Overseas Real Estate Investment and Citizenship Paperwork

Whether we like it or not, completing the paperwork is just part of the second passport deal.

Now, the main economic citizenship programs most people look at, particularly in the Caribbean, require a good deal of paperwork. 

Yes, there are second passport programs like Malta in Europe that require less documentation, but they also come with a much bigger price tag.

Is it worth doing a little more paperwork to save US$800,000? For many people, that’s a solid yes.

If lengthy paperwork and dealing with foreign authorities are keeping you from getting a second passport, read on to discover how to navigate the complexity so you can relax and enjoy your second passport.

Economic Citizenship Paperwork Guide

It’s much easier for the average person to get residence in Europe. In countries like Panama, on the other hand, you have to order FBI reports and various documents just to get residence. And it’s the same thing for economic citizenship. 

However, the motives for getting residence versus citizenship can often be very different. This means all the paperwork is worth it if you can get relatively affordable economic citizenship out of the deal. 

Calculate and figure out what your return on investment will be for your second passport. 

If it’s worth it to pay more for a second passport that requires less documentation, you could go for Malta, for example. 

If not, here’s what you will need for most economic citizenship programs in the Caribbean.

Police Report

No matter where you’re from, you are going to need a police report. If you’re a US citizen, that means getting an FBI background check. This can be a time-consuming process, so plan accordingly.

In fact, one of the biggest challenges of the whole paperwork process is timing. Most of the required documents need to be 90 days old or less when submitted. 

Frequently — when you’re trying to order an FBI report — you’ll get behind. You’ll get one document, but then 90 days will go by, and the first document will expire just as you’re getting your FBI report.

You need to be aware of this challenge. Create a strategy that will help you get your paperwork in order as it is needed. 

For example, work on the documents that will take the most time first (like your FBI report) so that you won’t be redoing other, shorter steps that have expired once the more time-consuming documents are finally ready.

Or hire a team that’s done it over 2,000 times before.

Bank Reference Letters

You’re going to need to contact your bank, and that’s why it’s important to have an offshore bank account. Because, again, if you’re a US citizen, most US banks won’t provide the kind of reference letter these countries want.

Some private banks might give you a reference letter, but you have to have the right US bank account. 

Having an offshore bank is important because many offshore banks — especially Asian ones— are much more familiar with issuing reference letters. 

So, if you only have a US bank account, one thing to do before pursuing economic citizenship may be to get an offshore bank account first. We can help you with that.

Personal and Professional Reference Letters

You’ll also need personal and professional reference letters from people who are your friends and colleagues. If you’re applying with a spouse, you’ll usually need two personal reference letters from two different people per person.

The person who writes the letter must have known you for at least five years. The letter should contain information about the person writing it, as well as information concerning your character. You will also need one professional reference letter.

Family Documents

If you’re married, you’re going to need to provide proof of your marriage. This, of course, means producing your marriage license or certificate and, depending on the country, having it officially translated into the country’s language.

If you have children who are participating in the process, you’ll need to show their connection to you as well. Usually, a birth certificate will suffice (you will likely need to provide your birth certificate too).

Many of the documents mentioned will need to be apostilled. An apostille is a certificate issued by a designated authority that essentially makes the document valid internationally. 

With an apostille, your marriage license, birth certificate and other documents become foreign public documents.

Usually, you should obtain an apostille from the government entity that issued it — whether on the state or federal level. For instance, if you were born in Texas but currently live in New York, you’ll need to send your birth certificate to Texas so that the proper authorities can apostille the document.

Overseas Citizenship By Real Estate Investment

Before you think that the paperwork is done, consider whether you want to take the overseas real estate investment route for economic citizenship. 

Dominica — which is the second-longest-running economic citizenship program in the world — owned the donation option. 

They just wanted US$100,000 (now US$200,000), plain and simple. 

However, there are options out there for overseas real estate investing, and Dominica eventually adopted a similar program. You can get this by purchasing a property from a government-approved real estate for at least US$200,000.

A lot of people like the idea of getting something for their money – particularly when they’re told that in a number of years (generally five), they can sell their estate and cash out. 

However, for many people, buying overpriced properties in Caribbean countries isn’t worth it. 

