The cost of attaining citizenship by real estate investment is to increase from $250,000 to $400,000 with immediate effect.
The much mooted increase of attaining citizenship has finally arrived. With rumours abound of the cost increasing to $500,000, the president today signed an order to increase it to $400,000.
The presidential cabinet met on 12/04/2022, to discuss the increase. Despite much pressure to increase the amount to $1,000,000, the cabinet concluded that $400,000 would be the new price.
The citizenship law to be amended is clause (b) of paragraph two, article 20. A new law is not required for the implementation hence the amount can come into affect immediately, once it has been published in the official newspaper.
The remaining rules and regulations are unchanged, more information on citizenship can be found on our detailed guide at this link.
The government is yet to issue guidance on the implementation on this new change – check back for full guidance.