People give various reasons for becoming citizens of a nation other than their birth country. These include everything from fleeing political unrest to reconciling with relatives.
Because of a job assignment, becoming a citizen of a different nation may entail staying there for years. During this time, the individual develops a permanent life in the new location.
Other times, a company or financial opportunity motivates you to make this option. Being a citizen of a nation, in general, makes business and financial initiatives simpler to carry out.
Some nations have liberal citizenship requirements, while others have more stringent restrictions. Similarly, specific citizenship paperwork costs a lot of money, whereas it costs very little in other nations.
Table of Contents
Programs for Economic Citizenship
One of the ways people might become citizens of a different nation is for commercial or investment reasons, as previously indicated.
Several nations’ immigration authorities provide investment or economic citizenship programs to meet this demand. In return for citizenship, participants in these schemes might pay a pre-determined gift or investment.
Anyone with sufficient funds is entitled to participate in this sort of naturalization scheme. They may opt to do so to gain a more powerful passport for travel, expand business prospects, or avoid paying taxes.
Russian, Middle Eastern, and Chinese people are particularly interested in pursuing citizenship in another nation. This article examines the economic citizenship schemes of several nations throughout the globe.
What Is the Purpose of Economic Citizenship?
The benefits of having a second passport or dual citizenship are apparent, but why do gov’t offer economic citizenship programs in the first place?
Providing investors and entrepreneurs with the option of naturalization or citizenship enhances investment activity within a country, which helps to strengthen the economy.
Furthermore, these individuals frequently establish enterprises in their new nation, resulting in the creation of local jobs and a boost to an area’s employment rate.
The typical median household grows as more individuals are employed. People will have more money to spend in the local economy due to this growth.
According to research, roughly $2 billion is spent annually on investment possibilities worldwide. Governments can profit from some of these investments by offering residence and citizenship to investors and directing the money into the local economy.
In certain nations, these individuals’ investments account for a large portion of the national gross domestic product (GDP). For example, investments in Saint Kitts and Nevis, a Caribbean island nation, accounted for almost a fourth of the GDP in 2013.
Citizenship at the Lowest Cost
Dominica, a Caribbean island nation, offers the world’s cheapest economic citizenship scheme (with no waiting time). Anyone may become a country citizen for only $100,000, a face-to-face interview, and a waiting time of between 4 and 6 months.
However, the process might be slowed because interviews are only held once a month. Furthermore, Dominica’s passport was recently modified to allow visa-free travel to the Schengen zone of Europe, making it desirable citizenship for many people.
Citizenship Is The Most Expensive
As a member of the European Union, France is a particularly appealing country for investors searching for a second passport or to expand their business chances.
France is also one of the most costly countries to obtain citizenship in due to its high value. It also has one of the most time-consuming processes.
To get a 10-year residence visa in this country, applicants must invest about $11.65 million in a long-term commercial or industrial enterprise. Individuals may petition for citizenship after 5 years of eligible residency.
Countries that provide instant citizenship
In some countries, if you have enough money, you might be able to get citizenship right away.
St. Kitts and Nevis ($250,000), Grenada ($250,000), Dominica (already addressed), Cyprus ($2.9 million), and Antigua and Barbuda ($250,000) are all economic citizenship schemes with this quick citizenship chance (with the lowest investment need).
Only Antigua and Barbuda have a residence requirement among these countries. Applicants must spend at least 5 days on Antigua and Barbuda territory every 5 years to retain residency and at least 35 days in the first 5 years to fulfill citizenship criteria in this Caribbean island republic.
Applicants can choose between a $1.5 million company investment, a $400,000 real estate investment, or a $250,000 government grant as part of this economic citizenship scheme. Another possibility is holding a $400,000 share in a $5 million company venture.
Individuals who need to go to Canada may find citizenship in Antigua and Barbuda particularly tempting, as a passport from this nation allows them to enter the country without a visa.
Countries with a Qualifying Period for Citizenship
In most nations, economic citizenship programs require candidates to complete a citizenship qualifying term before becoming eligible for citizenship.
This usually indicates that residents must have lived in the country permanently for a particular period before seeking citizenship.
The United States ($500,000), the United Kingdom ($1,3 million), Switzerland (between $170,000 and $1 million), Spain ($582,375), Singaporeans ($1.83 million), Portugal ($582,375), New Zealand ($1.11 million), Malta ($1.34 million), Latvia ($40,766), Ireland ($582,375), Hungary ($291,187), Greece ($291,187), France ($11.65 million), Canada ($280,000 or $640,000 depending on the province), Bulgari ($280,000 or $640,000 depending on the province), Bulgar.
Switzerland has the most extensive citizenship qualification of any of these countries, at 12 years. This country is widely wanted because of its political stability, high level of living, and developed position. Many people believe it to be a top retirement destination.
Before registering, applicants need to have a minimum of $1 million ready, and they have two options: launch a business or pay an annual residence tax. The annual tax might range from $170,000 to well over $1 million, depending on where you live in the country.
Residents who choose this option are not required to declare their income or assets. This procedure takes around 3 to 4 months to complete.
|Saint Kitts and Nevis||The Citizenship by Investment Program in Saint Kitts and Nevis allows individuals to obtain citizenship through a donation to the country’s Sustainable Growth Fund or through an investment in real estate.|
|Dominica||Dominica’s Citizenship by Investment Program offers citizenship to individuals who make a donation to the Economic Diversification Fund or invest in approved real estate projects.|
|Antigua and Barbuda||This country has a Citizenship by Investment Program that involves making a donation to the National Development Fund or investing in approved real estate.|
|Grenada||The Grenada Citizenship by Investment Program allows individuals to obtain citizenship through a donation to the National Transformation Fund or an investment in real estate.|
|Cyprus||Cyprus offers a Citizenship by Investment Program that involves making an investment in real estate, government bonds, or a combination of both.|
|The Malta Individual Investor Program grants citizenship to individuals who make a significant contribution to the National Development and Social Fund and meet other requirements.|
|Turkey||Turkey offers a Citizenship by Investment Program that allows individuals to acquire citizenship through various investment options, including real estate investment.|
|Vanuatu||The Vanuatu Development Support Program offers citizenship to individuals who make a donation to the Development Support Program and meet other criteria.|
|Saint Lucia||Saint Lucia’s Citizenship by Investment Program allows individuals to obtain citizenship through a donation to the National Economic Fund or an investment in approved real estate.|
|Portugal||While not a traditional “citizenship by investment” program, Portugal offers a Golden Visa program that grants residency to individuals who invest in real estate or create jobs in the country. After a certain period of residency, individuals can apply for citizenship.|