Have you ever wanted dual citizenship by owning property in another country?
Well, it’s now possible. Fuelled by globalization, travel, and the international real estate market, countries now provide new citizens with a passport in exchange for an investment in a property.
Whether you’re looking to diversify your assets or expand your horizons, this article looks at countries that offer citizenship by real estate investment and how to get started on your journey.
The tiny twin-island nation of St. Kitts and Nevis is located in the Caribbean Sea, just southeast of Puerto Rico. The country is famous for its beautiful beaches, lush vegetation, and friendly locals. St. Kitts and Nevis also offer citizenship by Investment, making it an appealing destination for those looking to purchase property and obtain a passport.
In 1984, St. Kitts and Nevis introduced the Citizenship by Investment Program (CIP), and this has become a highly successful program. The program requires a minimum investment of US $400,000 in real estate, which must be held for at least five years. After five years, the investor may sell the property or keep it as a vacation home or rental property.
Many countries offer citizenship in exchange for investing in their economy. St. Kitts is one of those countries. When you invest in St. Kitts, you are entitled to a passport from the country. This passport allows you to travel visa-free to over 150 countries and gives you the ability to live and work in St. Kitts. There are many benefits to having a St. Kitts passport, including the fact that it is a very stable country with a low crime rate.
Dominica is an attractive option for citizenship by Investment because it offers a fast and easy process with a low minimum investment. In addition, Dominica does not require applicants to reside in the country to maintain citizenship.
In 1993, Dominica introduced its citizenship by investment program, which has been a worldwide success since then. To qualify for citizenship, investors must make a financial contribution to the Government of Dominica by purchasing real estate or a government-approved development project.
The minimum Investment required for Dominican citizenship is US$200,000 for a single applicant or US$400,000 for a family of four. Investors can make a one-time payment or spread their payments for up to four years.
Once the Investment is made, applicants can expect to receive their Dominican passport in 4-6 months. Dominican citizens enjoy visa-free travel to over 100 countries, including the UK, Canada, and Schengen.
Antigua and Barbuda are two small islands in the Caribbean Sea. The population of Antigua and Barbuda is just over 100,000 people. The country is a Commonwealth realm with the British monarch as the head of state. The capital city is St. John’s, and the official language is English.
The economy of Antigua and Barbuda is based on tourism, agriculture, and offshore financial services. The tourism industry accounts for more than 60% of the country’s GDP. Agriculture accounts for about 10% of GDP, and offshore financial services account for about 30% of GDP.
In 2013, Antigua and Barbuda established its Citizenship by Investment Programme (CIP). The CIP allows foreign investors to obtain citizenship in Antigua and Barbuda by investing in approved real estate projects or contributing to the National Development Fund (NDF).
Real estate investors must make a minimum investment of US$400,000 in an approved project. Investors contributing to the NDF must make a minimum contribution of US$200,000. There is also a due diligence fee of US$7,500 for each application and a government processing fee of US$50,000 for each applicant over 18 years old. The main benefits of obtaining citizenship in Antigua and Barbuda include visa-free travel to over 140 countries.
This island group is located in the southern Caribbean Sea near the southern end of the Grenadines and consists of one main island and six smaller ones.
Grenada is a popular tourist destination with a tropical climate and lush green landscapes. The island is also home to several luxury resorts, making it desirable for those who can afford it.
What many people don’t know about Grenada, however, is that it offers citizenship by real estate investment. That’s right – if you purchase property in Grenada worth at least $350,000, you can apply for citizenship.
A few requirements must be met to qualify for citizenship, but if you can meet them, you’ll be on your way to owning a passport from this beautiful island nation.
Turkey’s citizenship-by-investment program was introduced in 2018. It allows foreign investors to obtain Turkish citizenship in exchange for investing in real estate worth a minimum of $250,000. The property must be purchased outright; it cannot be leased. Applicants must also hold the property for at least three years.
The program has been widespread, with over 3,000 applications received in the first six months. Most applicants come from China, followed by Russia and Iran.
Although all governments impose strict terms and conditions before offering citizenship by real estate investment, once accepted, these programs can present an excellent opportunity for prospective immigrants.
As the trend towards these types of programs keeps growing, we need to ensure policies stay secure so that applicants gain all the benefits possible from their investment while governments secure the asset and revenue provided by these programs.