An increasing number of people find the concept of alternative citizenship attractive, primarily because of the economic crisis. Among the most prevalent options for obtaining passports is the option of obtaining a passport for investment – also known as citizenship by investment (CBI)
Aside from obtaining citizenship by birth, naturalization, or legitimation, some countries can also offer you passports when you contribute to their economy, culture, or society. Programs for obtaining citizenship by investment attract many affluent individuals from developing nations to consider obtaining another passport for travel freedom and mobility.
Law Insider defines CBI programs (also known as Residence by Investment – RBI) as programs that offer individuals from foreign states to become citizens of a country or offer them temporary or permanent rights of residence when they contribute to the development of their society through investments.
Passport obtained by investment comes with less rigorous processes. Averagely, in three months, a high-net-worth investor can get a passport. This approach to citizenship is also accompanied by many stay benefits such as friendly tax programs, visa-free travel, and having your own residence.
People generally believe that only wealthy individuals can apply for citizenship by investment. But this is not true.
Anyone who can meet the requirements can apply. So, you may not readily have a billion dollars stuck up in the bank. You may be a digital entrepreneur, a physical business owner, an investor, or someone who has a global mindset.
St Kitts and Nevis is the founding country behind the CBI program. It first launched in 1984 and has since seen over 20,000 applicants worldwide obtain passports. Aside from becoming a citizen of the country, there are several other attractive benefits the St Kitts citizenship by investment program offers.
An applicant must have attained at least 18 years of age and must be able to invest a non-refundable $150,000 amount as an individual. The registration process generally takes between 2 and 6months to be finalized.
You can also include your spouse, kids below the age of 31 who do not already have kids, parents, and grandparents.
The Dominican CBI program was Instituted in 1993 with the opportunity for an investor to either become a full member of a country as a single party or acquire for their families too. Processing time is just three months.
Grenada established its Citizen by investment program in 2013. And it accepts $220,000 in real estate investments approved by the government with at least five years of maintenance. Another option is to donate $150,000 for societal development.
French-speaking Saint Lucia offers three options to obtain a passport by investment which is processed between three to four months. One, a $100,000 non-refundable donation is required for a single applicant. But the amount increases based on the number of dependents you’ll be going with.
Two, a $300,000 investment in a government-approved real estate project may produce good profits. Three, a $3.5million Investment in a recognized enterprise project.
Turkey Citizenship by investment program offers permanent citizenship to applicants and an opportunity to access both Asian and European markets.
As an investor, you’ll be required to pay $250,000 in the government-approved real estate market. This amount used to be $1,000,000 at inception and was reduced in 2018 to the current amount. The processing period often takes between 6 – and nine months from the submission date.
If you are self-employed, retired, or independently wealthy, you can consider CBI. The best way to get the most out of your plan is to define your goal clearly. To obtain passports by investment, different countries have different guidelines without necessarily speaking their language. Make financial contributions to the society in the required forms, and you’ll be offered citizenship. You could acquire real estate or securities, create jobs, or start a business.