How to get second passport by investing in real estate

How to get second passport by investing in real estate

If your home country permits, you can obtain second citizenship without giving up the original one. Due to globalization, many people are now realizing the advantages of a second passport.

Traditionally, you could only acquire second citizenship in a country through naturalization, proof of ancestral ties, or marriage. However, it is now possible to obtain a second passport by investing in real estate. Here is the list of countries that allow dual citizenship.

Dominica

The Dominica Citizenship program was established in 1993. It offers a path for individuals and families to acquire second citizenship in merely 4-6 months.

The Commonwealth of Dominica has a sound international reputation. It offers visa on arrival or visa-free entry to more than 115 countries.

To be eligible for the second citizenship program, you must be at least 18-years-old and meet the immigration criteria set by the government. It is important that you:

  • Pass the background check
  • Maintain excellent health
  • Offer financial investment by investing in real estate or contributing to the government fund

Portugal

Portugal’s Golden Visa program is one of the most popular investment migration options across the world. If you are able to invest 280,000-500,000 euros in real estate, you will attain permanent residency in the country.

Nowadays, many people want to buy property in Portugal for both relocation and investment purposes. This is because here you can enjoy a good climate, stable economy, high quality of life and low cost of living.

Portugal Golden Visa is a residence visa that non-European Union nationals can avail themselves. You will be required to make a significant investment, such as buying real estate, forming employment opportunities, and making a capital investment.

In order to qualify for this program, you must:

  • Be above 18 years of age
  • Make a substantial investment that proves advantageous to the economy
  • Have no criminal record
  • Own the finances you intend to invest
  • Commit to keeping up the investment for a minimum of 5 years

Greece

This is a friendly nation with a pleasant climate. Greece Golden Visa Program offers citizenship for applicants who invest in stocks or real estate.

Investors do not necessarily have to live in Greece after investment. They can keep their residence permit even if they come and go as they please. However, to acquire citizenship, you must live in the country.

There are several ways to invest in Greece. The most common method is to make an investment in real estate amounting to at least a quarter of a million. To be eligible for a second passport by investing in real estate, you must be:

  • Above 18 years of age
  • Have no criminal record in the country where you have lived
  • Make a substantial investment in Greece
  • Acquire health insurance from a firm operating in Greece

Turkey

In Turkey, you can enjoy considerable freedom when it comes to deciding the type of property you can buy. You can obtain a Turkish passport by purchasing real estate worth at least $250,000. You can either buy a single property or multiple ones.

Turkey acts as a gateway between Europe and Asia. It lies in proximity to many regions, such as Central Asia, the Middle East, and the Mediterranean countries. Here are the steps involved in getting a second passport by investing in real estate:

  • Obtain a tax registration number from a tax office in Turkey
  • Open a Turkish bank account
  • Find a property worth $250,000
  • Buy the property and ensure the transaction is documented
  • Acquire the Certificate of Conformity
  • Apply for Turkish residency
  • Apply for Turkish citizenship

Spain

Spain is not only a popular holiday destination but also a wonderful country to live in. Here you can:

  • Enjoy a high quality of life
  • Avail public healthcare and education systems
  • Include a partner, dependent children, and dependent parents who are 65 years and older

The country’s investment program enables foreigners to invest in the country and opt for an investor visa.

Spain’s golden visa program started in 2013. To get a second passport by investing in the real estate market, you need to make an investment property of at least 500,000 Euros in the country.

The commercial or residential property you choose can be rented for income. Moreover, you can even purchase multiple properties worth 500,000 Euros in total. You can purchase plots, lands, houses, buildings, commercial properties, and even parking lots.

Any amount exceeding 500,000 Euros can be mortgaged out. As long as the minimum amount is your own, you can become a resident in Spain through investment.

Malta

Malta is known for its scenic beauty and favorable climate. In addition, it offers programs that help you thrive in the business world. The country boasts of a stable economy, a steady political climate, and some of the world’s most secure banks.

The government of Malta allows you to get a second passport by investing in real estate. Citizenship by Investment Malta (MEIN) was introduced to increase foreign investment and improve business expertise in the country.

MEIN is regulated by Community Malta Agency. As a principal applicant, you must be:

  • Above 18 years of age
  • Make a substantial financial investment in the country
  • Obtain a residence card to apply for Maltese citizenship
  • Stay in good health

For citizenship via investment in real estate, you have to purchase a property with a minimum value of 700,000 Euros. You can also lease a property for an annual rent of 16,000 Euros.

Bulgaria

In Bulgaria, there is a two-step procedure for acquiring a passport. First, you must apply for the Permanent Residency Programme by making an investment of 512,000 Euros into investment funds. You have to hold them for at least 5 years.

The amount may withdraw by the end of the time period. You can choose to invest in Bulgarian stocks, private equity, exchange-traded funds, or venture capital.

You can apply for citizenship after 5 years. However, it is possible to obtain Bulgarian permanent residency in 6 months. Once you are a resident, you can fast track your application to the citizenship phase by investing an additional 512,000 Euros.

In order to get a second passport by investing in real estate, you must be:

  • 18 years or more in age at the time of application
  • Have a valid passport
  • Possess health insurance that is in line with EU requirements
  • Have no criminal record
  • Prove legitimacy of your source of funds

Benefits of Multiple/Dual Citizenship

People choose to get a second passport by investing in real estate for various reasons. Some countries approve applications in as few as three months applying for a second passport. Once you receive approval, you can enjoy permanent citizenship, a valid passport, and visa-free travel. Here are the main benefits of dual citizenship:

Security

A second passport gives you the option to live in a peaceful and economically stable country in case of any political unrest in your country of origin. This is a kind of insurance that is invaluable for investors and their families.

Global Mobility

Certain passports do not allow you to travel the world visa-free. With a second passport, you can take advantage of greater global mobility as it may allow visa-free travel to several countries. This way, you can save a lot of time filing visa applications.

Business

Many business opportunities are available once you get a second passport by investing in real estate. With dual citizenship, you can start a business in the host country and travel to other countries to expand your venture.

Tax Management

Dual citizenship can be rather beneficial for tax optimization purposes. For instance, some countries only levy a tax on income if it is earned from that country. They do not impose taxes on capital gains either. This makes it easy for investors to manage their wealth effectively.

Better Quality of Life

The main reason some people acquire second citizenship is to provide a higher standard of living for their family members. You can benefit from access to better healthcare, quality education, and social security.

Final Word

Once you get a second passport by investing in real estate, you will acquire the same rights as other citizens of that country. With a second citizenship, you can enjoy better safety, improved global mobility, more business opportunities, and a better quality of life.

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