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Obtaining a Second Passport: Turkish & Caribbean Citizenship by Investment

Citizenship by investment programmes are one of the fastest and easiest ways to obtain a second passport. These programmes allow persons, who make significant economic contributions to the granting country, to obtain citizenship and a second passport with no to minimal residency requirements.

 

Citizenship by Investment Programme in Turk

The Turkish citizenship by investment programme grants foreign investors residency, citizenship and a Turkish passport without a minimum years of residence requirement. Dependent family members of the applicant are also granted citizenship without separate investment requirements. The whole application process is typically completed in 2 to 3 months, making it an even more attractive option for those who would like to obtain a second passport through investment, allowing visa-free travel to 125 countries. Additionally, Turkish passport holders can and take advantage of the E-2 visa treaty with the USA, with which they can apply for a US residency visa.

Investment Options & Minimum Investment

  • Fixed Capital: A minimum of US$500,000
  • Real Estate: Invest in a property worth a minimum of US$250,000 with a title deed restriction on its resale for at least three years
  • Business: Created employment for at least 50 people
  • Bank Deposit: At least US$500,000 in banks operating in Turkey, not to be withdrawn for at least three years
  • Government Bond: At least US$500,000 worth of government bonds which cannot be sold for at least three years
  • Real Estate Investment Fund or Venture Capital Investment Fund: At least US$500,000 worth of real estate investment fund share or venture capital investment fund share, which cannot be sold for at least three years​​.

 

Citizenship by Investment Programmes in the Caribbean

With some of the most beautiful locations and tropical islands in the world, the Caribbean has long been considered a paradise and the dream vacation destination by many. Since the introduction of citizenship by investment programmes over 30 years ago, the island nations have attracted foreign investors from around the globe to apply for its dual citizenship. With no to little residency requirements, these programmes are some of the most popular ways to obtain a second passport. Currency, there are five Caribbean countries offering citizenship by investment programmes.

 

Antigua & Barbuda

Antigua and Barbuda’s programmes is one of the newer citizenship by investment programmes in the Caribbean. It allows investors to directly acquire citizenship and a second passport through donation to designated funds or real estate and business investment. Requiring only 5 days of residency during the first five years after having obtained the citizenship and with an application processing time of 3 to 4 months, this citizenship by investment programme has attracted many investors and families who are interested in getting a second passport. Although it does not afford automatic voting rights, Antigua and Barbuda passport holders enjoy visa-free travel to over 160 countries, including the UK and the Schengen Area. Applicants will be initially granted a passport, valid for 5 years. During that time, they have to fulfil the residency requirement in order to be eligible for a renewal.

Investment Options & Minimum Investment

  • Donation: A contribution to the National Development Fund (NDF) of US$100,000 for a single applicant or a family of up to four persons. For a family of 5 or more, the minimum contribution is US$125,000. A second donation option is to contribute to the University of West Indies (UWI) Fund. It is a minimum contribution of US$150,000 for a family of six or more. Under the UWI fund option, one member of the family will be entitled to a 1-year scholarship (tuition only) at the university.
  • Real Estate: An investment of US$400,000 into a government approved real estate project and to be held for a minimum of 5 years. Two related parties can make a joint investment, with each applicant investing US$200,000.
  • Business: An investment of US$1,500,000 into an eligible business as a sole investor or a joint investment of US$5,000,000 by 2 persons with each of those persons individually investing at least US$400,000.

 

Dominica

Dominica has been named one of the happiest places to live and is a tropical paradise with breathtaking landscapes. The government offers various fiscal incentives for entrepreneurs, such as tax holidays, import duties exemption and export allowance. The island nation has been considered a tax haven with no wealth, gift, inheritance, foreign income or capital gain tax. The contribution option under the Dominica Citizenship by Investment Programme is one of the most affordable routes to obtain a second passport. It has no physical years of residence requirement. Processing time for applications is typically around three months. A Dominican passport grants holders full residence status, including the rights to work, and visa-free travel to over 140 countries.

