Citizenship-by investment programs attract a number of high net worth individuals in developing nations, looking to add a second passport in their investment portfolio. A second passport provides a greater mobility along with visa free travel freedom. The CBI passport market has turned into a $5 billion dollar industry annually along the Golden visa market is valued at another $25 billion. Together the Investor Residence and Citizenship market is a combined $30 billion as of 2022 and is projected to grow further every year.

Joachim Stern (2011) coined the term jus pecuniae for acquisition of citizenship through financial contributions and to describe the bureaucratic fees for citizenship applications.

St Kitts introduced the first citizenship by investment program in 1984, then Dominica joined in 1993 and it was only in 2014 many more countries joined the CIP club and the market for investment citizenship gained momentum giving rise to a $2 billion dollar industry. Recently St Lucia and Vanuatu joined the citizenship by investment market along with Malta and Cyprus in Europe.

According to IMF article “Offering citizenship in return for investment has been a “win-win” for some small Caribbean states. The substantial inflows of funds from these programs have helped boost employment and growth. Inflows to the public sector alone in St. Kitts and Nevis had grown to nearly 25 percent of GDP as of 2013”.

Another IMF article says Citizenship by investment is a growing phenomenon – The rapid growth of private wealth, especially in emerging market economies, has led to a significant increase in affluent people interested in greater global mobility and fewer travel obstacles posed by visa restrictions, which became increasingly burdensome after the terrorist attacks of September 11, 2001. This prompted a recent proliferation of so-called citizenship-by-investment or economic citizenship programs, which allow high-net-worth people from developing or emerging economy countries to legitimately acquire passports that facilitate international travel in Europe and Schengen Area.

Christian Kalin, Chairman of Henley and Partners says, “A second citizenship is like an insurance policy of the 21st century”

• Safety and protection in a second country.
• Mobility and visa free travel freedom (visa waiver)
• Perfect gift for your family transferring citizenship through generations.
• A Plan B option for Asset protection offshore
• Must in an investment portfolio for family offices, bankers and hedge fund managers
• Safety, privacy and protection from war, political problems.
• Protect you wealth offshore in a stable country with strong currency.
• Dual citizen status becoming a Global citizen expanding freedom across the globe.
• World class education for children at best universities abroad.
• Opportunity to invest in international real estate markets to setup second home.
• Tax free planning on your worldwide income
• Passport is a modern day insurance policy of the 21st century
• Ease of doing business

The most important reason why these ‘citizen by investment’ programs gained so much popularity recently, citizenships are approved very fast within 2-3 months without any trip to the country and there are no residency requirements. Exceptions are Malta requires one year residency, Cyprus requires 6 months prior residency.

• Montenegro CBI is permanently closed from Jan 1, 2023
• Turkey increased CBI property investment to USD 400,000 (from $250,000)
• St.Kitts & Nevis makes key changes to CBI, introduces Limited Time Offer for USD 125,000 from 2023
• Saint Lucia cuts real estate minimum to USD 200,000. Introduces National Action Govt Bonds for USD 300,000 (single/family) from 2023 (replacing Covid relief bond)
• Greece doubles minimum investment to EUR 500,000 for Golden visa.
• Americans are No.1 investors topping the table with Portugal golden visas.
• St Lucia now issues e-Passports and cut average CIP processing times to 45 days.
• Portugal golden visa to continue without disruption after a proposal voted down. (But Fears the program may close soon since the objective of program is achieved)
• Dominica removes addition of siblings for CBI program.
• Nationals of Russia, Belarus are banned from applying for All Golden visa and passport programs.
• Bulgaria citizenship by investment scheme is closed.
• United Kingdom has terminated Tier1 investor visa program. No new applications are accepted
• European commission has imposed strict complying requirements with investor residence schemes to comply with money laundering, tax evasion and abuse of such schemes by oligarchs.
• Processing times for Portugal golden visa is stretched to 6-10 months.
• From 2022, Portugal has raised the investment for bank term deposits and treasury bonds to EUR 1.5 million
• EU has imposed full visa suspension for Vanuatu passport holders (applied through CBI) from entering schengen area until Aug 3, 2024.

There are number of investment options available under citizenship-by-investment.

• Donation or Contribution to Government fund (one time and non-refundable)
• Approved Real estate investment (buyback shares by developer / residential villas or properties with title)
• Approved Government bonds, Share capital or Investment funds (refundable)
• Bank term deposits (refundable)
• Lump sum Tax (non-refundable)
• Investment funds (refundable)
• Enterprise Companies / Startups / SME businesses

Among all the investment options, bank term deposit, government treasury bonds will give you a peace of mind, as these are fully refundable investments (with interest) paid back guaranteed by government after 5-6 years. Investment fund is a choice if you have experience in investing taking higher risk more the returns. Many property developers will give you buyback share option where you investment is returned after fixed period of five years (with returns/rental).

As of 2022, there are some 15 citizenship by investment available in the world.

The following list of countries that have official and legal citizen by investment programs. We will also compare the value of these passports using three different passport ranking indexes.

• St Lucia is the cheapest citizenship program for single persons
• Antigua is the cheapest citizenship program for families
• St Kitts is the most powerful caribbean passport in terms of visa free travel.
• Grenada, Turkey, Montenegro have E-2 treaty with United States, so becoming a citizen you have the chance to apply for E-2 non immigrant visa to United States

The Caribbean citizenship by investment are currently the cheapest CBI for individual investors and families. You can see the true costs of CBI by donation which is more affordable than real estate for many people.

All in all, for one person Dominica and St Lucia are the cheapest. For families Antigua is the cheapest.

These are our rough price calculations on four CBI programs, to give you a better understanding if you can afford.

Note: Above are total costs you pay to government (agency fee not included). The family of 4 assumes two children below 10. Family of six assumes two children below 12 and two parents/siblings.

The Government bonds/stocks are debt securities issued by governments is a very popular investment route for those who want a peace of mind with their investments. These are risk free investments fully refunded after 5 years without interest. Only a few nations offer bonds for the purpose of citizenship or residency.

