Citizenship by investment is a fast and straightforward process taking on an average, three to six months. However, while some delays come due to a force majeure, something uncontrollable such as the pandemic, a citizenship by investment application can often get delayed due to reasons within the applicants’ control.
This piece will cover the most common avoidable mistakes that people can make when applying for citizenship by investment.
Choosing An Unauthorised Agent
The Caribbean countries of Antigua & Barbuda, Dominica, Grenada, St Kitts & Nevis, and St Lucia all have a list of authorised marketing and processing agents for their citizenship by investment programs.
However, this has not stopped unauthorised companies from offering their services to the public. Choosing an unauthorised agent can have dire consequences, as it will result in the application being rejected by the government.
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In the case of Malta and Montenegro, any company can market the program, but the processing must be done through an authorised body; any other route of submission will result in the application being discarded.
Turkiye is the only country with no official agent list, and an applicant can submit their application themselves or through any registered lawyer in Turkiye.
Choosing an unauthorised agent can have dire consequences, as it will result in the application being rejected by the government.
Due Diligence Mishaps
Due diligence documentation can encompass various forms such as police certificates, certificates of good behaviour, and travel history evidence. Applicants who can provide these, including any other relevant information such as former addresses, places of employment, university degrees, and other documents that help due diligence officers track their background quicker, may see their waiting time shortened.
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Another essential thing to note is to address any gaps swiftly. For example, any person who lived in Saudi Arabia as a resident (foreigner) and then left and terminated their residency status can no longer get a police certificate from the Kingdom. This is a commonly known fact; however, providing a sworn affidavit alongside supporting documents that show when the residence status was terminated, when they left, and how they left would go a long way in making the due diligence process smoother.
Source Of Funds
Applicants may highlight their source of funds for the investment, as this also falls under due diligence as an anti-money laundering practice.
Proving the source of funds means that an applicant must show that they have the investment amount and where it came from. Typically, an applicant can show a bank account with the amount in it but going a step further back can tell a lot about where the money originated.
Giving government officials a clear route to track the source of funds makes their job easier and faster and can help hedge against any delays.
Mistakes In Making The Investment
While the Caribbean nations have a set of approved real estate projects for applicants to choose from, Turkiye does not, allowing investors to select their property of choice from an open market.
However, this is not to say there are no restrictions whatsoever, as the Turkish government requires applicants to buy properties that have not been used before to gain Turkish citizenship. This rule combats “recycling” properties for multiple citizenship applications.
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Another critical point is the property value requirement, as properties must be evaluated by third-party evaluators selected randomly by the government. Submitting a valuation report done by a company not assigned by the government will also lead to a massive delay as the applicant will then need to request an evaluator and wait until that process is completed.
Turkiye doesn’t have a set of approved real estate projects; however, applicants must buy properties that have not been used before to gain Turkish citizenship.
Proving Dependency
Proving the financial dependency of adult children is a significant issue, especially within Caribbean citizenship through investment programs. Adult children dependents (those above 18 years of age) must be unmarried and wholly dependent on the principal applicant or his/her spouse to qualify for citizenship.
However, it is also the government’s job to scrutinise the claim of dependency and ensure that this adult child is, in fact, dependent on the principal applicant.
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Investors who want to avoid delays can do so by providing as many supporting documents as possible, such as a shared address, bank transfers, enrollment in education, historical records of unemployment or end of employment, affidavits, and more, depending on the situation.
Producing lacklustre evidence of dependence and minimal documentation can lead to delays as the government may need to request additional information, and if that information is insufficient, they may ask for more. This can create a lot of downtime for the application and will eventually prolong the entire process for something avoidable if done correctly from the beginning.
The Timing Of The Application
One major reason for delays is the timing of an application. As the world evolves, so do citizenship by investment programs, and as inflation continues to rise, many of these programs adjust their pricing to match the lower new value of money.
When citizenship by investment programs announce a new change coming, and they usually announce it ahead of time, giving a grace period before they are implemented, a rush of applications is expected during that short window.
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Investors who have been considering citizenship by investment are pushed to act fast to save money or ensure a dependent still qualifies before new rules are implemented. As most changes to prices are, understandably, an increase in the pricing, the flurry of applications is always expected when a new regulation is announced.
The best way to circumvent this delay is for investors who are considering citizenship by investment to act on it quickly, avoiding any possible bottleneck that arises due to a regulation change.
Here’s How We Help
The best way to avoid delays is to work with a firm that has the experience, finesse, and expertise to submit the perfect application on your behalf.
At Savory & Partners our intimate knowledge of citizenship by investment, and our extensive experience in the field allows us to detect any potential delay issues before submitting them. Our elite team can then quickly remedy any gaps before submission, ensuring the process goes as quickly and smoothly as possible.
To know more about citizenship by investment and how to apply, contact us today to talk with one of our experts.
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