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A growing trend in the world of international a investment is maximising returns by finding places in the world that will provide citizenship as a rewards for purchasing land , real estate or straightforward investment
Just like you diversify an investment portfolio, you want to diversify your passport portfolio,” he says. The option has proven popular with Chinese and Russian citizens, as well as those from the Middle East.
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Thinking of buying a citizenship or a second passport? Homesgofast.com can assist wealthy clients and high-net-worth investors with immigration, citizenship, residency obtained through citizenship-by-investment programs (CIP) and Immigrant Investor Programs (IIP) in Europe, North America and Caribbean.
Grant of Citizenship on the Basis of an Investment
Most countries have provisions that allow their Government to grant citizenship in return for major contributions to society, culture, the economy, and other interests of the State. However, this discretion of the Government is exercised extremely rarely.
Several countries had programs in place at different times in the past which were specifically designed to attract foreign investors in return for citizenship. These include Ireland, whose program was terminated in 2001, Belize (until 2002), Grenada (terminated 2001 but reopened in 2014), Cape Verde, Seychelles, Slovakia, and several others.
Second Passport
A key objective for many of our clients is the gaining of a second passport and citizenship by investment of another country.
This is a step on from residency and the right to live in a country. It is often the next stage after a period of residency or through higher investment in a golden visa programme.
Countries where a passport can be obtained without real estate investment
Popular countries in Europe for second passports include the UK, France, Germany, Belgium, Switzerland, Italy, Austria, Denmark, Ireland and Holland. However these countries do not offer second passports through investment alone but through other means such as creating and investing in a business. However it is important to note that citizenship and a passport from any EU country allows the holder to live and work anywhere in the European Union.
Introduction to Citizenship Programmes in Europe
- Spanish Citizenship through investment in real estate in Spain but the investor will need to live in Spain for 5 years.
- Portugal Citizenship can be applied for in Portugal six years after investment of a minimum €500,000 in real estate.
- Cyprus within 2 – 3 months on investing a minimum €2.5 million in real estate.
- Malta has an investment visa programme with a combination of investment and contribution totalling around €1.2 million with citizenship taking approximately 12 months.
- Citizenship in Greece through its real estate investment programme will be possible following changes to legislation (2015).
- Hungary mean the investor visa bond programme could lead to citizenship after 5 years rather than the current 8 years. (2015)
- Bulgarian investment bond programme in Bulgaria can lead to fast track citizenship by doubling the bond investment from €512,000 to €1,024,000.
All about Schengen Visas
Perhaps one of the most sought after and immediate benefits of certain golden visa programmes in Europe is the granting of a Schengen visa.
The Schengen Visa represents a total of 26 European countries that have mutually decided to eliminate passport and immigration controls at their joint borders. Holders of a Schengen visa can travel freely throughout the Schengen visa zone.
Many investors see this as a key benefit. No need to continually be applying for a Schengen visa to visit Europe, as with the right programme this comes as part of the investor visa package.
But investors and their families need to check each programme carefully and in particular whether that country is part of the Schengen visa area.
For example, Cyprus offers residency through an investment of €300,000. But Cyprus is not part of the Schengen zone. Cyprus also offers citizenship through a €2.5 million investment in real estate. That grants citizenship of Cyprus and hence citizenship of the EU and hence an EU passport. A Schengen visa is no longer needed.
Investors and their families buying real estate to the value of €500,000 in Spain and Portugal will gain a Schengen visa. Likewise Hungary and Greece through their programmes.
The Schengen area countries are currently Austria, Belgium, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, Switzerland and Liechtenstein.
Caribbean Islands provide a route to citizenship
With little or no residency requirement, a qualified investor and their family can be granted citizenship in the British Commonwealth nations of Antigua & Barbuda, Dominica, or St. Kitts & Nevis in as little as 90 days, and benefit from numerous privileges including visa-free travel to approximately 130 countries.
Investment Requirements for Caribbean Citizenship
Antigua & Barbuda Citizenship
Program Launched: 2012
Visa-Free Travel To: 132 countries and territories
Residency or Visitation Requirement to Maintain Citizenship: 5 days over 5 years
Investment Requirements:
Option 1: A contribution to the National Development Fund (NDF) of a minimum non-refundable amount of US$200,000.
Option 2: An investment of at least US$400,000 into one of the approved real estate projects and to be held for a minimum period of 5 years.
Option 3: An investment of a minimum of US$1,500,000 directly into an eligible business as a sole investor or a joint investment involving at least 2 persons in an eligible business totalling at least US$5,000,000 and each of those persons individually invests at least US$400,000.