• St Lucia – USD 300,000 (Citizenship / 5 year investment)
• Portugal – EUR 1.5 million (Residency/ 5 year investment)
• Spain – EUR 2 million (Residency)
• Turkey – USD 500,000 (citizenship / 5 year investment)
• Italy – EUR 2 million (Investor Visa)
• North Macedonia – EUR 400,000 (Citizenship)

The Buyback shares in commercial real estate (eg. hotels) besides residential properties is a very interesting option invested in five star hotels/resorts in Portugal, St Kitts, Grenada, Dominica etc. for Residency/Citizenship.

The developer usually guarantees 3-4% returns and the entire share is redeemed by the same developer after 6 years.

These are the best citizenship by investment programs for 2023 with the top spots captured by

1. St.Kitts and Nevis
2. Grenada
3. St Lucia
4. Antigua and Barbuda
5. Dominica

Source: Best Citizenships CBI Rankings for 2023

As of 2021, two programs Moldova and Cyprus suspended. Travel has become impossible due to global pandemic. As a result CBI programs that dont require a personal visit for passport have become extremely popular. Caribbean countries has slashed prices for investors applying for citizenship by investment programs. Many of these small countries have been desperate to raise revenues as a result of economic fallout caused by pandemic.

The following are the top golden visa programs offering a immediate permanent residency against real estate or similar investments. The top spots were captured by all european countries

1. Portugal
2. Ireland
3. Greece
4. Spain
5. Italy

Source: Best Golden Visa Rankings 2021

Let us take a look on the most popular programs as of 2021/22.

St Kitts and Nevis has become the top citizenship program in the Caribbean. St Kitts and Nevis requires USD 150,000 one time contribution or USD 200,000 real estate investment to qualify citizenship. There are no residency requirements, nor a visit required to get the Kittitian passport.

There is 60 day fast track application processing (accelerated) available with St Kitts and Nevis for an additional fee.

St Kitts passport issued under CIP is valid for 10 years.

In 2020, St Kitts passport has visa free access to 154 countries in the world, one of the best caribbean passports in the world..

St Lucia requires USD 100,000 (contribution) or USD 200,000 (real estate investment) to get citizenship. The citizenship processing time is 2-3 months. You can also park USD 300,000 in Bonds issued at 50% discount issued by Government of St Lucia (GOSL) which is paid back after 6 year lock period (no interest paid for zero coupon bonds)

St Lucia in 2017 amended their citizenship laws to decrease the investment amount $100,000 making it one of the competitive and attractive CIP’s in the Caribbean. There are no residence requirements and no visit to St Lucia required to get the St Lucian passport.

Effective Jan 1, 2023, Saint Lucia launched Interest free Special national action government bonds issued by treasury for USD 300,000 held for 5 years (single or family with unlimited dependents).

After this period, the minimum Govt bonds will be available only for USD 500,000. These are risk free investments, fully guaranteed and returned by the SL Govt after the 5 year holding period. The Government has waived additional processing fees. A family of 5 can apply for $250,000 covid bonds only increasing the holding period.

As of 2020, Saint Lucia has made number of changes to the CIP regulations to make the program simple and more accessible. These changes are

• Average CIP application processing times reduced to 56 days (reduced by 50%) making Saint Lucia fastest CBI program in the Caribbean.
• St Lucia now issues e-Passports to all citizens with upgraded passport security.
• The category of ‘qualifying dependant’ has been expanded and now includes the option to “add-on” qualifying dependants in all investment options for the granting of citizenship. Besides your spouse, you can now include children up to the age of 30 as well as parents over 55 if they are fully supported by you. An unmarried sister or brother who is under 18 can also be included in your application.
• E-Payment platform launched cutting delays for payments.

The St Lucian passport is valid for 5 years.

In 2020, Saint Lucia passport has visa free access to 145 world countries, according to Henley passport index.

Vanuatu Citizenship by Investment Program

Vanuatu is located in the east of Australia and north-east of New Caledonia.

The island is sited in the romantic South Pacific. Vanuatu is known as the Tax-Free Tropical Paradise. The Island is not only popular because of its great location and climate, but is also known as a great place for opening easy bank accounts & operating business.   Why Choose Vanuatu?

Vanuatu tenders a world of discovery & adventure starting from swimming in a natural blue hole to exploring a live volcano. Give a free rein to your inner traveler and explore sights one might have never seen before. Vanuatu is an island rich authentic culture & magnificent landscape.

Benefits

Visa-Free to 124 countries including Schengen, UK, Russia, Singapore and Hong Kong etc.

Citizenship for lifetime & passed on to future generations.

Dual citizenship is permitted

Officially, the 4th “Happiest Place in the World”.

Tax-Free Zone

Application process in just 30 days

Qualifying Criteria

Applicant must make the required investment in either real estate or contribution to the Government Fund.

The applicant must have no criminal record.

Make the required investment.

Vanuatu has the fastest citizenship by investment program in the world and only CIP in the South Pacific offering a commonwealth passport. Vanuatu is extremely popular for its speed of processing, easy and simple application process. Approvals are issued within 20-30 days compared to 2-3 months taken by Caribbean countries

Vanuatu operates two citizenship programs for investments

1. Development Support Program (DSP) $130,000 (All countries)
2. Honorary citizenship contribution program (VCP) $130,000 (Reserved for China/HK)
3. Real Estate Option (REO) $200,000

Both programs have same investment requirements.

Vanuatu requires USD 130,000 for one person(one time contribution for DSP/VCP scheme) to receive citizenship and passport. The contributions rise for families The minimum selling prices set by Government is all inclusive, officially published by the Vanuatu Citizenship Commission. No other additional fee apply.

Source: Vanuatu Citizenship Commission

P.S: Additional due diligence fee USD 5,000 per application apply.

The New Real Estate option (REO) for CBI has been launched in Aug 2021. There are currently four approved VGA Projects as follows:

• “Pacific Springs” situated at Rentabao on the island of Efate;
• “Narpow Point Coral Bay” situated at Narpow Point on the island of Efate;
• “FPF Rainbow City Project” situated at Narpow Point on the island of Efate;
• “Milai” situated on the island of Espiritu Santo.

Vanuatu has reduced passport processing time is fastest in 1.5 months. One main advantage of Vanuatu passport is it has visa free travel to Russia. There are no residence requirements but there is a personal visit required to Vanuatu for receiving the passport. You can start the application process by just paying $5,000 towards due diligence and the rest after approval (standard procedure)

Vanuatu has visa free access to 130 countries in the world, according to Henley visa index 2019. Vanuatu CIP passport is valid for 5 years and validity can be extended.

