- Government Approved Citizenship by Investment Project
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The citizenship by investment industry has undergone a number of fundamental changes in 2020. Several countries ended their second citizenship programmes or have cancelled the commencement. Governments of other states have made significant changes to investment programmes, ensuring maximum transparency of all procedures, and increasing the attractiveness for investors with large families.
The coronavirus pandemic has proven to be a major challenge for political and economic environments as well as social life around the world. For people with high incomes living in crisis regions, this has become an incentive to find a plan B and obtain a second citizenship for security and stability. Fortunately, the application process in the 21st century no longer requires flights halfway across the world; all the necessary documents are collected in the country of residence of the applicant and sent by courier delivery.
Similar to recent years, the main factors propelling HNWIs to choose a citizenship investment strategy remain: freedom of movement around the world, favourable conditions for doing business and preserving capital, security, and stability in the country of second citizenship.
Eight (8) countries offer a second citizenship through real estate investment in 2021: two states in Europe – Malta and Montenegro, one in Asia – Turkey, five countries in the Caribbean region – Dominica, Saint Kitts and Nevis, Grenada, Saint Lucia, Antigua and Barbuda. All citizenship programmes have a set minimum investment in real estate. Dual citizenship is allowed.
The Government of Cyprus closed the citizenship by investment programme at the end of 2020. It has no plans to resume its work in the near future.
Malta citizenship by investment in real estate: To maintain its citizenship programme, the Government of Malta has amended the law, revising the conditions for obtaining citizenship:
Montenegro citizenship by investment in real estate: The second country in Europe where you can apply for citizenship through real estate investments in 2021 is Montenegro. The country is a NATO member and plans to become an EU member by 2025. Montenegrin citizens can travel to the Schengen countries without a visa. A UK visa is required. Minimum investment amount: € 350,000 (€ 250,000 in real estate and € 100,000 non-refundable contribution). Acquisition of citizenship takes 3-6 months.
The Turkish Citizenship Programme opened in 2016. After two years of operation, the Government of Turkey reduced the amount of real estate investment to US$ 250,000, which led to the popularity of the programme among the citizens of Iraq, Iran, Afghanistan, Yemen, Palestine, Egypt and Libya.
Turkish citizenship can be obtained in 6-7 months. The registration process requires to apply for a residence permit for the whole family and the main investor to open a bank account in the country. The acquired property can be rented out and resold after 3 years.
Turkish citizens can travel without a visa to more than 100 countries, including Singapore, Japan, and the main countries in Africa, South and Latin America, but a visa is required to visit the Schengen countries and the UK.
The capital of Dominica, Roseau
The Caribbean region is the cradle of citizenship by investment and has proven its resilience in overcoming many crises for two decades. In 2020, when the coronavirus pandemic swept across the globe and crippled the economies of many countries, the Caribbean countries once again showed their ability to quickly respond to the challenges of the time, cooperating and focusing on solving problems.
Facts show that Caribbean countries offering citizenship by investment have become the safest to live in 2020:
The Caribbean islands in the table below were among the last countries in the world to develop cases of coronavirus. They were prepared and were able to manage and control the spread of this disease.
As of February 9, 2021, all Caribbean countries entered the top 15 for the lowest total number of coronavirus cases in the world, according to Johns Hopkins University. Dominica and Saint Kitts and Nevis so far record zero coronavirus related deaths.
| Coronavirus pandemics in countries offering citizenship by investment | ||||
|---|---|---|---|---|
| Country | First case of coronavirus | Date of border opening for foreigners | February 9, 2021 | |
| The total number of coronavirus cases | The total number of deaths from coronavirus | |||
| Malta | March 13, 2020 | July 15, 2020 | 18,813 | 282 |
| Montenegro | March 13, 2020 | June 1, 2020 | 65,657 | 842 |
| Turkey | March 10, 2020 | From June 1, 2020, but currently closed to arrivals from the UK | 2,539,559 | 26,900 |
| Antigua and Barbuda | March 6, 2020 | June 4, 2020 | 316 | 7 |
| Saint Lucia | March 13, 2020 | June 4, 2020 | 2,027 | 19 |
| Grenada | March 21, 2020 | July 15, 2020 | 148 | 1 |
| Dominica | March 21, 2020 | August 7, 2020 | 121 | – |
| Saint Kitts and Nevis | March 24, 2020 | October 31, 2020 | 40 | – |
A comfortable tropical climate and the beauty of pristine nature, a calm rhythm of life, respect for human rights and freedoms, a favourable financial climate and distance from the world’s hotbeds of tension – make the Caribbean countries attractive for life, work, business and investment in real estate.
