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Learn about the changes, for better and worse, in citizenship by investment programs in 2023
In such a changing world, citizenship by investment programs are also constantly evolving. Quite a few of these programs have announced strong modifications for this 2023.
The general feeling is that, in the face of the pressures on governments, there are fewer and fewer options left. In this scenario, experts recommend applying for a citizenship by investment program as soon as possible, because it could be your last chance to achieve a second residence.
The Caribbean has been one of the preferred regions for those seeking to obtain a second citizenship through an investment program.
Changes in citizenship-by-investment programs in the Caribbean
The Caribbean has been one of the preferred regions for those seeking to obtain a second citizenship through an investment program.
St. Kitts y Nevis
Among the most prestigious programs is that of St. Kitts and Nevis. It has been in effect since 1984 and offers extensive benefits to beneficiaries. During the first six months of 2023, obtaining citizenship of this small Caribbean country will be simpler and cheaper.
Until June 30, the applicant can make a minimum donation of $125,000 to the Sustainable Growth Fund. This represents a reduction of $25,000, in relation to the amount previously requested. In addition, the application will be approved in less than 60 days.
As of the first day of July, the minimum donation will return to $150,000. The process will take up to 90 days. Those who wish to rush the application will have to pay an additional $25,000.
For those who prefer to invest in real estate, the government of St. Kitts and Nevis ratified that it will only accept investments in projects approved by them. Even projects approved in 2022 are no longer available for this year.
Saint Lucia
Another of the citizenship-by-investment programs with the best reputation is that of Saint Lucia. In this 2023, that program also has changes. For example, the minimum real estate investment was set at $200,000, a notable drop from the $300,000 that was required until 2022.
In addition, St. Lucia remains the only Caribbean country that offers citizenship by investment to those who buy government bonds. This year, the new bond offer is $300,000, instead of the $500,000 previously demanded.
Dominica
The main change to the citizenship by investment program in Dominica is that applicants cannot include their siblings, as dependents, in the application.
In addition, adult children of the applicant will have to show that they are enrolled in college and are receiving financial support from their parents. Another limitation of the 2023 program is that grandparents and parents who are included in the application must be over 65 years of age and financially dependent on the principal applicant.
The fee payable for each additional dependent increased to $25,000. In cases where the applicant makes a donation to the Dominica Economic Diversification Fund, the amount payable for each dependent, over the age of 18, increased to $50,000.
Modifications to the citizenship by investment program in Europe
Portugal
The only way to apply for Portuguese citizenship, without residing in the country, is through the Golden Visa program. The most common way to take advantage of this program is through a real estate investment of a minimum of 280,000 euros. Another way is an investment in a fund, starting from 500,000 euros.
Turkey
This country also introduced changes in its citizenship by investment program, especially in the real estate variant.
So far, the amount to be invested in residential or commercial real estate has remained at 400,000 euros. But, since January, shared ownership no longer applies to the citizenship by investment program. Therefore, the applicant will have to be the sole owner of the real estate investment.
However, a single investor can place money, in different properties, until the minimum of 400,000 euros is reached.
Another modification is that the property acquired can only be used once to apply for citizenship by investment. If, later, another investor buys that property, it will not be valid to apply for citizenship.
Greece
The requirements to apply for the Golden Visa for real estate investment in Greece will be much stronger as of May 1. In different regions of the country, including the capital, the minimum amount of real estate investment has been doubled to 500,000 euros. The option of co-ownership is maintained. But, in this case, the applicant’s minimum share in the property will have to be 500,000 euros.
Modifications to the citizenship by investment program in Vanuatu
One of the longest running citizenship by investment programs is that of Vanuatu. However, interest in this insurance program will wane in 2023. This is because the European Council will require Vanuatu citizens to apply for a Schengen visa to enter European Union countries. Therefore, investors who become citizens of that country have one less incentive, because they will also have to abide by that provision and apply for a visa.
