There are many different reasons why a person would like to have another passport or residence. It could be a matter of physical or financial security, a better future for one’s children, traveling around the world without problems or visas, or paying fewer taxes.
In some countries, it is actually possible to obtain the citizenship after paying a certain amount of money. Here is a list of some of those countries:
This little Caribbean island has the most economic passport program there is. In fact, you can become a Dominican citizen by undergoing an interview and paying US$100,000 plus other fees. The procedures could take up to 6-12 months.
It is important to know that Dominican citizens can travel to 50 other countries without a visa. As Dominica belongs to the Commonwealth of Nations, its passport holders benefit from special advantages in the United Kingdom.
- Spain: Residency Through Investment
The Spanish government changed the conditions to obtain it in June 2015. Let us have a look at them:
It is possible to be a temporary resident by buying a property of, at least, €500,000. The resident will also have the right to work.
You could obtain the residency by investing €2,000,000 in government bonds, as well or by investing €1,000,000 in a partnership with actual activity, in an investment fund in Spain or by depositing the same amount in a Spanish bank account.
The investor may also request the residency for…
- …his or her children if they are under 18 years of age or if they depend on him or her.
- …his or her spouse or partner (not necessarily married).
- …his or her parents if they depend on him or her.
- …his or her representative (in case the investor appoints one to manage the investment).
Latin Americans may also apply for the Spanish citizenship after two years of legal residence.
- France: Residency Through Investment
In France, it is possible to obtain a temporary residence permit for 10 years, but it is actually very expensive. Foreigners must invest €10,000,000 in business in France. The investment can be personal or through a company in which the investor has, at least, 30% of its capital.
Non-EU citizens are allowed to obtain the Greek residency after buying property for, at least, €250,000. This does not give the resident the right to work in the country. However, he or she may live in Greece together with his or her family (children under 18 years of age and spouse) and their domestic staff.
Residence permits are valid for 5 years and are renewable.
- The Netherlands
You can get a Dutch residence permit by investing €27,000. If you do it through a company, you must own, at least, 20% of the shares. The investor must be under 60 years of age, and if he or she has a monthly income higher than €1,400, his or her spouse and underage children may be included in his or her application.
- Malta: Citizenship (Passport) Through Investment
You may buy the Maltese passport by investing €1,150,000. After a year of residence, you are not obliged to live in the country. Malta is a member state of the European Union, which gives its citizens advantages to travel and move around Europe.
- The United States
Through the program EB-5, and by investing $500,000 or more, you may obtain a temporary U.S. residency. A maximum of 10,000 visas are annually offered through this program.
The investment may be personal, collective or through franchises. Foreigners who would like to invest, but do not have that amount of money, may use the E-2 or E-1 visas for investors and businessmen respectively.
With respect to buying a home in the United States, even tourists are allowed to do it. However, that does not give them any immigration benefits.
After two years, the temporary residency can become definitive. Later on, residents may apply for the citizenship through the naturalization process.
The most important thing is to consult a reliable lawyer who has specialized in immigration matters, in order for any procedure to be correctly oriented. Beltran Brito LLP has wide experience in advising immigrants who would like to apply for a work visa or green card. Do not hesitate to contact us here.