Dominica Economic Citizenship Program
Program Launched: 1993
Visa-Free Travel To: 91 countries and territories
Residency or Visitation Requirement to Maintain Citizenship: None
Investment Requirements:
Option 1: A contribution made into the Government Fund amounting to US$100,000 depending on the number of dependents included in the application.
Option 2: An investment in a designated real estate development with a value of at least US$200,000.
Grenada Citizenship by Investment Program
Program Launched: 2014
Visa-Free Travel To: 91 countries and territories
Residency or Visitation Requirement to Maintain Citizenship: None
Investment Requirements:
Option 1: Investment of a minimum of US$250,000 in an approved real estate project.
Option 2: A non-refundable donation of US$200,000 to the Island Transformation Fund. This process involves first obtaining Grenada Permanent Residence and then applying for naturalisation as a second step.
Kitts & Nevis Citizenship By Investment
Program Launched: 1984
Visa-Free Travel To: 132 countries and territories
Residency or Visitation Requirement to Maintain Citizenship: None
Investment Requirements:
Option 1: With the Sugar Industry Diversification Fund (SIDF) option, the level of investment is determined by the number of dependents. So for a Single applicant with no dependents, the investment fee is US$250,000. For an applicant with up to three dependents, the investment fee is US$300,000. For an applicant with up to five dependents, the investment fee is US$350,000 and for an applicant with six or more dependents, the investment fee is: US$450,000.
Option 2: Under the Real Estate option, an applicant would need to invest at least US$400,000 in one of the approved real estate developments.
With all four of the Citizenship By Investment Programs, there are additional fees for due diligence, government and passport processing. For example, Antigua & Barbuda charge a US$50,000 government fee, US$7,500 due diligence fee and US$300 for the passport. Additional fees would also apply for each dependent. Thus, while a second citizenship and passport are attractive, the investment required is significant and so only really possible for the super-rich. In fact, according to the report titled A Shrinking World – Global Citizenship for UHNW Individuals, “the average net worth of someone who applies for a second citizenship is above US$205 million, 47% above the global average for ultra high net worth individuals of US$139 million.” The minimum net worth for an ultra high net worth individual is US$30 million.
The Success of Caribbean Citizenship By Investment Programs
According to a recent Bloomberg article which featured Christian Kalin at Henley & Partners one of the driving forces behind the success of these programs, ultra high net worth individuals spent nearly US$2 Billion last year to purchase passports through Citizenship by Investment Programs.
No surprise then that the Caribbean Citizenship By Investment Programs have raised millions of dollars in revenue. In fact, as reported at a recent economic citizenship conference, the money generated from the Antigua program launched just three years ago is expected to account for 25% of the government’s annual revenues. For St Kitts & Nevis, the program is projected to generate 30% of the government’s revenue in 2015 — roughly EC$200 million (approximately US$74 million). A significant percentage of the millions generated by both programs are used to fund various development initiatives across a range of sectors through the Antigua & Barbuda National Development Fund (NDF) and the St Kitts & Nevis Sugar Industry Diversification Foundation respectively.
European Investment For Citizenship
Bulgaria
Bulgaria offers permanent residency through investment of €511,292 (BGN 1 million) in government bonds. The government bond portfolio is for an investment period of five years. No further payment is required. At the end of the five-year period, the full amount of BGN 1 million (€511,292) will be returned to the investor without any accrued interest. The investment is fully guaranteed by the government bonds.
For a set pre-paid fee, clients can leverage their capital by choosing the Financed Investment option. These individuals pay a reduced amount of €195,000(**) that will be used to finance a BGN 1 million (€511,292) closed 5.5 year loan from a Bulgarian chartered bank. Under this option there is no repayment of capital to the investor.
Bond investors in the Bulgarian residency programme can apply for Bulgarian citizenship after 5 years. It is possible to fast track the citizenship option by increasing the investment amount a further €511,292. The full investment in this case of €1,022,584 can be financed at €305,000 (**).
Key Facts
Investment of €511,292 for permanent residency
Risk free investment in government bonds
Full family residency
Flexible. No requirement to reside
No language requirement
Capital repaid after 5 years
Bond can be financed (reducing outlay)
Cyprus
Cyprus offers citizenship for investment levels of €2.5 million in real estate which is one of the big attractions of this programme. A Cypriot passport allows freedom to travel, study, work or live throughout the European Union.