Vanuatu has been a largely a tax free countries in the world (no income, no wealth or no inheritance tax and non-FATCA)

Dominica is the most popular citizenship program in the Caribbean. Dominica requires USD 100,000 (contribution) or USD 200,000 real estate investment to qualify for becoming a Citizen of Dominica. The processing time for passport is 6 months. There are no residence requirements nor visit to the country required to become a ‘Dominica Citizen’. Dominica passport issued under CIP is valid for 10 years.

Dominica also slashed family prices due to Covid-19 applying for citizenship by investment program. Post citizenship additions now possible and Dominica CBI program is more accessible for family members.

In 2020 Dominica passport has visa free access to 139 world countries, according to Henley passport restrictions index.

Grenada’s CBI program one of the best passports in the Caribbean that comes with extensive passport benefits for the right price. Under the CBI program, Grenada requires USD 150,000 (contribution) or USD 350,000 (real estate investment ) to become a ‘Grenadian citizen’. The processing time for passport is 2 months. There are no residence requirements and no visit to Grenada required to get the citizenship.

Grenada has small advantage compared to other caribbean passports for these reasons.

• Only CBI passport which has visa free waiver with China, Russia.
• Only CBI passport which has option to apply for E-2 treaty visa to US. (E2 is cheaper EB-5 alternative which is a non immigrant visa )

The Grenada Government has not provided special offers under the CBI program for Covid-19

Grenadian passport has visa free access to 142 countries in 2020. Grenada passport issued under CBI program is valid for 5 years currently has visa free access to China, Russia, United Kingdom and EU schengen area.

Antigua and Barbuda requires USD 100,000 (contribution) or USD 200,000 (joint real estate investment) to become a Citizen under the CBI program. The limited time 50% discount will apply until Oct 2019. There are no residence requirements when you apply for passport for the first time but when you renew your passport after expiry, you must have visited Antigua for 5 days in the previous 5 year period. There is also no requirement to visit the country for receiving citizenship or passport initially. The passport processing time is 4 months. Antigua CIP passport is valid for 5 years before expiry. After first renewal the passport is valid for ten years.

Antigua remains one of the cheapest CBI passport scheme out there for families. The Government in a decision taken by cabinet in Oct 2019 has permanently extended the limited time 50% discount offer for citizenship investors.

Antigua Cabinet launched University of West Indies (UWI) fund as an additional option offering a huge savings for big families (six or more).

The Government has made some changes to the program in 2020 making it easier and affordable.

Antigua and Barbuda passport has visa free travel to 150 countries according to Henley passport index 2020. Antigua and Barbuda recently lost their visa waiver agreement with Canada causing its passport to drop its value.

Montenegro opened a brand new special citizenship by investment program from Jan 1, 2018. Foreigners must invest EUR 250,000 in real estate (north of montenegro) and also donate to government EUR 100,000 in application fee. So in total Montenegro will require EUR 350,000 plus other fees and investors issued permanent residence within a month and citizenship within 6 months. Each application must pay $100,000 for citizenship.

• Govt application – EUR 100,000 per family application (Goes to Government Donation fund)
• Govt processing fee – EUR 15,000 for main applicant and EUR 10,000 per dependant
• Additional costs – Due diligence fee and lawyer fee

It is important to understand Montenegro is a leading candidate for achieving EU membership by 2025 or later. Investing in Montenegro is a great future investment considering the real estate prices lowest in the Europe. Montenegro is also a low tax country.

Only investing in Govt approved hotels or resorts will qualify for citizenship (not residential properties). Remember if you want to invest in southern parts of montenegro where it is beautiful with resorts and sea side areas the minimum investment increases to EUR 450,000. There is also a provision to invest EUR 5 million creating 60 jobs in developing new five star hotels and resorts.

This is a limited economic citizenship scheme to 2000 applicants.

The Montenegro CBI scheme will be receiving applications until Dec 31, 2022.

Montenegrin passport has visa free travel to 124 countries, according to Henley passport index 2020. Citizens can travel to EU schengen area. Montenegro has not signed visa waiver with United Kingdom.

North Macedonia offers immediate european citizenship for investing in a private fund or investments in state bonds or securities. It is a low tax country ranks high in human development and healthcare systems in Europe. The processing timeline for citizenship takes about 4 months. Passport holders can travel to 125 visa free countries.

There is no real estate option with this program.

• Private fund – EUR 200,000 (2 years)
• Bonds/Securities – EUR 400,000
• Business 10 jobs – EUR 400,000

Malta has the official citizenship by investment program (Malta IIP) in Europe. This program officially known as Individual Investor Program of Malta (“IIP”). The scheme was suspended after reaching 1800 applicants as a whole.

This scheme was replaced by Exceptional naturalization for direct investments which was launched in Nov 2020 with a limited quota of 400 investors naturalized annually for economic investments. There is a total cap of 1500 investors.

Under this new scheme, Malta requires a total EUR 600,000 non refundable contribution to Government fund to become a Maltese citizen (also EU citizen) after 3 years of living. There is another quicker path if you pay EUR 750,000 to the agency, 3 years is reduced to one year. Dependants pay another EUR 50,000 per person plus there are several additional costs for Due diligence (10K euro), residence permit (5K euro), agency fee (10K euro) etc..

Malta citizenship program has very strict due diligence and vetting policy and application refusals are very high (refusal rates hitting 25-30%) . They are very careful who they grant citizenship.

Malta passport issued is valid for 10 years.

Maltese passport is one of the best and highly respected travel documents in the world with visa free access to 183 world countries, according to Henley passport index 2020.

As of 2020, this scheme has expired and the government will be introducing a new program with limited 700 applications every year.

Malta Residency Program

If you want a cheaper stripped down version of permanent residency program without citizenship, just go for Golden visa (MPRP program) . It is also cheapest golden visa residency program in Europe through donation or real estate.

The cheapest option is you pay EUR 100,000 one off donation to Maltese government ( you must also rent a home) or buy a home property for 300,000 euros. Remember this is also a cheapest golden visa europe comes with a permanent residency in the schengen area. This program will be perfect if you are happy with residency and dont want citizenship.

Please note: To apply for maltese MPRP program you must show you have 500,000 euros as total assets (eg. cash, investment, property – can also be proven jointly with family members) to become eligible to apply.

