The new economic crisis and the coronavirus pandemic have spurred wealthy people from all over the world to actively seek second citizenship for investment. After all, it will improve freedom of movement and provide additional economic and political asylum. Therefore, we suggest reading our article, which contains a description of the best programs in the world for obtaining citizenship through investment.
You will get answers to questions about where it is best to get investment citizenship for the minimum amount of money, how long it will take to issue a second passport, how to successfully pass due diligence, and what are the advantages of being a “citizen of the world”.
The global industry of investment citizenship programs is constantly changing. Rules and conditions change almost every year in any country. Therefore, only the most up-to-date information should be used to evaluate programs and select a state. Over the past decade, many new programs have appeared, and new countries have joined. The limit on investments in existing programs has also been lowered.
Historical development of citizenship by investment
The very first country in the world to offer foreigners to buy their citizenship by investment was a tiny country in the Caribbean region of Saint Kitts and Nevis. This happened in 1984 when the legislature of the island state adopted an Addendum to the “law on citizenship”. This date is the beginning of the development of the global investment citizenship industry. It currently has a turnover of hundreds of millions in US dollars.
Then in 1985, Austria introduced a similar program. In the Caribbean, Dominica became a new country with an investment citizenship program only nine years later in 1993. After evaluating the experience of other countries, Cyprus introduced the same program in 2002. Then in 2013, Grenada and Antigua and Barbuda joined the list. In 2016, Saint Lucia offered one of the most affordable programs. And in 2017, they were joined by the island nation of Vanuatu from Oceania.
Purchase of real estate on the island of Dominica
No matter how many people live in a family, the minimum investment threshold for buying real estate is $ 200,000. The object must be approved by the state government. They can act as a resort or hotel. In this case, the investor buys a room or a separate Villa. Such investments can generate passive income from renting out, as well as be repayable. If the investor has been a citizen for at least three years, they will be able to resell the property. It can be purchased by the same applicant for citizenship for investment. However, the second applicant will need to have owned the property for at least 5 years to be able to resell it.
The cost of a non-refundable contribution of property is not the only one on the path to becoming a citizen of Dominica.
Why acquire a second citizenship by investment in 2020?
Businessmen, top managers, and wealthy individuals apply for second citizenship for investment to protect their own economic or political interests. Also, a second passport can significantly facilitate their movement around the world, since such countries usually have a signed visa-free regime with 120 or more countries.
If economic or political persecution suddenly begins in your home country, you can always leave with a second passport. In 2020, investments for second citizenship are affordable and start at $ 100,000.