La Vida offers a choice of several golden visa programmes for investment in residency and citizenship….
Portugal has proved to be the most popular destination in Europe for investors seeking a golden visa. Full residency is granted but there is no requirement to reside. Citizenship can be applied for after six years.
The Portuguese golden visa is a central feature of the government’s drive for international investment. With the country returning to growth the real estate market offers exciting prospects for the years ahead.
La Vida offers a choice of several golden visa programmes for investment in residency and citizenship….
Cyprus offers citizenship for investment levels of €2.0 million in real estate which is one of the big attractions of this programme. A Cypriot passport allows freedom to travel, study, work or live throughout the European Union.
Cyprus also offers residency through investment of just €300,000 allowing full family qualification. The investor visa is flexible with no requirement to live in the country.
La Vida offers a choice of several golden visa programmes for investment in residency and citizenship….
Spain is a firm favourite for many clients considering real estate investment to obtain a golden visa. One of the larger economies in Europe offering an investor visa programme.
Invest from €500,000 in real estate to gain the Spanish golden visa. This provides a flexible residency option. Permanent residency and citizenship can be applied for at a later stage subject to certain stipulations.
Greece offers a residency visa through property investment but eventual citizenship is not available to foreigners. Greece is a member of the EU Schengen visa zone and has no minimum stay requirement.
Prospective investors need to carefully consider the status of the economy in Greece, the real estate market and related property taxes. Greece offers a higher risk investment than other European nations.
Malta offers an Individual Investor Program which is appropriate for our very high net worth clients. In addition to committing to a residence in Malta for five years the scheme requires investment in government approved funds and instruments.
The Malta visa scheme leads to citizenship within one year for suitable applicants, a passport from an EU country and hence the freedom to live anywhere within the EU. The total investment required is typically in excess of €1.2 million.
The citizenship by investment programme for Grenada is one of the newest programmes available to investors. The Grenada passport offers visa-free travel to over 70 countries including the UK.
Grenada offers a low investment threshold. Applicants need invest just $250,000 in a government approved real estate project and maintain the investment for at least 4 years.
The citizenship by investment programme for Antigua and Barbuda provides a second passport to investors offering visa-free travel to over 100 countries including the UK, EU Schengen zone and Canada.
There are several options for investment to gaining citizenship in Antigua including real estate investment of a minimum $400,000.
The St. Kitts & Nevis Citizenship by Investment Program is the oldest of its kind in the world. Established in 1984 the program grants citizenship through real estate investment to qualified applicants.
The government requires investment of $400,000 plus related government and due diligence fees. St Kitts offer visa free travel to over 120 countries. An ideal choice for a second passport.
The most recent RICs property price index report shows more promising signs of economic growth in Cyprus. With improved confidence in Cyprus’ banking system, resulting in higher transactions taking place in the final quarter of 2016, the Cypriot economy is once again looking up. Last year, the economy saw an overall GDP growth of 2.9%, which was a great example of how successful the Golden visa programme is proving for the country. According to the Minister of Finance– approximately two thousand golden visa were issued to non-EU citizens last year, equating to around 4 billion euros worth of investment, which in turn makes up around 25% of Cyprus total GDP.
Compared to Q4 of 2015, rental values have also noticeably increased by 6.6% for apartments, 8.7% for houses, making the average rental yield between 3-4% p.a.
The countries Citizenship by Investment programme still holds it’s place as Europe’s quickest CBI programme. Following an investment of €2,000,000 + costs, it is possible to obtain an EU passport within just 6 months which in turn allows one to live, work or study anywhere in the EU.
La Vida have a wide selection of real estate investments to offer in Cyprus, including the following brand new project which has just recently been launched in the popular area of Pafos. Citizenship investors could consider purchasing a number of properties in this particular development to total the required amount of €2,000,000. With prices starting from just €240,000, this project also offers excellent choices for Permanent Residency applicants too. The developers are also offering a guaranteed rental programme of 3% p.a for a three year period. An ideal option for those who are looking for a low maintenance investment which will generate a steady ROI.
Since the St Lucian government re-launched their citizenship by investment scheme in January 2017, the programme has been a strong contender for the lowest priced scheme in the Caribbean, competing directly against the Dominica CBI programme.
Both schemes offer a competitive donation option, starting at just $100,000 for a single applicant, making both of these options the lowest priced second passport programmes on the market.
For many years, Dominica has been a firm favourite amongst investors looking for a cost effective route to Citizenship and visa free travel. However St Lucia now just takes the title as the lowest priced option with fractionally cheaper processing fees.
