Second passport by investment

Differences between Permanent Residency and Citizenship

Basically, citizenship allows you to vote and serve in the army. Most immigrants admit, though, that these two differences do not mean much to them personally. For all practical purposes, a permanent residence permit will do just as well since it entitles you to all the privileges and social benefits of a citizen, including the right to work, live and travel freely.

Still, citizenship will definitely increase your value in the eyes of government officials, especially if you need advice or legal support from consular officers. Besides, unlike the permanent residence status, your citizenship will pass on to your descendants.

In the following sections, we will describe application requirements and conditions for each of the selected countries separately.

Greece

Buying a private property in Greece is probably the easiest as well as one of the most inexpensive ways to obtain a second passport by investment in Europe. All you have to do is invest at least 250,000 euros in the country's real estate sector, and you will get permanent residence status within a couple of months. Besides, minimal documentation and paperwork will be required for the purpose.

Alternatively, you can invest 400,000 euros in government bonds or even just transfer this amount to your account in a local bank. Once you receive a permanent residency, all members of your immediate family will get theirs too, and they will be able to live in and move around the EU states freely, even in your absence.

To apply for permanent residence in Greece, you will only need:

• Your ID;
• Proof of regular income from whatever source, including pension funds and alternative investments;
• Medical insurance;
• Greek tax number, bank account and SIM-card.

The permit is to be renewed once in five years, and your foreign income will be exempt from taxation if you stay in the country less than six months per year. You can apply for citizenship once you have lived in Greece for seven years, but you will have to be in the country for at least 183 days per year during this seven-year period.

Costs and Expenses

Cyprus

The only way to get a second passport through investment in Cyprus is to buy a private property as government bonds and other financial assets are currently unavailable for immigration purposes. The minimal amount is 300,000 euros, and the average time required for application processing is between three and four months.

Alternatively, you can buy a property for only 130,000 euros to get a temporary residence permit in three to four months and a permanent residency in another 14–15 months. This is a good option if you are not in a hurry to receive a passport and do not have the full amount to invest.

Keep in mind, though, that you will need to have an annual income of 30,000 euros for yourself and 5,000 euros for each dependent member in your family, whichever investment option you settle on. And you will have to reside in the country permanently for seven consecutive years before you can apply for citizenship.

Costs and Expenses

Latvia

This country offers probably the cheapest citizenship for sale in the European Union, and the average cost of living there is between one-third and one-half of what you can expect in most member states.

The major downside, however, is that one cannot get a residence permit for buying real estate in Latvia anymore. Still, there are some other options.

The minimal investment required for a Latvian residence permit is 50,000 euros only. This amount should be invested in the equity capital of a Latvian company. Additionally, a one-time payment of 10,000 euros to the state budget is required.

Investments in financial assets, such as government bonds, are another option, and the capital gain tax you will have to pay in this case is about 25% of the average European rate. Paperwork is minimal and hassle-free in most cases, and most applications take between three months and half a year to process. Besides, you will be eligible to apply for citizenship in 18 months only, having the right to work in the country in the meantime.

Costs and Expenses

Malta

Another way to get a cheap second passport in the European Union is to invest in the real estate sector in Malta, but the imposed conditions will be a little more complicated than in the other cases described in our article. Basically, you will be expected to:

• Buy a local private property for at least 150,000 euros;
• Invest at least 250,000 euros in financial assets, such as government bonds;
• Confirm your income of at least 100,000 euros per year (or invest at least half a million euros in assets;
• Make a social contribution of at least 30,000 euros.

On the other hand, you can still get a permanent residence permit, even before you purchase a property, if you rent a residential unit instead. However, the place you rent must not be located on the coast in this case. Application processing takes between half a year and eight months, and you will not need to renew the permit during the entire ten-year period before you can apply for citizenship.

There will be two important conditions to meet for the purpose of applying for a residence permit or citizenship in Malta:

1. Rent or purchase a property within twelve months after receiving a permanent residence permit.
2. Pay a special resident tax of 15,000 euros per year after you get the permit.

Costs and Expenses

Montenegro

To be eligible to apply for citizenship in Montenegro, you will have to invest at least 450,000 euros in the country's economy, of which 200,000 euros will serve as a non-refundable social contribution to a prescribed national fund and the remaining amount will be your investment in the local real estate sector. In addition, you will be expected to:

• Deposit some money to a local bank account;
• Have medical insurance;
• Confirm clean police records in the EU and your home country.

Your application for citizenship will cover your spouse, underage children and the ones older than 18 in case they are financially dependent on you. The average processing time is about half a year in the vast majority of cases. However, the property you buy for immigration purposes must be located in the central or northern regions of the country, excluding the capital city, and be approved by the central government.

Alternative investments in the country's economy are an option, but they will require the government's prior approval too. Moreover, you will be expected to invest in prescribed sectors, and it will most likely be commercial real estate in the tourism and hospitality industry.

Costs and Expenses

Portugal

In case you are in a hurry to get European citizenship, Portuguese real estate investment programs are definitely worth considering. Application processing in this country takes only a couple of months in most cases, and all members of your immediate family will automatically get their permits on the same day. Half a year is the longest period that permanent residence applicants have had to wait so far.

However, residence by residential real estate investment in Lisbon, Porto and other coastal areas is not available since 1 January 2022. Nowadays the Portuguese government issues golden visas for the purchase of residential real estate only in the landlocked areas, the Azores, or Madeira.

The minimum investment amounts break down as follows:

Furthermore, you can only apply for a permanent residence permit once you have completed the purchase transaction, and you will only have three months to do that. Plus, you cannot resell the unit for the following five years, starting from the date of property transfer.

You will need to renew your permanent residence permit once every three years, and you will be able to apply for citizenship after you have lived in the country for five consecutive years. The good news is, Portugal permits dual citizenship, and you only need to stay in the country for one week a year in order to retain your legal status.

Costs and Expenses

Turkey

To get a Turkish passport, you will need to invest in one of the following sectors of the country's economy:

1. Real estate market.
2. Financial sector, such as social monetary funds or government bonds.
3. National banking (by depositing money to a Turkish bank account, for example).
4. Shareholding in any national company.

The minimum investment amounts are 400,000 euros for a private property and 500,000 euros in all other cases. Applications for Turkish citizenship take between six and eight months to process, and your immediate family will automatically receive their passports on the same day. The only rule to observe is to remain an owner of the purchased property for at least three years.

Costs and Expenses

Word of Caution

The most convenient and cost-effective way to obtain citizenship by investment is via a professional legal agency. However, there is so much fraud on the market that you should exercise extreme caution when searching for a decent company, not to waste your money or end up with a fake passport. More specifically, a reliable agency must:

• Have all the necessary licenses, diplomas and accreditations for legal practice, which you should verify with relevant government authorities.
• Provide reasonable terms and conditions and a transparent privacy policy, clearly explained on its website.
• Offer responsive customer support, constantly available via multiple communication channels, especially phone and live chat.
• Use advanced encryption technologies to ensure an optimal level of security for all your data.
• Guarantee complete confidentiality of all aspects of your case.

Conclusion

We have introduced seven countries where you can buy citizenship relatively quickly, easily and with minimal investment. However, the information we have provided is very general and subject to change, and you should contact your lawyer or Consulates for more up-to-date and specific answers to your questions. And if you seek legal assistance, we hope you will find a reliable agency to develop an optimal strategy for your particular circumstances.