In this article, we will tell you about some of the most popular places to obtain a second citizenship. This information is helpful to people with a high level of wealth to invest their money favourably while receiving invaluable benefits.
The Allure of Dual Citizenship for Investors
Currently, as the leading specialist of Immigrant Invest, Vladlena Baranova notes, there are various options around the world to invest in real estate, securities, or other assets with the option of getting citizenship.
Some countries offer wealthy citizens the chance to gain a passport and residency rights in exchange for financial investment.
As a rule, the naturalisation process for most countries is quite complicated and can take a long time for most foreigners. However, citizenship for independent people programs helps make this procedure faster and easier for the owner of expensive assets.
Below are some of the best the countries that offer permanent residency to foreigners.
1. Malta
Those wishing to become a permanent resident of Malta must contribute an amount of at least 690 thousand euros. The conditions include:
- a contribution of €600,000 to the Malta Social Development Fund;
- a charitable contribution of €10,000;
- payment for rent of housing or non-residential property for 5 years at the rate of 16 thousand euros per year or a one-time contribution of 700 thousand euros.
Investors who have fulfilled the project requirements must wait one to three years to obtain Maltese passport.
2. Cyprus
Cyprus is one of the most popular islands in Europe and the country is very open towards wealthy investors.
To get civil rights, you will only need to invest 2 million dollars in luxury housing or 2.5 million dollars in business development, shares, land plots, or any real estate, including infrastructure facilities.
In addition, all candidates must give another $200,000 to the state as a charitable donation.
3. Dominica
The process of second citizenship by investment in Dominica has been in operation for more than 20 years and the primary condition is the investment of 100 thousand dollars in the state fund or the purchase of a real estate of 200 thousand dollars.
Waiting for documents will take you at least 3-6 months and after three years, participants can return the invested funds by realising the previously purchased apartments.
The proposed status allows wealthy investors to visit most countries in Europe and Asia without visa authorisation and to stay in the U.S. for 10 years, a maximum of 180 days a year. You do not have to stay on this famous tourist island while applying for the status or after it is granted.
4. St Kitts and Nevis
St Kitts and Nevis is another country with a popular policy towards those wishing to resettle on its territory permanently.
Attractive options for obtaining citizenship are offered to owners of capital. Any of them can contribute the amount from 250 thousand dollars to the state support fund or buy real estate for the amount from 400 thousand dollars.
You must wait six months or a little more for an official decision. You are eligible to sell the purchased real estate and return the invested funds in 7 years.
Application Process and Due Diligence
The procedure for obtaining the necessary permits for participants in the cbi programs discussed above consists of several steps:
- selecting the agency responsible for processing the application;
- processing the application, which usually involves filling out application forms and other necessary forms;
- authorisation letter from the responsible program officials;
- deposit of funds;
- final fulfilment of the candidate's application.
The main advantages of this method include an accelerated procedure and a minimum of bureaucracy.
Conclusion
Profitable and popular investment projects are an excellent option to ensure your movement with minimal restrictions and the opportunity to live in an exotic country with a favourable climate.
Having legalised residence in one of the above states, you can easily carry out tourist trips to many corners of the world.
Many such initiatives involve visiting the Schengen zone without a visa. But the issuance of another passport, in most cases, does not oblige you to reside in the requested country for any time. Citizenship for investment is your free choice of residence!
The best solution is the help of specialists. Employees of a professional agency quickly and efficiently resolve all issues that arise during the paperwork process.
