Whether you refer to it as ‘buying a passport’, ‘economic citizenship’, or ‘citizenship by investment’, they all mean the same thing.
A citizenship by investment program, also popularly called economic citizenship, requires investors to make a significant donation or an investment in a country’s economy in exchange for citizenship.
Applicants are usually required to:
An application will have to be lodged, paperwork will have to be gathered, and an investment of a certain sum will have to be made.
Residency by Investment, like Citizenship by Investment, is a category of the residency law which allows individuals to obtain legal residency in a country by making an investment in a designated government-approved sector. The difference between a Residency by Investment and a residency obtained by conventional process is that the residency through investment has little or no physical residency requirements.
Citizenship by Investment is a category of the citizenship law, the requirements are usually an investment in the economy of the country, and because of the investment, the investor legally obtains citizenship status and a passport. The benefit of this citizenship category is that citizenship status is achieved in a shorter timeframe than traditional immigration processes, with little or no physical residency requirements.
There are four ways to do this:
It’s a process that can take as little as two years or as many as 30. This will depend on the country where you’re seeking your second passport. Some of these countries, like Canada, have strict requirements for physical presence in the country. For others, you may only need to set foot in the country once or twice a year.
Fun fact: Tina Turner had to live in Switzerland for at least twelve years before being eligible for citizenship there.
And, sometimes, there are cultural, language, and historical knowledge exams too, not to mention that some countries will require you to relinquish any other citizenship(s) that you might have.
Immigration by Investment programs are an entirely different category for obtaining a resident status in the countries that offer it. Usually, the category requires or is related to the establishment of businesses or introducing branches in the designated country. They are an attractive option for business owners to gain access to international markets and benefit from the respective country’s regulation and services.
Global mobility, Economic & Business Opportunities, Educational opportunities, Improved Lifestyle, Better security for life and property.
The application costs of a citizenship by investment program depends on the program you choose and the number of family members that are applying with you. The cost will also depend on whether you choose to obtain citizenship through the Government Fund option or the Real Estate Investment option.
Countries that offer Citizenship by Investment programs include Austria, Cyprus, Malta, Jordan, Turkey, Montenegro, Moldova, Vanuatu, St. Kitts & Nevis, Commonwealth of Dominica, Grenada, Antigua & Barbuda & St. Lucia.
Countries that offer Residency by Investment include Ireland, Canada, The U.S., Cyprus, Portugal, Spain, Greece, Bulgaria, Malta among others.
Governments collaborate with independent third-party Due Diligence Agents who use a variety of publicly available information sources and intelligence to check the information of the applicant and everyone included in the application. These checks include verification of birth certificates at official institutions, media reports, verification of businesses and companies the applicant owns. A third level check includes vetting the applicant by law enforcement agencies and INTERPOL to ensure a clean criminal history. Once the checks have been completed, the Government draws a decision based on the Due Diligence reports.
There are certain citizenship programs which do not require the applicants to move away and they grant the citizenship and passport in approximately 2 to 6 months (depending on the program and the complexity of the profile of the applicant). These ‘fast track citizenship programs’ are usually different from ‘Residency Programs’. Residency programs issue the residency within 3 months (not citizenship) and after 5 years the applicant could potentially apply for the citizenship if they have complied with all the requirements by law. Some of these requirements could be residing in the country for several years, paying taxes and in some cases residency programs might not even lead to citizenship, as this depends on the government’s discretion.
Most passports have a 10 year-validity and are renewed after that every 10 years. Grenada and Antigua are exceptions as these country’s passport are valid for 5 years. Optiva Consulting can assist with the renewal of the passports and the process takes approximately 2 weeks.