The best bargain - foreign citizenship for 3 generations at only HKD 2.2 million?

The best bargain - foreign citizenship for 3 generations at only HKD 2.2 million?

The best bargain - foreign citizenship for 3 generations at only HKD 2.2 million?

FINANCE

2020-05-12

5  Mins Read

Migration has been the talk of the town for some time but are we talking about leaving Hong Kong to start a new life in another country, or just acquiring a foreign citizenship as a contingency plan? 

To decide if a country suits you or not, the first thing is to know the requirements for migration, such as how much money you need and what skills you possess. “If you see migration as an safety net only, you should be looking for the right of abode, and some countries do offer it at a lower cost with great protection”, said Jan Hong, Director of Centaline Immigration Consultants (HK) Limited.

“Take Greece as an example, HKD2.2 million is enough for acquiring permanent residency for 3 generations, including the couple, their parents and children. It’s really a good deal. Together with a 3% return rate on property, there’s no wonder why Greece has the most increasing number of migration applications in recent years.” In fact, the success rate is high if applicants meet all the requirements set out by the government. “We’ve recorded zero failure so far!” Jan claimed with a smile.

Besides financial considerations, we should also understand the migrant category we want to apply. Jan explains, “It’s actually the right of abode that most countries offer, which is the ID card, not the passport. The ID card allows you to get a job or study in those countries, and visit Schengen or EU countries as a tourist, but no working or studying.” In short, if you’re not yet ready to start a new life in a non-English speaking environment, these emerging countries for migration should only be considered as a contingency plan for the future.

Here’s a migration checklist of Portugal, Greece and Cyprus*, 3 of the emerging countries where you can get permanent residency more easily.

Portugal

Greece

Cyprus

Investment

Investment

Purchase one or more residential or commercial property of approx. HKD 4,400,000 (EUR500,000), or invest approx. HKD 3,000,000 (EUR 350,000) to rehabilitate a property

Purchase one or more property of approx. HKD2,200,000 (EUR250,000)

Purchase one or more property of approx. HKD2,600,000 (EUR300,000), and provide asset proof of approx. HKD2,600,000 (EUR300,000) under the name of the applicant and his/her spouse

Identity

Identity

Golden Residence Permit - offers the right of abode and freedom of travel among 27 Schengen countries

Golden Visa Programme - offers the right of abode and freedom of travel among 27 Schengen countries

Investment Programme - offers the right of abode and freedom of travel among 27 Schengen countries

Residence requirement

Residence requirement

7 days of stay in the 1st year and 14 days every 2 years that follow

Not required

1 visit every 2 years

Personal ability requirement

Personal ability requirement

No requirement on education, language competence and business experience

No requirement on education, language competence and business experience

No requirement on education, language competence and business experience

Certificate of no criminal conviction

Certificate of no criminal conviction

Required

Not required

Required

Other requirements

Other requirements

No

Purchase basic medical insurance

Prove annual oversea income proof of HKD 260,000 (EUR20,000), and an additional HKD 44,000 (EUR 5,000) for every applicant added

Family application

Family application

1 application can include applicant's spouse, children and parents, eg. if the applicant has 1 child, he/she can apply with 4 family members

1 application can include applicant's spouse, children, parents and spouse's parents, eg. if the applicant has 1 child, he/she can apply with 6 family members

1 application can include applicant's spouse and children

Naturalisation requirement

Naturalisation requirement

Fulfilled 5 years of residency requirement and passed the Portuguese language test in the 6th year

Reside for at leasst 7 years of which 5 years are long-term residence, good command of Greek, understand Greece's history and politics, and be able to integrate into life socially and economically

Property or business investment of at least HKD 17,000,000 (EUR 2,000,000) in 3 years to get the passport and citizenship, no "immigration prison" is required

*Sourced from Centaline Immigration Consultants (HK) Limited

Useful tips: Get medical protection wherever you may migrate. Migration alone already involves various expenses. You need medical protection in case of unexpected medical expenses from illnesses or injuries during your application or before securing permanent residency. Visit https://bit.ly/2LljRI6 now to learn more about medical and health protection that gives you peace of mind worldwide!