The Fastest Citizenship Granted by 'Vanuatu'
Citizenship for a Family of Four Granted by 'Antigua Barbuda'
Before and after COVID-19, the number of wealthy individuals emigrating to tax havens has increased due to issues such as epidemics, soaring prices, and taxes. In particular, immigration to Pacific and Caribbean island countries, which offer relatively affordable and diverse incentives, has surged significantly. Some countries grant citizenship within just one month after deciding on investment immigration, while others provide citizenship to up to four family members when only one person decides to invest, drawing considerable attention.
According to Henry & Partners, an international exchange specialist company, 120,000 millionaires worldwide chose to emigrate last year. Korean emigrants have also increased significantly again after the end of the COVID-19 pandemic. According to immigration statistics from the Ministry of Justice, 28,686 people lost or renounced their Korean nationality in 2022, a sharp increase of 12.1% compared to the previous year.
Unlike Australia, the United States, and Canada, where investment immigration costs around 1 billion KRW, recently, South Pacific island countries have become popular immigration destinations as citizenship can be obtained within a month with an investment of about 100 to 200 million KRW. These countries are tax havens and attract "nationality shoppers" with their mild year-round climate and pleasant living environment.
'Vanuatu' Grants Citizenship Immediately One Month After Nationality Shopping
Vanuatu, a South Pacific island, is the fastest country in the world to acquire citizenship. By donating $130,000 USD (approximately 173.48 million KRW) to the government and waiting about a month, one can receive honorary citizenship. There is no 'residency requirement' to live for a certain period to obtain citizenship, nor are there any educational or language conditions. With a Vanuatu passport, one can enter 98 countries visa-free.
Additionally, Vanuatu has an average annual temperature of 20 to 30 degrees Celsius and is famous for its beautiful coral reefs, making it a bucket list destination for divers. Due to its history under British and French rule, English and French are official languages, which lowers the language barrier compared to other countries. It is also considered a 'tax haven' with 0% corporate tax, real estate acquisition tax, and property tax, which is another advantage.
'Grenada' Citizenship Allows Visa-Free Travel to 147 Countries
Located in the southern Caribbean, Grenada is noted for its natural scenery including valleys, forests, and hot springs. It is also nicknamed the 'Island of Spices' due to its production and export of various spices such as nutmeg and cinnamon. Grenada offers citizenship within 4 to 6 months by investing $220,000 USD (approximately 290 million KRW) in government-approved real estate or donating $150,000 USD (approximately 200 million KRW) to a government fund. There is no residency requirement to obtain citizenship.
Grenada’s citizenship provides relatively strong passport power compared to other island nations, allowing visa-free travel to 147 countries. Most notably, it allows visa-free entry to China, making it popular among people doing business based on the Chinese market and Chinese nationals. English is the official language due to its British colonial history, and citizenship inheritance is also possible, which is an advantage.
'Antigua and Barbuda' Offers Family Packages at the Price of One Person's Nationality Shopping
Another Caribbean island, Antigua and Barbuda, is famous for having so many beaches that one cannot visit them all even by visiting one every day for a year. It is also known as a venue where famous overseas celebrities hold grand parties and events.
In Antigua and Barbuda, one can either purchase real estate worth $400,000 USD (approximately 530 million KRW) or donate $100,000 USD (approximately 133.4 million KRW) to the government. If one person pays the donation, citizenship is granted to the investor and up to four family members, making it popular for family-based investment immigration. However, the investment must be maintained for five years, and during the first five years after obtaining citizenship, the individual must reside in Antigua and Barbuda for at least five days per year.
'Saint Kitts and Nevis' with English as Official Language and Low Language Barriers
Saint Kitts and Nevis is an island nation that gained independence from British rule in 1983. Since English is the official language, language barriers are relatively low compared to Europe. It is also a place with many cultural heritages, attracting 600,000 tourists annually. Citizenship can be obtained in about six months by purchasing developer real estate for $400,000 USD and maintaining the investment for seven years, or by donating $250,000 USD (approximately 330 million KRW) to the government or public projects.
Above all, these coastal countries are popular because they boast overwhelmingly lower prices compared to traditional immigration destinations such as Europe, Australia, and Canada. For example, Malta, the most popular investment immigration country in Europe, requires purchasing real estate worth 700,000 euros (approximately 1 billion KRW) and paying 600,000 euros (approximately 860 million KRW) to the government to obtain citizenship. Additionally, a donation of 100,000 euros (approximately 144 million KRW) to a charity in Malta is required to meet the conditions. Thus, it costs about 2 billion KRW to acquire citizenship.
Moreover, the government payment of 600,000 euros only allows citizenship application after three years, and to start the citizenship application one year later, the payment increases to 750,000 euros (approximately 1.08 billion KRW).
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