successful since 2013. The government granted 1864 applications in 2018, mostly from Russian investors. The country’s officials made some significant improvements in 2019, however the underlying circumstances persisted.
The candidate must invest €2,000,000 in Cyprus. First, money may be invested in new residential and commercial real estate. Multiple purchases are permitted to reach the minimum quantity. Second, Cyprus government bonds, investment fund shares, and Cypriot company and organization shares. Thirdly, your business. Program terms are here.
Visa-free Schengen, freedom to live and work in Cyprus and any EU nation, returnable investment (5 years). The biggest drawbacks are a high entrance barrier and the lifetime need to own €500,000+ real estate.