Citizenship by investment programmes is one of the routes for foreign nationals to obtain a second passport and citizenship by investing a specific sum of money in the country’s economy. In addition, such CBI programmes legally confer citizenship statuses relatively quicker than standard and typical immigration methods. Moreover, they do so without the need of investors putting their respective lives on hold.
There are specific reasons that may allow an investor to invest in second citizenship or a second passport. This goes beyond increased global mobility and personal safety. If you are wondering about the application process, know that such applications tend to get approved within a space of ninety days, that is three whole months. More importantly, citizenship by investment programmes opens several possibilities for high net worth individuals worldwide. Some of the essential points are given below:
Your second passport of a peaceful country can be nothing more than life-saving if your home country experiences political unrest. Such a benefit is one of the best when you are concerned about yourself and your family.
What you need to know is that a second passport offers investors from several countries with increased global mobility. For instance, a passport of a restrictive country may only provide visa-free travel to a handful of countries. However, when it is the passport of Cyprus, you can travel to 164 countries without any visa.Â
You tend to open many business opportunities under the citizenship by investment programmes. Because of this, you can operate a business in the host country and travel abroad without any hassle.Â
A second passport may be advantageous when it comes to tax optimisation purposes. For instance, several countries tend to tax income earned from the home country and won’t hold capital gains to taxes. Such a situation allows foreign investors to manoeuvre their wealth effectively and efficiently.
Many programmes are readily available to the principal applicant’s family members. And, guess what, education is the foundation of a global citizen. Investing in a second passport can give you access to some of the best schools and universities for your children.Â
Several countries offer citizenship and residency programmes. All these have various investment benefits and requirements. Here is a brief section of some of the citizenship by investment options you can choose from.Â
Such a type of project entails purchasing or investing in residential or commercial properties in a country where you want to enrol on the investment programme. These requirements can vary from fractional (shared) ownership and total ownership of a property in one of the significant developments to leasing a property for a specific duration. Moreover, shared ownership in one of the crucial developments comprises being a passive investment maker and not having a part in managing the project. Here, the example can be the USA’s EB-5 Visa Programme, where you can learn about passive investment, which leads to PR. However, in St. Kitts and Nevis, an investor can either be a fractional or entire investment.
If you take Bulgaria’s situation, one of the projects – St. Sofia is an excellent real estate investment potential for investors to invest in. Not only is this a significant project but also a secure opportunity that tends to offer an option to make an investment in actual properties or real estate shares with title deeds. Such a move has high growth potential if observed closely. Moreover, foreign investors can qualify for a fast-track way to acquire citizenship after a single year of PR where you do not have to be available physically.Â
Buying several government bonds is another way to get citizenship or permanent residency without risking your capital or being on an end where you are personally involved in a company. That specific nation’s government will guarantee you some bonds. In addition, you will be issued the entire investment that you made without accruing any interest. Moreover, the holding period is typically five years, at least.
If you are someone who is looking to expand their entrepreneurial empire by running or owning a company in a different nation, this can be an ideal option for you.
It might be a little unknown for some people that they can quickly obtain citizenship by descent in nations that provide citizenship, like Mexico, Canada, Italy, Poland, Ireland, New Zealand, and so many more. However, in many countries, all you need to do is prove your grandparents took birth there. You may consider yourself a little lucky if you have ancestral ties with a nation that offers dual citizenship. This is one of the straightforward ways to obtain second citizenship if you happen to qualify.
Another practical and straightforward way of getting your second citizenship is through an act of marriage. Most nations like France, the United States, Ireland, and Canada typically fast-track your naturalisation timeline so that one can receive their second passport without much hassle.Â
But, when it comes to just marrying for citizenship, the government may take action against you if caught. One only needs to apply for citizenship if they intend to get married or are in the middle of getting married.Â
To obtain citizenship through naturalisation, one has to reside as a PR in a particular country for some years. This simply means that you are required to get PR in the country you intend to apply for the 2nd passport. However, the period and requirements for full citizenship can vary depending on different countries. For example, countries like Paraguay, the Dominican Republic, and Armenia need an applicant to spend around three years while various other nations like Austria and Switzerland provide citizenship after spending a decade at least.
If an applicant is not eligible for citizenship or does not qualify for citizenship by descent, marriage, or naturalization, this can be your ideal option. This programme offers a relatively direct route to obtain your second passport without unreasonable and complex requirements. Moreover, you do not have to live in the country as well.
When you get your second passport, you have an additional benefit of fleeing in the event of political unrest or any form of economic instability in your home country. Moreover, a second passport can safeguard you from several situations. Given below are some vital pointers you need to check out.
With your second passport, you can easily access global banking opportunities and platforms. In addition, some of the international banks of specific countries have proven to be safer, more secure, and relatively accessible than other countries’ banks.
It is essential to know that offshore investment can open several opportunities for you that you might not find in your current jurisdiction or demographics. Furthermore, there are several agricultural and technological options that you cannot find in your home market.Â
If you make up your mind to acquire second citizenship, you’ll no longer have to abide by your home nation’s tax laws. This way, you can enjoy your life without the worry of being taxed on your earned money.Â
Getting second citizenship enables you to take specific advantage of visa-free visits to many countries. One can also work and live in a new country quickly, with business scope, cultural exploration and safer business. Moreover, with a second passport, you can also vote, leave the country for an indefinite period with many more endless benefits.
Yet another advantage of a second passport is the ability to purchase your real estate property in another country. Remember, some countries only restrict land ownership to their citizens only. So, as a legal individual of 2 countries, you can buy properties in both countries.Â
As a citizen of two countries, you can enjoy the advantages of being a part of two countries’ cultures. Moreover, dual citizenship provides people with the opportunity to educate themselves on the history of their respective countries, experience a different way of life, and learn two or more languages.
Dominica and Saint Lucia are the cheapest countries for CBI programmes. Moving on, Barbuda and Antigua are some of the most affordable for families. In addition, Montenegro is the most inexpensive in Europe.
St Kitts, Vanuatu, and Grenada are some of the best citizenship by investment programmes giving nations that are valued for money, and you also get passport benefits. Moreover, such countries are ideal for budding investors and are incredibly famous.Â
Vanuatu is one such nation that offers a speedy and straightforward application process. Their entire process can be finished in 45 days. However, the Vanuatu government has a minimum investment cost of $130,000.
The cost begins from USD 100,000 for citizenship. Moreover, the Golden Visa programmers start at EUR 250,000.
If one does not want citizenship or your home nation restricts dual nationalities, consider opting for a GV residency programme that may work well for you.Â
The United Kingdom is one of the countries that has the quickest golden visa scheme. This visa gets approved in a matter of 2-3 weeks. Moreover, various other Golden Visa schemes in Europe usually take around 3-4 months. Canada and the United States have 1-2 year waiting lines.
Greece and Portugal are two of the ideal and popular golden visa programmes in Europe that are affordable to many budding foreign investors. If you can afford to invest millions, Canada, the United States, and the United Kingdom are the best.
All citizenship by investment programmes can automatically allow you dual citizenship. You only have to check all the legalities of dual citizenship with your host or home country. Several nations in Asia do not support dual nationality and visiting nations with more than one passport.
St Lucia and Grenada are your options. Both have programmes that are entirely based on citizenship by investment programmes. Moreover, St Lucia and Grenada are the only passports in the Caribbean region that allow applicants to transfer citizenship to their third generations, hold government offices, and offer the right to vote.
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