Cyprus also has a legal and official citizenship by investment program in Europe. Cyprus requires EUR 2,200,000 investment in Real estate, Bonds or in Enterprise projects. You have to visit the country to receive citizenship and there is a new 6 month residency requirement (hold residence card) before applying for Cypriot passport.

As of Nov 1, 2020, the Cypriot Government has discontinued the CIP investment scheme. No applications will be accepted

You become a full EU citizen by getting a citizenship in Cyprus. The application processing time is about 3 months. It takes all in all 6 months to get the Cyprus passport after making the investment.

Cyprus has made a number of changes to the citizenship scheme tightening the vetting process in 2020 after negative publicity in the media. The prices also increased by EUR 200,000 (must donate to development of cyprus) in 2020 besides buying a permanent home for EUR 500,000 plus VAT.

The Cyprus investor citizenship scheme has a limited to only 700 passport applications annually. Another important change made was parents can be included if they buy additional home for EUR 500,000 plus VAT

Cyprus passport is one the best travel documents highly respected in the world with visa free travel to 174 world countries in 2020.

Samoa has a citizenship by investment program in the Pacific and a commonwealth country. Samoa requires US$ 1,000,000 investment in Tourism, Real estate, Manufacturing or in a Government fund under the Citizenship Investment Act 2015 and its Regulations 2015. Initially permanent residence card is granted to the investors which is then converted to Samoan citizenship after 3 years. Citizens of Samoa also qualify for a Samoan passport.

The Samoa passport has visa free travel to Russia, Canada, Schengen Area, United Kingdom etc, a total 131 world countries according to Henley passport index 2020.

The Samoa program remains largely unpopular and the Government reported in 2018 no applications were received for citizenship

Turkey Citizenship by Investment Program

Turkey lies at the crossroads between Europe and Asia; it stretches from the northeast end of the Mediterranean Sea in southeast Europe and southwest Asia. To the north is the Black Sea and to the west is the Aegean Sea. Its neighbors are Greece and Bulgaria to the west, Russia, Ukraine, and Romania to the north and northwest (through the Black Sea), Georgia, Armenia, Azerbaijan, and Iran to the east, and Syria and Iraq to the south. The Dardanelles, the Sea of Marmara, and the Bosporus divide the country. Dominated by Greeks, Persians, and Romans in turn throughout the classical era, what is now Turkey was once the seat of the Byzantine Empire. After the Ottoman Empire fell in 1918, Turkey transformed itself into the vibrant, modernizing, secular state it is today. As a result of its vibrant history and geography, Turkey is a very varied country.

The Republic of Turkey is a parliamentary democracy. The capital is Ankara and other larger cities are Istanbul, Izmir, Bursa, Adana and others. The head of state is the president, the prime minister is head of government; since 2007, presidents of Turkey are directly elected, and the president appoints the prime minister. As of 2011, Turkey has an estimated 78.8 million citizens. The majority of them are ethnically Turkish – 70 to 75% of the population. The official language of Turkey is Turkish, which is the most widely-spoken of the languages in the Turkic family, part of the larger Altaic linguistic group. It is related to Central Asian languages such as Kazakh, Uzbek, Turkmen, etc. Turkey has a total area of 783,562 square kilometers (302,535 square miles). It straddles the Sea of Marmara, which divides southeastern Europe from southwestern Asia. The narrow Turkish Straits seaway between the two continents, including the Dardanelles and the Bosporus Strait, is one of the world’s key maritime passages; it is the only access-point between the Mediterranean and the Black Sea. This fact gives Turkey enormous geopolitical importance. Turkey is among the top twenty economies in the world, although agriculture still accounts for 30% of jobs in Turkey, the economy relies on industrial and service sector output for its growth. Turkey has oil and natural gas reserves. It is also a key distribution point for Middle Eastern and Central Asia oil and natural gas moving to Europe and to ports for export overseas. Turkey’s coasts have a mild Mediterranean climate, with warm, dry summers and rainy winters. The weather becomes more extreme in the eastern, mountainous region.   Why Choose Turkey?

Turkish citizenship has been introduced to Article 20 of the Regulation. Accordingly, if Capital Markets Board determines that a foreigner has purchased a share of real estate investment fund or venture capital fund with a minimum requested value of foreign currency or equivalent Turkish Lira on condition that the share would be hold by such foreigner for three years at least, Turkish citizenship can be obtained upon a Presidential decree.   Benefits

Visa-free access to 110+ countries in the world including Singapore and Hong Kong

Lifetime citizenship extended to future generations of family and children

No need to renounce your current citizenship(s), therefore benefiting from all nationalities.

No residency requirements, you are entitled to apply instantly, and no interview, education or management experience required.

The program is based on the law & is guaranteed by the government.

Stages:

Acquiring Turkish Citizenship by Investment is possible by investing in one or more properties in Turkey.

The citizenship program is comprised of three stages:

Purchase of real estate

Acquiring a residence permit

Receiving passports

Turkey launched a new citizenship by investment program under Official Gazette on January 12, 2017. In 2018 Turkey reduced the investment prices for citizenship. Foreign investors qualify for Turkish citizenship buying $400,000 worth of real estate in Turkey or $500,000 enterprise investment in Turkey or $500,000 worth of Government bonds or Bank deposit.

In 2022, Turkey hiked the minimum investment for real estate to USD 400,000 (from $250k). Stateless people cannot buy property but can invest in bonds or bank term deposit to get Turkish citizenship. New 2022 rules requires you convert all foreign currency to turkish lira through central bank to invest in property.

The Turkish CBI scheme is very popular with Arab investors and more than $1 billion already invested in Turkish real estate market through the citizenship scheme.

Turkish passport has visa free access to a total of 111 world countries in 2020.

Turkish citizens (passport holders) still need visas to travel to Schengen Area, Canada or United Kingdom.

In 2020, Turkey has made the program simple and accessible. Citizenship can be applied through Turkish consulates anywhere in the world by purchasing real estate without visiting Turkey.

Cambodia offers citizenship against cash donation USD 250,000 to economic rebuilding of Cambodia, according to Article 12 Law of 1996 Nationality Act. No residence requirements. An investment of USD 1.5 million also qualify for citizenship by investment in a Asian country.

Cambodia is probably the only Asian country that has a citizenship by investment program. This program largely remains unofficial.