Sure, you can pay an extra US$75,000 – US$150,000, and instead of just donating the money, you get a house. 

But, if you’re counting on the idea that you can resell the property five years down the road, you’ll discover that it may not have been the best investment. 

There are, and definitely will be, more people doing citizenship-by-investment (CBI) programs like this, but the demand won’t be enough – not enough to outpace supply, at least.

It completely depends on your investment portfolio, though. For some people, real estate investment will be the best way to get a second passport.

And, with St Kitts and Nevis reducing the real estate investment threshold for their CBI program, real estate can be a very attractive option. 

If you want to buy overseas real estate, we can help you. Our Real Estate Plan helps you buy foreign real estate like a local and get the best property for the best price.

To help you prepare for the kind of paperwork involved when applying for some of the current most popular citizenship-by-investment programs, here is a brief overview of what to expect if applying for CBI in Malta, Panama, Dominica or Antigua & Barbuda.

Dominica

Dominica’s citizenship-by-investment program offers a pathway to citizenship through real estate investment and donations (but seeing as we are focusing on overseas real estate investing, this option is the most relevant here).

Applicants must invest a minimum of US$200,000 in government-approved real estate. 

Required paperwork includes, but is not limited to, a completed application form, proof of investment, a police clearance certificate, birth and marriage certificates and financial statements.

Panama

While not a traditional CBI program, Panama offers residency with a path to citizenship through significant real estate investment. 

Applicants should invest a minimum of US$500,000 in Panamanian real estate. 

Required documents include a valid passport, proof of investment, financial solvency evidence, a police certificate and medical clearance. 

This program allows for eventual citizenship after five years, competing with Portugal’s golden visa and similar path to citizenship (which no longer includes a real estate option, unfortunately), offering a stable economic environment and favourable tax conditions.

Malta

Malta’s citizenship-by-investment program was one of the most popular in the world until it was recently replaced by the Maltese Exceptional Investor Naturalisation (MEIN) program. 

It’s still quite attractive, though, especially if overseas real estate investments are important to you as part of your portfolio.

To meet the real estate requirements, you must invest at least €600,000 with proof of residence for 36 months or €750,000 for a reduced residency period of 12 months. Through the MEIN program, you can gain citizenship as quickly as 12 months.

Or, if you’re willing to spend more time in Malta, you can opt for the Global Residence Program for non-EU nationals. The real estate investment requirements are much lower, at just €220,000 if the property is located in Gozo or South of Malta or €275,000 if located in other parts of Malta.

Necessary documents for the MEIN program include proof of purchase, background checks, health insurance and financial documentation.

Antigua & Barbuda

Antigua & Barbuda’s CBI program allows investors to gain citizenship through a real estate purchase of at least US$230,000. 

Like other programs offering citizenship by real estate investment, the required paperwork involves completing an application form, proof of real estate investment, background checks, police certificates and financial references. 

Be Prepared to Stay Put

If you want the process to be easy, be prepared to stay in one place. 

Hopefully, that place is your home country. For most people, our home country is the country that we’re a citizen of, and in many cases, it’s the country that we’re living in. 

If that is the case, stay put until you have all the documentation in line.

If you’re trying to get US documents apostilled, it’s a lot easier to do so while there. If you’re trying to get an FBI report, it’s also a lot easier from a US location. 

The relevant people can come and take your fingerprints and expedite the entire process. It’s much harder when you’re overseas to get some of those documents — it’s slower and often requires more steps.

Offshore Real Estate Investment and Citizenship: FAQs

Access Your Plan B Through Overseas Real Estate Investment

So, is an economic citizenship program through overseas real estate investing really a good idea for you? It depends, honestly.

One thing is for sure, though; you shouldn’t let dealing with paperwork and foreign authorities keep you from getting the hottest commodity of this century – a second passport.

At Nomad Capitalist, we’re in the business of helping high-net-worth individuals to ‘go where they’re treated best’. 

Our clients are paired with experts in tax investment strategy, asset protection and immigration to execute plans as unique as your goals. 

We’ve helped clients get citizenship and move to tax-friendly jurisdictions the length and breadth of the globe.

Most importantly, we can help you do the same. All you need to do is reach out to us.