Forget private jets, Cartier jewels, or super-yachts. The latest must-have element for investors with deep pockets is a second passport or a residence in a foreign land.
It is interesting to note that a considerable number of countries across the world are offering residency and citizenship programs in exchange for a minimum investment of pre-decided amounts. In this article, we have enlisted top countries that could either get you a residency or full citizenship through investment. However, let’s begin with understanding the basic differences between citizenship programs and residency and the benefits of obtaining a second passport.
Residence by investment versus Citizenship by investment
Depending on the country of choice, there are different and separate routes to availing citizenship.
For instance, you can get a European residency in a nation that can ultimately lead to European citizenship. This can be done through an initiative often referred to as residency by investment and popularly known as the Golden Visa Program.
The Golden Visa provides the option to grab a higher-ranking second passport, however, it comes at a very big price. The passport is often received in five years or more.
However, it is important to note that the Golden Visa is NOT the same as citizenship by investment. It is basically a residency program that eventually leads to availing citizenship through naturalization, provided that the following mandates are fulfilled:
- Applicant should be eligible to participate
- Applicant should fulfill the minimum stay requirements in the country
- Applicant should fulfill all Golden Visa investor requirements
The other way of obtaining citizenship is through real estate investments. It is the most sought-after program as the eligibility requirements are minimum and the overall process is simple and hassle-free.
Why obtain a second passport and citizenship?
Along with the fact that a foreign residency and citizenship broadens lifestyle standards and extends access to an array of new living opportunities, there are several reasons why investing in a second passport is a lucrative decision:
- Visa-free travel to a lot of new countries
- As security against economic and financial stability
- Increases business options
- Reduces fiscal obligations
- To protect assets from excessive taxation
Comparison of Citizenship by Real Estate Investment programs of different countries
|Country||Minimum Investment||Time until Citizenship||Minimum Stay Requirement||Ease of Process|
|Turkey||250,000 USD||Fast track option/ Within 3 months||None||Easy|
|Spain||500,000 EUR||After 10 years of residence||At least 4 years and 2 months||Medium|
|Greece||250,000 USD||After 7 years of residence||None||Medium|
|Malta||350,000 EUR||1 year||None||Easy|
|Portugal||500,000 EUR||After 6 years of residence||35 days||Easy|
|Cyprus||2,000,000 EUR||9 months||None||Medium|
|Dominica||200,000 USD||3 months||None||Medium|
|Grenada||150,000 USD||3 months||None||Easy|
|United States||900,000 USD||After 7 years of residence||5 years||Medium|
|Ireland||1,000,000 EUR||5 years||None||Medium|
|Montenegro||250,000 EUR||10 years||None||Medium|
|Latvia||250,000 EUR||10 years||None||Medium|
|St Kitts & Nevis||200,000 USD||Fast track option/ Within 4 months||None||Easy|
|Antigua & Barbuda||200,000 USD||Fast track/ Within 4 months||None||Easy|
|Bulgaria||500,000 USD||6 years||5 years||Medium|
|Saint Lucia||300,000 USD||Fast track/ Within 4 months||None||Easy|
|Moldova||250,000 USD||3 months||None||Medium|
|Colombia||150,000 USD||5 years||5 years||Medium|
|United Arab Emirates||275,000 USD||No Citizenship||Once every 180 days||Medium|
|Seychelles||400,000 USD||10 years||5 years||Medium|
Citizenship by Investment program
Citizenship by Investment (CBI) program garners a multitude of high net worth investors seeking to add a second passport and citizenship to their investment portfolio. A recent study suggests that the CBI passport market across the world has morphed into a mega $5billion industry annually. The substantial inflows of capital from such programs have aided in the economic development and financial growth of several countries.
Considering the simplicity of the process and minimum stay requirements, Turkey checks all the boxes as an ideal country for living and working. Here are the crucial details for availing a Turkish passport through real estate investment.
What are the ways to get Turkish citizenship?
To be able to acquire citizenship of the Republic of Turkey, there is a myriad of relaxations and opportunities investors might benefit from. There are several routes to obtaining Turkish citizenship including:
- A minimum of $250k worth of real estate investment is mandatory to be eligible for the program.
- Another option is to invest in a company with an initial minimum capital of $500,000.
- Also, a deposit of $500,000 in any Turkish bank can pave the way for acquiring citizenship.
- Purchase state investment instruments/government bonds/venture capital investment funds worth $500,000.
- Open a company in Turkey and provide jobs to at least 50 Turkish employees.
What are the merits of obtaining Turkish citizenship by investment?
Turkey is steadily emerging as one of the most economically stable countries in the world. Its strategic location extends a direct route to both Asian and European continents and the country nurtures an intricate mixture of eastern and western influences. Turkey has the world’s 13th largest GDP by Purchasing Power Parity (PPP) and the 19th largest nominal GDP. Here are some of the advantages of obtaining Turkish citizenship:
- Full access to national services
- Right to vote
- Investor tax benefits
- Access to education
- Free health and medical care
- Visa-free travel to 117+ countries
- Entitlement to pension
- Enhanced business opportunities
- No minimum residency requirement
- Dual citizenship allowed
- Family and children below 18 years also entitled to citizenship
- Better quality of life
Avail Turkish passport with Extra Property
We, at Extra Property, transform lifestyle dreams and visions into reality. Having years of experience in the Turkish real estate market, we have successfully delivered bespoke citizenship by investment solutions to international investors and families. With a team of seasoned real estate experts and legal advisors, we have assisted property buyers from all around the world to buy high ROI properties and acquire Turkish citizenship. We guide you from initial to final steps, taking you beyond the constraints of residency or citizenship applications.
If you wish to buy an apartment in Turkey or participate in Turkish citizenship by investment program, consult our real estate professionals here.