Need a second passport with no extra hurdles? Consider foreign citizenship through investment! You have nothing to lose, while your win may be enormous.
Citizenship for sale: mutual commitments or enviable perks?
Simply speaking, citizenship is a mutual agreement between an individual and a nation. The citizen agrees to fulfill certain duties (like obeying laws and paying taxes), and in return, receives benefits from the state. These benefits include the right to vote, work in the country, consular protection abroad, and access to top-quality healthcare and education.
Traditionally, citizenship is acquired by birth, naturalization, or marriage. However, since 1984, some countries have started offering it to foreigners in exchange for financial investment. This investment acts as a contribution to the country’s growth and development. In return, the investor gains several key advantages:
- protection from political or economic instability in their home country
- access to new international investment, banking, and business opportunities
- better asset protection, tax planning, and reduced tax burdens
- visa-free travel
- high-quality healthcare and education
- opportunity to quickly evacuate from their current country and enter the new one as a citizen
- improved living standards
- second passports for family members.
Foreign nations’ citizenship is a valuable asset in 2024. If you can afford the investment, consider these jurisdictions that offer citizenship within months: Antigua and Barbuda, Grenada, Dominica, St. Lucia, St. Kitts and Nevis, Malta, Montenegro, Turkey, and Vanuatu.
While other nations also sell citizenship to investors, their programs are less appealing.
Investment citizenship: a world of visa-free travel and business opportunities
CBI offers various benefits, which differ by country:
- Visa-Free Travel: Most countries offer visa-free entry to Great Britain, Ireland, Singapore, Hong Kong, Southeast Asia, and South America. The Caribbean states, Malta, and Vanuatu also allow visa-free entry to the Schengen zone and Great Britain. Grenada, Montenegro, and Turkey offer a non-immigration E2 visa to the USA. Grenada also provides visa-free travel to China, while Malta offers visa-free entry to the States.
- Taxes: The Caribbean states and Vanuatu have minimal taxes, with no gift, inheritance, or capital gains ones. Antigua, Nevis, and Vanuatu do not tax global incomes.
- Military Service: Most countries exempt citizens from military service. Grenada, for example, has no armed forces, which translates to lower taxes.
- Banking Opportunities: Acquiring a reputable passport, like Malta’s, grants access to international banking services.
- Business Potential: The location of the country is crucial for business. Vanuatu is ideal for Asia and the South Pacific region, offering visa-free transit through Australia and New Zealand. Montenegro and Malta simplify business in Europe, while Caribbean passports facilitate commercial dealings in the Americas.
- Lifestyle: All CBI states are popular tourist destinations with pleasant climates and resort lifestyles. Vanuatu is notably remote, while the Caribbean is closer to the Americas.
- Future Developments: Consider future advantages. Montenegro is set to join the EU, Vanuatu and Dominica are negotiating visa-free entry with China, and St Lucia may offer a special tax regime for wealthy citizens.
Investment routes to citizenship
In most cases, you can obtain foreign citizenship via a non-returnable donation or a returnable investment in the host country’s economy. For returnable investments, the property must be held for a specified period.
- Donation: This is usually the cheapest and easiest option, but the money is non-refundable. Donations fund infrastructure, education, healthcare, and other services.
- Real Estate Investment: This popular option tends to appreciate over time. Investors can also lease properties. Turkey comes with low required investment and freedom to choose any property, unlike Caribbean countries where only government-approved properties may be purchased.
- Bank Deposits and State Bonds: These secure investments require a fixed-term deposit or bond purchase, with a return after a few years. However, the required amount is high, and only St Lucia and Turkey offer this option.
- Business Investment: St Lucia, Antigua, and Turkey allow investments in businesses or job creation, though these are less popular due to higher risks.
- Cost Considerations: Caribbean states offer the lowest costs for citizenship.
For returnable investments, the minimum amount is higher, and the property must be held for three to seven years. After this period, it can be sold without losing citizenship. The shortest holding periods are in Turkey and Dominica, and the longest in St Lucia and Nevis. Investors can expect to recover their money and possibly make a profit.
CBI requirements
When you apply for foreign citizenship, all countries require clean criminal records, medical certificates for all family members, and proof of legal income sources. Note that some jurisdictions have additional requirements.
- Personal Visit: Montenegro, Malta, and Turkey require a visit before they give you a passport. First, you will have to acquire a residence permit and submit your biometric data. Other countries allow remote applications.
- Post-Passport Visit: Antigua and Barbuda demands that new citizens visit and stay for at least five days within the first five years, or they will risk losing their passports.
- Due Diligence: Malta conducts strict checks due to EU pressure, while Vanuatu has the most relaxed requirements.
How long does it take to obtain economic citizenship?
Acquiring citizenship by investment is faster than by naturalization or marriage. Usually, the process lasts four to six months.
Nevis and Vanuatu issue passports in six to eight weeks, with an extra fee for expedited processing in Nevis.
Malta takes the longest. There, you’ll obtain your passport within at least one year. Note that this extended period carries risks, e.g., potential program closure under EU pressure, as happened with Cyprus.
NB: When choosing a country for a second passport, consider these factors:
- Confidentiality: All countries ensure some level of confidentiality and do not inform the investor’s home country. However, some make this information partially public. Malta publishes a list of new citizens every decade, and Dominica reports ‘economic’ citizens to Parliament every ten years.
- Prestige: Some passports are more prestigious. Malta and Montenegro stand out, with Montenegro soon joining the EU.
- Passport Validity: Longer validity is preferable. Malta, Dominica, Nevis, Montenegro, Turkey, and Vanuatu issue ten-year passports, while others issue five-year passports.
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