What Does It Mean To Be An Economic Citizen?
Now more than ever, traveling has become a doable feat. With millions of affordable accommodations, cheaper fares, and various modes of transportation to choose from, going to different places around the globe can easily be pulled off. But what if you want to stay and live someplace indefinitely? Would things just be a simple as booking a one-way ticket?
Apparently, for a person to indefinitely stay in any country legally, he or she must first become a citizen of said country. Unfortunately, acquiring citizenship is easier said than done. One would have to go through rigorous processes that can take years or decades and might even have to spend a large sum of money, depending on which country one wants to be a citizen of.
On the upside, there are some countries that offer a citizenship by investment, a much easier way to acquire citizenship. Be wary though, this type of citizenship isn’t really for those with a tight budget, especially when it can cost you a minimum of approximately $100,000 USD.
What Is An Economic Citizen?
So what does it mean to be an economic citizen? In basic terms, an economic citizen is a person who has gained citizenship from a certain country by being an investor in the said country’s economy.
By being an economic citizen, you become entitled to the same rights given by the country to its citizens. Some countries even offer rights like tax breaks to its economic citizens for bringing in money to their domains.
How Do You Become An Economic Citizen?
Like I mentioned before, being an economic citizen is probably the most expensive, yet easiest way, to acquire citizenship from countries who allow it.
The requirements of every country may differ, but the common requirements for a person to become an economic citizen are as follows:
1. You must make a minimum investment
Each country sets different minimum investment amounts and programs for people to become economic citizens of their country. You can become an economic citizen by making an investment of approximately $100,000USD up to $2,000,000USD.
Moreover, depending on which country you plan to apply for an economic citizenship, you can choose to invest in real estate, bank deposits, government bonds, or investment in a startup company.
2. You must have proof that your investment fund came from a legal source
You must be ready to present proof that your funds came from legal means. You may need to present certain documents like employment stubs, bank statements, tax returns, mortgages, etc.
This is a very important requirement that most countries who offer economic citizenships ask from foreign applicants for it helps prevent wealthy heinous and fraudulent people who partake in money laundering or even terrorist activity from legally becoming citizens in their country.
3. You must have experience in business or as an entrepreneur
Having the money to invest in one thing, having the capability to actually run a company or earn from investments is another. For you to fully become an economic citizen, you’d also have to show proof of your entrepreneurial experience. You could do so through documentation of previous businesses you put up or investments that have become profitable over the past years.
Do take note that just because you made a significant investment in a country that offers citizenships for sale, doesn’t mean you’ll instantly become a citizen once your payment has been settled. Some countries like Malta will take you a couple of months, while other countries can take a few years before your citizenship application is completely approved.
Also, some countries require so much more than the requirements I mentioned above. Cyprus for one requires its economic citizens to indefinitely own a €500,000 property on the mainland. Other countries even require foreign economic citizenship applicants to make multiple investments simultaneously.
What Countries Offer Economic Citizenships?
There are only a few countries that offer economic citizenship in exchange for investments alone. Here are some of the countries that offer the best citizenship by investment programs arranged from least expensive to most expensive as of today.
- Dominica and St. Lucia are the cheapest by a $100,000USD donation to the government.
- St. Lucia by a $100,000USD donation to the government.
- Barbuda and Antigua by a $125,000 donation to the government or by making a real estate investment worth $400,000 or a business investment around $1.5 million.
- St. Kitts and Nevis by a $150,000 donation to the government.
- Grenada by a $150,000 donation to the government or by a $350,000 real estate investment.
- Vanuatu by a $250,000 donation to the government
- Turkey by a $300,000 worth real estate investment (but you would have to own the property for 3 years before selling it).
- Malta by a €650,000 donation to the government, plus €150,000 in government bonds for 5 years, and by owning €350,000 worth of real estate on the mainland.
- Cyprus by a €2 million donation to the government plus you must own a Cyprus home worth €500,000 forever.
You might as well know that popular countries like Belize, Panama, Australia, the United Kingdom, and the United States also offer citizenship by investment programs. However, unlike the nine countries I mentioned above, these ones require permanent residency before approving economic citizenships.