For a single applicant choosing the donation route in St Lucia, the additional processing costs and donation will come to a total of roughly $144,630 as opposed to Dominica where the overall cost will work out around $147,450
The real estate investment option in Dominica still remains to be the more popular option with the required investment threshold set at just $200,000 as opposed to the proposed $300,000 in St Lucia. The St Lucian Government are still to approve a selection of real estate projects for this investment route and this is expected in the first half of 2017.
Second passports in both commonwealth countries will enable investors to travel freely to over 118 countries including the EU Schengen zone and also the UK. Visa free travel to other popular destination such as Hong Kong and Singapore is also a major benefit for many. The whole process will take just 3- 4 months to obtain citizenship in either country making them the quickest citizenship by investment options on the market.
If you would like to find out more about either option in Dominica or St Lucia, please do not hesitate to contact our experts today.
Dominica is just one of a selection of Caribbean islands offering a cost effective Citizenship by Investment programme and is one of the fastest programmes in the world to obtain a second passport. As part of the British Commonwealth, a Dominican passport will allow investors the ability to visa free travel to over 100 countries worldwide including the UK and the European Schengen zone. All this can be issued as quickly as 3 – 4 months.
Dominica has just recently amended its programme to include some great new advantages. One of the main improvements is that the age limit for children has been increased from 25 years old to 28 years old. Grandparents can also be included and the age limit has been decreased from 65 years old to 55 years old, resulting in a more flexible scheme for those wishing to include the whole family one application.
Investors can choose from two main options to obtain a second passport:
The government fees associated with a real estate investment are now as follows:
We advise that investors who are considering the Caribbean options for a second passport to also review the other Citizenship by Investment schemes available in St Kitts, Grenada, Antigua and Barbuda.
La Vida Golden Visas can assist with both the donation and real estate options for these programme. Please note for real estate you must invest into a government approved project. The Jungle Bay Resort is a very popular choice for our investors. To view our real estate projects in the Caribbean, follow this link for Real Estate Options.
La Vida CEO Paul Williams met with the head of the Citizenship Investment Unit for Antigua and Barbuda, Chisanga Chekwe at the 7th Industry Elite Convention in Shanghai where Mr Chekwe outlined the key features of the citizenship investment programme.
Antigua has very strict due diligence laws that ensures the integrity of the Antigua passport. He revealed that while it should take around 90 days to complete an application in practice the processing time is between 30 and 60 days.
Antigua and Barbuda offers the benefit of no taxation and citizenship for life for applicants. The main country of origin for applicants remains China followed then by Lebanon and Syria with a wide spread of countries in the Middle East, Asia and Africa beyond this.
The Antigua programme also allows for the adding of family members at a later date. For example should the applicant marry and later wish to add a spouse, children and parents. Further fees are payable for each applicant.
Please register here to receive further details from La Vida once the permanent residency programme is launched.
Cyprus has reduced the investment level required to gain citizenship from €2.5 million to €2 million. The recent move means EU citizenship can now be obtained in just 3 months with a Cypriot passport being issued soon after the investment is made by the applicant in real estate in Cyprus.
The recent move approved by the Cypriot parliament has also introduce further positive measures for applicants. It is no longer necessary to be part of a collective of five investors to obtain the lower investment limit. Parents of the applicant can also now qualify for citizenship provided they make an investment of €500,000 into real estate. This extends the Cypriot citizenship to three generations which includes children up to the age of 28.
The benefit to Cypriot citizenship is that the country is a full member of the European Union. Anyone holding Cypriot citizenship is an EU citizen and has the right to work, live, travel or study anywhere in the European Union, including the UK.
La Vida has processed a number of property investments in Cyprus in the last two years and we expect a boost following the recent reduction in the investment limit. We have also seen a surge in interest following the announcement of the UK to leave the EU. We expect this to result in increased applicants for Cyprus citizenship in the coming months as investors rush to beat any deadline from the UK imposed on EU citizens looking to settle into the country.
Several countries in Europe offer residency through investment in real estate. Some of these country programs may lead to citizenship and a European passport.
The key to these schemes, unlike traditional immigration programs is that the investor gains the right to travel and reside in the country without the requirement to live there and become tax resident.
Check our summary below for details on the five main programs in Europe that will lead to residency through real estate investment and follow the links to more detailed guides on each program.
Invest €500,00 in real estate. This gains residency in Spain for 5 years with renewals:
Read More: Golden Visa Spain
Invest €500,00 in real estate. This gains residency in Portugal with the potential for citizenship and a second passport after six years, without the requirement to become resident.
Read More: Golden Visa Portugal
The ultimate program for those High Net Worth Individuals seeking quick citizenship and a European passport within three months.
