Wealthy Iranians continue to eye Citizenship and Residence programmes for increased mobility, job and educational opportunities for their children.
A number of residency and citizenship by investment programmes exclude certain individuals from applying based solely on their nationality or country of birth. Most of these nationals would be excluded from applying not due do their own personal conduct or background but based on the fact that their country of origin would be affected by international sanctions. This is arguably a breach of human rights of individuals who are not politicians or other decision takers in Iran and who are therefore not to blame for sanctions imposed by the international community. Some countries, however, offer immigration programmes that allow Iranian nationals to legally obtain residency or citizenship without breaching the relevant sanctions.
Turkey
One of Iran’s neighbouring country, Turkey has amended its citizenship by investment programme in September 2018 with the aim of making it more accessible. By means of such amendments the investment required has been lowered from $USD 1 million to USD $250,000. There are mainly six investment options for applicants to choose from however the most popular routes are the property route and the bank deposit route. Under the first option, the applicant is required to at least invest $250,000 in real estate located in Turkey. The investment can be done in one or more property which can be either residential or commercial property. The applicant is required to hold the investment in real estate for at least three years and within these years can rent out the property in Turkey. The second most popular route includes the deposit of at least $500,000 in a Turkish bank which is to be held for at least 3 years, after which it can be withdrawn. Both options and the other investment options are available to Iranian families. The main applicant may also include in the application the spouse and children under the age of 18 years.
The main benefits of obtaining Turkish citizenship by investment include the right to visit over 110 countries without a visa, the ability to receive rental income and to sell the investment after 3 years whilst retaining your citizenship and also access to the US through the E1 or E2 visa.
Dominica
Dominica is one of the few countries in the Caribbean which is still accepting citizenship applications from Iranian nationals under certain conditions. The Dominica Citizenship by Investment Unit has imposed a ban on citizens of Iran, N Korea and Sudan, meaning that individuals from these countries cannot submit applications under the Dominica Citizenship by Investment Programme. Applications from such nationals however may be considered where the applicant:
Has not lived in these countries for the last ten (10) years,
Have no substantial assets in these countries, and
Is not performing and have not performed any business or similar activity, in or with these countries.
All applications submitted by nationals of Iran who meet the above three requirements will be further subjected to an enhanced due diligence process, the cost of which is to be borne by the applicant as part of the due diligence Fees.
Iranian nationals interested in obtaining citizenship in Dominica may either opt for the Economic Diversification Fund option or the Real Estate option. The Economic Diversification Fund is intended to support public projects within Dominica with the aim of improving healthcare, education and tourism among other sectors. A main applicant must contribute at least USD $100,000 to the fund to be eligible for citizenship in Dominica. Alternatively, an applicant may also invest $200,000 in an approved Real Estate project in Dominica which must be held for at least three years.
The main benefits of obtaining Dominican citizenship by investment include the right to visit over 139 countries without a visa including the EU’s Schengen area and the United Kingdom, the ability to receive citizenship within a period of 3-4 months and the fact that the Dominica programme is the most affordable one in the Caribbean area for single applicants.
Antigua & Barbuda
Antigua & Barbuda is another country in the Caribbean which accepts citizenship applications from Iranian nationals under certain conditions. The Cabinet of Antigua & Barbuda on the 26th February 2020 has decided that Iranian nationals may only apply if they migrated outside of Iran before the age of majority and/or have maintained permanent residence in another country for a period of not less than ten years and maintain no economic ties to Iran. In addition, all applicants will be required to fully comply with the Programme’s due diligence requirements.
Iranian nationals interested in obtaining citizenship in Antigua & Barbuda may either opt for the National Development Fund (NDF) option or the Real Estate option. The NDF was set up for the purpose of funding government sponsored projects, including public-private partnerships and approved charitable investments. Acquisition of citizenship under this option requires a non-refundable contribution to the NDF of US$100,000 per application covering a main applicant up to a family of four. Alternatively, an applicant may also invest $200,000 in an approved Real Estate project in Antigua & Barbuda which must be held for at least five years.
The main benefits of obtaining citizenship of Antigua & Barbuda include the right to visit over 147 countries without a visa including the EU’s Schengen area and the United Kingdom, the ability to receive citizenship within a period of 3-4 months and the fact that the Antigua & Barbuda programme is the most affordable one in the Caribbean area for a family of four.
Vanuatu
Vanuatu, a small island state located in the South Pacific offers a citizenship by investment programme often referred to as the Vanuatu Citizenship Development Support Programme. Iranian nationals may only apply for citizenship in Vanuatu if they have obtained permanent residence in another country and have lived outside of Iran for more than 5 years. In order to be eligible, the main applicant must demonstrate a clean criminal record and evidence of at least $250,000 in his bank account.
