Foreign immigrants and investors look for faster ways to obtain a second passport. One of those ways is by investing in real estate in a foreign country. This type of citizenship is often referred to as an economic type due to the financial investment made in the country’s economy to acquire a permanent residence legally.
However, to live in a certain country, it’s not enough just to own a property. You’ll need a residence permit in exchange for a real estate investment.
In this article, we’ll focus on getting dual citizenship through investing in real estate. And we’ll mention the various ways of acquiring citizenship so you can understand which program suits you best.
Seek Residency in Another Country
Many foreigners are opting to obtain residence in another country and become expatriates so they can lower their living costs, enjoy the tax benefits and add value to their quality of life. According to a BBC special report, an estimated 5.5m British people live permanently abroad – almost one in 10 of the UK population.
But how can you seek residency in another country? Well, one way to do it is through a Citizenship by Investment Program (CIB). There are many authorized agencies that provide legal help and guidance throughout the application process, so before you invest in a certain country, make sure you’ve consulted an agency.
Check Your Options
There are various ways in which you can obtain dual citizenship. And the real estate option is one of the most popular options in investment programs. Wealthy people worldwide buy property to save money, retire in another country or get a permit of residence.
The Caribbean countries offer affordable terms for investors and their CBI programs are one of the most efficient compared to other countries. A passport obtained in one of the Caribbean countries can be obtained by close relatives as well. For example, the main applicant can include co-dependents in the application process, such as parents, children, grandparents, or a spouse.
All of these countries offer similar investment options, and we’ll discuss several of them so you can get an insight into the costs and the rules for applying and investing in a property.
Invest in St. Lucia
Citizenship by investment St. Lucia will cost you at least £250,000, plus additional costs like processing fees, non-refundable administration fees, and due diligence fees. You can also invest in luxury real estate, hotels, or other tourism infrastructure projects approved by the government.
Invest in Grenada
Getting a property in Grenada will cost you a minimum of £190,000. You need to own the property for at least 5 years. Be aware that additional fees might be applied if extra members apply for dual citizenship. The investor can also buy shares in villas, resorts, or hotels.
Invest in Dominica
To invest in real estate in Dominica, you’ll need to buy real estate for at least £170,000, and pay administrative and due diligence fees – so the final amount will depend on your investment option and the number of applicants;
The applicant can also buy shares in a real estate project that has been approved as a tourist project by the Dominican government, like an entertainment complex or a recreation area. And you’ll need to keep the property for at least 5 years and then resell it.
Invest in St. Kitts and Nevis
Real estate investment in St. Kitts and Nevis costs around £170,000 and you need to own the property for at least 7 years. The CBI program in the country is one of the oldest in the world and one of the most reliable. The real estate with a value of £170,000 can be selected from a list of previously approved properties by the government.
However, St. Kitts offers another option to invest in real estate, which is to purchase a property with a value of £340,000 and keep it for 5 years.
Things to Consider
Before you start the application process, there are some things to consider:
- Rent the property before you buy it, do your due diligence and take your time when moving ahead with the purchase
- Mortgages might be hard to obtain in a foreign country, so expect to pay in cash
- Beware of any issues with estate planning, taxes, and any legal problems
Now that you’re familiar with some investment options in real estate in the Caribbean countries, it’s time to do your due diligence and secure your second passport. By obtaining dual citizenship, you’re thinking about your and your family’s future, so consult an authorized agency and get the needed legal help to invest!