Read More: Citizenship by Investment Cyprus
A lower cost option for citizenship in Europe for those prepared for a lengthier application process and willing to make a donation.
Read More: Citizenship by Investment Malta
The low cost option for residency in Europe. Invest just €250,000 in real estate. A Schengen country but future citizenship will only arise through 7 years of residency.
Read More: Investor Visa Greece
The investment immigration program in Cyprus has proven to be the most popular route for High Net Worth investors seeking a second passport in Europe. Since inception the investment programme has boosted the
economy by over €2 billion, according to Minister of Interior, Socrates Hasikos.
The Cyprus program offers full EU citizenship and a second passport to an investor and his or her family (including dependents up to age 28) within just 90 days and with no residency requirement currently. Although pressure from the EU may change this in the coming year. The scheme has a very high approval rate and the process and requirements are very straightforward. Unlike certain other programs in Europe such as Malta, the funds are invested, not donated, and Cyprus offers an exit strategy after just 3 years.
Cyprus Commerce Minister, Giorgos Lakkotrypis recently commented on the efficiency of the Cyprus citizenship program. “The process” he says. “Very simple.” Applicants fill out a three page form, invest €2.5 million in a villa, and pay €7,000 in fees. Then, as long as they’re able to produce a Certificate of Clean Criminal Record, “within 90 days, they can get their European passport.” “Within 90 days,” he repeats. “Lately, we even achieve 70 days. It’s a very fast and easy process and has very high approval rate.”
Rumours of changes to the program have circulated in recent months and change is expected in 2016 under pressure from the European Union for Cyprus to ensure applicants have greater ties with the island and potential residency requirements prior to approval of a passport. Such changes would not apply in retrospect to those investors who had already gained their passports.
A key objective for many of our clients is the gaining of a second passport and citizenship by investment of another country.
This is a step on from residency and the right to live in a country. It is often the next stage after a period of residency or through higher investment in a golden visa programme.
Below we list those countries in Europe and the Caribbean that offer second citizenship and a passport. Note that these are only countries offering such a facility through investment and without the requirement to live full time and become tax resident.
Portugal is one of the most popular programmes in Europe. Invest €500,000 in real estate plus related costs and taxes to gain residency. This gives freedom of travel throughout the EU Schengen visa zone. After six years applicants and their families can apply for citizenship and hence a second passport allowing you and your family to travel, work, live and study anywhere in Europe.
Spain offers similar costs and benefits to Portugal but with one major difference. It is not possible to get citizenship and a second passport unless you reside in Spain for 10 years full time. It is why Portugal is currently issuing 2,000 golden visas a year compared to less than 100 in Spain.
Greece is the most affordable scheme in Europe but clients must be careful of the additional costs and the economic situation. You can gain residency through investing €250,000 in real estate. Taxes and fees on property are high in Greece, as much as 27% on top of the property price. Also the programme in Greece is residency only and does not lead to citizenship and a second passport currently except for applicants of Greek origin.
Hungary is a very popular and affordable programme. Invest €300,000 in government bonds which is refunded after 5 years. Costs for the programme are €60,000 for a full family. This grants Permanent Residency in Hungary. Citizenship and a second passport in Hungary can be applied for after 8 years with a language test. Hungary is a member of the EU and Schengen zone which also means visa free travel to the USA and Canada. You gain visa free travel throughout the EU Schengen area and can apply for a European passport after 8 years. Hungary is a straightforward residency programme and in most cases will not require a visit to the country.
Bulgaria is the most affordable route to citizenship of the EU. You can gain a second passport in Hungary within 21 months allowing you and your family to live, work, travel and study anywhere in Europe. This can be done for a total investment of €1,024,000 in government bonds which are repaid in full after 5 years. But a big benefit is that these bonds can be financed for a total outlay of €280,000. Although there is no return of capital this significantly reduces the cash outlay and is a popular choice. Costs under either option amount to around €30,000 for a family of 4.
Malta has a citizenship programme leading to a second passport within a year. However there are a number of restrictions with Malta, in particular showing ties and commitment to the island, maintaining a property and screening interviews. For those willing to maintain such connections citizenship is available at a total cost of around €1.2 million. But note €650,000 of that figure is a “contribution” to the government. That money is not returned.
Cyprus is the ultimate choice for High Net Worth individuals seeking a second passport. Investment of €3 million in a real estate portfolio gains a Cypriot and hence European passport within 2-3 months. This investment can be reduced to €500,000 after 3 years. An interesting fact for Cyprus is that a single investor is normally €5 million under government rules. However La Vida has the access and ability to group submit a minimum five applications regularly. Under this arrangement the investment requirement reduces to €3 million.
