Residency by Investment (RBI) programs often serve as a route for foreign investors to acquire residency status for a specific time in exchange for making a sizeable financial investment in the host country. Although residency allows individuals to live and work in the nation, many investors are curious whether it can ultimately lead to citizenship. In this article, we will delve into this thought-provoking inquiry and examine the possibilities.

While residency, referred to as a ‘Golden Visa’ by some countries, allows people to enter the country at any time, purchase real estate, obtain health insurance, and enroll children in schools, it does not automatically grant citizenship. However, some residency by investment programs do offer a path to citizenship, and this usually means additional requirements and an extended waiting period.

Each country has its own set of rules and regulations governing the acquisition of citizenship through the residency by investment. Some countries, like Malta, still have citizenship through investment programs, others, like Cyprus, have replaced their citizenship through investment programs with a permanent residency that may lead to citizenship. At this moment, the requirements and limitations of each program.

Can investors acquire Greek citizenship directly?

Direct acquisition of Greek citizenship by investment is not possible. However, individuals investing €250,000 or €500,000 minimum in real estate properties in Greece may become residents of Greece.

Holders of a Greek residence visa may be eligible to apply for citizenship at the end of seven years, provided that they meet a set of criteria. Greece Golden Visa holders must live in the country for a minimum of seven years[1]. They should be a tax resident during this period, pass a Greek language test, and have a genuine interest in or connection to Greece and its culture[2].

It is worth noting that investors don’t have to live in Greece to maintain a residency status, but if they want to apply for citizenship, they should live in Greece most of the year. The Greek government issues the Greece Golden Visa cards valid for five years at a time.  Every five years, investors are required to renew the residence permit, on condition of retaining the real estate property.

How do I obtain Cypriot citizenship?

While Cyprus citizenship by investment is no longer available as a direct path to the country’s passport, investors can still enjoy permanent residency with the possibility of obtaining Cypriot nationality after residing in the country legally for 7 or 5 years[3] depending on their residence status prior to the submission of the application. The applicant should reside legally and continuously the year prior to the submission of the application.

The application should be submitted, accompanied by the necessary documents, and signed by a Registrar of Court in Cyprus. After acquiring Cypriot citizenship an application for an identity card and passport can be submitted. Its noteworthy, that to obtain a Cyprus Golden Visa, applicants are required to invest a minimum of €300,000 in real estate or business[4].

Is Spain Golden Visa direct route to Citizenship?

Spain Golden Visa is a residency by investment program that offers investors residency in Spain in return for an investment. To be able to obtain the Spain Golden Visa, there are several routes, mainly a minimum investment of €500,000 in residential or commercial real estate property, €2 million in Spanish public debt securities, or €1 million in shares or equity in Spanish companies, or €1 million in investment funds or bank deposits. The initial Golden Visa that is granted lasts for one year[5].

Spain Golden visa is not a direct route to citizenship, however, if a Golden Visa holder decides to live in Spain, he might be eligible for citizenship after 10 years. Residents by investment can acquire permanent residence status after five years of continuous residence in Spain and may gain Spanish citizenship thereafter. To be able to extend the Residence permit, applicants must have an initial duration of 3 years, renewable for five years upon request, provided that a minimum investment in Spain is maintained. However, certain criteria need to be met to acquire citizenship in the country, such as renouncing your original citizenship[6].

The Significance of Due Diligence

It is essential to comprehend that obtaining citizenship through the RBI is a complicated procedure that frequently entails extensive background investigations, interviews, and scrutiny by immigration officials. This is done to make sure that the people applying for citizenship are sincere about their commitment to the host nation and have improved its society and economy. This thorough inspection helps identify any possible dangers, such as illicit activity, money laundering, or organized crime. The significance of due diligence cannot be overstated, as it is the cornerstone of a strong and trustworthy system for citizenship and residency by investment. By executing stringent due diligence procedures, countries can ensure that only suitable and deserving candidates are granted residency or citizenship rights.

[1] https://www.law-services.gr/wp-content/uploads/2023/01/Golden-Visa-in-Greece%E2%80%93Residence-by-Investment.pdf

[2] https://migration.gov.gr/en/golden-visa/

[3] https://www.moi.gov.cy/moi/CRMD/crmd.nsf/duetoyears_en/duetoyears_en?OpenDocument

[4] https://www.moi.gov.cy/moi/CRMD/crmd.nsf/immigrationpfi_en/immigrationpfi_en?OpenDocument

[5] https://www.exteriores.gob.es/Consulados/londres/en/ServiciosConsulares/Paginas/Consular/Visado-de-inversor.aspx

[6] https://administracion.gob.es/pag_Home/en/Tu-espacio-europeo/derechos-obligaciones/ciudadanos/residencia/obtencion-nacionalidad.html