There are a lot of technicalities involved in obtaining citizenship in a country. While some countries allow you to possess multiple country’s citizenships, a few others are very particular about their subjects. In the same manner, citizenship doesn’t always have to be acquired through registrations. There are numerous other ways to become a citizen of a country like investing in their country.
Citizenship by investment programs is adopted by numerous countries. Although the concept sounds new and different, it has been followed by these countries for decades now. Although the concept is the same in all the countries, there are a few methods involved in getting everything right to finally be a subject of the concerned country.
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1. Antigua and Barbuda
Although Antigua and Barbuda offer citizenship by investment, it allows only qualified investors. It offers qualified investors an opportunity to acquire dual citizenship in any of the West Indian islands.
There are no restrictions on acquiring citizenship by investment in Antigua and Barbuda. You can either choose citizenship as a single person or for your whole family. But, the investment limitations vary depending on your citizenship requirements.
Antigua mainly offers three investment programs including real estate, business establishment, and charitable donation or national development fund contribution. Enthusiastic investors are usually passionate about acquiring citizenship in Antigua and Barbuda as the residents enjoy lower tax rates. Also, capital gains, income taxes, wealth taxes, and inheritance taxes are not present in Antigua and Barbuda.
2. St Lucia
St Lucia’s economic citizenship program is one of the popular and newest models to get into St Lucia as a resident. St Lucia too offers three investment models like real estate, business establishment, or government funds to acquire local citizenship.
St Lucia’s residents too enjoy lower tax rates as compared to other countries. Another advantage of St Lucia’s residents is that there are inheritance or wealth taxes and taxes on capital gains as well. However, it is important to note that a personal income tax is incurred on all domestic activities of residents.
3. Dominica
The economic citizenship program of Dominica is rated as one of the best immigrant schemes. The scheme starts with $100,000 USD and has no upper limit.
But, the lower limit of each scheme varies accordingly. For example, a minimum of $ 3.5 million is mandatory in an approved company project with at least three employees. Also, a $100,000 contribution to the National Economic Fund, which is non-refundable is considered mandatory.
Dominica also doesn’t enforce high tax rates. It doesn’t have taxes on gifts, capital gains, money, or even inheritance. This is one of the biggest advantages of residents of Dominica.
4. Grenada
Grenada is a dream destination for travel lovers. It offers visa-free travel to over 140 destinations. The citizenship investment program in Grenada is pretty simple and straightforward as compared to other countries.
You either have to donate $22,000 or $150,000 to a real-estate project in Grenada that is approved by the local government. You should also keep the property for at least five years to qualify for the citizenship of Grenada.
For the simple process of acquiring citizenship and many other reasons, the destination is considered ideal by many. From a robust economy and stable administration to beautiful beaches, Grenada is indeed a dream destination for various reasons.
5. Turkey
Turkey welcomes its incoming immigrants with open hands always. Turkey is already an ideal destination for individuals seeking diversified opportunities. A minimum of $250,000 investment in real estate projects is essential to acquire Turkey citizenship.
Turkey’s citizenship is most envied as it is a power hub with the easiest reach to both European and Asian markets. Although Turkey is not entirely tax-free, it offers a plethora of tax incentives to investors.
6. Montenegro
Montenegro is a perfect location to choose as a second home for people who are nature lovers. Even though Montenegro is not a part of the European Union, most of the financial transactions take place in Euros in Montenegro.
Also, the investment program requires a minimum of 350,000 euros to be invested in the country to become its citizen.
7. UK
UK and US are the most sought after and envied destinations by people across the globe. The UK offers investment programs to its aspiring citizens to acquire local citizenship. This way of acquiring citizenship in the UK is referred to as a Tier 1 Investor Visa.
However, unlike in other destinations, the threshold of investment in the UK is a bit on the higher side. You may have to invest a lump sum of the amount to acquire local citizenship here.
Also, a one-time investment wouldn’t suffice to acquire citizenship here. You will have to keep investing throughout your stay or residing in the UK to continue or retain your citizenship. Despite being the most envied destination and offering alternative processes to acquire citizenship, the UK restricts unqualified investors to stay there.
Conclusion
Like any other system, this system too has its own share of pros and cons. However, it is considered a unique method to attain citizenship in a country instantly. The concept is altogether new for some people.
While some might have been aware of this system, not all of them would have known these countries. This article, thus, throws a bright light in the right direction to expose you to those countries that offer citizenship with investment programs.
If you are a person with interests in multiple countries, you can opt for this system. All these countries are some of the well-performing and safest countries to live in. So, if you ever make a mind-shift, these countries could be your next home.