By Justin Mays:
People invest in other countries to get second citizenship for various reasons, and some countries come at the top of mind when one makes this decision, and Turkey is one of them. In our previous blogs, we have discussed the advantages of buying property in Turkey and the upside of the Turkish citizenship program by investment. In this article, we will compare various citizenship programs to that of Turkey, the requirements, benefits, and drawbacks. Read to the end of this blog to get a complete insight into these different programs’ benefits.
To gain from a citizenship program or be granted a residence permit, one must either donate to the government of a particular country, invest in an existing or a new company, or invest in real estate. This blog will compare four countries with the Turkish Citizenship by Investment program.
Requirements of the Portugal Golden Visa
Investment categories for Portugal's golden visa include venture capital fund, transfer of capital, real estate, company formation, and donation.
Besides investing a minimum of €280.000 in one of the mentioned categories above, if one wishes to gain citizenship in Portugal through investment in real estate, one can choose the €500.000 option or the €350.000, which is known as urban rehabilitation. In this instance, the buyer must renovate the property they buy and will, in return, benefit through working and living in Portugal with their family, visiting visa-free Schengen countries, and can apply for citizenship after five years.
Portugal only requires one to spend a minimum of 7 days in the country when they wish to apply for citizenship after five years.
Benefits of Portugal Golden Visa
People who benefit from this citizenship program are the investor's spouse, children under the age of 18, parents of the investor if they are over 65 years old, and other dependents that are full-time students, not married, and below the age of 26. This program will benefit extended families who wish to relocate with their immediate dependents.
The Portugal golden visa allows you to visit 188 countries without a visa.
Any non-EU/EEA/Swiss national can apply for the Portugal Golden Visa
-Those who qualify for this program must not have outstanding tax payments in Portugal,
- Must have clean criminal records from Portugal and your home country,
- Must have passed a basic language test in Portuguese.
Drawbacks
- Parents of investors over 65 and children over 26 do not benefit from this program.
- To become a tax resident, one must reside in the country for at least 183 days per year.
- Visas to the UK and Ireland are still compulsory for investors of this program
- it not easy to gain high returns in most business industries.
UAE Residence Visa
UAE long-term investment residence visa is available under two time-frames; a 10-year visa and a 5-year visa are renewable. A 10-year UAE visa is available for investors and those with unique talents.
If you like to apply as an investor, you should make a public investment of at least AED10 million.
A minimum deposit of AED10 million in a local investment fund is to be paid for one to be legible to apply for a residence visa. Investors can also create a business of the same amount. The visa benefits family members and business partners.
Benefits of the UAE Residence Visa
-The UAE citizenship gives investors and their families the right to live, work, and study in the Emirates.
- it necessitates family reunification
- the foreign resident can register their assets without restrictions
-One can open Bank Accounts and Establish Companies in the UAE
-Availability of Visa-Free Access to 167 Countries, including European Schengen states.
Drawbacks
-Low return on investment in some areas due to low occupancy rate
- When buying real estate directly from the developer, the investor must pay additional costs to Dubai Land Department, which are paid all at once.
Caribbean Citizenship Program
A total of five Caribbean countries allow foreigners to gain citizenship: St Lucia, Dominica, Antique and Barbuda, St Kitts and Nevis, and Grenada.
Requirements of the Caribbean Citizenship Program
Investors can get Caribbean citizenship in various ways, including naturalization and marriage to a citizen. Investment is the preferred and faster way to get citizenship in the country, and it costs $100.000 and takes between 3 to 6 months to be processed. If an applicant chooses a contribution to the state fund, fees will amount to $30,000 for a single investor and a family of up to four people, and each additional family member will pay $15,000.
The Due Diligence Fee is $7,500 for spouses, $2,000 for each child from 12 to 17 years old, and $4,000 for each family over 18. Administrative fees amount to up to $600 for each applicant.
Benefits of the Caribbean Citizenship Program
Those who benefit are the investor's spouse, children, parents, grandparents, and siblings. The cost of participating in an investment program also depends on the country of origin and investment option.
The investor and his family do not need to hold an exam on language or history, get a residence permit or visit the country to receive passports.
The investor manages to
-move to another country under unforeseen circumstances
- register a company and do business in another country
- Obtain citizenship immediately with their whole family
- Open an account with an international bank and optimize taxes
- The children of the investor can get a prestigious British education since Caribbean countries are part of the Commonwealth of Nations.
Drawbacks
Investors should take time to compare the Caribbean states' citizenship packages as some take more processing and are higher than others.
Greece Golden Visa
Regarding investing in real estate to get the Golden Visa, the Greece program is one of the most favorable in Europe, with a €250.000 threshold. However, some experts are projecting that this may increase upwards in 2022. The residence permit lasts for five years and costs €2.000.
Besides investing in real estate, interested persons can invest in Greece government bonds with €800.000 or deposit €400.000 in a country's bank.
The Greek Golden Visa program has no limitations on how long you can stay in the country.
Benefits of Greece Golden Visa
Greece also benefits foreigners living in the country as tax residents. There are different incentive programs for retirees, digital nomads, and other particular ex-pat segments. Those who receive international income may not be subject to taxation in Greece.
The Golden Visa gives you the freedom to travel across the Schengen zone without the need for an additional visa. The Schengen zone consists of 27 European countries that have officially abolished visas and border control at their mutual borders.
Greece has a low cost of living, and the right to live in Greece comes with educational and public healthcare benefits. This scheme allows the investor to include their spouse and children under 21 in the program and enjoy the golden visa benefits. Extended family members, including parents-in-law, also benefit and can receive cards without any further requirements.
Drawbacks
-Citizenship application is made only after seven years of paying taxes in the country.
- Property tax in Greece is on the high side, and it raised by 700% over the past years.
- New residents are not allowed to work in the country but can start their businesses.
Turkish Citizenship Program
There are various reasons why many remote workers, families, retirees, and investors seek second citizenship in Turkey. Those who want a Turkish residence permit can buy a property worth 75.000 USD in any of the country's metropolitan cities or purchase property for citizenship worth 400.000 USD or above. Investors can also deposit 500.000 USD in a Turkish bank account, acquire government bonds worth 500.000 USD or create employment for 50 Turkish people.
Some of the many reasons include geographic location. Turkey is located in Europe and Asia, making it favorable for businesses. Many companies have moved their regional office to Turkey due to its location and availability of raw materials. Turkey has excellent weather, commendable hospitality, healthcare packages, and mouth-watering cuisines.
Benefits of the Turkish Citizenship Program
The Turkish passport benefits the investor's spouse and children under 18.
- Investor can sell the property after three years
- Investor can maintain their dual citizenship status
- Great healthcare services that benefit residents and citizens
- Top-quality education for all levels
- Minimum period of acquiring Turkish Citizenship
For more information about the Turkish Citizenship by Investment Program, contact Prime Property Turkey. Make an informed decision before investing in any Turkey, and do not hesitate to contact us for a free consultation. Our experienced sales team will walk you through the buying process in Turkey.
