Investment For Citizenship
Have you looked at another country and wanted to become a citizen? There are many ways that you can get your dream citizenship.
Investment for citizenship is the fastest.
There are a few countries that allow you to gain citizenship through investment. It helps you to get your dream country passport while your dream country gets foreign income from you.
Getting a second passport through other channels is a long process. It takes years of residency in your preferred country, lots of paperwork, and interviews to become a naturalized citizen.
What is Investment For Citizenship?
Investment for citizenship is simple. It means that you can get citizenship in a particular country for investing there.
Depending on the country you are seeking citizenship in, the value of the investment required varies.
Also, each country has several stipulated investment methods you can use to qualify for citizenship by investment.
You can invest in government bonds, government-approved real estate, or offer donations to different national and cultural interests in the country to get your citizenship.
For this reason, investment for citizenship or citizenship by investment is also known as economic citizenship.
Benefits of Citizenship by Investment
Speed
There are many ways that a foreigner can gain citizenship in another country. It can be done through marriage, long-term residency in a foreign country, working in a foreign country, and other ways. These methods follow long bureaucratic processes before you get to see your passport.
Investment for citizenship allows you to get your passport in a few months after applying for citizenship and making your investment.
You don’t have to obtain residency or go through language tests. You gain your citizenship as soon as you pay the required investment amount.
No Need To Travel Or Live In Your Newly Acquired Country
When you get your second passport, you can continue living in your home country.
You don’t have an obligation to live in your new country. You only have to make sure that you maintain your investment for the given period.
You can use your second passport whenever it is necessary. For example, many people take up a second passport due to travel limitations.
So, whenever you need to travel with more convenience, you can always use your second passport. It is likely, it will be more superior to your first.
Powerful passports allow you to travel visa-free to hundreds of countries around the world.
Offers Dual Citizenship
This is an obvious benefit of getting a second passport. You immediately have another country to call home.
This means that, if you live in a country that doesn’t support dual citizenship, you can renounce your country and move to your new home country.
If you are fortunate to get a second passport from a European country such as Portugal, you have many options of countries that you can live in. In Europe, you can travel, live and work in any of the countries freely as long as you are a citizen of a European country.
Provide Foreign Income For The Country
Investment for citizenship benefits both the applicant and the country offering it.
The price of passports in citizenship by investment programs is quite high.
These programs target high net worth individuals from across the world to invest in the country. Some of the citizenship for investment programs cost millions of euros or dollars. This ensures that the country offering the passport benefits as much as the recipient of the passport.
These programs are a source of foreign income for the countries that offer them. The Portuguese government has collected close to Euro 5 billion from its Golden Visa program over the years.
Legal
Investment for citizenship programs are legal means of gaining citizenship in other countries.
They are set up and planned by governments as a way to attract foreign direct investment and specialized human resources.
Those who take advantage of these programs gain their passports legally. They can use them as they like without any illegalities arising.
Cases of illegality may occur only when one’s home country doesn’t allow dual-citizenship.
European countries that offer citizenship for investment programs ensure that their programs are approved by the European parliament.
The illegal passport business is thus subdued when more and more countries have programs like this.
Family Allowed
For many of the citizenship by investment programs, investors are allowed to bring their families into their new homes.
Once the investment is made, investors are required to apply for citizenship. At this stage, they can apply also for their spouse, children and in some countries, dependent parents over a certain age.
This allows for the investor and the family to enjoy the new country’s amenities. As an investor, your children will enjoy a high-quality education in their new home country. You can also access high-quality medical care.
If there’s economic and political upheaval in any part of the world you are in, you and your family can present your second passports and gain safe passage out of the trouble.
Guaranteed Citizenship
Once you get your citizenship by investment, you may never have to step foot into your new home country. However, this won’t take away the fact that you are a citizen of the new country.
In Portugal, it takes you the five year residency period to become a citizen. Once the five year residency period is over, apply for citizenship. You will have your passport in six to 12 months. As you wait, you can renew your residency permit for one year.
You can use your passport to travel from wherever you are in the world. You can also visit your new country’s embassy from wherever you are for whatever assistance you may need.