Iranian nationals interested in obtaining citizenship in Vanuatu are required to make a non-refundable contribution to a local development fund used to support infrastructural projects and promote economic growth. The amount of investment required starts at $130,000 for a single applicant and increases depending on the family composition of the main applicant.
The main benefits of obtaining citizenship of Vanuatu include the right to visit over 129 countries without a visa including the EU’s Schengen area, Russia & the United Kingdom, the ability to receive citizenship within a period of 2 months and the fact that the applicant receives a pre-approval confirmation before transferring the full investment required.
Cyprus
The Cypriot authorities exclude only three nationalities from applying for its Citizenship by Investment Programme. These include nationals of Sudan, N Korea and Somalia and thus Iranian nationals are permitted to submit a citizenship application.
Iranian nationals interested in obtaining citizenship in Cyprus are required to make an investment of €2 million euro in real estate located in Cyprus which is to be held for at least five years. After the lapse of five years, the applicant in order to retain Cyprus Citizenship, should hold at lease one property worth €500,000. In addition to the €2 million investment, the applicant is also required to pay a €150,000 non-refundable donation which is split as follows: €75,000 to the Research and Innovation Foundation of Cyprus and €75,000 to the Cyprus Land Development Corporation.
The main benefits of obtaining Cypriot citizenship include the right of obtaining EU nationality which gives an individual the right to live, work and study in all the European Union member states. In additional it also gives the right to travel to over 172 countries without a visa including the EU & the UK.
Malta
Malta, the smallest member state of the European Union has several residency and citizenship by investment programme. Although the Malta Citizenship by Investment programme and the Malta Residence & Visa programme are not open for Iranian nationals, Malta’s Global Residence Programme is still accepting applications from Iranian nationals.
Iranian nationals interested in obtaining residency in Malta under the GRP are required to pay a non-refundable application fee of €6,000 when the application is submitted. Once the application has been approved the applicant needs to either rent or purchase a property in Malta and pay annually a minimum tax of €15,000. In order for an individual to obtain and maintain a residency status under the GRP, one must not reside in another jurisdiction for more than 183 days.
The main benefits of obtaining residency in Malta under Malta’s Global Residence Programme include the right to visit the EU’s Schengen area without a visa, the right to reside in Malta and the fact that one is taxed a flat rate of 15% on foreign income remitted to Malta.
Portugal
Portugal, offers non-EU nationals a residency by investment programme, commonly known as the Portuguese Golden Visa programme. Iranian nationals interested in obtaining residency in Portugal are required to make an investment ranging between €280,000-€500,000 in real estate located in Portugal. There are no nationality restrictions applicable to the Portuguese Golden visa as long as the bank of the seller of the property accepts funds from the applicant. The level of investment required depends on various factors including the location, state and age of the property. Although the property investment route is the most popular option when applying under this programme applicants may also qualify for the Golden visa if they deposit at least €1,000,000 million euro in a Portuguese bank or else by opening a business in Portugal and creating ten new jobs.
The Portuguese golden visa programme allows an entire non-EU family, including the applicant, the spouse, dependent children, and the parents of both spouses, the right to obtain temporary residency status in Portugal which may lead to long term residency and citizenship after five years. The requirements to apply for citizenship are to submit evidence of legal residency in Portugal for at least five years, having a residential address in Portugal, and proving connections with the Portuguese community such as being enrolled in social security, having a Portuguese bank account and a driving licence. In addition, an applicant must also pass an A2 Portuguese language test.
The main benefits of obtaining residency in Portugal under the Golden Visa programme include the right to live in Portugal permanently, the right to visit the EU’s Schengen area without a visa, and the right to receive rental income from the qualifying investment.
Greece
Greece, one of the most popular tourist destinations in the European Union offers non-EU nationals a residency by investment programme, commonly known as the Greek Golden Visa programme. Iranian nationals interested in obtaining residency in Greece are required to make an investment of at least €250,000 in real estate located in Greece. There are no nationality restrictions applicable to the Greek Golden visa as long as the bank of the seller of the property accepts funds from the applicant.
The golden visa programme allows an entire non-EU family, including the applicant, the spouse and dependent children up to age 21 and the parents of both spouses, the right to obtain permanent residency status in Greece. The residency permit acquired through this programme permit is permanent as long as the buyer keeps the property in Greece. The investment can be made in land, off-plan, or already built property as long as the minimum value of €250,000 is met.
The main benefits of obtaining residency in Greece under the Golden Visa programme include the right to live in Greece permanently, the right to visit the EU’s Schengen area without a visa, and the right to receive rental income from the qualifying investment.
Iranian nationals continue to invest in various residence & citizenship by investment programmes around the world to facilitate international access to Iranian business families and entrepreneurs providing mobility, education, business and investment opportunities.
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