Have you ever imagined trading in your current passport for one that opens doors to exciting new adventures? While it may sound like a far-fetched dream, several countries offer citizenship programs that can make this dream a reality.
Although obtaining citizenship or residency is not cheap, the investment is worth it if it is a priority. But first, let’s establish the difference between citizenship and residency.
Citizenship guarantees you all the rights that a person born in that country would enjoy, for example: having a passport and voting rights. However, residency differs in a number of ways. While it gives you the freedom to move freely around the country, work there and get paid, it does not provide all the rights that a citizen would have.
Moreover, a temporary residence permit lasts for a certain period, while a permanent residence permit has no time limit.
Golden visas are offered by some countries and are a way to obtain residency, but not citizenship. These visas are usually given in exchange for an investment in a country’s economy. People donate to government-sponsored programs or invest in property to benefit from them.
Portugal, Spain and Greece are some of the popular destinations that offer golden visas. Spain had issued around 800 golden visas by 2024.
In addition to golden visas, there are Citizenship by Investment Programs (CIP) that allow you to get a passport if you invest heavily or pay a fee to that country.
In addition to the above, there is an interesting visa that allows people to live and work in the country while still paying taxes to their country of origin, the so-called digital nomad visa. Estonia, Germany and Norway are countries that issue such visas.
Caribbean countries such as Antigua and Barbuda, St. Kitts and Nevis, St. Lucia, Grenada and Dominica offer CIP programs with various investment options. Cambodia, Singapore and Australia also offer CIP programs, with Cambodia among the cheaper options, with investments starting from $245,000.
Singapore’s program requires an investment of $7 million for a two-year residency program and Australia only offers the program to highly skilled individuals with a net worth of more than $1 million. Countries like Turkey, Greece, Hungary and Brazil also offer golden visa programs.
Obtaining a residence permit or citizenship abroad can be a complex and expensive process. However, with the right investment and guidance, it can also offer a world of opportunities and adventures. Whether you’re looking for a golden visa, CIP, or digital nomad visa, there are several countries that offer relatively easy and affordable options.