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What’s the difference between various citizenship programs
The world is becoming more globalised each day, which has rested in the need for more people to become global citizens. This is something that has become easier with governments of many countries now offering ‘golden visas’ and citizenship by investment. With the rise in popularity of ‘golden visas’, more and more options are becoming available to obtain this coveted item. Some of the most popular citizenship and residency programs include that of Turkey, Portugal and Grenada. Here is a simple walkthrough of the different citizenships available and how to obtain them.
1) Turkish Citizenship
In Turkey, the main way to obtain citizenship is through investing a minimum of $250,000 in the property market. This is not limited to one house, in fact, investors could develop a broad portfolio of properties. As long as the total combined value of the property exceeds $250,000 then the applicant can proceed with gaining citizenship. In terms of investment options, investors can choose between a pre-government approved project that already has title deeds, or alternatively, investors can opt for a Turkey Property Investment, which starts at $80,000. Once making an investment, applicants can receive their new Turkish passport in just three months.
2) Portuguese Residency & Citizenship
An alternative path to citizenship is Portuguese residency and citizenship. Whilst this scheme takes longer to achieve citizen status, with it taking five years of residency until applicants can apply for citizenship, it does come with many benefits. When choosing to go for Portuguese residency, there are two options, investment funds or property.
If choosing to opt for investment funds, then applicants must invest a minimum of €350,000 in SIF investment funds. These funds focus on leveraging SPV’s that create, sell and short rent new real estate assets for their clients, which are authorised and supervised by the Portuguese Securities Market Commission. By investing in these funds, you are immediately qualified to become a resident, which after 5 years, will allow you to become eligible for citizenship.
Applicants could alternatively invest in Portuguese property of which there are three options. Firstly, you could invest €500,000 in real estate, including for residential purposes or big-dimensional refurbishment projects, or invest more than €350,000 which can be several properties, residential, or commercial. The third option is to €280,000 in a property, however, it has to either be a refurbished property or a property in a low-density area.
3) Grenada Citizenship
In order to gain Citizenship from Grenada, applicants must make an investment of at least $220,000 in real estate. Like with Turkish citizenship, this can either be with one property, or it could be a portfolio of several properties. The property must also be held for at least five years before it is sold again. The process of gaining a Grenada passport is relatively quick, with citizenship being able to be gained within 3 months.
As you can see there are several different options for gaining second citizenship, each allowing endless opportunities for business, for travel and, for your family. To find out more information, contact one of our specialists, who will work with you to find out which citizenship program will work best for you.
For more information, contact our team on www.bridgewaytrust.com.