From artworks to property to super yachts, something sets theultra-wealthy apart; the need to continually amass trophies. Undoubtedly, obtaining another citizenship is the recent trophy for the ultra-wealthy.

Asides from the boost of status and increased global mobilitygetting a passport of another country gives, it also keeps the wealthy rest assured that they and their family have an exit plan should there be insurrection in their country of citizenship. As it appears, even the wealthy needs a plan B.

CITIZENSHIP BY INVESTMENT

Unlike some countries like the US that gives foreigners and residents the opportunity to gain citizenship after meeting specific criteria, some other countries allow foreigners to gaincitizenship out rightly in exchange for a set minimum direct investment typically in property or local business. Some of thesecountries are Austria, Malta, Moldova, Cyprus, Grenada, St. Kitts and Nevis, Saint Lucia, Dominica, Antigua and Barbuda. Eight of these countries have been classified as offshore financial centres by the International Monetary Fund. The import of this is that they levy little or no taxes on corporate and/or personal foreign income.

This article sets to highlight the requirements and benefits of acquiring a second passport and how much citizenship costs in some of these countries.

INVESTMENT CITIZENSHIP IN AUSTRIA

Applicants under this stream are required to make active investments in the Austrian economy. Typically, applicants make direct investments in a business which will create jobs in Austria or be a part of a Joint Venture Agreement. It is noteworthy that in Austria, citizenship is not granted on the criteria of investment alone. The applicant should also make other notable contributions such as creating substantial amount of jobs in the country. Passive investments such as investments in shares, bonds or real property will not qualify under this stream.

INVESTMENT REQUIREMENTS

• Minimum Investment of $23,750,000.
• Standard documentary requirements such as International passport of applicant, birth certificate of applicant, marriage certificate of applicant(if applicable)
• Certificate of no criminal record (to certify that the applicant has a clean record).This will be verified in the home country of the applicant.
• Curriculum Vitae and business background information.
• References

Typically, the time frame for an application for Austria citizenship by Investment is 24-36 months. Successful applicants receive full citizenship for themselves and their family for life and can then proceed to apply for the Austrian passport.

BENEFITS OF THE AUSTRIA CITIZENSHIP BY INVESTMENT PROGRAM

• The Austrian passport grants access to all countries in the European Union and most countries in the world.
• The Austrian Passport grants visa free access to the USA.
• Successful applicants do not need to actually reside in Austria for any particular time. They can reside anywhere in the European Union and even Switzerland.

INVESTMENT CITIZENSHIP IN CYPRUS

The Cyprus Investment Program is one of the incentives introduced by the Cypriot Government to boost foreign direct investment into Cyprus. The Cyprus Investment Program allows a non-Cypriot citizen to assume citizenship status in exchange for meeting minimum investment criteria. Qualification may be attained personally by the applicant or throughcompany/companies the applicant is a part of either as a shareholder or a high-ranking senior manager.

INVESTMENT REQUIREMENTS 

• Applicants can make a minimum investment of EUR 2 million in real estate, developments and infrastructure projects.
• Applicants can make a minimum investment of EUR 2 million in purchasing or creation of businesses or companies which must have a huge presence in Cyprus and have the capacity to employ 5 Cyprus Citizens or EU citizens.
• You can participate in alternative investment funds (AIF), purchasing minimum units amounting to EUR 2 million. It can be in the form of bonds, debt securities.
• Applicants can participate in a combination of the above options; the investments totaling a minimum of EUR 2 million.

OTHER REQUIREMENTS

• Applicants must be more than 18 years.
• Certificate of no criminal record (to certify that the applicant has a clean record).This will be verified in the home country of the applicant.
• A freezing or confiscation order of property must not be on the Applicant’s name within the boundaries of the European Union.
• All applicants must own a residence in Cyprus with a minimum market value of EUR 500,000 plus VAT.

Typically, the time frame for an application for Cypriot citizenship by Investment is 3 months if the real estate option is chosen. Successful applicants receive full citizenship for themselves and their dependents (spouse, children below 18 years and children between 18 to 28 who are full time students and financially dependent on the applicant).

BENEFITS OF THE CYPRUS CITIZENSHIP BY INVESTMENT PROGRAM 

• Cypriot Passport gives citizens the right to live, study and work in all the 28 EU countries.
• The Cypriot Passport grants holders Visa Free travel to 171 countries in the world.
• The Cypriot Passport grants holders the right to security within the European social and legal system.

Obtaining citizenship by investment in the 8 countries mentioned above comes in 3 parts. You can read the part2 and  part3 .

Questions about obtaining citizenship by investment, please send an email to dayo.adu@famsvillesolicitors.com

Source: Dayo Adu