Dominica was recognized as:
The leading travel destination in 2021 by National Geographic and 2020 according to ratings CNN Travel, The Wall Street Journal, Condé Nast Traveler, Travel Lemming, Outside Magazine, Travel + Leisure, Vogue, Fortune, Jetsetter.
The safest country to travel, live and work in the Caribbean region among the countries offering citizenship by investment, according to the 2018-2019 rankings for ease of doing business, the level of corruption and affordable rights and freedoms for citizens.
#1 Citizenship by Investment Programme in the world, in the 2021 CBI index by Professional Wealth Management, a publication by the Financial Times.
The conditions for travelling around the world for citizens of Caribbean countries remain similar. Visa-free travel is available in the main business centres of the world.
In 2020, all Caribbean citizenship programmes revised the conditions for adding additional participants to the application, with a focus on increasing the attractiveness for investors with large families. The main investor can include all family members in one application:
Adding the above family members after obtaining citizenship is possible in Dominica, Saint Kitts and Nevis, Antigua and Barbuda. Grenada only allows the addition of children born within 1 year from obtaining the citizenship. Approved Saint Lucia’s citizens may add children and spouses within 5 years of their application being approved.
| Caribbean citizenship by investment comparison for real estate option | |||||
|---|---|---|---|---|---|
| Country | Antigua and Barbuda | Grenada | Saint Lucia | Saint Kitts and Nevis | Dominica |
| Who can be included in one application? | |||||
| Spouse | Yes | ||||
| Children financially supported by parents | Below 30 years | ||||
| Physically or mentally challenged children | Yes (no age limit) | ||||
| Parents and grandparents | From 55 years | From 55 years. Without age restrictions if they have a mental or physical disability. | From 55 years | Yes (no age limit) | |
| Single and childless siblings | Yes (no age limit) | Below 18 years | Below 18 years | Below 30 years | Below 25 years |
| Adding the above family members after obtaining citizenship | Yes | Only for children born within 1 year after obtaining citizenship | Only for children and spouses within 5 years after obtaining citizenship | Yes | |
| Required to visit country to receive lifetime citizenship | At least 5 days in the period of 5 years after obtaining citizenship and for children after reaching adulthood. | Not required | |||
| Lifetime citizenship | After 5 years, it is required to submit a full set of documents. The government reserves the right to revoke citizenship. | Yes | |||
| Inherited | Yes | ||||
| Passport validity | 5 years | 10 years | |||
| Citizenship timeline | 3-4 months | 2-4 months | 3-4 months | ||
| Taxes | Income taxes are progressive to 25% and flat rate of 25% for non-residents. No capital gains tax or estate taxes. | Local income tax 15% for non-residents. No taxes on foreign income, inheritance, or capital gains. | Income taxes from local sources are progressive to 30% for non-residents. | Income tax, inheritance, estate and gift are not taxable. Capital gains tax is levied only if the asset is sold within 12 months from the date of acquisition (tax rate is 20%). | Dominica does not impose capital gains taxes, global taxes, estate duties, or inheritance tax on citizens. Personal income tax is never charged if income is never earned in Dominica. |
| How old is the citizenship programme | From 2014 | From 1996 to 2001, reopened in 2013 | From 2016 | From 1984, but actively started to issue passports in 2006. | Started in 1993. Maintained stability since. |
Caribbean countries offer lifetime citizenship, with the exception of Antigua and Barbuda, where after 5 years you need to apply for renewal and the Government reserves the right to revoke citizenship, as well as a requirement to visit the country within 5 years after investing. The other four Caribbean programmes do not require you to ever visit. Registration of all documents can be carried out remotely. There are no language or history exams required.
Both Dominica and Saint Kitts and Nevis offer passport renewal for adults every 10 years while the other Caribbean countries offer 5-year passports. Dominica has the most notably stable citizenship programmes which has never been suspended and has been working continuously since 1993.