Golden Visa Cyprus. Permanent Residency €300,000. EU Citizenship €2.5 million.
Cyprus offers two golden visa programs through real estate investment. One for permanent residency and one for citizenship. The two Cypriot immigration investment schemes are fast and efficient at granting a residency permit and second passport. Cyprus is a full member of the European Union and English is widely spoken on the island.
Permanent Residency Cyprus
Applicants can secure permanent residency in Cyprus through investment in real estate. The programme is one of the fastest and simplest investor visa programmes in Europe. It requires investment of just €300,000 into property to gain the Cyprus residency permit.
The residency visa is granted within two months and covers the whole family. It includes parents of both the main applicant and spouse plus dependent children up to the age of 25. It is valid for life and can be passed down to dependents and spouse.
The permanent residency programme offers ease of travel throughout the European Union and requires just one visit to Cyprus by all family members once every two years.
The investment may be made by a company for which the main applicant and spouse are beneficial owners. The investment can be in to a maximum of two properties provided they reach the €300,000 permanent residency limit. The properties purchased must be brand new.
Key Facts – Permanent Residency
Investment of €300,000 (plus costs and taxes)
Full family qualification (Grandparents, Parents + Children up to Age 25)
Visit required once every two years.
Ease of travel throughout European Union
Simple, fast process (2 months)
Investment into new property
Hungary
As a member of the European Union and the Schengen zone, Hungary is among the 30 most-visited destinations on the planet. It boasts a rich and diverse culture (everything from music and film to food and literature) universal healthcare, and is perfectly located in the center of Europe. Established in 2012, the Investor Residency Bond Program offers applicants a host of advantages.
Program benefits:
A single application process for the main applicant and all qualifying family members, including parents, without age restrictions;
No mandatory trips to Hungary required. Application can be lodged at the respective Hungarian Consulate;
One of the fastest and most streamlined application processes leading to EU permanent residency in under 30 days;
Residential address requirement has been waived;
Hungary is a member of Schengen, the European Union and NATO;
Fully guaranteed investment, returned in full after 5 years;
Free movement throughout Europe’s Schengen zone.
The Investor Residency Bond Program doesn’t have any set criteria for applicants in terms of personal net worth or management experience. However, the Hungarian administration officers reserve the right to request an interview meeting with the applicant, which can be exercised at random.
During the initial due-diligence and application stages, the financial intermediary and the Hungarian authorities will follow standard know-your-clients’ (KYC) and anti-money laundering procedures. For this reason, at the stage of application, the principal applicants will have to provide a set of standard documents proving their source of income and accumulation of personal net worth.The statutory procedure for accepted foreign direct investment in the Investor Residency Bond Program includes the purchase of special Hungarian government bonds in the amount of €300,000 with a maturity of five years. At maturity, the original capital is returned to the investor without accrued interest.
Legislation dictates that the program investment is used to purchase bonds that are issued by a Residency Bond Agent approved by the Hungarian authorities. The agent, in turn, invests that amount in the Hungarian government bonds. This transaction is subject to a Subscription Agreement with the designated enterprise, which must be licensed for the main applicant’s geographic region. The government bonds are assigned for the program only, and cannot be used for trading on the public or the secondary market.
Once the security is issued to the investor, the Residence Bond Agent will provide an irrevocable declaration certifying that a treasury bond for a nominal value of €300,000, with a five-year maturity, will be purchased from the funds received from the investor within 45 days of his/her residence permit being issued. In addition to the investment, applicants are also required to cover all processing and visa application fees.
Portugal
The Golden Visa programme was recently widened to include further types of investment. As a result, the following types of investment now qualify for the Golden Visa programme:
- a) Property Investments:
- Acquisition of property above € 500,000;
- Acquisition of property above € 350,000 – for properties more than 30 years old or located in areas of urban renovation.
- b) Capital Investments:
- Transfer of Funds above € 1,000,000;
- Transfer of Funds above € 350,000 for research activities;
iii. Transfer of Funds above € 250,000 for artistic or cultural activities;
- Transfer of Funds above € 500,000 for capitalization of small and medium size companies.
- c) Job creation:
Creation of a minimum of 10 jobs;
Golden Visa validity
Once issued, the Golden Visa will be valid for an initial period of 1 (one) year and then will be renewed for subsequent periods of 2 (two) years.
General requirements that the investor has to comply with?
The simplicity of the Golden Visa Programme implies an extremely reduced amount of requirements being asked from the investor. The Golden Visa Programme sets out that the investor must comply with general requirements applicable to all types of qualifying investments and also with the specific requirements of each type of qualifying investment.