Cambodian passport has visa free access to 54 countries in the world in 2019 including Thailand, Vietnam, Malaysia, Singapore etc.. according to Henley visa index.

Bulgaria offers fast track citizenship strictly through residency. Foreign investors are required to invest EUR 1 million in Government bonds locked for five years.

This scheme is closed after the bulgarian parliament abolished golden passport scheme.

Bulgaria removed Government bonds for citizenship by investment legislation in 2021. Currently only business capital investment route is the only possibility for fast track citizenship

The Bulgarian citizenship is fast tracked within two years or in 18 months. Bulgaria offers full EU citizenship as Bulgaria is a member state of the EU.

Another route apply for residency investing just EUR 250,000 in real estate or business and then naturalize for Bulgarian citizenship after 5 years.

There are couple of things you should know about Bulgaria

1. Full EU member country
2. Does not participate schengen area (like Cyprus)

Bulgarian passport is also very valuable since it offers full rights of establishment in EU member states and United Kingdom and also has visa free travel to Canada. Language requirements also apply as Bulgaria recently tightened their citizenship rules.

Bulgaria strictly requires to maintain EUR 1 million investment for atleast 5 years else citizenship will be stripped under the constitutional laws. This program has been largely unpopular for a number of reasons.

Financing option is also possible for bond or treasury securities investment.

In 2020, Bulgarian passport had visa free travel to 171 countries.

Moldova opened new citizenship by investment program in Nov 2018. It is the cheapest citizenship by investment program in eastern europe which requires EUR 100,000 one time contribution with processing time 3 months. There are no residence requirements. Moldova is not a EU member state and neither participates in Schengen area. Moldova passport has visa free travel to Turkey, EU schengen area and other countries. Moldova has E-2 treaty investor visa with US

This Program is permanently closed by the Government. No new applications will be received

In 2020, Moldova passport has visa free access to 120 countries in the world

Egypt opened a new fast track citizenship by investment program in 2019 after amending citizenship laws. Foreigners could become Egyptian citizens buying a real estate for $500,000. There are other investment options for citizenship such as bank deposit, Govt bonds, capital investment also available.

As of 2020, Egypt passport has visa free access to only 49 countries in the world.

Jordan launched a citizenship by investment scheme in Feb 2018 and then the investment requirement further reduced in 2019. The threshold is quite high for Jordan compared to other countries

• Bank deposit of zero interest, of $1 million at the Central Bank of Jordan (CBJ) instead of $1.5 million for 3 years instead of years.
• Treasury bonds valuing $1 million, instead of $1.5 approved by CBJ.
• Securities at a value of $1 million instead of $1.5 million, from an active investment portfolio.
• Small and Medium Enterprises (SMEs) $750,000 instead of $1 million in SMEs and for a period of at least three years, instead of five years
• Significant Investments: Make $1.5 million investment in any location in the country, or $1 million if the project is registered in any Governorate other than Amman, provided such a project creates at least 20 job opportunities and remains operational for at least three years.

As of 2020, Jordanian passport had visa free access to 51 countries and territories in the world.

If you are over 50 years old and wish to settle in Thailand, you may apply for a Non-Immigrant O-A visa. This visa has a validity of 1 year and may be extended for another year at any Office of the Immigration Bureau in Thailand, provided that requirements are still met.

You must make a deposit of at least THB800,000 in a Thai Bank, or have a regular income of not less than THB65,000, or a combination of annual income and deposits totaling not less than THB800,000.

This visa is individual and does not include dependents. If your spouse does not fulfill the requirements, he or she may apply for a Non-immigrant O visa (short stay). This is a single-entry visa that will allow the dependent to stay in Thailand for a period of 3 months, extendable up to 1 year.

Note that any foreign-national staying in Thailand without a permanent residency must report his or her stay every 90 days at any Office of the Immigration Bureau or Police station.
This visa does not entitle you to work in Thailand, nor qualifies for permanent residency.

- Be over 50 years old.
- A copy of bank statement showing a deposit of the amount equal to and not less than THB 800,000 or an income certificate (an original copy) with a monthly income of not less than THB 65,000, or a deposit account plus a monthly income totaling not less than THB 800,000.
- In the case of submitting a bank statement, a letter of guarantee from the bank (an original copy) is required.
- A letter of verification issued from the country of your nationality or residence stating that you do not have criminal record (verification shall be valid for not more than three months and should be notarized by notary organs or the applicant’s diplomatic or consular mission).
- A medical certificate issued from the country where the application is submitted, showing no prohibitive diseases as indicated in the Ministerial Regulation No.14 (B.E. 2535) (certificate shall be valid for not more than three months and should be notarized by notary organs or the applicant’s diplomatic or consular mission).
- In the case where the accompanying spouse is not eligible to apply for the Category ‘O-A’ (Long Stay) visa, he or she will be considered for temporary stay under Category ‘O’ visa. A marriage certificate must be provided as evidence and should be notarized by notary organs or by the applicant’s diplomatic or consular mission.

No nationality is officially restricted

Dual citizenship is not recognized in Thailand. To become a citizen of Thailand, you must renounce your previous nationality.

• Original and photocopy of passport
• Proof of income
• Bank Statement
• Original Police Clearance Certificate
• Three passport-size photos

• dual citizenship No
• Family members included No
• land ownership No
• Physical residence required No
• Personal visit required No
• Language skills required No
• Interview required No

• Investment Single $25,000
• Investment Family 4 -
• Minimum annual income -
• Time to citizenship
• Time to permanent residency
• Visa-free countries 71
• Financing available No

Warm climate

Low tax jurisdiction

Territorial tax system

High quality of life

Fast and easy process

Low cost of living

National Flag of Thailand

Currency THB

Area Code 66

Capital Bangkok

Continent Asia

Native Languages Thai, English

Population 67,089,500

The Kingdom of Thailand, formerly known as the Kingdom of Siam, is a Southeast Asian country and a member of ASEAN. It is located to the north of the Southeast Asia subregion, bordering to the east and north with Laos, through the Mekong River, southeast with Cambodia and the Gulf of Thailand, to the south with Malaysia and the west with the Andaman Sea and Myanmar (Burma).

