Best Countries for Citizenship by Investment and Residency by Investment - Joel Nagel
Joel Nagel, from Nagel & Associates Law in Pittsburgh, PA is our guest today to talk about Citizenship by Investment and Residency by Investment programs and the options that are available to the globally-minded individual. In EP 63 of the Expat Money Show, Joel talked in depth about Asset Protection. Today we have him and really go deep on Citizenship by Investment and specifically about Cyprus Residency Program and obtaining a second passport. What a huge topic, and I know you’re going to love it. Go someplace quiet with a pen and notepad because you’re going to want to take notes! Joel Nagel is arguably one of the most famous and well-respected lawyers in this space on the planet and has helped hundreds of clients from all over the globe to get a second residency and second passport abroad.
Let’s start with what is Citizenship by Investment? or CBI? We will shorten it to CBI if that’s okay with you
There are multiple ways to get second citizenship in countries other than where you were born. It’s an old concept, one that is quoted in the bible some 2000 years ago. Things have obviously changed since then, but the concept remains the same. You were born into one country. And that country, along with its political ties and socio-economic platforms, have a passport that has rules attached. Some passports are exceptional like Singapore and others are crap, like Iraq.
The modern concept of Citizenship by Investment is only about 25 years old. Each year more and more countries get on board as they see their neighbouring countries being infused with new cash and a more stable economy.
The idea of CBI is that you can either trade cash or buy real estate to obtain residency or citizenship into a new country.
Each country has different rules because they all have different needs. Countries like the US and Canada were built on immigrants coming from European countries. They were told that life would be better in Canada and the immigration laws were very easy to get residency. Today, the laws are considerably stricter and to become a Canadian citizen can take 5 years or more. Likewise for the US and obtaining their Green Card.
Residency by Investment can be obtained much quicker than CBI. You apply for permanent residency in a country and from there it can still take 5 years. Often you only have to be in the country 1 day every year or 1 week. Not everyone needs a passport, they just want to live somewhere if something happens to their country.
Mikkel and Joel Nagel talk about the cost of obtaining both residency by investments and citizenship by investment in different countries. When you are ready to sit down and discuss where you want to live, there are questions that the lawyers will ask you. For instance:
Mikkel asks, Is that investment in the Passport? OR is there an investment and you get the passport as a by-product. Listen as Joel Nagel explains this concept in detail.
Cyrpus has an amazing program for those that want to invest in property to become citizens of Cyprus. 2 Million Euros and in 6 months you have permanent residency. The funds stay in escrow but you own the property when it is complete and when you want to move or sell the property and leave the country, you can and you reap the benefits of a good real estate market.
Cyrpus only opens up 700 applications for this program every year. But if you do the math, 700 x 2 million euros, that’s 1,4B Euros infused into the economy. Every year. There are some additional fees like 5% VAT.
Bulgaria is similar to Malta. You are buying government bonds. The lower end
What is Citizenship by Investment or CBI?
Let’s start with what is Citizenship by Investment? or CBI? We will shorten it to CBI if that’s okay with you
There are multiple ways to get second citizenship in countries other than where you were born. It’s an old concept, one that is quoted in the bible some 2000 years ago. Things have obviously changed since then, but the concept remains the same. You were born into one country. And that country, along with its political ties and socio-economic platforms, have a passport that has rules attached. Some passports are exceptional like Singapore and others are crap, like Iraq.
The modern concept of Citizenship by Investment is only about 25 years old. Each year more and more countries get on board as they see their neighbouring countries being infused with new cash and a more stable economy.
The idea of CBI is that you can either trade cash or buy real estate to obtain residency or citizenship into a new country.
Each country has different rules because they all have different needs. Countries like the US and Canada were built on immigrants coming from European countries. They were told that life would be better in Canada and the immigration laws were very easy to get residency. Today, the laws are considerably stricter and to become a Canadian citizen can take 5 years or more. Likewise for the US and obtaining their Green Card.
What is Residency by Investment
Residency by Investment can be obtained much quicker than CBI. You apply for permanent residency in a country and from there it can still take 5 years. Often you only have to be in the country 1 day every year or 1 week. Not everyone needs a passport, they just want to live somewhere if something happens to their country.
How Much Does it Cost
Mikkel and Joel Nagel talk about the cost of obtaining both residency by investments and citizenship by investment in different countries. When you are ready to sit down and discuss where you want to live, there are questions that the lawyers will ask you. For instance:
- What is your budget
- How quickly do you want it
- When do you want to go
- Where do you want to live
Mikkel asks, Is that investment in the Passport? OR is there an investment and you get the passport as a by-product. Listen as Joel Nagel explains this concept in detail.
Cyprus Citizenship by Investment
Cyrpus has an amazing program for those that want to invest in property to become citizens of Cyprus. 2 Million Euros and in 6 months you have permanent residency. The funds stay in escrow but you own the property when it is complete and when you want to move or sell the property and leave the country, you can and you reap the benefits of a good real estate market.
Cyrpus only opens up 700 applications for this program every year. But if you do the math, 700 x 2 million euros, that’s 1,4B Euros infused into the economy. Every year. There are some additional fees like 5% VAT.
Bulgaria Citizenship by Investment
Bulgaria is similar to Malta. You are buying government bonds. The lower end
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