A permanent residency or citizenship enables a business to operate easily in a certain geographic or economic region. Some of these investment programs also require the investor to create new jobs or preserve existing ones. Depending on the country, there may also be options for joint investment, including joint ownership of a business. Other options include philanthropic investment, which requires a large donation to a designated charity or fund. The size of the donation will vary depending on the number of investors applying for a particular program. Today, we will discuss some countries you can buy a passport.
The government of Portugal has introduced new rules for citizens interested in acquiring residency and citizenship by investment in the country. For one, foreign citizens can buy property there, as long as the property has a specific value that meets the government’s requirements. Until 2022, the minimum investment amount is EUR350, 000, but this will increase to EUR500, 000 in 2022. Property investments in Portugal are generally more diversified than buying individual properties, and they don’t involve scouting for properties, dealing with real estate paperwork, submitting tax returns, or managing the investment.
To apply for Cyprus residency and citizenship, foreign investors should invest at least EUR500, 000. This will eliminate the possibility of obtaining citizenship based on bank deposits. Once the investment has been made, the applicant can include his or her spouse and parents in the citizenship application. In addition, the investor should have a clean criminal record. The process for applying for residency and citizenship in Cyprus will take between two and three months. The investor must have all the required documents, such as a copy of their passport, birth certificates of their children, and criminal record certificate of their country of origin, official certified translation. The applicant must also show proof of his/her annual income, which can be from salaries, foreign dividends, or units of a Cyprus Collective Investment Organization.
Getting citizenship and residency in Grenada has become an increasingly popular option for Indians, especially those living in the Gulf States. In this case, the government has enacted a new taxation regime for non-residents, and this has caused a surge in Grenada citizenship by investment applications. A non-refundable donation of $150,000 is required to become a citizen of Grenada, and you will be exempted from income tax on worldwide income. Another great feature of this program is that it is possible to acquire dual citizenship in Grenada.