Thailand is inhabited by 68 million people, of which more than a half live in rural areas. Its capital and most populated city is Bangkok (also known as Krung Thep Mahanakon), with over 8 million inhabitants, and 14.5 million including the whole metropolitan area. Its official language is Thai, although there are several regional languages and dialects. Its official currency is the Thai Baht (THB).

With your new passport from Thailand you'll be able to access 71 countries visa free >

To be a tax-resident in Thailand you must spend at least 180 days in a calendar year in the country.

Tax residents are subject to personal income tax on their income derived from Thailand and their foreign-source income remitted to Thailand in the year in which it is accrued. Income earned outside Thailand remitted after 1 year is tax-exempt.

Non-residents are subject to income tax on their Thai-source income.

Personal income tax is progressive at rates up to 35% for annual income exceeding THB5,000,000. Expatriates working on companies under certain tax incentive regimes (Regional Operating Headquarters (ROH), International Headquarters (IHQ), and International Trade Centers, ITC) may be entitled to be taxed at a 15% flat rate.

Dividends and interest are subject to a final withholding tax of 10% and 15%, respectively.

Capital gains are treated as ordinary income. However, those obtained from the sale of securities listed on the Stock Exchange of Thailand or any other ASEAN stock exchange are tax exempt, though certain exceptions may apply.

Thailand does not have controlled foreign companies (CFC) regulations, so profits retained in foreign entities owned by tax-residents may not be attributable.

A 12.5% real property tax is levied annually on the rental value of the property. Inheritances over THB100,000,000 are taxed at a 10% rate, though reductions may apply under certain circumstances. A gift tax applies on donations of assets exceeding THB20,000,000 (10 million in the case that recipient is not a descendant, ascendant or spouse).

There are no taxes on net wealth in Thailand.

The V.A.T. standard rate is 10%, reduced to 7% until 30 September 2019).

Regarding corporate taxation, resident entities are taxed on their worldwide income at a 20% rate. SMEs may be subject to lower progressive rates, provided that paid-in capital and net taxable profits do not exceed certain amounts.

Entities approved by the Board of Investment may have tax holidays up to 8 years. Companies under The International Headquarters (IHQ) and International Trade Center (ITC) regimes may be exempted from CIT for up to 15 years, among other tax incentives.

To learn more about Thai corporate taxation, legal framework and tax treaties, check out incorporations.io/thailand.

This should not be construed as tax advice. We have access to a global network of qualified attorneys and accountants who can give you the proper advice for your particular circumstances. Contact us for further information.

• Property tax Yes
• Transfer tax Yes
• Inheritance tax No
• Net worth tax No
• CFC law No

• Tax residency days 180
• Personal income tax rate 35%
• Capital Gains tax rate 35%
• Investment income tax rate 15%
• Territorial taxation

If you are not interested in citizenship, we offer residency residency schemes. We suggest going for residency schemes, for investors coming from countries, who are prohibited from holding dual nationality.

Portugal is extremely popular because it does not impose ‘live in the country’ requirement, with a path to EU citizenship. Note that from Jan 1, 2022 Portugal will increase minimum GV investments to 350k euro (from 280K euro) and these investments will be shifted to inner regions.

• Malta – 120,000 euro (permanent residency for one time contribution)
• Portugal – 280,000 euro (real estate) (Citizenship after 5 years)
• Greece – 250,000 euro (real estate) (Citizenship after 7 years)
• United Kingdom – £2M tier1 investor (Capital) (Citizenship after 5 years)
• Spain – 500,000 euro (real estate) (Citizenship after 10 years)
• Ireland – 1 million Euro (Real estate / VC funds) Citizenship after 5 years)
• Italy – 250,000 euro (Startups) (Citizenship after 10 years)

Portugal is No.1 residence and citizenship program in Europe. Portugal is a schengen state within the European Union. Portugal is very popular with nationals from US, UK, Canada and Latin America due to its geographic proximity to these countries and possibility to receive EU citizenship after 5 years without compulsory living requirements. Applicants have to meet 7 day residency during first year and 14 days from second year onwards.

Portugal does not offer instant citizenship, only instant residency.

Portugal offers a number of interesting investment options for investors.

• Residential properties – EUR 280,000 onwards
• Hotel buyback shares – EUR 280,000 onwards (in five star hotel projects eg. marriott share fully refunded by developer after 5-6 years with returns)
• Investment funds – EUR 350,000 onwards
• Bank deposit / Bonds – EUR 1 million

Please note Portugal grants Permanent residence permits (PRP) valid for 5 years for 500k euro and above investments, all investments below this will receive Temporary residence permits (PRP) valid for one or two years with extensions. GV scheme offers path to become portuguese citizen after 5 years, while maintaining all investments plus passing A2 language test and no criminal record. There is no civic citizenship test in Portugal.

Due to Covid pandemic, the processing times for GV applications average 10 months plus. We expect significant last minute rush towards end of 2021.

New regulations implemented from Jan 1, 2022 will make significant changes to GV program. Property investments in Lisbon/Porto/Algarve will be removed for Golden visas. The Minimum investments for GV will will remain at 280,000 euros in low density inner regions of Portugal. The investment funds, bonds and bank deposit will increase to 1.5 million euros from the current 1 million. Commercial investments eg. in hotels are not affected by this change in rule.

The Greece GV program is immensely popular among middle eastern investors. It is a simple and straightforward residence and citizenship program. Greece is part of schengen zone and also EU member state.

The important difference you should know is Greece issues permanent residence permits valid for 5 years with extensions and also for family members. The Greek GV program has a number of investment routes.

Real estate – EUR 250,000 (residential, commercial or hotel buyback shares)
Bank term deposit -EUR 400,000 (held for 1 year)
Government bonds – EUR 400,000 (held for 3 years)
Strategic investment – EUR 250,000 (business capital)

It is also possible to apply for Greek citizenship (not instant) after 7 years of strict living. You have to pass, language and civic test and evaluation of applications takes another 2-3 years.

Greece has zero residency requirement, but if you want citizenship option, you have to spend considerable amount of time living in Greece.

Due to Covid, please expect delayed processing times of atleast 6 months. It is possible to apply for GV through Greek consulates abroad due to Covid situation.

Ireland is full EU member state but has opted out of schengen area. Ireland operates a GV immigrant investor program which has gained more popularity over the years. The Irish EU passport remains most powerful in the world and has been most sought after post Brexit.

