In today’s time of globalization, a second passport for many people has become a treasured and essential commodity. It is so because having dual citizenship provides you with opportunities to enhance and diversify your investment portfolio.
You also get a chance to expand your business on a global scale; you get free visa access to several destinations. Dual citizenship also provides you with an insurance policy for your family if there are issues in your home country.
One of the ways to acquire dual citizenship is citizenship by investment (CBI). More than ten countries offer CBI, a quick and easy path to get economic citizenship.
Citizenship by investment program can provide citizenship status to you much faster than traditional immigration. The application process is straightforward and quick, and you do not need to provide previous residence proof.
Do you want to apply for CBI and are confused? Well, below is a detailed guide that will help you make a decision.
Table of Contents
What Is Citizenship by Investment?
As understood by the name, CBI is basically acquiring citizenship upon making certain investments. Several countries believe that the CBI programs attract investors and entrepreneurs to invest in their countries.
So, you will get citizenship by investing, not by birth, marriage or naturalisation. One important thing to check out is that these programs are meant to derive economic benefits for the country.
So, the origin of the investors is not questioned, meaning it does not matter what language you speak or where you are from. But, in some cases, you might have to go through a background check.
Also, even if the process is smooth, the processing time can vary from months to several years. It depends on the country and the complexity of the application. So, remember to always start the process in advance and if you want to avoid the delay, always for a professional.
When Did Citizenship By Investment Start?
St. Kitts and Nevis is the first country to offer CBI In 1984. Since the program was a huge success, other countries followed in their footsteps too, such as Makta, Dominica, etc.
The success of these programs has created around a multi-billion dollar, which is why this program is gaining widespread popularity.
Reasons To Go For Citizenship By Investment Program
The primary advantage is that you get citizenship; however, this is not the only benefit you get from CBI programs.
These programs provide many other benefits, such as visa-free access to countries such as the UK, Hong Kong, South America, etc. Below is a list of all the benefits offered by CBI programs.
It Enhances Your International Mobility
When you get citizenship through investment, you also get visa-free access to several countries.
In fact, it is quite alluring for high-net-worth individuals to get an opportunity to visit different countries. The process of getting the visa is tiresome, and with CBI, you can avoid the hassle.
Works As Your Insurance Policy
When you have a second passport, you can leave your country if some unrest occurs. There can be political, social, economic or civil unrest that might not be safe.
So, when you have citizenship programs, you have an alternative residency. It works as a backup plan, as your insurance policy to a new and safe place.
You Get Financial Protection
When you obtain citizenship by investment, it can work as a fantastic financial protection strategy. By investing, you are diversifying your assets, and this way, you can protect your wealth from any form of political or economic crises in your home county.
In fact, some countries also provide you with tax benefits such as tax exemption. These exemptions also help you in improving your financial returns.
You Do Not Need To Actually Relocate
When you have a second passport, it does not mean you are obliged to live in that country. In fact, some countries, such as the Caribbean, do not need you to travel there to fulfil the application process. You can get a second passport with the help of Authorised intermediary Agents.
Availability Of Different Investment Opportunities
Generally, you are free to choose which country you want to apply for the CBI, and you can select the investment options according to your wish and preferences.
You can finance a business, invest in securities, bonds, and several other opportunities.
Chance At Better Quality Of Life.
Mostly all the countries that offer citizenship by investment are popular for their high living standards, better healthcare, and education. So, if you relocate to these countries, you will have access to low crime rates, personal security, and political and economic stability.
Requirements Of Citizen By Investment
There are specific requirements; however, these requirements vary from country to country, but the common ones are:
- Having a particular net worth.
- Investing minimum required in approved government enterprises or institutions
- Holding the investments during the duration of the program.
- A clean criminal background check and a good health
Also, the CBI program offers citizenship to the family members based on their age and eligibility; however, these requirements can vary.
How Do Countries Benefit From CBI Programs?
The countries offer CBI programs to attract investors and get foreign direct investment. They can use these funds to invest in projects such as job creation, real estate development, etc.
Also, citizens by investments attract talents from around the world and can help boost the economy; for example, in ST. Kitts and Nevis, you can invest in their Sugar Industry Diversification Foundation.
This foundation also helps the country to become a more diversified economy by undertaking new projects.
Summing up, citizenship by investment offers you several benefits such as free-visa travel, security, a good lifestyle, etc. Since more and more countries are offering these programs, it is becoming an attractive option for people who want to expand their business.
Also, to get things done correctly, it is always better to consult an expert so that the process will be smooth for you.