How to apply for citizenship by investment

March 27, 2023
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Dual citizenship – or dual nationality – means being a citizen of two countries simultaneously and sharing the rights and responsibilities of the citizens in each country. One of the ways to obtain second nationality is to apply for citizenship through one of the citizenship by investment programmes.

Also Read: Best Citizenship by Investment Countries of 2023

From submission of the application to receiving the approval in principle, applicants can generally expect to wait around three months for their certificates. They are not required to attend an interview, pass tests, or even travel to the country of their second citizenship, which helps speed up the process. Preparing the paperwork consumes the most time and average estimated costs of the whole process is from US$ 100,000 onwards. Each country has a different set of requirements that applicants must fulfil for its citizenship by investment programme. For example, some programmes require medical examinations and proof of good health, while others do not. However, some requirements are common to all such programmes: • Aged 18 or above • Have a clean criminal record • Show the legal source of the investment funds • Invest in one of the government-approved options, such as real estate, government bonds, or a government fund All requirements must be met in order for citizenship application to be approved by the host government.

Required documents to apply for citizenship by investment

Applicants need to get these initial documents ready before starting the application process: • Passport and ID card copies • Birth certificate (apostille) • Police clearance certificate (apostille) • Health clearance / medical certificate • CBI Application forms They might also be ready to provide the following credentials: • Lawyers’ credentials – lawyer who is certifying all the documents as true copies • Medical examiner credentials • Translators’ credentials – if there are any translations to be done, then these must be provided For successful applicants, the citizenship by investment application process consists of seven main steps, which are:

ONE

Pre-approval by authorised agent and preparation of the application

The first step for applying for citizenship is to choose an authorised agent who has been officially licensed by the Citizenship by Investment Unit to be given the authority to act on behalf of the main applicant in relation to a citizenship by investment application. Authorised agents are the only people who can handle CBI applications, the Unit will not accept direct submissions. Applicants in this stage will be required to complete official forms and obtain certain supporting documents. In the case of real estate investment, applicants will be required to reserve the property through a sale and purchase agreement, they will also be required to pay the due diligence fees for them and any additional family members.

TWO

Submission of the citizenship application

When all forms are complete, the authorised agent submits the application to the relevant Unit. The local authorised agent then becomes responsible for liaising with the Unit in relation to all correspondence, queries, or questions that may arise with respect to the applicant’s file. All this paperwork will need to be submitted in English and with the appropriate notarisation and legalisation. The Government acknowledges receipt of the file and confirming that all documents have been submitted in good form. At this point, the file is sent to the due diligence agency appointed by the Government for background checks.

THREE

Application processing by the Unit and internal and external due diligence checks

The application submitted to the country’s Unit undergoes there a thorough due diligence background check by an independent third party. A report from the independent review is then submitted to the Unit, and upon evaluation, the Unit will provide a recommendation concerning whether or not citizenship should be granted to the applicant and family members. Due diligence checks include checking for criminal records and assessing applicant’s ability to provide funds. The due diligence checks take an average processing time of 60 days. The Unit will evaluate submitted file considering the due diligence report and make a recommendation on processed application to the Government accordingly.

FOUR

Approval in principle

If the application is successful, the Unit will issue an Approval in Principle letter with instructions on how to complete the programme’s required investment. Upon proof of investment, another official approval letter will be sent to the applicant with which he or she can apply for the country’s certificate of citizenship and passport. The Letter of Approval will be issued by the Government Unit after doing all the background checks.

FIVE

Contribution to any available investment options

If the application is approved in principle, the Unit’s letter will also instruct the applicant to make his/her contribution payment e.g., for government funds, complete the payment on the real estate property, or use any other available investment option offered by CBI programmes. Upon receiving proof of payment, the Unit will then issue a certificate of registration, which stands as evidence of citizenship. At this stage, the applicant will need to complete the balance all the remaining investments, provide all the remaining application documents to the agent.

SIX

Citizenship Certificate issued

After the completion of the above steps, the applicant will receive a Citizenship Certificate, which makes him/her a citizen. Citizenship Certificates are issued approximately one month after the Government confirms receipt of the funds. The Citizenship Certificate must be sealed and signed by a government authority.