Ireland offers immediate 5 year permanent residency (stamp 4 permission) from day one through the following investment routes.

• Charity donation – EUR 400,000 (joint investment)
• Investment fund – EUR 1 million (refundable with yields) held for 5 years
• REITs – EUR 1 million (refundable with payback yields) held for 5 years

To apply for Ireland, you must prove you have EUR 2 million in total net assets (eg. property, investments, cash etc – can be proven jointly with family members) else you cannot apply.

Ireland does not allow loans/financing for applicants.

Irish citizenship is possible after 5 years after holding stamp 4 permission.

Canada’s Quebec immigrant investor program have been running for almost three decades. This scheme attracts rich families who invest CAD 1.2m (financing costs $250,000) plus prove net assets of atleast $2 million.

The Quebec government has announced the QIIP has been suspended until April 2023 for review of the programme.

United Kingdom Tier 1 Program

The UK is a sovereign state that consists of the counties of Great Britain, Wales, Northern Ireland and Scotland. It has a temperate climate and experiences rain throughout the year. Its main manufacturing industries include the aerospace, automotive and pharmaceutical industries. Agriculture also plays a leading role in the UK’s economy, with the sector producing some 60% of the country’s food requirements. In addition, the UK is a global leader in scientific research and development, with many of the country’s universities setting up science parks to facilitate collaboration with industry. A number of leading scientific journals, such as The Lancet and Nature, are published in the UK. united-kingdom-1   Why Choose UK?

The UK Immigrant Investor Program provides offers high net-worth individuals a residency permit for making the required investment, with higher investments being granted residency more quickly. UK residents enjoy a wide range of benefits as well as having the privilege of living in one of the world’s most advanced economies.   Benefits

Full rights to work and live in the UK.

Access to one of the world’s best public health care services for free.

The right to attend the country’s world class schools, universities and colleges.

The right to travel visa-free to 156 countries.

Qualifying Criteria

Have access to 200,000 pounds investment capital.

Be able to support yourself while staying in the UK.

Meet the minimum requirements for English proficiency.

UK provides red carpet welcome to HNWI families. Despite brexit UK is still attractive for investment with world class living, health care and education for children.

This scheme is closed after Home office announcement.

The Tier1 investor route offers entry clearance approved within 1-2 weeks for an investment of GBP 2 million invested as share capital in UK businesses.

UK has the fastest GV schemes in the world.

Spain has active golden visa program where you can buy spanish residency by investing.

• EUR 500,000 in Real estate
• EUR 2 million in Government treasury bonds

Italy has a brand new golden visa program operating since couple of years. You can be eligible to get italian residency by investing. There is no real estate option

• EUR 250,000 capital investment in italian companies
• EUR 2 million in spanish government bonds

Malta has the cheapest golden visa program. You can apply for immediate maltese permanent residency (schengen) by paying just EUR 100,000 euros in government fees (consider it donation). There are additional costs such as renting a housing for atleast 10,000 euro per year, insurance etc.

• Government Donation – EUR 100,000 (approx)
• Real Estate – EUR 300,000

The catch here you have to prove you have atleast EUR 500,000 (half million) in total net assets (eg. property, investments, savings). You wont become eligible if you dont prove this.

What is Golden visa?

Golden visas are residence programs issued for qualifying investments (eg. real estate, bank deposit or securities). Only a few nations in the world known to operate GV schemes. (eg. US, Canada, UK, Portugal etc.)

Which is the cheapest GV program?

Malta has the cheapest GV program. It will cost you EUR 100,000 in Govt processing and administrative fees. You also have to prove EUR 350,000 in net assets plus 150,000 EUR in liquid savings.

How to decide between GV and CBI programs?

If you are not interested in citizenship or your home national prevents you from holding dual citizenship, GV schemes will be the best fit for you.

How to apply for GV?

You can start the process through a lawyer and then apply for a visa at the nearest consulate in your country. Once you arrive in the country, you will receive residence cards.

Which GV programs issue permanent residence cards for investments?

Only these countries offer PR cards – Malta, Portugal (500K euro), Ireland

Which are refundable GV investments?

You can invest in the following investment routes. These are fully refundable investments bringing also yields on top.

• Hotel buyback shares (paid back by developer after 6 years),
• GV Investment funds (fund management costs may vary)
• Bank deposits (benefit from fixed bank interest rates )
• Government securities and bonds (benefit from bond interest rates fully refunded after 5 years guaranteed by state)

Due to Covid, many investors are particular with stable investments, important not waste money from depreciation or risky investments.

Are there any restrictions on why can apply for GV programs?

There are no restrictions. Some GV countries do not accept clients from North Korea, Iran, Sudan etc.

1. Which countries have Active citizenship by investment programs?

At the moment there 8 countries have actively running Citizenship by investment (CBI) schemes. These countries are Antigua, Dominica, Grenada, Montenegro, St Kitts and Nevis, Saint Lucia, Vanuatu, Turkey.

2. Which is the cheapest citizenship by investment?

Saint Lucia and Dominica are the cheapest for one person. Antigua and Barbuda cheapest for families

3. Which is the Best citizenship by investment program?

Vanuatu, St Kitts and Grenada are the best CBI programs. These programs are also extremely popular.

4. Which is the fastest citizenship by investment program?

Vanuatu is the fastest program for its speed and simple application process. The entire process can be completed within 1.5 months.

5. How much it costs to get a passport through investments?

Prices start from USD 100,000 onwards. You can start the process paying a small chunk of initial fees (10%). The rest 90% of the investment you will pay only after government issues approval letter. Be ready with initial set of documents ( police clearance, health certificate, passport copies and birth certificates)

6. How much it costs to get citizenship buying real estate?

Prices for real estate investment start from USD 200,000 plus additional costs.

7. Can i get a refund if my application is not approved?

First you start the process with initial 10% of the total (DD fee + 50% lawyer fee). The rest 90% you will ONLY pay after application is approved by Govt. You don’t pay if your file is not approved. These are Government rules, applies for all real estate and donation option.

8. Which CBI programs do not require personal visit?

Antigua, Dominica, St Kitts, Vanuatu, Turkey, Grenada do not require personal visit to get citizenship and passports.

9. How do i start the citizenship application process?

You have to apply through a Govt authorized agent. We will help you with this. Our platform is free of charge.

