Citizenship and residence by investment is a highly vibrant business sector. Some national programs become unavailable while some new programs are launched by other states. Most existing programs are constantly amended under pressure from the international regulating authorities or for some economic reasons. We must admit that the program requirements are seldom relaxed: they are more often toughened. St Kitts has raised the prices. Malta experiences extreme pressure from Brussels and it is making its due diligence procedures stricter and stricter. However, new opportunities also appear, which is certainly good news for anyone looking for a second passport or a legal residence permit. Below we discuss the most important changes in the investment immigration industry that have recently gone into effect.
Citizenship of Turkey by investment
You can still acquire citizenship of Turkey by investment if you purchase real property in the country. Rumor had it in 2023 that the required investment amount was going to grow again but it did not happen this year. You still have to invest US$ 400,000 into property to qualify for Turkish citizenship.
However, there are certain changes in the due diligence procedures. Since January 1, 2024, both the main investor and his/ her spouse have to obtain residence permits before they can apply for citizenship. Besides, both spouses have to visit Turkey for biometrics and both of them have to supply police clearances. You can learn much more about Turkish citizenship by investment if you click here.
Citizenship of Vanuatu by investment
In 2023, Vanuatu announced new opportunities for foreign investors wishing to obtain citizenship of the country. Now you can invest in Coconut Oil Future Fund (CNO Future Fund) to qualify for citizenship. The investment amount equals the donation amount. Besides, the authorities of the country promised to issue state bonds denominated in Australian dollars but this did not happen.
Currently, the Vanuatu citizenship-by-investment program gives a chance to acquire foreign citizenship in the fastest way. You can become a citizen of Vanuatu within 6 weeks if everything goes smoothly. (We must say in parentheses that it seldom does and 2 to 3 months would be a more realistic timeframe.)
Besides, now you can take an oath of allegiance (which you have to do to obtain your Vanuatu passport) online. That’s the recent pandemic legacy: previously, the oath had to be taken in front of a Vanuatu official in person. Consequently, the procedure of obtaining citizenship of Vanuatu is now totally remote.
Citizenship of Egypt by investment
Last year, Egypt made its citizenship-by-investment program more competitive by lowering the required investment amount to US$ 300,000 (it was US$ 500,000 earlier). Besides, now foreign investors can buy property in any location except for the Sinai Peninsula. The development projects don’t have to be approved by the Government anymore. Besides, you can sell your property after 5 years without losing citizenship of Egypt.
The Egyptian citizenship-by-investment program was launched on March 14, 2020 when the relevant Act was published. After that, a special Department was set up to handle the citizenship-by-investment matters. It is a specialized unit within the Egyptian Prime Minister’s Office.
Why should you apply for citizenship of Egypt? An Egyptian passport will give you access to the Middle East including the UAE. Secondly, you can make the investment in cash in Egypt if you can prove the legality of its sources at the customs checkpoint. Thirdly, the application processing is smooth now unlike it was at the beginning when the program was launched in 2020. You have to pay a fixed fee of US$ 10,000 to kick start the procedure. The amount of the fee does not depend on the number of applicants (if a family application is filed).
The application process can be started remotely and an Egyptian passport can be acquired within 3 to 6 months.
Main advantages of Egyptian citizenship include the following ones:
- The Egyptian passport allows visiting 72 countries without visas plus you can stay in Hong Kong and Macau for 90 days.
- Citizens of Egypt can buy property in the country that is not sold to foreigners. In particular, you can buy property in Sinai.
- Citizens of all countries are welcome to apply for citizenship of Egypt by investment.
- Family applications for Egyptian citizenship are accepted. Spouses and children can be added to the application. In accordance with the local legislation, a male applicant can include up to 4 wives and their children to a family application for citizenship. The main applicant’s wives can obtain Egyptian passports in two years from the date when a passport has been issued to their husband. They can live on legal residence permits until that time.
Caribbean citizenship by investment
All the five Caribbean countries issuing passports to foreign investors (St Kitts, Grenada, Dominica, St Lucia, and Antigua) now conduct personal interviews with adult applicants (those above 18 years of age). The good news is that online interviews are acceptable so you still don’t have to go to the Caribbean to become a citizen of one of the above-mentioned countries.
St Kitts has doubled the required investment amounts and it’s too early to say what results this move is going to bring. Some experts believe that the other four Caribbean countries may follow suit.
Legal residence in Cyprus by investment
The Cypriot citizenship-by-investment program has been unavailable for quite a while already but the country’s residence-by-investment program is still functional. You can qualify for a residence permit in Cyprus if you purchase real estate there whose value is at least €300,000 (+VAT). At the same time, now applicants have to demonstrate having a higher income from sources outside Cyprus: €50,000 for the main applicant, plus €15,000 for the spouse, plus €10,000 for each child. The Cypriot residence card does not have a validity term and it does not have to be extended. Legal residence in Cyprus gives access to the European banking system.
Legal residence in Greece by investment
The Greek ‘golden visa’ program remained highly popular with foreign investors in 2023. This was despite the fact that the required investment amount was raised from €250,000 to €500,000 for property located in some regions of the country.
Legal residence in Hungary by investment
Hungary has been surprisingly fast to launch a new residence-by-investment program in 2024. The minimum you can invest to qualify for a Hungarian residence permit is €250,000 but you will have to invest only in an authorized fund. If you want to buy property in Hungary, you have to invest at least €500,000. Please note that the program has been launched on paper but it has not been put into practice so far. Please seek professionals’ assistance in keeping track of all the changes in the investment immigration industry.