Residency through investment can be obtained via a one-time investment in National funds, real estate, or research projects in a foreign country. In the 90s, only a couple of countries offered programs that allowed citizens to obtain a second passport. These programs were known as Citizenship Through Investment, however, they got canceled over time due to corruption.
Nowadays, many prominent and well-established programs mediate the process of internationalization and becoming a citizen of a foreign country. Some of the legit and realistic options of becoming a dual citizen are featured in Dominica, St Kitts and Nevis, St Lucia, Grenada, etc.
You must research these programs well and learn how you can obtain a second passport. Not all of the programs provide citizenship; some of them lead to residency only. In this article, we’ll go through the process of obtaining a second passport via investment.
How to Obtain a Passport?
Citizenship by Investment is also known as “economic citizenship,” and it’s the fastest route to securing a second passport. The process is straightforward – you invest in the country via the purchase of real estate or a one-time donation to National Funds and become a citizen after a while.
It usually takes around 6 months for the application process to complete, so be aware of scammers who promise you they can get you the passport in less than 60 days. Additionally, there’s no requirement to reside in the foreign country at the time of application or afterward.
The cost of citizenship by investment is different in every country. For example, the St Kitts golden visa cost requires a minimal investment of $100,000 and a processing time of 2 to 6 months. New companies might rise on a global market that offers such programs with lower costs, however, the crucial question is whether these programs are worth it?
They are extremely worth it if you need citizenship in a matter of months. Countries where you can get citizenship by investment are Grenada, St Kitts and Nevis, Dominica, Antigua and Barbuda, St Lucia, Turkey, Egypt, Jordan, Vanuatu, Malta, and Montenegro.
The Citizenship by Investment program requires two ways of investment: a non-refundable donation or investment in real estate. A Sustainable Growth Fund is the fund to which you’ll be contributing, and you are expected to donate more than $100,000 – the sum depends on the country you apply for. If you are applying as a family of four, the amount will be higher. Or if you are adding a spouse or more dependents.
There are additional fees like due diligence, lawyer fees, or application fees. The funds from the CBI programs are used for alternative energy, education, healthcare, road pavement, etc.
Another option is an investment in real estate. It can be pretty expensive, however, this is your chance to secure that passport. If you are approved for real estate, you need to make a minimal investment in a property that’s approved by the government. Later on, you can resell the property for a higher price.
Side Note: There’s no guarantee you’ll regain your investment!
The Best Option to Get Dual Residency
Donating to National Growth Funds is a faster process where you can file the paperwork and have the passport within three months. Or faster if you participate in the AAP – Accelerated Application Process.
If you choose the option of real estate investment, it will take longer because it takes time to choose the agent, the property, file the paperwork, and finalize the decision.
Top Countries to Obtain a Second Passport From
While there are many reasons to invest in dual citizenship, we’ve researched the top countries where you can invest. Citizenship by investment programs allows investors to obtain a passport through an investment in the local economy. If you decide to obtain such citizenship, you don’t need to reside in the country or speak the foreign country’s language.
According to the latest statistics, the best countries to obtain second citizenship are the Caribbean countries. They have affordable citizenship by investment programs and fast processing time where you can fast-track the application process.
For example, St. Lucia CBI program requires you to make a minimum investment of $100,000, which is the lowest among the Caribbean countries. And a processing time of 2 to 6 months. The Grenadian passport can be obtained with a minimal investment of $150,000 and a 4 to 6 months processing time.
One of the main reasons people invest in dual citizenship is to travel visa-free, register a company or open an additional branch in a foreign company, relocate to another country in case of civil unrest or war, have better healthcare and education, etc.
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Gaining residency as a dual citizen is enabled by a straightforward process. For more citizenship-related content, check our blog.