10. Can i include family members?

Yes, you can include all family members in one application. Please note prices increase for each family dependent.

11. What are the investment routes available to get citizenship?

Most popular investment routes are donation, real estate, government bonds (state debt)

12. What are the processing times?

Please expect 2-3 months in general for the process to complete, if all documents are in order. Below is the minimum processing times of the most popular programs, from the time you apply (submit file) to the issue of passport

• Vanuatu – 45 days
• St Kitts – 90 days
• Antigua – 90 days
• St Lucia – 90 days
• Dominica – 90 days
• Grenada – 90 days
• Malta – 12 months
• Turkey – 90 days
• Bulgaria – 24 months

13. What documents are required to apply?

You must keep these documents ready to start the application process online: Birth certificate, police certificate, medical health certificate, passport and ID cards. Original birth certificate is required during the issue of passport.

14. Which CBI passport has the most visa free access?

EU passports have visa free access to most countries in the world. St Kitts passport is a very powerful passport in the Caribbean.

15. What are the applicable fees?

There are three types of fees you must be aware of: Govt donation (or real estate) plus due diligence fee plus law firm fee. For example Saint Lucia you have to pay $100,000 plus $7500 CIP due diligence plus lawyer fee for one person.

14. What affects Covid-19 had on investor citizenship schemes?

Many world countries have closed borders for tourism and travel. In addition to visa checks, citizens are required to undergo 14 day quarantine and two covid negative tests. To revive economy, many caribbean countries slashed prices for families applying for CBI. All Applications can now be filed online cutting processing times. Personal visits waived for passport programs.

15. Which CBI schemes are suspended?

Three citizenship schemes are suspended. Moldova (since 2019), Cyprus (Nov 2020) . No applications accepted for these schemes

15. Which CBI programs offer full citizenship rights?

St Lucia, Grenada, Malta, Turkey, Montenegro and other programs are complete citizenship programs offering all rights including the right to vote, holding public office and exercising political rights. Keep in mind that Antigua, St Kitts, Vanuatu do not offer these rights.

16. Please explain the application and payment process to apply for citizenship schemes?

Most of the programs will only require you to 10% initial fee to start the application filing by lawyers. The rest 90% you pay only AFTER your application is approved by Citizenship Investment Unit (CIU) of the Government. Do not pay the full investment before your application is approved.

Citizenship shop does not charge any fee to clients. Our platform is free of charge.

17. How to apply for E-2 visas through CBI programs?

Grenada, Montenegro, Turkey, Bulgaria are the only CBI countries that have E-2 investor visa agreement with United States. Therefore if you become a citizen of these countries you and apply for E-2 visa to US. E-2 visas are cheapest alternative to EB-5 immigrant investor program which requires $900K investment. EB-5 wait times can take years while E-2 visa (issued for 2 years) wait time is only 3 weeks.

The cheapest route is Grenada. Prepare to spend $175K for Grenada citizenship plus $100K investment in US for E-2 visa. You will also need a US immigration lawyer to prepare the filing. The important condition for E-2 visa is creation of atleast 5 jobs.

18. Who cannot apply for CBI programs?

Nationals of some blacklisted countries such as Iran, Sudan, North Korea etc. cannot apply for CBI programs. These restrictions vary depending on where you live and also which program and country they apply.

19. How are background checks done?

All applicants and their family members must undergo strict due diligence checks done by agents, governments and third party due diligence firms who will verify all background information including source of funds, criminal record and other checks. These checks take months to be completed.

20. What are the common reason for CBI refusals?

Applicants and family members who apply for CBI programs may be refused for several reasons. These include ineligible country, failing background checks, visa denials, failing to prove source of origin of funds, sanctioned list, false information in application, wanted list, imprisonment etc.

Once you are refused by one country, you could be automatically refused by all other CBI countries.

21. What the are visa free benefits that come with passports?

Visa free travel is also one of the important deciding factors for many investors, especially they want to travel for business, holidays, visiting family and friends and pursuing overseas education for children.

The comparison of passport power of the CBI countries with visa waivers is below

Source: Wiki

These are the important differences you should be aware of when it comes to visa waiver perks..

• Malta is the only country that has visa waiver agreement with United States. (No other CBI country has this unique benefit)
• Grenada is the only country that has visa waiver agreement with China
• Montenegro does not have visa waiver agreement with United Kingdom and Ireland
• No Caribbean country has visa waiver agreement with Canada
• Turkey is the only CBI passport with visa waiver to Japan.

22. What are the validity of passports issued under CBI programs?

Long validity passports only benefit investors and also important deciding factor. Upon expiry, passports can be renewed at nearest consulates.

• Vanuatu – 10 years
• St Kitts – 10 years
• St Lucia – 5 years
• Dominica – 10 years
• Antigua – 5 years
• Grenada – 5 years
• Montenegro – 10 years
• Turkey – 10 years
• Malta – 10 years

**Malta**

* Visa-free entry to the United States and simplified entry to the UK

* Ability to live, study, and work in any EU country

* EU passport in 14 months with confirmation of connection with Malta

**Montenegro** Not available

* Visa-free entry to the Schengen countries, Singapore and Hong Kong

* Opportunity to obtain a US E-2 business visa

**Turkey** * Visa-free entry to Singapore and Hong Kong * Opportunity to obtain a US E-2 business visa

**St. Kitts and Nevis**

* Visa-free entry to the Schengen countries, the UK

* Simplified procedure for residence permit to study in the EU

* Possibility to buy any real estate for more than $400,000, not limited to government approved properties

**Grenada**

* Visa-free entry to the Schengen countries, Britain, and China

* Eligibility for US E-2 business visa

**St Lucia**

* Visa-free entry to the Schengen countries and the UK

* Obtain a residence permit to study in the EU under a simplified procedure

**Antigua and Barbuda**

* Visa-free entry to the Schengen countries and the UK

* Obtain a residence permit to study in the EU under a simplified procedure

* Favorable conditions for families

**Dominica**

* Visa-free entry to the Schengen countries, Britain and China

* Obtain a residence permit to study in the EU under a simplified procedure

* Favorable conditions for families

https://immigrantinvest.com/vanuatu-citizenship-by-investment-en/

Vanuatu

* Visa-free entry to the UK

* Obtain a residence permit to study in the EU under a simplified procedure

* The fastest citizenship program in the world, passport processed in just 1 month