A golden visa or dual citizenship - which is better?
Since immigrating to popular countries like the US, UK, Australia, Canada, and the like, is getting complicated, Citizenship by Investment programs of several countries is getting more critical for those with good financial status. This is because a new passport for those with a high net worth is no longer a privilege given by birth but a commodity to buy.
If you have enough money, you can buy citizenship in another country and get all the advantages of being a citizen there, along with other perks you did not have in your home country. At the same time, citizenship by investment programs helps acquire citizenship faster than a traditional immigration process. This is why the demand for these programs has risen over the last decade.
Residency for Sale
Yes, this is close to what new citizenship and passport mean. But there is another way to get easy residency in a foreign country. Yes, you can buy a residence abroad and related benefits in exchange for money. This process is called a Golden Visa or residency program.
A Golden Visa is a permit to reside in a country. Most European countries offer Golden Visa programs. These visas are intended for super-wealthy individuals and families or investors who wish to live in a country by investing a large amount of money. In addition, foreign nationals can acquire the right of residence by buying a real estate property in Europe, which can later help them qualify for citizenship in the European aid country.
Technically there are many differences between investment citizenship and residency programs. But in essence both work on the same principle. First, however, here is a brief.
Citizenship by investment programs are faster and offers passport and citizenship benefits within a few months' time. One can immediately maintain the investment to get naturalized and attain the full benefits of legal citizenship.
European countries offer mostly golden visa and residency programs. On the contrary, citizenship by investment programs began in the Caribbean nation St Kitts and Nevis, later followed by many other Caribbean island nations.
Which countries offer Golden Visas and Residency Programs?
Given below is a list of some of the top-rated residency visa programs-
Citizenship by investment programs are many, and thus the list too huge. However, we have enlisted some that are popular among new entrepreneurs, Managers, and CEOs worldwide. This category of investors has been increasing over the decade.
The Favorable Trend
Industry experts from CTrustGlobal quickly point out the reason for this trend. According to the spokesperson, countries like Antigua and Barbuda, Dominica, Saint Kitts and Nevis are in demand because they accept not only single applicants but a family of four members at a significantly reduced cost. As a result, there has been a significant increase in applications from families over single applicants since 2017. While the demand sank in 2020 and 2021 due to the pandemic restrictions, 2022 has brought back travel times, with most countries welcoming visitors and travelers for leisure and business from all over the world. The trend is here to stay!
2022 has witnessed a significant shift in how immigration and second citizenship are perceived. Dual citizenship is not a mere second option for hard times but a lived and felt reality thanks to the worldwide travel bans. With such trends motivating immigrants and the ongoing uncertainties regarding socio-political events, the popularity of citizenship by investment plans is an essential lookout for industry experts. Caribbean countries are especially getting popular among investors in UAE.
Is a Residency as Good as a Citizenship?
There is a sea of differences between Residency programs and Citizenship programs. Most residency programs are talking about 4,5,7,8 or 10 years of residency before getting a successfully processed citizenship. A world of change can happen during such a prolonged duration!
While citizenship by investment is a quick and much more straightforward solution, when you talk about citizenship by investment, you are talking about the application process that is successfully completed within a maximum of 6 months. Although some countries like Dominica are known for a quicker service, Dominica citizenship only takes 60-90 days to process an application!
On top of that, most citicitizenship-by-investment programs are cost-effective and cheaper than the time-consuming residency programs. On the other hand, acquiring a residency is a task, and gaining naturalization over residency is more complex. The residency programs also ask one to stay within the country for a specific duration to qualify for citizenship. Some countries even ask the applicant for a language test and much more, while most countries selling citizenships by investment only requires thorough due diligence.
How to Find the Best Option?
