In today’s world, more and more people are seeking to become global citizens, taking advantage of the many benefits that come with having multiple nationalities. Citizenship by investment programs have emerged as a popular way to obtain a second or even third passport, offering investors and entrepreneurs the opportunity to secure their financial futures while also gaining access to a world of new opportunities. In this article, we explore the various paths to obtaining global citizenship, including the countries where it is possible to obtain citizenship through investment, as well as the opportunities available in Mauritius.
Citizenship by Investment Programs: A Path to Global Citizenship
Citizenship by investment programs (CIPs) have become increasingly popular among high-net-worth individuals seeking to obtain a second citizenship. These programs offer individuals the opportunity to obtain citizenship in a country by making a substantial investment in that country’s economy. While each country has its own specific requirements for citizenship, the general idea is that investors can secure their financial future while also gaining the benefits of citizenship in another country.
Currently, there are several countries around the world that offer citizenship by investment programs, including:
The application for Malta Citizenship by Naturalisation for Exceptional Services by Direct Investment requires a contribution of at least EUR 600,000 for a minimum residence period of 36 months or EUR 750,000 for a minimum of 12 months. Applicants must also pass a strict due diligence process and meet other requirements such as donation to an organisation.
2. St. Kitts and Nevis
The St. Kitts and Nevis Citizenship by Investment Programme requires applicants to make a significant economic contribution to the country. In exchange, and subject to a stringent application procedure including thorough background checks, the applicants and their families are granted full citizenship. Applicants can choose from several options, one being real estate acquisition. This implies the purchase of real estate with a minimum value of USD 200,000 from an approved real estate development, or a minimum of USD 400,000 for an approved private home.
The Grenada Citizenship by Investment Programme offers a real estate option which requires a purchase of at least USD 220,000 from a government-approved real estate project. An additional minimum non-refundable contribution of USD 50,000 also applies for this option. This citizenship eventually grants you visa-free or visa-on-arrival access to 145 destinations, including China, Hong Kong, Singapore, the UK, and Europe’s Schengen Area.
For the Dominica Citizenship by Investment Programme single applicants may choose from one of two options:
- A non-refundable contribution to the Economic Development Fund of USD 100,000
- An investment in an approved real estate development with a minimum value of USD 200,000
The Vanuatu Citizenship by Investment Programme requires an initial non-refundable payment of USD 7,000 and a donation of at least USD 130,000 to the government. This citizenship grants the applicant visa-free access or visa on arrival to over 100 countries across Asia, Americas, Africa, Middle-East, Oceania and the Caribbean.
Mauritius: Exploring Other Paths
While Mauritius does not offer a citizenship by investment program, there are other paths to living and working on the island. For example, individuals can obtain a residence permit through investment in the Mauritian economy. A Permanent Residence Permit under the Immigration Act is granted to the non-citizen and their dependents upon acquisition of a residential property not less than USD 375,000. This is valid while stay on the property.
Another way is through an Occupation Permit. Non-citizens can apply for a Permanent Residence Permit (PRP) after being on the island for at least 3 years. The PRP will then allow the applicant to live and work in Mauritius for 20 years.
In addition to the Occupation Permit, Mauritius also offers a Retired Non-Citizen Permit, which allows individuals over the age of 50 to retire in Mauritius and live here for 10 years. To obtain this permit, applicants must transfer an initial USD 1,500 from their personal bank account abroad to their personal bank account in Mauritius and ensure that there is an aggregate of USD 18,000 per year paid to this local account for the 10 years. More on Permits in Mauritius here.
how TBI can help
With its extensive network of trusted professionals, TBI will make the process of applying and qualifying for a permit in Mauritius smooth and stress-free. As a foreigner, it can be daunting to move to Mauritius. With TBI having expertise in the local market, you can ensure that you connect with the right people and easily settle in.