Citizenship by Investment Programs are the center of much controversy as some argue that a passport is not an asset that should be sold. Those that are against the investment-based citizenship programs feel that passports should only be granted either through family descent, place of birth, or more traditional immigration programs. Another argument is that the programs lack transparency and can potentially lead to abuse, especially those programs that do not have a residency requirement. The new citizen therefore sometimes has no connection to the country at all, other than the newly held passport.
Notwithstanding the criticisms, the number of Citizenship by Investment Programs is increasing. These programs help fuel economic growth for the country receiving the foreign investment. Is the continued growth sustainable? Considering that much of the world is politically distressed and provides little to no travel freedom, the elite from these countries are still looking for a way out. It’s also a fact that the ultra wealthy population in the Middle East and Asia is growing exponentially, driving even more demand for second citizenship through investment programs.
Many investors want the luxury of having a second passport without the obligation to pack up their lives and move. Most of the Citizenship by Investment Programs offer just that; there are usually no residency requirements, and if there are, they are easily attainable. This means that applicants to these programs get to enjoy the same benefits as other citizens immediately upon approval, and get to bypass the usual several years of residency required prior to becoming a citizen. For those who have no intention of migrating, at least in the near future, direct citizenship is what you’re looking for. The key is that you still have the option of moving to your new country of citizenship should you so choose. It is a second place to call home in the event of disaster, or when you are simply ready for a change of scenery.
Which countries offer citizenship through investment?
While there are many countries that offer residency in return for an investment into their nation’s economy, including Canada and the USA, as of now there are only eight countries offering direct citizenship for investment. These countries have legislation that authorizes the issuance of citizenship for a substantial investment. More than half of the eight existing Citizenship by Investment Programs are located in the Caribbean, while the remainder are in Europe.
Below you will find a table comparing the eight Citizenship by Investment Programs, with minimum investment cost in ascending order:
| Country | Average processing time | Minimum Investment Required | Residency Requirement | Visa-Free/visa-on-arrival Countries |
| Dominica | 2-4 months | US$100,000 | None | 119 |
| Grenada | 3-4 months | US$200,000 | None | 121 |
| Antigua & Barbuda | 3-4 months | US$200,000 | 5 days within first 5 years | 134 |
| Saint Lucia | 3 months | US$200,000 | None | 125 |
| St Kitts & Nevis | 2-3 months | US$250,000 | None | 132 |
| Malta | 12 months | €1.2 million | 12 months before naturalization | 168 |
| Cyprus | 3 months | €2 million | None | 159 |
| Austria | 18 months | €10 million | None | 173 |
* Note that in addition to the required minimum investment, these programs also charge government processing and due diligence fees.
Is the higher investment worth it for Austrian citizenship? Well, to some it might be. While Austria is one of the richest countries in the world, the Caribbean consists of developing nations. Which countries do you want access to? Compare the visa-free and visa-on-arrival countries accessible by Antigua and Barbuda to those of Malta. Are the additional 30 countries essential travel destinations for you?
Second citizenships are chosen based on convenience and affordability. For the ultra wealthy, an extra million Euros or two may be available to spare. For the budget-conscious, maybe the Caribbean is the wiser option. The demand for second passports is on the rise and each individual’s preference will depend largely on their personal circumstance and future goals. Our office will help you discover the best second citizenship opportunity for you and will guide you through your entire immigration journey.
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