Visa-Free Travel To Difficult To Enter Countries
When looking for a second passport, look for one that suits your travel needs.
Many business people looking to expand your enterprise will get second passports. You can get your passport from a country that allows you to travel to as many countries as you want your business in. This ensures you can travel conveniently for business.
Other passports allow you visa-free travel to countries that are difficult to travel to such as Russia. This is one of the biggest advantages a second passport provides to its holders.
The Portugal passport allows you visa-free access to 186 countries.
Difference Between Citizenship by Investment & Residency by Investment
When looking for a second passport or country to call home by investing, there are two options you can use.
You can use the residency by investment or the citizenship by investment programs provided by different countries.
These two programs are quite different. Here are some significant differences you need to know to ensure that you choose the best program for your second passport needs.
The Result of The Process
The Residency by Investment process results in residency in the country you have applied for. Residency may eventually lead to citizenship. However, it takes a long time to come.
Depending on the country, you may be allowed to apply for citizenship after 5 years like in Portugal or 10 years of residency like Spain does.
When you are a resident, you are required to renew your residency according to the rules provided. Failure to renew may lead to revocation.
On the other hand, citizenship by investment leads directly to citizenship in your country of choice.
Once you have met the set conditions, made your investment, and applied, you will get your passport in a matter of months. Unlike the many years, it takes to apply for citizenship under the residency program.
Can Be Passed Down To Your Children
Citizenship can be easily passed down to children. Children born by citizens of a particular country automatically become citizens of that country. Regardless of where they are born. This is known as citizenship by birth.
On the other hand, residency can’t be passed down to children born after becoming residents. They will have to apply to become residents of the country just like the parents. However, some countries confer citizenship to all children born in the country.
Right To Vote
When you are a citizen, you have the right to vote in your chosen country.
As a resident, you don’t have a right to participate in the political processes in the country. This is a right reserved only for citizens.
As a resident, you can still participate in the political process of your home country.
Deportation
If you go against the laws of the country as a resident, you can be deported. Your residency card will be revoked and you will have to go back to your country.
However, as a citizen, you can’t be deported. Breaking laws will see you charged in court to be jailed, pay fines, or perform community service depending on the country you are a citizen of.
Price of Investment
The price of investing in the residency program is often different from the price of investing in citizenship by investment program.
The residency programs are known as Golden Visa programs. They allow you to invest in real estate or other options that qualify you for the visa. Different countries have different limits on the price of an investment in the residency programs.
The citizenship by investment program also requires the applicant to invest a given amount in the country.
Often the amount invested for a citizenship application is much higher than that invested for a residency application. Both programs may require applicants to invest in real estate. However, those seeking citizenship by investment will pay more.
In Portugal, you need to invest at least Euro 350,000 while in Spain you need to invest Euro 500,000 in real estate to qualify.
How To Obtain Citizenship By Investment
- Research and identify the country that you wish to become a citizen of.
- Make the required investment that qualifies you to apply for citizenship. You can make your investment in the following ways
This is the most common method of investment recommended by countries offering citizenship by investment.
Often the real estate recommended as appropriate for the investment is government approved. Government-approved investment properties are often more expensive than other properties in the country.
This depends on the country offering citizenship. In some countries, you can invest in any real estate property and qualify to apply for the citizenship program.
Another way to qualify for citizenship by investment programs in many countries includes donations.
Different countries will require you to donate to different causes that are important to the nation. As an investor seeking to get a second passport, you may have to donate to social projects that are beneficial to the locals or the government.
Donations also vary from country to country.
Your donation is made to the government, which then decides how to use the money. Depending on the country you are seeking citizenship, donations start from as low as $100,000.
Donations are usually the easiest and cheapest way to qualify for citizenship by investment programs.
- Invest In A Business Or Government Bonds
Another method to qualify to apply for citizenship by investment program is to start a business or buy government bonds. Portugal and Spain allow you to qualify for their Golden Visa in these methods.
Depending on the country you choose to get your citizenship from, if you choose to start a business, you have a minimum amount of capital to invest. Other countries give you a specific number of employees that you should have in your business before you can qualify for citizenship by investment program.
Similarly, invest an already stipulated amount in government bonds. The amount to invest varies from country to country.
