Buy Gold, Get a Second Passport

Summary

Sierra Leone offers a unique opportunity for foreign investors: purchase one kilogram of gold mined in the country, and in exchange, receive a lifetime residence permit. The program, aimed at diversifying wealth and attracting investors, includes a networking group for investors and promises a future fast-track naturalization option. While the upfront cost is significant ($85,000 for a single applicant, with additional fees for families), the program offers long-term residency in an emerging, low-tax, and politically independent region of West Africa, presenting a strategic backup plan amid global instability.

Takeaways

• 😀 Sierra Leone is offering a unique residency program where investors can purchase 1 kilogram of gold (99.99% purity) to qualify for a lifetime residence permit.
• 💰 The cost for a single applicant is about $85,000 for the gold plus an additional $65,000 for processing and due diligence fees.
• 👨‍👩‍👧‍👦 For a nuclear family, the cost increases to $75,000 for the family after purchasing 1 kilogram of gold.
• 👨‍👩‍👧‍👦 Investors with extended families need to buy 2 kilograms of gold and pay around $100,000 in fees to include additional relatives.
• ⏳ The approval process is notably fast, with an expected timeline of just 40 days for residency approval.
• 🌍 The program is remote, meaning applicants don't need to travel to Sierra Leone to apply for residency.
• 🏅 The residency granted is a lifetime permit, providing long-term stability and avoiding temporary or renewable residence programs in many other countries.
• 🔗 Sierra Leone is creating a networking component, allowing investors to connect and collaborate, much like a country club for foreign investors.
• 🚀 There is a potential fast-track pathway to naturalization, similar to Cambodia's My Second Home program, which might ease the process of acquiring citizenship.
• 🌍 The program offers access to the Economic Community of West African States (ECOWAS), providing opportunities across 15 countries in the region.
• 💼 Investing in Sierra Leone could open doors to business opportunities in emerging markets, where it is easier to start and scale profitable ventures.

Q & A

What is Sierra Leone’s new residence-by-investment program about?

Sierra Leone’s new program offers permanent residency in exchange for purchasing one kilogram of gold mined in the country. The gold must be LBMA certified and 99.99% pure. Applicants also pay a processing and due diligence fee, which varies based on family size.

How much does the Sierra Leone residence program cost for a single applicant?

The cost for a single applicant is approximately $85,000, which covers the purchase of one kilogram of gold. Additionally, applicants must pay a due diligence and processing fee of around $65,000.

What are the costs for a nuclear family applying for this residence program?

For a nuclear family, the cost includes the purchase of one kilogram of gold, plus an additional $75,000 in fees. For extended families, the required amount of gold increases to two kilograms, and the fee rises to $100,000.

What are the benefits of this residence program?

The main benefit is a lifetime residence permit, which is granted within 40 days of application approval. Applicants also gain access to business opportunities in Sierra Leone and the broader West African region, as well as a potential fast track to naturalization in the future.

How long does it take for the residency application to be processed?

The residency application process is quick, with approval promised in just 40 days, which is notably faster than many other citizenship-by-investment programs.

What is the 'fast-track naturalization' component mentioned in the program?

The fast-track naturalization is a forthcoming feature that will allow individuals who hold residency to expedite the process of acquiring Sierra Leonean citizenship. It may include relaxed requirements compared to standard naturalization procedures.

Why is the program seen as potentially valuable despite Sierra Leone's emerging market status?

Sierra Leone’s location within the Economic Community of West African States (ECOWAS) presents regional benefits, including easier business investment and relaxed foreign ownership requirements. Additionally, it offers access to a growing network of foreign investors interested in West Africa.

How does Sierra Leone’s program compare to other citizenship-by-investment programs?

Compared to programs like Saudi Arabia’s, Sierra Leone's program is more affordable, with a total cost of around $85,000, which is a fraction of the $213,000 required for residency in Saudi Arabia. However, the overall benefits and quality of life in Sierra Leone are not as high as in more developed countries.

What are the potential business opportunities in Sierra Leone for investors?

Sierra Leone, as part of a developing market, offers business opportunities in various sectors, including mining, real estate, and agriculture. Investors can capitalize on the country’s emerging industries, potentially achieving high returns, especially in comparison to Western markets.

What are the privacy and tax-related advantages of Sierra Leone’s program?

Sierra Leone is not part of the Common Reporting Standard (CRS), which means it does not participate in automatic international tax information exchanges. This could be appealing to individuals seeking greater privacy in their financial dealings. Additionally, Sierra Leone's stance on lower taxes and non-participation in global tax harmonization efforts could provide a more favorable environment for businesses and wealth preservation.