What is a “Golden Passport” and How can one get Citizenship in a Nation in Return for a Financial Investment?

Investing in the economy of some countries might pave the way to citizenship in such nations. Getting a “golden passport” involves this procedure.

The basic idea behind this strategy is straightforward: one should put money into the economy of a certain nation. Put money into a savings account, purchase a piece of property, etc (It depends on the country). That earns him the right to travel with a golden passport. Passport holders are eligible for a number of perks beyond only freedom of movement and visa-free travel.

The rules and minimum investment required to participate in such a program vary widely from one nation that uses it to the next.

Gold passports were first issued by the Caribbean nation of Saint Kitts and Nevis. Since 1984, residents of that country have been able to “purchase” citizenship. In recent years, the island has become one of the easiest places to apply for a passport. In return for an investment of $150,000 or more, the holder of such a passport is granted visa-free entry to 157 countries and several tax advantages.

Where may one get a “golden passport”?

Let’s find out more about what the citizenship by investment program is and which countries currently provide it.

  1. Grenada

You may apply for Grenada citizenship and a passport by donating to the National Transformation Fund or buying real estate.

Citizens with valid passports may travel visa-free to 144 countries, including all Schengen countries, the PRC, and the UK. This passport allows US investor visas.

$150,000. A passport may take four to six months.

  • Cyprus

The European island offers permanent residence (PMP) with citizenship after five years. A Permanent Residence Permit (PMP) for investing in Cypriot real estate or equities may be granted.

You may get a passport after five years of living on the island. It’s visa-free in 170 countries, including the EU and UK.

Investment commitment requires 300,000 Euros.

  • Vanuatu

The Pacific island nation is often regarded as the quickest option for acquiring a second citizenship, since individuals may get their passports only one month after enrolling in the procedure.

Furthermore, the minimum required investment in this country is only $130,000 USD.

  • Spain

This software differs from others. Investing in the Spanish economy may earn you a residence permit and, after five years, Spanish citizenship in return for your current citizenship. Investors may receive the certificate by buying real estate or stocks, creating a Spanish bank account, or investing in a Spanish firm.

You may remain in the Schengen Area for three months every six months with a Spanish resident permit.

The paperwork requires €500,000.

  • Turkey

Visitors holding a Turkish passport may enter 110 countries visa-free, including Singapore and South Korea. Both the E-2 business visa and the Schengen C-2 visa, valid for five years, may be obtained in the United States. A Turkish passport may be acquired in as little as 6–8 months. However, beginning in 2023, the requirements for qualifying for a “golden passport” in exchange for investments in this nation will shift.

To learn more about citizenship by investment programs visit https://www.fintecharbor.com/

Is there anything new that financiers need to know?

  • currently, to get a passport, you must buy a property worth at least 400,000 dollars (you cannot buy four properties for 100,000 dollars each);
  • only a notary-certified contract will allow investment in several items;
  • the program cannot use citizenship objects (sold to another foreigner). The scheme requires three years of ownership by a Turkish citizen. Its first foreign owner won’t get a passport.
  • if the future Turkish citizen wishes to purchase with a mortgage, his personal capital should still be 400 thousand dollars;
  • If the transaction occurred before the currency purchase certificate was issued, the seller’s account must be transferred into foreign currency. If you have the certificate, lira;
  • participants must get a property appraisal evaluation three months before notarizing the preliminary purchase and sale agreement;
  • regardless of value, owning a part of real estate will prohibit passport applications.

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