Icelandic citizenship by investment

Iceland does not have a formal citizenship-by-investment program. Obtaining Icelandic citizenship typically requires fulfilling certain residency requirements, including living in Iceland for a specific period of time, having a valid residence permit, and demonstrating a good knowledge of the Icelandic language and culture. Iceland follows a strict naturalization process, and citizenship is primarily granted based on factors such as residence, family connections, or special circumstances.

How to get citizenship by investment in Iceland

As it was mentioned above, Iceland does not have a specific citizenship-by-investment program for investors. But it is possible to obtain Icelandic residency through investment. Iceland offers a program called the “Investment Residence Permit” that allows foreign nationals to obtain residency in the country by making a significant financial investment. And then you can obtain Icelandic citizenship through the standard naturalization process. Here are some general guidelines:

1. Residency. Establishing residency in Iceland is a crucial step. You will need to live in Iceland for a certain period of time, usually at least seven years. During this time, you must hold a valid residence permit.
2. Financial Stability. It’s important to demonstrate financial stability during your time in Iceland. This can include having a steady income, sufficient funds to support yourself and your dependents, and being a law-abiding taxpayer.
3. Language and Cultural Knowledge. Proficiency in the Icelandic language is often a requirement for citizenship. You may need to pass language proficiency tests and demonstrate a good understanding of Icelandic culture, history, and society.
4. Integration. Showing a commitment to integrating into Icelandic society can be beneficial. Engaging in community activities, participating in local events, and demonstrating a genuine interest in the country can help support your application.
5. Good Character. Icelandic authorities assess the character of applicants. This typically involves conducting background checks to ensure that you have a clean criminal record and are of good moral character.

Documentation and Application

To apply for Icelandic citizenship, you will need to gather the necessary documentation and submit an application to the appropriate authorities. Here are some common documents and steps involved in the application process:

1. Application Form. Obtain the official application form for Icelandic citizenship. You can typically find this form on the website of the Icelandic Directorate of Immigration or the relevant government agency responsible for citizenship matters.
2. Personal Identification. Provide proof of your identity, such as a valid passport or national identification card.
3. Residence Permit. If you are a non-EU/EEA citizen, you will need to include documentation of your valid residence permit in Iceland.
4. Proof of Residence.
5. Language and Culture, Include documentation of your proficiency in the Icelandic language, such as language course certificates or results from language proficiency exams.
6. Financial Status. Provide documentation to demonstrate your financial stability, such as bank statements, tax returns, employment contracts, or business records.
7. Character Reference. Obtain character references from individuals who can attest to your good moral character and suitability for Icelandic citizenship. These references may need to be written and signed by reputable individuals, such as employers, community leaders, or personal acquaintances.
8. Additional Documents. For example, if you have family ties in Iceland, you might need to provide proof of your relationship, such as marriage certificates or birth certificates of children.
9. Submission and Fees. Once you have gathered all the necessary documents, submit your application along with any required fees to the designated government agency responsible for citizenship matters.

Dual Citizenship

Iceland’s laws and regulations regarding dual citizenship are generally permissive, and acquiring Icelandic citizenship does not typically require you to give up your existing citizenship.