- Gather all the relevant documents. These are documents to prove that you are who you say you are. Most countries want to see your birth certificate, marriage certificate, police clearance certificate, clean bill of health, and, proof of finances. Gather all these documents, have them certified and provide them to your application agent to carry on with the process.
- Make sure that your documents are translated into the official language of the country if they are written in any other language. Ensure that you have an idea of the most widely spoken language in a country before you get approved.
- Attach receipts to show that you have paid the necessary application and processing fees.
- Attach documents to prove that you have made the necessary investments to qualify for citizenship by investment program.
- Where necessary, make sure to visit the embassy of the country whose citizenship you are seeking to get.
- You can also always use your agent to submit your application. An agent makes work easier for you. They will follow up on all that needs following up and inform you whenever you are required in any of the offices in the application process.
What Happens After Submitting Your Documents?
Once you have made your application and submitted your documents to the right offices, you now have to wait for the stipulated period.
Many countries inform you that you will receive your passport or a citizenship document after three months to a year.
What happens during this period of waiting?
- The country you have applied to will conduct thorough background checks to confirm that you are who you say you are. They will also confirm that your sources of income are legitimate can fulfill the application requirements.
- Once this is complete and your information is verified, your file is now ready for approval to receive a passport.
- The investment amount held in escrow is then released and once funds are received
- You will receive your certificate of residency
- Then, you and your family will visit the embassy where it will be confirmed that you have qualified and receive your passport.
- You are now a holder of a second passport. You have completed the citizenship by investment process.
The above is the general process of applying for citizenship by investing in a country and receiving your passport. This is a general guide and it may differ from one country to another.
Popular Countries With Investment For Citizenship Programs
Investment for citizenship programs have been in existence for a few decades now. They have been successful in some countries while they failed in others.
Here are some countries that you can apply for citizenship by investment:
- Portugal
- Spain
- Canada
- Greece
- Cyprus
- The United Kingdom
- Turkey
- Malta
- Montenegro
Each of these countries has its own rules and regulations governing how they run their investment for citizenship program.
Make sure that you have all the information you need for the particular country that you choose to apply for citizenship in.
List the reasons why you want a second passport and find a country among these that meets your goals. Find out its requirements and invest then apply to the citizenship program.
Factors To Consider When Choosing An Investment For Citizenship
Cost of The Investment
One of the major factors to consider when choosing the best investment for citizenship is the cost of getting a passport. Generally, investment for citizenship is an expensive venture.
Different countries offer their passports at different costs. Some countries require applicants to offer donations to the government or to invest in real estate or both to qualify to apply for citizenship.
Cyprus, one of the most popular countries with an investment in citizenship programs offers their passport for Euro 2,000,000. Or, you can choose the affordable Portugal Golden Visa whose investment requirement is just Euro 350,000 in real estate.
Depending on why you need to get citizenship for investment, you must get it from a country that offers an affordable option to you.
Also, make sure that you get a good passport for the price you pay.
Ease of Travel
A second passport should be more powerful than your first passport. This means that you should get a second passport that will allow you to travel at ease. For example, if you have a restrictive visa as a business person, you need a second passport that allows you visa-free travel to as many countries as possible.
If you get an EU passport, from Portugal or Spain for example. you have hundreds of countries all over the world to which you can travel visa-free.
Tax Planning
Most people who get a second passport do it to plan their taxes better. Moving from one country to another, where the taxes are lower or higher requires proper planning.
Make sure that you consult tax experts in both your home country and your second passport country on matters of tax.
Different countries charge taxes on foreigners differently. Many countries will charge tax based on where you make your income and where you spend most of your time. Make sure that you have good advice on tax payment. This ensures that you are on good terms with the governments in both countries whose passports you hold.
Quality of Life
When choosing a new country to live in, it is important to determine how the quality of life is compared to your home.
Many people who choose to apply for citizenship by investment program choose countries that will offer a better quality of life. They choose countries in Europe that provide safety and security politically and economically.
They will also choose countries that will provide better and affordable healthcare for the whole family. Countries with much better education standards will also be considered highly when choosing a country to get a second passport.