When choosing a second residency or citizenship country, most wealthy Indians compare the legal requirements, the current strength of each country’s passport, as well as the various investment requirements, but can often overlook the estimated long-term value of each passport. Citizenship programs that perform strict due diligence on all applicants are less likely to ever lose visa-free access to influential regions such as the European Union. On the other hand, countries that appear to accept almost anyone with enough money risk upsetting the international community which can damage the future power of their passport.
Read: 6 Unique and affordable visa free holiday destinations for Indians under 1 lakh this New year 2023
Obtaining a powerful second passport through a reputable program can provide wealthy businessmen and business professionals alongside their families with freedom to travel as well as increased political and economic diversification. Second citizenship through investment in the right country can improve a person’s financial security and yield strategic tax planning opportunities, and can even allow an individual or family to protect against geopolitical risk or quickly leave from unstable regions. There are, unfortunately, a number of poorly implemented and fraudulent immigration and citizenship schemes in existence today. To help people make well-informed decisions when evaluating available international citizenship options, we provide information about highly distinguished citizenship programs that will reward you with a new passport in as little as 6 months.
1. Antigua and Barbuda Citizenship Program
Established: 2012
Processing time: 3-4 months
Passport: visa-free or visa on arrival access to 151 countries including UK, Switzerland, entire EU, Brazil, India, South Korea, Turkey, South Africa, Singapore, and Hong Kong
Investment Requirements:
Contribution to the National Development Fund (NDF)
- USD 100,000 for families of up to 4 persons
- USD 125,000 for families of 5 or more
Contribution to the University of the West Indies (UWI) Development Fund
- USD 150,000 for families of 6 or more persons
- USD 15,000 for each additional dependent
Make a minimum investment of USD 200,000 in a government-approved real estate project, which must be held for 5-years
Additional fees apply, such as Due Diligence, Application, Processing fees and other Government fees.
Residency requirement: none
2. Dominica Citizenship Program
Established: 1993
Processing time: 4-6 months
Passport: visa-free or visa on arrival access to 145 countries including UK, Switzerland, entire EU, Russia, Brazil, India, South Korea, Turkey, Singapore, and Hong Kong
Investment Requirements:
Minimum contribution:
- USD 100,000 for a single applicant
- USD 150,000 for applicant accompanied by a spouse
- USD 175,000 for applicant accompanied by up to three qualifying dependents (excluding siblings)
- USD 25,000 or USD 50,000 per additional dependent – will vary based on the age and type of dependency
Purchase authorized real estate with a minimum value of USD 200,000, which must be held for at least three years
Additional fees apply, such as Due Diligence, Application, Processing fees and other Government fees.
Residency requirement: none
Also Read: Portugal Golden Visa from 2023 onwards, will it end ? A bright but uncertain future.
3.Grenada Citizenship Program
Established: 2013
Processing time: 2-3 months
Passport: visa-free or visa on arrival entry to 146 countries including China, UAE, UK, Switzerland, the entire EU, Russia, Brazil, India, South Korea, Turkey, Singapore, and Hong Kong. Also eligible for USA E-2 Visa.
Investment Requirements:
Minimum contribution:
- USD 150,000 for a single applicant
- USD 200,000 for applicant and up to 3 dependants
- USD 25,000 for each additional dependent
The Real Estate option (Direct Purchase)
Acquisition of approved real estate with a minimum value of USD 350,000 to be held for at least five years.
The Real Estate option (Share Investment)
- Purchase a share in authorized real estate with a minimum value of USD 220,000, which must be held for at least five years
Additional fees apply, such as Due Diligence, Application, Processing fees and other Government fees.
Residency requirement: none
4. St Kitts and Nevis Citizenship Program
Established: 1984
Processing time: 3-4 months
Passport: visa-free or visa on arrival access to 157 countries including UK, Switzerland, entire EU, Russia, Brazil, India, South Korea, Turkey, Singapore, and Hong Kong
Investment Requirements:
Minimum contribution:
- USD 150,000 for a single applicant
- USD 195,000 for applicant with up to three dependants (excluding siblings)
- USD 10,000 for each additional dependent (child/parent/grandparent)
- USD 20,000 for each additional dependent (sibling)
Purchase an ‘authorized’ share of real estate with a minimum value of USD 200,000, which must be held for at least seven years; OR
Purchase private ‘residential’ real estate with a minimum value of USD 400,000, which must be held for at least five years
Additional fees apply, such as Due Diligence, Application, Processing fees and other Government fees.
Residency requirement: none
Read: Top 7 countries for Indian families to Migrate to in 2023
5. St Lucia Citizenship Program
Established: 2015
Processing time: 2-3 months
Passport: visa-free or visa on arrival entry to 147 countries including UK, Switzerland, entire EU, India, South Korea, Turkey, Singapore, and Hong Kong
Investment Requirements:
Saint Lucia National Economic Fund
Minimum to be invested:
- USD 100,000 for a single applicant
- USD 140,000 for applicant & spouse
- USD 150,000 for applicant, spouse and up to two dependents
- USD 15,000 for each additional dependent
COVID-19 Relief Bond (Available until 31 December 2022)
Minimum to be invested:
- USD 250,000 for a single applicant held for 5 years
- USD 250,000 for applicant accompanied by 1 qualifying dependent held for 6 years
- USD 250,000 for applicant accompanied by up to 4 qualifying dependents held for 7 years
- USD 300,000 for applicant accompanied by up to 4 qualifying dependents held for 5 years
- USD 15,000 for each additional dependent
Additional fees apply, such as Due Diligence, Application, Processing fees and other Government fees.
Residency requirement: none
Many more countries offer citizenship by investment programs such as Cyprus and Turkey while several countries operate residency by investment programs that can eventually lead to full citizenship such as the USA, Canda, Portugal, Greece etc.
Also Read: Portugal Golden Visa from 2023 onwards, will it end ? A bright but uncertain future.
How Does Nova Quinta Help?
An experienced investment migration firm can assist people interested in legally obtaining a second residency or passport in several ways. Firstly, they can help identify the best residency or citizenship by investment program for an individual and their family, based on their exact situation. When evaluating countries, there is more to be considered than just the program’s investment criteria. Can eligible real estate be resold under the program? How long does the investor need to maintain ownership of the property? Do approved real estate projects in the country offer freehold units for sale, or just shares in the development? Is financing permitted and available? Does the jurisdiction allow you to include adult children, siblings, or parents in your citizenship application? How many economic passports has the country issued in the last decade? Are processing fees discounted for applicants making a donation instead of buying real estate? Does the nation’s passport provide visa-free access to the countries you primarily wish to travel to? Are there any restrictions that could prevent you from applying to the program, such as the exclusion of citizens of certain countries, health or criminal history?
Once you have decided on the ideal program, an investment migration firm can represent you throughout the entire procurement process. Many investors retain a firm located outside of the jurisdiction in which they will be investing to ensure they are best protected throughout the process and most preferably a firm in their current country of citizenship. We can perform due diligence, complete necessary applications forms, and ensure you have all the correct supporting documentation required by the program. We can also negotiate with property developers, handle official government communication on your behalf, review necessary financial agreements before you sign them, and represent your best interests while working alongside a local agent in that country.
Wondering how we can help you obtain a second residency or citizenship through investment? Contact us today for a confidential consultation.