Caribbean citizenship programmes remain the most attractive in terms of value for money. In addition to the investment amount, the applicant is required to pay: a number of non-refundable government fees, the cost of the applicants’ due diligence, obtaining the certificates of naturalization and a passport. The pricing table illustrates the final costs of obtaining citizenship by investment for the entire family, excluding the cost of shipping documents through courier and agent services.
| Costs to obtain Caribbean citizenship by investment in real estate in 2021 | |||||
|---|---|---|---|---|---|
| Country | Antigua and Barbuda | Grenada | Saint Lucia | Saint Kitts and Nevis | Dominica |
| Minimum Real Estate Investment | US$ 200,000 (resalable after 5 years). | US$ 220,000 (resalable after 5 years). | US$ 300,000 (resalable after 5 years). | US$ 200,000 (resalable after 7 years). | US$ 200,000 (resalable after 3-5 years). |
| Government Fees | US$ 30,000 for 4 persons and US$ 15,000 for any additional dependant. |
US$ 50,000 for 4 persons and US$ 25,000 for any additional dependant. |
US$ 30,000 – for investor, US$ 45,000 – couple, US$ 5,000 for each dependant under 18 years, US$ 10,000 for each dependant under 18 years and over. |
US$ 35,050 – for investor, US$ 20,050 – for spouse, US$ 10,050 any other qualified dependant regardless of age, US$ 40,000 for each sibling. |
US$ 25,000 – for main applicant, US$ 35,000 – family up to 4: main applicant and 3 dependants, excluding siblings, $50,000 – family up to 6: main applicant and 5 dependants, excluding siblings, $70,000 – family up to 7 or more: main applicant and at least 6 dependants, but excluding siblings, $50,000 – for sibling aged 18 to 25, $25,000 – sibling below the age of 18. |
| Application Fee | – | US$ 1,500 per person | – | – | – |
| Processing Fee | – | US$ 1,500 per person aged 18 and over, US$ 500 for persons under 18. |
US$ 2,000 for investor, US$ 1,000 for each qualifying dependant. |
US$ 250 for each person. | US$ 1,000 for application. |
| Due Diligence Fees | US$ 7,500 – for investor, US$ 7,500 – for spouse, US$ 2,000 – for each dependant 12-17, $4,000 – per dependant 18 and over. |
US$ 5,000 per person aged 17 and over. | US$ 7,500 for investor, US$ 5,000 per dependant over the age of 16 years. |
US$ 7,500 for the investor, US$ 4,000 for each dependant over the age of 16 years. |
US$ 7,500 for the investor, US$ 4,000 for each dependant over the age of 16 years. |
| Certificate of Naturalization | – | – | – | – | US$ 250 for each person. |
| Passport Fee | US$ 300 for each person. | US$ 250 for each person. | US$ 30 for each person. | US$ 350 for each person. | US$ 28 for each person less 16 years, US$ 56 for each person older 16 years. |
| Total citizenship cost for most popular cases: | |||||
| One person | US$ 237 800 | US$ 278 250 | US$ 339 530 | US$ 243 150 | US$ 233 806 |
| Couple | US$ 245 600 | US$ 286 500 | US$ 360 560 | US$ 267 800 | US$ 248 112 |
| For a family of 4 people: the main investor, spouse, and 2 children under 12 years old. | US$ 246 200 | US$ 291 000 | US$ 372 620 | US$ 289 100 | US$ 248 668 |
| For a family of 6 people: main investor, spouse, 2 children under 12 years old and 2 parents | US$ 284 800 | US$ 357 500 | US$ 404 680 | US$ 318 400 | US$ 272 280 |
Dominica Citizenship Programme conquers first places in international rankings:
Dominica holds a leading position in the global market for obtaining citizenship by investment through real estate, due to the following factors:
The option to obtain Dominica citizenship through real estate investment was added in 2014. The Dominica government carefully selects projects to participate in the programme. As of January 2021, 8 hotels have been approved: 3 are currently in operation, 3 are under construction, and 2 to begin construction at an undisclosed date.
Anichi Resort & Spa, Government Approved Citizenship by Investment Project
Anichi Resort and Spa: An Autograph Collection Hotel, a sub-premium brand of the largest hotel chain Marriott International, which is under construction will be a 5- star luxury eco-chic resort. This development project offers an ideal investment opportunity.
To learn more about all the features and benefits of Anichi Resort & Spa and the Dominica Citizenship by Investment programme, please contact us.
