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Montserrat Permit of Economic Residence | A Complete Guide
What’s Montserrat’s Permit of Economic Residence Prgram?
As one of the UK’s overseas territories, Montserrat offers foreign investors the opportunity to become economic residents (Permit of Economic Residence) by investing 400,000 East Caribbean Dollars (XCD), which is 148,000 USD, on the island. This program is potentially the most affordable investment immigration option among all UK overseas territories.
Currently, applicants have three investment options:
1. Deposit Model: Make a fixed deposit of 400,000 XCD or more in a local bank.
2. Real Estate Purchase Model: Purchase a property portfolio in Montserrat valued at 400,000 XCD or more.
3. Government Bond Model: Purchase government bonds issued by the local government, totaling 400,000 XCD or more.
In addition to meeting the economic requirements, applicants must also fulfill other basic conditions, such as being in good health and having no criminal record.
How to apply for Montserrat’s Permit of Economic Residence?
The application process for Montserrat’s Economic Residence Program generally involves two main steps: completing your investment and submitting your application.
1. Complete Your Investment：
Theoretically, you’ll need to enter Montserrat with a valid visa, open a local bank account, transfer your funds, and then complete your investment using either the deposit, real estate, or bond option.
2. Submit Your Application：
Once your investment is complete and you’ve gathered all the necessary documents, you can submit your economic residence application to the Montserrat government.
Here’s a breakdown of the required documents for this program:
- Applicant Identification Documents: This includes valid passports for all primary and dependent applicants, two passport-sized photos, and proof of relationship documents for dependents (such as birth certificates or marriage certificates).
- Proof of Assets: You’ll need to provide proof of total assets exceeding $150,000 USD, along with evidence of the legal source of these assets.
- Proof of Completed Investment.
- Medical Examination Certificate: All primary and dependent applicants must provide a medical examination certificate.
- Police Clearance Certificate: All adult primary and dependent applicants must provide a police clearance certificate from any region they’ve lived in during the past eight years.
Please note that all documents originating outside Montserrat must be notarized, and any non-English documents need to be translated into English.
The total visa fee for the Economic Residence Program is 1,000 East Caribbean Dollars (XCD), which is approximately $370 USD. The processing fee is 20,000 XCD, or about $7,400 USD.
Dependents:
For the Montserrat Economic Residence Program, spouse and children under 18 of the main applicant can also obtain residency as dependents.
Minimum Residence Requirement:
The Montserrat Economic Residence Program has no residency requirements. If you don’t wish to apply for a British Overseas Territories passport, you can maintain your economic resident status without ever entering Montserrat.
Visa Validity:
The initial validity period for the Economic Residence Program is five years, and it can be renewed indefinitely under the original conditions.
According to new regulations effective from January 1, 2023, foreigners who have legally resided in Montserrat for eight years, and whose monthly income in the six months prior to applying exceeds $5,000 USD or who own local property valued at over $50,000 USD, are eligible to apply for local permanent residency.
Montserrat permanent residents can apply for a British Overseas Territories Citizen (BOTC) passport after living in the territory for one year. BOTC holders can then apply directly for a British passport after completing certain procedures.
Useful Links:
Montserrat Economic Residence: https://www.gov.ms/wp-content/uploads/2020/08/Economic-Residence-Guidance-Notes-002.pdf
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