How Long Does Citizenship by Investment Take in 2024?

When it comes to securing citizenship through investment, time is a crucial factor. In the past, many Caribbean programmes were achieving quick turnaround times, with processing typically taking just 3 to 4 months. However, in 2024, things have changed considerably.

The days of speedy processing are behind us, especially in the Caribbean. These islands were once known for their speedy processing, but with a surge in demand and more robust regulations, the process has become more stringent and timely than before. Today, applicants should expect a longer wait, with most programmes taking a minimum of six months to process applications. In some cases, it could even stretch beyond that timeframe.

Reasons for Processing Delays

Why the delay? Well, it’s a combination of factors. Increased demand means more paperwork for government agencies to sift through. Plus, there’s been a tightening of due diligence procedures to meet concerns raised by the EU and USA.

Of course, individual circumstances play a role too. Your nationality, the completeness of your documentation, and how well you adhere to programme requirements can all affect how quickly your application moves through the system. La Vida’s team of in-house processing agents work closely with all of our clients to ensure we are submitting a fully complete file, but in some cases, the CIUs will have questions or request additional documentation depending on the file. Our team is committed to guiding and advising clients on the required paperwork for citizenship by investment. The initial few weeks are crucial as we collect the necessary documents from you. Timely and organised submission of documents significantly influences the overall timeline. Delays or gradual submissions over an extended period can considerably slow down the process. We encourage clients to be prepared and responsive to ensure a smooth progression. La Vida’s secure Client Portal is an invaluable tool throughout the process, making the submission of documents easier than ever before.

And let’s not forget about the banks. Sometimes, delays can occur not because of CIU or the government, but because it takes time for banks to clear international funds. It’s a frustrating aspect of the process that’s often beyond anyone’s control.

During the recent IMC Forum in Dubai, the heads of all five Caribbean Citizenship by Investment Units (CIUs) took part in a discussion panel where these delays were addressed. In Grenada, much of the backlog is due to the sheer volume of Russian applications they received in 2022 -2023. Due to the political situation, due diligence checks on Russian applicants take more time to conduct. In light of this backlog, Grenada has doubled the headcount of staff in the unit and processing times for Grenada’s Citizenship by Investment programme are now reducing back down to around 6-9 months. Antigua, St Kitts and St Lucia, estimate that most applications will take a minimum of 6 months to process, whilst in Dominica, the processing time is currently averaging nine months. With additional scrutiny from both the EU and the USA, all Caribbean nations have fortified their processes by integrating new layers of due diligence checks. These measures are aimed at bolstering the integrity and security of the programmes, ensuring a safer and more reliable pathway to citizenship for investors.

In summary, the question of how long citizenship by investment will take in 2024 doesn’t have a simple answer. In most cases, it is possible to complete the process within less than a year. Applicants should approach the process with patience and a realistic understanding of the current situation.

European Golden Visa Processing Timelines

Portugal, once known for its relatively swift processing, has seen a significant uptick in Golden Visa processing times. Now, applicants should anticipate a minimum of 12 months before their residency permit is granted. However, there is some positive news on this front. The five-year residency period required for Portuguese Citizenship applications now commences from the date the first residency permit is submitted, rather than the approval date. This adjustment to the citizenship timeline potentially reduces the overall timeline to Citizenship by at least a year.

Recent Golden Visa changes in Greece have also impacted processing times. With the increase in the programme’s investment threshold, applicants can expect a wait of around 6 to 10 months. While this may seem lengthy, it’s a testament to the programme’s popularity and is a fair time to wait for a European residency programme.

In comparison, Spain’s Golden Visa programme remains a beacon of efficiency – at least for now. With processing times still averaging between 3 to 4 months, it’s currently one of the faster options available. However, there’s a caveat to this expedited timeline. The programme could undergo review in the coming year, which is already causing a surge in applications and this may potentially lead to longer wait times. A common pattern across the board.

Ultimately, these extended processing periods are indicative of a growing demand for citizenship and residency by investment services. While it’s unlikely that we’ll return to the lightning-fast processing times of the past, this shift underscores the commitment to stricter and more robust programmes. Despite the increased wait times, the ultimate goal of attaining a second citizenship or residency visa through investment remains as valuable as ever and is still quicker in most cases than alternative routes such as Citizenship via descent.

For more details, please contact our team.