Citizenship by Investment programs are not new; they have been out there since 1984 when the Government of St Kitts & Nevis launched the first Citizenship by Investment program in the world to attract foreign investment into the island. Since then, many other countries in the Caribbean region and the EU launched their own citizenship and residency by investment programs.
Given the number of countries offering these passport programs, the process to make the right choice might be overwhelming; many factors need to be taken into consideration when investing in second citizenship. But there are undoubtedly three determinant factors that you need to consider if your target is becoming a global citizen through the acquisition of a second passport.
Have a look at the following three factors that you should discuss with your Government-Approved agent:
1. Number of visa-free countries
This is commonly one of the main concerns by which applicants and business people decide to invest in exchange for citizenship and passport. Most of their businesses and families require constant travel, therefore, the importance of obtaining a strong passport that guarantees them global mobility and access to essential business hubs, where they can benefit from more business and educational opportunities.
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Investors obtain more visa-free destinations with european passports, and countries such as Malta or Cyprus became great options for business people who demand frequent travel to EU, Asia, America and other important markets. EU passport is indeed the #1 option for the wealthy for its capacity to provide visa-free travel to more than 160 countries.
2. Type of Investment and Minimum Amount
Those who are looking to invest in economic citizenship have two investment options; the first and most affordable is a one-time, non-refundable contribution to the government. This investment option is widely implemented in Caribbean countries such as Grenada, Saint Lucia, Dominica or Antigua and Barbuda.
The EU offers also real estate investment options to obtain citizenship, allowing investors to collect rental return and resell the asset after the holding period, and still keep their citizenship and passport, and benefit future generations with one-time investment only.
With the good number of citizenship by investment programs, so is the range of prices for applying. The financial situation of the investor is an essential factor to take into consideration when choosing the right program. Even though European passports provide greater global mobility and more benefits in general, their investment amounts range from EUR 150,000 to 2 million EUR.
Caribbean passports are also powerful, they provide visa-free travel to more than 130 countries, and the investment amounts are more cost-effective than EU Citizenship by Investment programs, ranging from USD 100,000 to USD 400,000. These passports are an excellent option for investors who are not looking to relocate in a different country but want to have more options when it comes to travel and still continue with their normal lives in their home countries.
Those who are looking for a second passport exclusively for business purposes, choose Caribbean programs because of their cost-effectiveness and the possibility they provide to travel visa-free to the UK, the European Union, Asia and America.
3. Minimum Residency Requirement
When it comes to relocation, the EU is the top destination for investors and their families; it is the perfect scenario for raising children, it has a robust health care system and allows new citizens to study in some of the most reputable universities in the world. However, over the past few years, the number of Middle Easterns who became EU citizens but still reside in the GCC region increased. But how is this possible?
As a proof of this, most European Citizenship by Investment programs require at least one visit to the country, allowing investors to travel to meet the requirement and then return to their home nation.
Moldova and Turkey, for example, are great options for investors and business people with a busy agenda, as they don’t impose a residency requirement on their applicants and investors are entitled to apply instantly, except for Turkey which requires an interview.
When it comes to the Caribbean citizenship by investment, there is no residency or travel requirement. Except for Antigua & Barbuda, which require a minimum stay of at least five days within the first five years of obtaining Antigua and Barbuda passport.
Even though there are multiple countries offering citizenship by investment programs; there is always one program that meets all your needs. We can show you through a FREE consultation the citizenship by investment program that satisfies all your expectations, and the path to follow for you to become a global citizen through the acquisition of a second nationality and passport.