There are currently four programmes in the Caribbean offering citizenship, a second passport and visa free travel to many countries worldwide.
St Kitts is the oldest second passport programme by investment. Applicants investing $400,000 in government approved real estate projects (plus costs) gain citizenship. This grants visa free access to over 100 countries including the UK and Schengen zone. It is also possible to make a government contribution of a reduced amount depending on family size. Processing is slow taking typically 9 months.
Antigua offers a similar second passport programme to St Kitts. An investment of $400,000 in government approved real estate projects plus costs gains citizenship. There is visa free travel to over 100 countries including the UK, Schengen zone and Canada. Processing is fast, typically 4 months.
Dominica has just amended its citizenship programme to include a real estate option. You can now invest just $200,000 in real estate to gain citizenship and a second passport. Although offering slightly less countries for visa free travel than St. Kitts or Antigua (over 70), Dominica is a much reduced investment option.
Grenada is a new second passport programme and is popular as it has no country restrictions for who it will issue passports to. There are of course strict due diligence checks on each applicant. Invest just $250,000 in real estate to gain visa free travel to over 70 countries including the UK and with the Schengen zone likely to be added soon (expected Q2 2015). Grenada is the only country offering citizenship to parents of any age as long as they are dependent. Processing is fast, within 4 months.
There are government fees and associated costs with each of the Caribbean programmes. As a guide these will range for a family of four from $130,000 up to $210,000. La Vida can give a more accurate assessment based on the make up of your family and the particular programme. Please complete your client details here if you require this.
Popular countries in Europe for second passports include the UK, France, Germany, Belgium, Switzerland, Italy, Austria, Denmark, Ireland and Holland. However these countries do not offer second passports through investment alone but through other means such as creating and investing in a business. However it is important to note that citizenship and a passport from any EU country allows the holder to live and work anywhere in the European Union.
It is important for any prospective investors to take careful professional advice on the programmes available before committing to an investment. There are many programmes on the market from differing countries, but not all of these lead to citizenship through investment.
The likes of Hungary, Greece and Spain are difficult or unlikely, sometimes requiring residence in the country. Portugal is far easier and Cyprus can be gained immediately with the right investment.
So what is citizenship and what benefits does it bring? Citizenship of any particular country within the European Union means a passport and importantly citizenship of the EU. So for example, if you gain citizenship in Portugal through real estate investment then you become an EU citizen. Similarly if you gain citizenship in Bulgaria through investment in government bonds you can also gain citizenship of the EU even though Bulgaria is outside the Euro and Schengen visa zone.
Every person holding the nationality of an EU country is automatically a citizen of the EU. This allows that person to move freely within the EU. To work, study and live wherever they wish within the European Union countries.
It is important to draw the distinction between the EU countries (there are 28) and the Schengen visa countries (there are 26). There are 22 EU countries participating in the Schengen visa zone and there are an additional 4 countries not part of the EU.
Residency in the Schengen visa countries allows freedom of travel throughout the Schengen area. But citizenship of an EU country provides the right to live and work within the EU countries. For example the United Kingdom and Ireland are EU countries, but not part of the Schengen visa zone.
Whichever country an investor targets for citizenship, there are sometimes faster, cheaper and easier options to gain permanent residency allowing them to live, work and study in that country by gaining entry through an alternative EU country.
It is possible to achieve citizenship through investment in real estate in Spain but the investor will need to live in Spain for 10 years before applying.
Citizenship can be applied for in Portugal six years after investment of a minimum €500,000 in real estate.
Citizenship is available in Cyprus within 2 – 3 months on investing a minimum €2.5 million in real estate.
Malta has an investment visa programme with a comination of investment and contribution totalling around €1.2 million with citizenship taking approximately 12 months.
Citizenship in Greece through its real estate investment programme will be possible following changes to legislation (2015).
Changes to legislation in Hungary mean the investor visa bond programme could lead to citizenship after 5 years rather than the current 8 years. (2015)
The investment bond programme in Bulgaria can lead to fast track citizenship by doubling the bond investment from €512,000 to €1,024,000.
For reference the EU countries are: Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden and the UK.
The government of Dominica has introduced certain selected real estate investments as part of its citizenship investment programme. The Dominican citizenship programme running since 1991 originally only allowed investment through contributions. From this year investors can invest $200,000 in real estate plus fees to gain a second passport. Government and advisory fees for a family of four are in the region of $150,000. In total this still makes Dominica one of the most affordable citizenship programmes. The investment must be maintained for a minimum of 3 years. If maintained and sold after 5 years, it would qualify the next buyer for citizenship as well.