What is a golden passport, or how to get the citizenship of a country in exchange for investment?
Preferential acquisition of citizenship of one of the foreign countries for participation in the state investment and migration program is called the "golden passport". Find out which countries issue it, as well as the details and benefits of the program
Some countries around the world offer people to acquire citizenship by investing in their economy. It is this process that allows you to get a "golden passport". We tell you what kind of program it is and where it is practiced.
What is a "golden passport"? Let's figure it out
The principle of operation of this system is simple: a person should invest in the economy of a specific country. For example, make a contribution to a special fund, buy real estate, etc. (It depends on the country). For this, he receives a golden passport. In addition to a passport, a person is granted benefits, including tax benefits, access to foreign education, high-tech health care, and the ability to travel without visas.
Each country that practices such a system has its own terms and investment amounts.
The island state of Saint Kitts and Nevis became the first country to introduce "golden passports". It has been possible to "buy" citizenship there since 1984. The island has become one of the sweetest in terms of obtaining passports. The owner of such a document receives visa-free access to 157 countries and tax benefits in exchange for investments of $150,000 or more.
Which countries issue "golden passports"?
You can get a passport as a citizen of Grenada through the purchase of real estate or a charitable contribution to the National Transformation Fund.
The country's passport opens up visa-free access to 144 countries of the world, including the countries of the Schengen zone, the People's Republic of China and Great Britain. In addition, with this passport, you can move to the USA on an investor visa.
The minimum investment contribution is 150 thousand dollars. You can get a passport from 4 to 6 months.
A slightly different system operates on the European island, which provides for obtaining permanent residence (PMP) with the possibility of acquiring citizenship after 5 years. PMP in Cyprus can be obtained for investment by investing in real estate or securities of the country.
You can get a passport for 5 years of living on the island. It allows visa-free travel to more than 170 countries around the world, including the European Union and Great Britain.
The investment contribution must be at least 300,000 euros.
The country in the Pacific Ocean is considered the fastest way to get a second citizenship, since it is possible to get this document only one month after the start of participation in the program.
Also, in this country, the minimum investment contribution is only 130 thousand US dollars.
The program in this country is a little different from others. In Spain, for investment, you can get a residence permit and after 5 years of living in this country - citizenship, but on the condition of renouncing the current one. To receive the document, investors must choose one of the options: buy real estate or securities, open a deposit in a Spanish bank or invest in a business.
With a residence permit in Spain, you can visit other Schengen countries and spend up to 90 days there every six months.
To obtain the document, it is necessary to invest at least 500 thousand euros in the country.
Holders of Turkish passports can visit 110 countries without visas, including Singapore and South Korea. It is also possible to obtain a Schengen visa C-2 for five years and an E-2 business visa in the USA. The passport of a citizen of Turkey can be obtained from 6 to 8 months. However, the rules for obtaining a golden passport for investments in this country will change from 2023.
What should investors know about the changes? The main thing
• now, in order to obtain a passport, it is necessary to purchase a real estate object worth at least 400,000 dollars (that is, you cannot buy four houses for 100,000 dollars each);
• it will be possible to invest in one or more objects only on the basis of a contract certified by a notary;
• the object purchased for citizenship cannot be reused in the program (sold to another foreigner). To participate in the program, such an object must be owned by a Turkish citizen for at least three years. In this case, the first foreign owner will not receive a passport based on ownership of this object;
• if the potential recipient of Turkish citizenship plans to use a mortgage when buying, then his own capital in the transaction should still be 400 thousand dollars;
• if the transaction was made before the currency purchase certificate was issued, the transfer to the seller's account must be in foreign currency. If the certificate is in hand, then in lira;
• program participants must receive a property appraisal report no later than three months before the notarization of the preliminary purchase and sale agreement;
• a ban on applying for a passport when buying a share of real estate will also come into effect, regardless of the value of the share.
The attractive investment citizenship program of Montenegro closes on December 31, 2022.
Information on the rules of entry and legal stay in any country in the world for the purpose of employment, obtaining a residence permit and/or citizenship can be found on the VisitWorld.Today resource.
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