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Passport Programs - from under $30,000 to over $2,000,000
Dominican Republic Residency/Citizenship Blog
Banker Trust
6/6/2014
Excerpts:
The super-rich have a growing number of options for obtaining second passports through economic citizenship. These programs are most attractive to the wealthy from countries whose passports don't allow for much visa-free travel—Russia, China, and the countries of the Middle East, for example. Spending anywhere from US$100,000 to more than US$2 million depending on the country, those paying for second passports see them as investments for their future and that of their children.
Grenada is one of the latest nations to put a Citizenship Investment Program in place (having closed their previous program in 2001). The program they have today requires an investment of at least US$310,000 (including fees) in an "approved" real estate project on the island. As only one project has been approved, you have little choice where to put your money.
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As the number of super-rich in emerging markets grows, more countries are trying to get in on the action. As recently as a few years ago, the only two legitimate economic citizenship programs on offer were from Dominica and St. Kitts & Nevis. In the last six months, Antigua & Barbuda and Grenada have thrown their hats into the ring...as has Malta.
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If you're not one of the world's super-rich, don't despair. You can still obtain a second passport; it will just take you a little longer. If you're not up for making the big up-front investment, your option for becoming a naturalized citizen of another country is to be resident in that country for a specified period of time. That period ranges from three years in Uruguay if you're married (five years if you're single) to 20 years in Andorra. Most countries have five-year residency requirements.
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Many countries make it possible to obtain residency through investment. One of the most affordable such options is offered by Colombia, where you can invest as little as US$35,000 (depending on the exchange rate) in a program that results in residency. Portugal is on the upper end of this scale; the required investment for residency in this country is €500,000 in real estate. Generally speaking, the better the passport, the higher the investment requirement for residency.
Here's the most important thing to keep in mind if you're shopping residency programs with the ultimate goal of obtaining a second passport. Before you invest, make sure you understand the residency requirements as they apply to potential naturalization. In addition to legal residency, most countries require actual physical presence, both to maintain residency and to qualify for naturalization. Sometimes those rules aren't written in the statutes so you should speak with an immigration attorney who has experience with naturalization before starting down any path.
......................................
So, again, make sure you both understand and are willing to follow all the associated residency rules before committing to any citizenship-through-residency program. The Dominican Republic has a program which offers citizenship in one year. The cost of naturalization is under $30,000. And, it is recognized as the most economic of passport programs. - (bold emphasis added)
View the complete article at:
http://dominicanrepublicresidencycit....blogspot.com/
Dominican Republic Residency/Citizenship Blog
Banker Trust
6/6/2014
Excerpts:
The super-rich have a growing number of options for obtaining second passports through economic citizenship. These programs are most attractive to the wealthy from countries whose passports don't allow for much visa-free travel—Russia, China, and the countries of the Middle East, for example. Spending anywhere from US$100,000 to more than US$2 million depending on the country, those paying for second passports see them as investments for their future and that of their children.
Grenada is one of the latest nations to put a Citizenship Investment Program in place (having closed their previous program in 2001). The program they have today requires an investment of at least US$310,000 (including fees) in an "approved" real estate project on the island. As only one project has been approved, you have little choice where to put your money.
..............................................
As the number of super-rich in emerging markets grows, more countries are trying to get in on the action. As recently as a few years ago, the only two legitimate economic citizenship programs on offer were from Dominica and St. Kitts & Nevis. In the last six months, Antigua & Barbuda and Grenada have thrown their hats into the ring...as has Malta.
.......................................
If you're not one of the world's super-rich, don't despair. You can still obtain a second passport; it will just take you a little longer. If you're not up for making the big up-front investment, your option for becoming a naturalized citizen of another country is to be resident in that country for a specified period of time. That period ranges from three years in Uruguay if you're married (five years if you're single) to 20 years in Andorra. Most countries have five-year residency requirements.
..........................................
Many countries make it possible to obtain residency through investment. One of the most affordable such options is offered by Colombia, where you can invest as little as US$35,000 (depending on the exchange rate) in a program that results in residency. Portugal is on the upper end of this scale; the required investment for residency in this country is €500,000 in real estate. Generally speaking, the better the passport, the higher the investment requirement for residency.
Here's the most important thing to keep in mind if you're shopping residency programs with the ultimate goal of obtaining a second passport. Before you invest, make sure you understand the residency requirements as they apply to potential naturalization. In addition to legal residency, most countries require actual physical presence, both to maintain residency and to qualify for naturalization. Sometimes those rules aren't written in the statutes so you should speak with an immigration attorney who has experience with naturalization before starting down any path.
......................................
So, again, make sure you both understand and are willing to follow all the associated residency rules before committing to any citizenship-through-residency program. The Dominican Republic has a program which offers citizenship in one year. The cost of naturalization is under $30,000. And, it is recognized as the most economic of passport programs. - (bold emphasis added)
View the complete article at:
http://dominicanrepublicresidencycit....blogspot.com/