In general, all investors have to comply with the following requirements:
- a) Keep the investment for a minimum period of 5 years
- b) Funds for investment should come from abroad
- c) Entry in Portugal with a valid Schengen visa
- d) Absence of references in the Portuguese Immigration and the Schengen services
- e) Absence of conviction of relevant crime
- f) Minimum stay in Portugal: 7 (seven) days during the first year and 14 (fourteen) days during each subsequent period of two years
Spain
Permanent Residency and Citizenship
It is possible to apply for permanent residency in Spain after living in the country for five years. Citizenship can be applied for after living full time for ten years. Although the temporary residency permit (the golden visa) can be easily renewed without living in the country, the route to both permanent residency and citizenship requires the investor and their family to reside in Spain. For this reason many investors prefer the option of Portugal where such residence is not a requirement.
Key Facts
Investment of €500,000
Full family residency
Flexible. No requirement to reside.
Permanent Residency from 5 years
Citizenship from 10 years
EU Schengen visa travel
Property Investment
After several years of price declines real estate is now at rock bottom prices and the Spanish property market offers considerable potential for capital gains in the coming years. Investors need to consider their purchase carefully. Is it for investment and rental or lifestyle? There are many offers on the market from developers and banks but location and property type is critical to the success of the investment. Investors needing our services may wish to check our procedure or read more detail for the golden visa programme in Spain. To contact us, speak to an expert and for further details on the procedures and our property portfolio enquire here.
Greece
In July 2013 Greece published a new law to attract foreign, non-European, investors in exchange for 5 year Schengen Visa. We from Golden Visa Spain explain you what to do:
Basic information:
Similar to other countries there are different schemes for Investors, Entrepreneurs, Students, high qualified workers
Visa will be granted for 5 years and prolonged every 5 years (with free Schengen Visa), own kids could be included until the reach 21 years (big difference to the rest of Europe)
you do not need a minimum stay in this period in Greece(although it is recommended)
Like in other countries you need to have a clean history (no jail, older than 18 years, invest need to come from a country that is not a fiscal island!)
You can do your investment via a foreign company if you can prove that you own the majority of this company
Investment possibilities:
Invest a min. of 250.000 Euros in houses / flats that you can rent out to tourists and profit from price increases
Malta
All individuals and families applying to the Malta Individual Investor Program must make a significant non-refundable contribution to the National Development and Social Fund set up by the Government of Malta and run by a board of trustees. The fund, which is on the same level as the central bank, finances projects in the country linked to public health, education, job creation, social improvement, and innovation. The following contributions must be made within four months of being issued a Malta IIP Letter of Approval in Principle:
Main applicant – €650,000
Spouse – €25,000
Minor children – €25,000 each
Children 18-26 (unmarried) – €50,000 each
Dependent parents & grandparents – €50,000 each
Adult children (physically or mentally challenged) – €50,000 each
Real Estate Purchase or Rental
Applicants must commit to retaining an immovable residence in Malta for a minimum time period of five years. This can be done by either buying a property in Malta for at least €350,000 and maintaining ownership for 5+ years, or by leasing a property for five years or more with a minimum annual rent of €16,000. Applicants must provide evidence of owning or leasing a property on the islands within four months of receiving a citizenship Malta Letter of Approval in Principle.
Bonds Investment
Before a person can be admitted for Maltese citizenship by investment, applicants are required to invest at least €150,000 in government approved financial instruments (bonds, stocks, and debentures that benefit the nation) and must commit to keeping the investment for at least five years.
Residence Requirement
Upon purchasing real estate or entering a property lease in Malta, investor citizenship candidates are issued a Malta identity document called an eResidence card. This signifies the commencement of their residency in Malta and also demonstrates the candidate’s genuine link with the country. 12 months after an applicant has established residency in Malta, applicants who have maintained residence in the country will be granted citizenship. You do not need to spend all 365 days in Malta before citizenship is granted, Maltese law defines residence as “an intention to reside in Malta for any fiscal year, usually evidenced by a stay of a minimum of 183 days or by the purchase/rental of property together with a visit to Malta”. Consequently, upon purchasing or leasing an apartment or villa in the Mediterranean island nation and procuring a Malta residence card, applicants are not required to spend any time in Europe. Candidates who have been a resident of the country for at least one year prior to I.I.P. approval already satisfy this residency requirement and can subsequently become a citizen of Malta much faster.
Useful Places For Research
http://www.goldenvisas.com/