First, it is crucial to determine your priorities, goals, financial requirements, and needs. The quality of life and potential for growth that these nations offer are the same, which the country of origin blocks out in most cases. The diversity and quality of opportunities that applicants can take advantage of through a second passport can be quite a lot. Mainly these motivators include-
Quality of life,
Freedom of travel,
Fewer visa restrictions,
Healthcare facilities for individuals and families
Advantages of the region's tax-friendly regime and much more
Despite all these parameters, there are still three questions that are most crucial to answer while planning immigration, and these are-
First, how much capital is one willing to invest in moving abroad?
Second, what kind of investment a person intends to make?
Third, is the person ready to go and settle right after the legal investment migration process in a different country?
Once all of the above matters are considered, determining the right action will be much more accessible. Your search for the right immigration option will require you to align your goals and requirements with proper planning and execution. At the same time, research should be your life mantra while seeking help from a trusted advisor to guide you through the process of either citizenship by investment or a golden visa program.
Why citizenship by investment is a preferred option?
Citizenship by investment program is the opportunity to legally acquire new citizenship in a fast-track way with minor complications and no disruption to life in general.
Most countries allow you to buy citizenship without having to reside or relinquish your citizenship.
Many governments also offer citizenship in exchange for investments made as contributions that help build the country's economy. Especially countries like the ones in the Caribbean region utilize the investment capital in developing facilities and infrastructure of the country while boosting their tourism sector along with it as it is their primary source of foreign revenues. The region is also known for its low crime rates, beautiful beaches, and friendly people. And the tax benefits for corporations and foreign investors are too many to count.
Some Facts about Citizenship by Investment Programs –
Caribbean countries mostly have similar conditions and requirements regarding citizenship by investment applicants. There are usually 3-4 ways in which a person can invest their money, i.e. –
As a non-refundable donation to the state
Non-refundable contribution to an ongoing project
Purchase of Government Bonds
Purchase of real estate property
Establishing a business that can employ at least a certain number of locals
The money an individual or family invests in the real estate option is fully recoverable. But the property must remain for three to five years before one can resell it, depending on the country's policies.
The entire citizenship by investment process does not require you to visit the country personally. Still, to do so, one must retain the services of a government-approved intermediary, such as a licensed agent or legal advisor.
One of the significant benefits of obtaining a Caribbean passport is the wide range of opportunities that are available. Citizens of the state can travel to over 140-156 countries without a visa and can also spend up to 90 days in each half-year in the Schengen area and the UK. In addition, the UK, Hong Kong, and Singapore are also open to Caribbean citizens. Grenada citizens also have an added advantage as they can visit china without a visa with a Grenada passport.
Along with these benefits, a Caribbean citizen has access to free movement between all the Caribbean countries without visa or restrictions. Besides that, Caribbean citizens have the advantage of enrolling themselves or their children in European universities, especially in the universities and other educational facilities in the UK, as they fall into the commonwealth quota.
CTrustGlobal spokesman also pointed out that Chinese and Russians are the major contributors to the second citizenship industry. But the growing demand is a compelling factor too. Demand from Indian and Pakistani investors is also growing considerably, which owes to several factors, including political tension, cumbersome taxes, and visa restrictions.
On top of all this, the growing digitization has influenced people on a broader level. Being a global citizen is no longer a distant dream; one does not need to have a high net worth if one has talent.
Given below is a list of countries you can get easy second citizenship by investment –
Check the given link for more information about this program
CTrustGlobalfacilitates residency and citizenship by investment. We make the complex, detailed and expensive process look like an affordable options. We have served clients from more than 100 countries worldwide over a career span of more than two decades. With a team of qualified lawyers and legal advisors, we understand your reasons and purpose for immigration and can propose the best solution for your requirements.
If you have any queries or questions regarding what programs will suit your situation, contact us via channels and arrange a personal consultation. Or just drop by our office in Dubai. Let us help you achieve your freedom and financial goals.
CTrustGlobal is a Government recognized and Authorized Immigration and Investment Program agent, representative, promoter and marketer. We are the leading name in providing investor immigration services as per the guidelines offered by The Governments of the Dominica, Grenada, Saint Lucia, Antigua & Barbuda and Saint Kitts & Nevis and Cyprus.
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