Citizenship by investment is an interesting option for entrepreneurs, businesspeople and retirees looking to move abroad or simply to acquire a second nationality. Today, many countries have implemented citizenship programs to boost their economic growth by attracting wealthy foreigners with a range of benefits. Which are the most and least attractive countries for citizenship by investment and the barriers to overcome? Expat.com gives you an insight into the Financial Times' CBI Index 2018.
Freedom of movement
Austria and Malta stand out regarding of freedom of movement for the implementation of flexible travel and immigration policies to attract foreign investors. These two countries are part of the Schengen area which is based on a common visa policy. Nationals of Austria and Malta are therefore do not need a visa to travel to more than 180 destinations around the world. Moreover, the European Union and Swiss nationals who have been in Austria for at least five years are eligible for permanent residence and a national identity card. Bulgaria and Cyprus also rank among the countries offering the greatest freedom of movement to their nationals and immigrants. The top ten also includes two Caribbean islands, namely Antigua and Barbuda and St. Kitts and Nevis thanks to their efforts in establishing a visa-free policy.
Standard of living
It comes as no surprise that Austria and Malta, thanks to their stable economy, their entrepreneurial ecosystem, and efficient public services, offer the highest standard of living among the best countries for citizenship by investment. Malta can especially boast of its GDP (Gross Domestic Product) growth during the past few years. Needless to remind you that Austria has over thirty public universities – which probably explains the high rate of schooling and a qualified and skilled workforce. Bulgaria, Cyprus and Grenada also offer a good standard of living within a developed infrastructure alongside their economic growth.
Minimum investment
Dominica and Saint Lucia top the rankings regarding the minimum investment to obtain citizenship. Today, a contribution of $ 100,000 per applicant is enough to get citizenship from one of these two countries. Also, since November 1, 2017, obtaining citizenship from Antigua and Barbuda requires a nominal contribution of $ 100,000 and government fees of $ 25,000. For those who would instead turn to the Asia-Pacific region, Cambodia and Vanuatu are particularly attractive destinations. The minimum investment required in the two countries varies between $ 200,000 and $ 300,000 only compared to European countries. Austria offers the most expensive Citizenship Investment Program whereby the minimum investment can amount to several million euros. In Bulgaria, Cyprus and Malta, count a minimum investment of $ 590,000, $ 2.32 million and $ 880,000, respectively. Turkey and Jordan are equally attractive destinations. However, a minimum investment of one million dollars in real estate is required in Turkey. In Jordan, you will have to invest at least $ 1 million in a small or medium business.
Mandatory travel or residence
The Carribean is the ideal place for those looking to obtain citizenship by investment without having to travel or reside in the country. Dominica, Grenada, St. Lucia and St. Kitts and Nevis, for example, are welcoming countries even though they have rigorous due diligence policies. Moreover, candidates applying for citizenship in one of these countries is invited to visit whenever the opportunity arises. In Turkey and Jordan, on the other hand, remote application is possible under the guidance of accredited agents. Austria, Cambodia and Vanuatu, for their part, require a single visit to sign the oath of allegiance. In Cambodia, however, the applicant must also produce a certificate of good behaviour, a health certificate and their criminal record. Malta remains one of the countries with the most complex physical residence criteria. To apply for Maltese citizenship, you must have resided in the country for at least 12 months.
Citizenship timeframe
Depending on the nature and scope of your project, the timeframe for obtaining citizenship can be a determining factor. Today, Saint Kitts and Nevis is the only country to have set up and Accelerated Application Process (AAP), thanks to which citizenship applications are processed within 60 days. In Dominica and Vanuatu, a two months timeframe is given. However, this can be explained by the low demand for citizenship by investment. In Turkey and Jordan, the timeline varies between two and three months. Cambodia also stands out for the short timeframe compared to other countries. In Cyprus, on the other hand, the timescale recently went from three months to at least six months. Also, due to the growing demand for citizenship by investment, you will have to be very patient in Malta and Austria.
Ease of process
The ease of process is another crucial factor to be taken into account. Where is it easier and faster to get citizenship by investment? Many countries like Dominica and St. Kitts and Nevis have recently updated their policies by laying more emphasis on the certainty of the Citizenship Investment Program by taking into account two factors: longevity and international reputation. In general, Caribbean countries are committed to ensuring the utmost transparency throughout the proceedings. In Malta and Cyprus, procedures are mainly delayed by compulsory real estate rental or purchase. Unlike Malta, Cyprus lacks the presence of a special unit for citizenship by investment. Procedures are even more complicated in Austria and Cambodia due to the reinforcement of some examinations and mandatory interviews. In Cambodia, for example, the applicant must prove that he has a good command of Khmer and knowledge of the country's history and culture.
Due diligence
Obviously, citizenship is only granted after a thorough verification of information and documents provided by applicants. Antigua and Barbuda, Dominica, Malta and Saint Kitts and Nevis have the most reliable systems, including on-the-spot checks and support from international law enforcement agencies. At the same time, countries such as Vanuatu have set up restrictions for certain nationalities on national security grounds. Turkey applies not only limits for certain nationalities but also biometric criteria. To grant Austrian citizenship, authorities analyse the information provided by the applicant and on the source of funds invested with the help of independent agencies. The applicant's criminal record is also examined thoroughly.
