Mongolia is a landlocked country in East Asia, located between China and Russia. In recent years, Mongolia has started to offer citizenship by investment (CBI) programs to attract foreign investment and boost its economy. The Mongolian CBI program allows foreign investors to obtain Mongolian citizenship through certain investment options. This article provides an overview of the requirements, investment options, timeline and benefits of acquiring Mongolian citizenship by investment.
Mongolian CBI program officially started in 2018
The Mongolian citizenship by investment program was officially launched in 2018 through amendments made to the country’s Citizenship Law. It established legal provisions to grant Mongolian citizenship to foreign investors who make qualified contributions to the country’s developmental and economic goals. The program is managed by the State Registration and Foreign Citizens Immigration Department under the Ministry of Justice.
Investment options under Mongolian CBI
The Mongolian CBI program allows investors to choose from two investment options to obtain citizenship:
1. Invest at least $1 million in government bonds. This investment must be maintained for at least 5 years.
2. Donate at least 1 billion Mongolian Tugriks (approx $250,000) to the State Fund. There is no minimum holding period for this donation option.
Straightforward application process
The application process for the Mongolian citizenship by investment program is relatively straightforward compared to other CBI programs globally. Key steps are:
– Choose an authorized agent to prepare and submit the application
– Undergo background checks
– Make the qualifying investment
– Provide biometric data
– Obtain Mongolian citizenship certificate
The entire process may take around 6-9 months for approval.
Benefits of Mongolian citizenship
Some benefits of obtaining Mongolian citizenship by investment include:
– Visa-free access to 77 countries including Russia and Central Asian countries
– Dual citizenship allowed – no need to renounce current nationality
– Low tax rates – 10% flat personal income tax
– Access to high quality and affordable education
– Gateway to do business in Mongolia’s large market and utilize its strategic location
The Mongolian CBI program offers foreign investors and their families an opportunity to obtain Mongolian citizenship by investment. With two investment options, a relatively straightforward application process, and benefits like visa-free travel and tax advantages, it provides an attractive route for high net-worth individuals looking to expand their migration portfolios.