In the early 1990’s, Peru one of the very first south american country, explored the concept of citizenship by investment, with Peru’s bid in need for attracting foreign investment.
In 1992, Peru had a scheme of selling economic citizenship to foreign investors for USD 25,000. The scheme was closed the year after in 1993 due to public outrage, New York Times wrote in 1993.
Hong Kong Chinese, for example, who paid $25,000 and pass a screening test by the Peruvian consul there can receive citizenship and a passport without ever setting foot in Peru.
The new economic citizens would have voting rights and be taxed under Peruvian law.
The Government was working to attract foreign investors who had least $100,000 to invest in Peru, although no firm commitment to invest is required
The Peruvian citizenship program has generated intense controversy at that time and it was immediately closed next year.
The Migration Investment Program allows for accelerated processing of nationality applications from foreign investors who may or may not be married to Peruvian nationals.
History
Scotland had the oldest citizenship for sale scheme during the 18th century for £83 invested in Royal bank of scotland,
During 1990’s Ireland was also running a quiet economic citizenship scheme in Europe until 1998. Many pacific island countries also operated citizenship for sale schemes collecting $150 million selling some 14,000 passports from 1990 to 2000.
St Kitts and Nevis introduced the first citizenship by investment way back in 1980’s but it was the most expensive citizenship scheme for $200,000 in bonds or $150,000 in real estate at that time. The country rarely had any success until 2010.
The full history of citizenship for sale is available here
Today
As of 2018, Peru currently only offers investor visas for $25,000 to foreign investors for investment in businesses. Investors qualify for permanent status after 2 years which then leads to citizenship after another 2 years.
The Peruvian passport ranks 39th powerful passport in the world with visa free travel to 124 countries, all of south america, europe and south africa, according to Henley.
Today, Peru has a population of 32 million which includes Amerindians, Europeans, Africans and Asians.
