Samuel OskysMany options on the location are available when it comes to economic citizenship at a variety of prices. However, the world of second passports is fast-moving with some like Moldova’s citizenship scheme suspended and Montenegro’s citizenship by investment program now accepting applications, it is important to have the most up to date information on the details of what citizenships are available.
With that in mind here are the 6 best economic citizenship programs of 2020.
St Kitts and Nevis
St Kitts and Nevis program was established in 1984 and are one of the longest-running investment programs. Previously the passport would grant visa-free access to Canada, but this has stopped since 2014, however, the passport remains attractive as it provides visa-free access to Russia. The program provides two options of either a donation of $150,000 or the purchase of select real estate starting from $200,000. Fast track citizenship which just takes 45 days is also available to those who can provide a valid reason as to why it’s needed.
Cyprus
The Cyprus Investment Program continues to attract many HNWI and will continue to do so in 2020 due to a number of factors. The country benefits from a low tax system, the majority of the population speaks English and due to location, it can be ideal to set up a low tax business. Cyprus is a member of the EU and has access to 173 countries visa-free. The program requires an investment of €2 million ($2,223,500.00) in new real estate Applicants are required to possess a Schengen visa when applying and there is a maximum of 700 passports issued every year.
Grenada
The Grenada passport is the only Caribbean program that is apart of an E-2 treaty that provides those who hold a passport a simplified procedure to live part-time in the US as a business owner. The passport also provides visa-free access to China and Russia. To gain citizenship in Grenada in 2020 a donation of $150,000 is required or $200,000 for a married couple.
Turkey
A relatively new program, Turkey launched its citizenship by investment program in 2017 following financial difficulty. The program has the goal of drawing investors and is popular amongst Arabs seeking an Islamic safe haven. As the process is still new it is not as clear as other more established programs but from the information available the Turkey program requires an investment of $250,000 into real estate with the properties (if multiple) required to be purchased, titled and signed all on the same day.
Vanuatu
Vanuatu boasts one of the fastest programs for economic citizenship with a process that takes just one month. A Vanuatu passport grants visa-free travel to Russia. To gain a passport a visit to the country is required however no form of residency is necessary to gain a passport. The cost of this program is $150,000.
Malta
Malta citizenship requires investments and donations that when put together cost €650,000 ($722637). Malta passport will remain popular in 2020 as it is an EU country with access to European travel as well as visa-free travel to the US. Due to the wide locations covered it is very popular amongst those who wish to conduct business in both Europe and America.
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