Looking into getting a permanent residency in Europe after Brexit? If you invest 200,000 euro in a European country such as Cyprus, you can get a citizenship for free and be a EU resident once again. As such this may be the easiest European citizenship you can get. Other countries where you can invest in order to get a European citizenship include Malta and Greece.
A passport is a very important document. A passport can be used as an identification document in most countries. At the same time, passports are not equal. The passport of a person in Kenya is very different from that of a person from the United States. A global ranking of passports puts the United Arab Emirates as the most powerful passport in the world. Passports from European countries like Germany and Finland are also ranked higher. In this article, we will look at the concept of passport by investment in Europe.
How to get citizenship in Europe by investment? Once you have invested in one of the selected countries of the EU, you can apply for the residence permit. This permit qualifies you to stay and live in all EU member states.
What is Passport by Investment?
The idea of investment for passport in Europe has made headlines in recent times. This is after it emerged that Jho Low, the fugitive millionaire from Malaysia had acquired a passport in Cyprus. The country also revoked passports from 23 people from countries like Russia and Kenya. An investment passport is a situation where a country gives foreigners a passport after they have made a substantial investment in the country. Countries offer these passports as a way of attracting foreign investments. The amount of investment required range from country to country. For example, in Cyprus, you need to invest at least €2 million in the country. You can invest this money in a Cypriot country or in real estate. Not all countries offer these passports. However, most countries in Europe offer a type of visa for people who invest a certain amount of money in the country. The same is true in the United States. In the US, you can get a special investment visa if you invest at least $500k in the country.
Difference Between Investment Visa and Investment Passport
As mentioned above, the United States has a special visa if you invest at least $500k. In a country like Cyprus, you become a permanent resident if you invest at least €200k in the country. There is a key difference between an investment passport and an investment visa. A passport means that you have become a citizen of the country. As a citizen, your rights to live in the country are protected as other born citizens. For example, if you get an investment passport in Cyprus, it means that you and your family members can travel and do business in other European Union countries. However, if you have the German investment visa, it means that you cannot freely travel to other EU member states. This is the main difference between an investment visa and an investment passport. At the same time, there is a difference between an investment passport and a born citizen. The difference is that an investment passport can be revoked. The citizenship of someone born in a country cannot be revoked.
Invest in Europe and get citizenship. For the lucky ones with enough cash, this may be a dream that comes true.
Why Apply for a European Investment Passport?
Cyprus has issued more than 4,000 investment passports in the past few years. This has brought more than €6 billion to the country. The question is why people are spending all this money just to get a passport. There are some reasons why this is happening:
- Access to EU market. An investment passport is a good way for people from outside countries to access the EU market.
- Retirement. Many people invest in low-cost countries like Cyprus because they want to move from high-cost retirement countries.
- Business. Countries like Cyprus are known as safe haven countries. Most entrepreneurs invest there as part of their business strategy to cut costs.
- Personal tax reasons. Many countries have estate or inheritance tax. Many people change their citizenship to avoid paying this tax.
- Investments. Many people who invest in these countries take the passports as a bonus for their investments.
EU Countries with Investment Passports and Minimum investment in Europe for Citizenship
Most EU countries give special visas to people who invest in the country. However, not all of them have an investment passport. The most common countries with an investment passport in the EU are:
- Cyprus. The minimum investment to qualify is €2 million. You can get permanent residency by investing about €200k.
- Malta. One has to invest €650k to the national development fund. You must invest at least €150k in government approved securities and commit to staying in the country.
- Greece. The minimum amount to invest is €250k in Greece real estate.
- Latvia. Latvia does not have an investment passport. However, the country offers a golden visa that has a path to citizenship.
- Montenegro. The minimum amount of investment is about €100k.
As mentioned above, many countries in Europe do not have passport by investment schemes. Instead, most of them have a golden visa, which gives you freedom to live in the country. Some of these visas have a pathway to citizenship.
How to Get an Investment Passport
There are a few steps you need to follow to get an investment passport in Europe. Different countries have different rules and procedures on how to get the passport. However, the most basic step is to visit the immigration department’s website and read the details. Another thing you need is a local lawyer who can help you get the passport. In Cyprus, it is mandatory that you use an immigration lawyer.
Having multiple passports is a good thing especially if you are an international businessperson. It can make it easy for you to do business and access other markets. We recommend that you take time to think of the country you are investing in. You want to invest in a country that is growing and one that is safe to do business in.