The Government of Turkey has made a decision to increase the minimum real estate investment to qualify for citizenship to USD 400,000 from the previous USD 250,000 requirement. The decision was taken at a presidential meeting and soon will be published in gazette. No changes were made in minimum USD 500,000 deposits in banks, state bonds or in companies. Turkey…
Hiring an accredited agent is an important part of the application process, to make things easy for you if you are out of the country. It is a must to appoint an government licensed agent with Citizenship by investment, however for golden visas, this is optional, you can directly apply apply at consulates or immigration office. Citizenship by Investment You…
Have Golden passports lost their shine? Is the CBI bubble about to burst? It appears doors are fast closing for citizenship by investment programs by 2025.
The CBI bubble picked up mainstream attention since 2010. Over the years golden citizenship schemes have received criticism and negative publicity. Global political events such as Russia-Ukraine war had a profound effect on citizenship by investment (CBi) programs adding more fuel to fire with increased pressure from US, Canada and EU to shut down such schemes. The European commission has criticized the golden passports sold to rich russian oligarchs, saying EU values not for sale.
Twelve EU countries currently operate residence by investment schemes. The minimum investment levels range from €60,000 to €1,250,000. A study has estimated that more than 130,000 people have obtained residence or citizenship in EU countries via these schemes with the total investment estimated at €21.4 billion from 2011 to 2019.
So far, member states such as Bulgaria, Cyprus already passed legislation to end golden citizenship schemes. The United Kingdom, Latvia have announced closure of golden visa schemes.
The European Parliament adopted on 9 March 2022 a report with proposals to the Commission on citizenship and residence by investment schemes, in which it calls for fully phasing out investor citizenship schemes across the Member States and for strictly regulating different aspects of investor residence schemes.
Limiting Golden citizenship programs
EU proposals call for shutting down all CBI schemes including operated by third countries by gradually phasing them about by 2025. The Citizenship by investment (CBI) schemes, under which third country nationals obtain citizenship rights in exchange for a sum of money, undermine the essence of EU citizenship. The report proposes an EU-level tax on the revenues Member States generate with the schemes, as well as the improvement of EU legislation on anti-money laundering to close any potential loopholes.
The EU proposals has also list imposing short stay visa waiver suspension on third countries operating investor citizenship schemes with Vanuatu becoming the first victim. The Visa waiver agreement to visit Schengen area to all Vanuatu passport holders issued from 2015 is already active. The Commission is closely scrutinising investor citizenship schemes of third countries that could be used to circumvent the EU short-stay visa procedure
Golden Visa Regulations
The European Parliament asks for EU rules to help tackle money laundering, corruption, and tax evasion, including:
- stringent background checks (also on applicants’ family members and on sources of funds), mandatory checks against EU databases, and vetting procedures in third countries;
- reporting obligations for member states, including a “notification and consultation” scheme to allow other member states to object; and
- requirements for minimum physical residence (for applicants) and active involvement, quality, added value, and contribution to the economy (for their investments).
Russia’s invasion on Ukraine
War is a game changer making the widespread abuse of golden citizenship schemes
Some Russian or Belarusian nationals who are subject to sanctions or are significantly supporting the war in Ukraine might have acquired EU citizenship or privileged access to the EU, including to travel freely in the Schengen area. The issuance of residence permits under investor residence/citizenship schemes to all Russian and Belarusian nationals.
Commissioner for Justice and Consumers, Didier Reynders, said: “European values are not for sale. We consider that the sale of citizenship through ‘golden passports’ is illegal under EU law and poses serious risks to our security. It opens the door to corruption, money laundering and tax avoidance. ”
No Travel for Traffickers Act
The US has also joined the party opposing golden passport programs. Reps. Burgess Owens (UT-04) and Steve Cohen (TN-09) introduced the No Travel for Traffickers Act, bipartisan legislation to revoke a country’s eligibility for the U.S. Visa Waiver Program if they participate in citizenship-by-investment, the practice of selling passports in exchange for economic investment.
The No Travel for Traffickers Act would:
- Ban participation of countries that sell passports from participation in the U.S. Visa Waiver Program.
- Mandate that the Executive Branch list publicly all countries with citizenship-by-investment or “Golden Passport” programs.
- Direct the Executive Branch to cooperate with the United Kingdom and the European Union to eliminate Schengen area visa-free travel for countries that sell passports.
- Prohibit the use of U.S. taxpayer funds to vet “golden passport” applicants so taxpayer dollars cannot be used to enable these corrupt programs.
The Year 2022 has turned out to be a twisting year for the investment migration industry, specifically with citizenship and residence by investment programs. The EU is committed to end all citizenship by investment programs by 2025 and has asked member states and third countries to gradually phase them out. The Russia’s invasion of Ukraine has led to important developments…
The Western countries have targeted Russia’s wealthiest by limiting the sale of golden passport program by imposing restrictive economic measures and financial sanctions including a ban on SWIFT financial system. This means from now on, Russian nationals will be banned from applying for ALL citizenship by investment and Golden visa programs. Malta, Greece and Portugal already announced suspension of golden…
The EU Citizenship is one of the most tangible greatest achievements of the European Union and sits at the core of a common European identity based on equality, non-discrimination and inclusion. In the latest flash Eurobarometer survey, 8 out of 10 respondents were aware of their citizenship rights and generally respondents showed high support for freedom of movement and increased…
The Maltese Government has published annual reports to public ensuring full transparency on the citizenship by investment programme. These reports are published by Office of the Regulator Granting of Citizenship for Exceptional Services which are available from 2014 to 2020 The Granting of Citizenship for Exceptional Services (GCES) is intended as an enabler to allow for the grant of Maltese…
The UK has abolished the Golden visa scheme (tier1 investor route) amidst security concerns according to the latest announcement from the government. From 16:00 GMT on 17th February 2022 the Tier 1 (Investor) Migrant route is closed to new initial applications for entry clearance or leave to remain. If you make such an application after this date and time it…
We give you some important tips unknown to foreigners investing in Turkish real estate market to get residency or citizenship. Registration Property ownership titles may only be approved upon registration at the land registry directorates. Inquiries about properties may be made online at parselsorgu.tkgm.gov.tr, where specific details of the city, district, quarter/village, map section, and plot may be used to…
Dominica’s CBI programme was established in 1993, making it one of the longest-standing programmes of its kind globally. Dominica has been ranked as the No.1 Best citizenship by investment programme for 2022 for global mobility of international investors and their family members. Dominica brings an attractive second citizenship option for south african investors and their family members bringing tremendous social…