Last Updated on 11/03/2023
For various reasons, people invest in other countries to obtain a second citizenship, and Turkey is one of the first destinations that come to mind among several. We have covered the benefits of purchasing real estate in Turkey and the benefits of the Turkish citizenship program through investment in earlier articles. Yet, in this article, we will try to compare the requirements, advantages, and disadvantages of the most popular citizenship investment programs worldwide.
Generally, Citizenship Investment programs provide different schemes such as a donation to the government of a particular country or investment in an existing or new business. However, we will focus on the real estate investment scheme since it is the most beneficial and popular.
Most popular citizenship investment programs in the world
Portugal Golden Visa Program
Portugal’s government launched Portugal’s golden visa in 2012 providing different investment categories for venture capital funds, capital transfers, real estate, company establishment, and donations.
Suppose one intends to become a citizen of Portugal through real estate investment, he must first get the residency or the golden visa through two choices; Investing in a real estate property with a minimum of 500,000 € in certain locations. Or if the property is in an urban rehabilitation area the minimum investment value drops to 350,000 €. In this case, the buyer is required to make renovations to the property in exchange for the golden Visa that allows him to work, live, and travel throughout Schengen nations without a visa, and to apply for Portuguese citizenship only after five years.
To be eligible for applying to Portugal citizenship after 5 years, the applicant must stay 183 days per year and pay taxes regularly for consecutive 5 years. Moreover, it is compulsory to pass a basic language test.
Benefits
The spouse, children under the age of 18, parents of the investor who are at least 65 years old, and other dependents who are under the age of 26 and full-time students are all eligible for this golden visa that can turn into a citizenship program.
Investors can travel to Schengen countries without a visa with the Portugal golden visa.
Drawbacks
– Children over 26 and parents of investors over 65 are not eligible for this program’s benefits.
– to qualify for citizenship, applicants Must have passed a Portuguese language proficiency test.
– Applicants for this program must not owe any unpaid taxes to Portugal,
– A person must stay in the country for at least 183 days per year to qualify as a tax resident.
– Investors in this program must still obtain visas for the United Kingdom and Ireland.
– In most company fields, it is difficult to achieve high profits.
Conclusion
Portugal’s investment program can be a beneficial golden visa program that gives you the right to work, study and live in the country. Yet, it is hard to convert it to citizenship eligibility with the tax payment obligation, the waiting duration, and the language requirement. Moreover, 500,000 € ( 542,000$) is a relatively high value for acquiring a residence permit only.
Greece Golden Visa Program
With a €250.000 threshold, the Greece program is one of the most popular in Europe for real estate investors to obtain the Golden Visa. However, according to some experts, this amount is likely to rise in 2023.
In addition to investing in real estate, those who are interested can deposit €400.000 in a nation’s bank or €800,000 in Greek government bonds.
There are no time restrictions on stays in Greece under the Golden Visa scheme however the golden visa program allows you only to live in the country and to travel to the Schengen countries, yet it doesn’t give you the right to work.
Benefits
You have the freedom to travel throughout the Schengen region without needing an additional visa thanks to the Golden Visa. The Schengen area is made up of 27 European nations that have formally abolished visa requirements and border checks at their shared borders.
Greece has a low cost of living, and residents are entitled to free public healthcare and free public education. With this arrangement, investors can take advantage of the golden visa privileges while enrolling their spouse and any children under the age of 21.
Drawbacks
-Citizenship applications can only be submitted after seven years of tax payment in the nation.
– Greece has a high property tax that has increased by 700% in recent years.
– Newcomers can open enterprises but are not permitted to work in the country.
– 6-month process
Conclusion:
The Greece golden visa program might be beneficial for retired people with children that might be interested in education. However, they have to pay taxes for 7 years to be eligible for the citizenship investment program. Therefore, despite the investment amount being relatively reduced, getting a Greek passport through real estate investment might be a costly method.
UAE residence investment program
The UAE government provides a 10-year residence permit by investing a minimum public investment of AED 10 million ( 2,700,000 $)
To be eligible to apply for a residence permit, one must deposit at least AED10 million in a local investment fund. The same sum can also be invested in a business or real estate. Family members and business partners might benefit from the visa. However, this scheme can’t under any condition switch to citizenship by investment program. Moreover, in the case of real estate investment, not that it is under leasehold ownership. This means you will receive property rights for a certain time, which can be up to 99 years if you purchase a property on a leasehold basis. You won’t, however, be the land’s owner.
Benefits
-Investors with golden visas in UAE can live, work, and study in the country.
-Visa-free access is available to 167 countries, including the Schengen member states of Europe.
Drawbacks
– A highly expensive amount
– Only residence permit that can’t convert to Citizenship.
– Leashold ownership
-Some areas have limited return on investment due to low occupancy rates
– When purchasing real estate directly from the developer, the investor must make additional, lump-sum payments to the Dubai Land Department.
Conclusion
The UAE investment program might be suitable for wealthy investors with extremely high budgets who are willing to live in the UAE but they are not seeking special advantages in particular. We remind that UAE scheme is not one of Citizenship investment programs but offers a 10-year residence permit.
Caribbean Citizenship Investment Program
Five Caribbean nations mainly St. Lucia, Dominica, Antigua and Barbuda, St. Kitts and Nevis, and Grenada allow foreigners to become citizens under citizenship investment programs.
Investors have several options for obtaining Caribbean citizenship. The preferred and quickest route to obtaining Caribbean citizenship is through investment, which costs $100,000 and takes three to six months to process. Fees for a single investor and a family of up to four persons choosing to contribute to the state fund will be $30,000; each additional family member will pay $15,000 in fees.
The due diligence fee is $7,500 for married couples, $2,000 for each kid under the age of 17, and $4,000 for families with children over the age of 18. Each applicant might pay up to $600 in administrative fees.
Benefits
The investor’s partner, kids, parents, grandparents, and siblings also benefit from the citizenship investment program. The place of property and the type of investment might influence the cost of investment program.
The investor and his family can get passports without taking a language or history exam, applying for a residency permit, or traveling to the country.
Drawbacks
Investors should examine the citizenship packages offered by the various Caribbean states because some require more processing time and are more expensive than others.
Turkish Citizenship investment program
Numerous options are available through the Turkish Citizenship by Real Estate Investment program. To qualify for Turkish citizenship, one must invest at least $400,000 in one or more properties in Turkey. He is free to invest in any kind of property. It might be a house, an apartment, or some land. However, the most recent regulations provide that in case of purchasing numerous properties , they must figure on the same preliminary sale contract. In other words, even if the total amount of several contracts surpasses 400k$, they are no longer elligible.
Benefits
Compared to the other citizenship investment program in the world, the Turkish scheme might be the most profitable one with a reasonable investment value and several advantages. In fact, it allows you to acquire a Turkish passport through real estate within a fast process that lasts from 2 to 4 months maximum. Moreover, you will be able to live study, and work freely without any restrictions.
It also guarantees you to travel to more than 124 countries without a visa. Furthermore, it makes you eligible for an E2 USA investment visa which is a huge advantage. Yet, the most important thing is that you are free from any requirements such as language, minimum stay, or tax obligation.
you can learn more about the advantages of the Turkish Citizenship investment program.
If you want additional information on the real estate investment program for Turkish Citizenship, MEO Consultants can provide a full advisory. If you’re looking to invest in Turkish real estate, our knowledgeable staff offers full-service advisory upon request through a risk-free initial consultation. learn more about our services.
