Becoming a global resident has never been easier. If you want to gain citizenship in another country, no matter your country of origin, then this is one of the best times to do so. People are moving across international borders with greater ease than ever, and becoming a citizen of another country is also relatively simple these days.
If you want to gain dual citizenship, you can go about it the conventional way. However, such methods are often long and time-consuming and involve several red tapes. It can take years to get citizenship conventionally, and there are several travel restrictions that you have to abide by in the meantime.
However, you may not have the time or the inclination to wait that long. Does that mean you cannot get citizenship in another country for five or seven years? Do you have to keep on staying in your country along with your family, even amid an economic or political crisis? Not at all.
Fortunately, there is another way to obtain dual citizenship, and this can be done through the citizenship by investment program. Many countries in the world, both European and non-European, offer this program and provide you and your family with a safe haven. In addition, you can enjoy numerous perks and tax benefits as well.
In this article, I will tell you how to gain dual citizenship by investing in another country.
Citizenship by Investment: How Can it Help You Obtain Dual Citizenship
Simply put, you gain citizenship in a country of choice- among those who offer this program- by investing in the country. And instead of waiting for years, you can obtain citizenship in a matter of months.
To obtain dual citizenship in this way, you have to meet the minimum investment amount. That varies from country to country. You can also choose a sector that you would like to invest in. Hence, you can invest in the growth of real estate, the medical and health sectors, and the tourism, industrial, and business sectors of your host country. You can also buy government stocks and bonds.
Some countries will also allow you to invest in installments, especially if it is a large amount. Once your investment is complete, the citizenship process starts, and it is usually completed in a matter of months. Once the host country is convinced that you can invest, the process is very streamlined.
Points to Remember while Applying for Dual Citizenship
Although applying for dual citizenship is fairly simple, there are some points that you need to keep in mind.
Clean Background
You must have a clean criminal record. Your background check will be very thorough, and it goes back quite a few years. You should provide all your documents and identification proof of your own country and any discrepancy in any of the information you provide will result in the cancellation of your application.
Verified Sources of Income
You have to show your sources of income. The host country will thoroughly check that your money for investment is obtained through legal means. They will verify all the sources and go through your papers for business and taxes. Hence, compiling these papers properly before application is crucial.
Safe Investments
While investing in the host country, you have to make sure you are investing through legal channels. Apart from paying the minimum investment amount, you should be careful about not investing in any shady areas of business. This is why it is important to work with organizations like Global Residence Index, which knows where you can invest money safely in your host country.
Be wary of investing with anyone who might tempt you to support via unscrupulous means, as it might be categorized as criminal activity. You may be barred from applying ever again, even for no fault of your own.
Factors to Consider While Opting for Dual Citizenship
Dual citizenship offers you a safe and better lifestyle, tax benefits, travel perks, and a host of other benefits. However, it is important to consider some aspects so that you can choose the right program.
Kind of Lifestyle
Consider the minimum investment amount and the lifestyle you are aiming for. The minimum investment amount is lesser in non-European countries compared to their European counterparts. But do you simply want a better lifestyle and security but also enjoy the perks that come with a European passport?
On the other hand, if you only want a secure, safe, and comfortable life, then the Caribbean islands might be the right fit for you. Consider all these aspects before deciding where you want to invest.
Return on Investment
While investing, you need to consider whether you will get returns on your investment and whether the investment is refundable if you ever decide to leave and give up your citizenship.
Or whether the investment is full and final with no returns and you have to have other sources of income to maintain your lifestyle. Most of the time, the investments are non-refundable.
Investing in areas like real estate often gives you a chance to get rental returns or sell your property, but that is often not possible in other sectors. Hence, this is something you must consider.
Residency Requirements
If you are applying for dual citizenship without leaving your native country, then you have to find out about the residency requirements. Some countries, especially in Europe, require that you stay in the country for a certain period before you can apply for citizenship there.
On the other hand, there is no such requirement in Caribbean countries. In countries like Barbuda and Antigua, you can complete the process without moving.
Travel Requirements
Dual citizenship can give you lots of perks while traveling. If your current passport does not allow you many travel benefits, then you can travel to many countries with your second passport.
As a citizen of your host country, you can travel visa-free to many other countries of the world. Since visa processing can be time-consuming, having a dual passport can help you greatly. This is especially great for business owners who have to travel frequently for their work. Countries like Portugal, Grenada, Montenegro, and Turkey, among others, offer the Golden Visa, which gives you a host of travel and other benefits.
On the other hand, a passport from Malta can allow you to travel to 181 countries, or a passport from Cyprus will enable you to travel to 173 countries.
Tax Benefits
One of the many reasons why many apply for dual citizenship is because of the tax benefits the host countries offer. If you are a businessman, then this could help you get tax exempts and numerous other perks.
It also helps you grow your business as you get another market for expansion. You can get various other benefits according to the laws of the country, and that can prove to be a good return on your investment.
Conclusion
Dual citizenship makes immigrating to another country easier. It is a big step, and your future and that of your family depends on it. Settling in another country brings its share of hassles, but with the right information, this process can be a lot easier for you.
Organizations like Global Residence Index work with professionals and business persons around the world, and you can also get your dual citizenship in no time with their help, paving the way for a secure future.