Investment Options & Minimum Investment

  • Economic Diversification Fund (EDF): A contribution of US$100,000 for a single applicant, US$50,000 for a spouse of the main applicant and a dependent sibling (aged 18-25) of the main applicant or the spouse and US$25,000 for other dependents aged 18-25.
  • Real Estate: An investment of at least US$200,000 in approved real estate projects. The property must be held for at least three years. Government fees starting from US$25,000 per applicant also apply.

 

Grenada

Introduced in 2013, the Grenada programme is the only Caribbean citizenship by investment programme that has no country restrictions and accepts applications worldwide. Applicants can either donate to a national fund that finances various socioeconomic projects in Grenada or invest in government-approved real estate projects that encompass development of hotels, villas and resorts in order to help drive the tourism industry in the country. Grenada passport holders enjoy visa-free travel to more than 115 countries. Like Turkey, the country has signed the E-2 visa treaty with the USA, allowing Grenada passport holders to operate a business and reside there. Application processing time is around 4 months.

Investment Options & Minimum Investment

  • National Transformation Fund (NTF): A contribution of at least US$150,000 for an individual applicant and US$200,000 for a family of up to 4 members. Each additional dependent (i.e. after the third dependent or the 5th member of the family) will be an additional US$25,000.
  • Real Estate: An investment of at least US$220,000 into an approved project which must be held for at least five years following obtaining citizenship. 

 

St Kitts & Nevis

Launched in 1984, the St Kitts & Nevis programme is the oldest citizenship by investment programme in the Caribbean. Applicants can either choose the donation or the real estate investment route to obtain a second passport. St Kitts & Nevis passport holders enjoy visa-free travel to over 150 countries, including all Schengen countries, Switzerland, Ireland and the UK. The average processing time is between 2 to 3 months. Those applying through donation are eligible for the Accelerated Application Process which aims to process the applications within 60 days.

Investment Options & Minimum Investment

  • Sustainable Growth Fund (SGF): A minimum of US$150,000 for qualifying families of up to four.
  • Real Estate: A minimum investment of US$200,000 in a pre-approved real estate project, which may include hotel shares, villas, and condominium units and must be held for 7 years. Until November 1, 2022, applicants can also choose to invest in qualifying private homes with appraised value of more than USD 400,000.

 

St Lucia

The St Lucia citizenship by investment programme was launched in 2016 to attract foreign investment. Applicants can choose from several investment options including real estate investment, business investment and non-interest bearing bonds which the applicant must hold for a certain period of time. Successful applicants receive a St Lucia passport that allows travel to 146 countries. The processing time for the application is normally around 3 months.

Investment Options & Minimum Investment

  • COVID-19 Bond Relief (until December 31, 2021): Minimum investment of US$250,000 for a single applicant, US$250,000 for the main applicant with up to four qualifying dependents and US$15,000 for each additional dependent. The applicant must hold the bond for a minimum period of 5 years.
  • Government Bond: Minimum investment US$500,000 for a single applicant, US$535,000 for a couple, US$550,000 for a couple with two qualifying dependents and US$25,000 for each additional dependent. The bond must be held for a minimum of 5 years.
  • National Economic Fund: Minimum investment US$100,000 for a single applicant, US$140,000 for a couple, US$150,000 for a couple with two qualifying dependents and US$25,000 for each additional dependent.
  • Real Estate: A minimum investment of US$300,000 into an approved real estate project under three categories: high-end branded hotels and resorts, high-end boutique properties, and projects that the Minister and the Saint Lucia Citizenship by Investment Board consider necessary.
  • Enterprise Investment: Minimum investment US$3,500,000 in specialty restaurants, cruise ports and marinas, agro-processing plants, pharmaceutical products, research institutions and facilities, offshore universities and ports, bridges, roads and highways. Joint venture is also eligible at a minimum investment of US$6,000,000 with each applicant contributing at least US$1,000,000.

 

Considering obtaining a second passport?

Simard & Associates has years of experience in assisting individuals and families with applying and acquiring citizenship in countries they wish to call their second homes. If you would like to learn more about the Turkish passport programme or the Caribbean citizenship by investment programmes, contact our team of immigration specialists today.