As time goes on, more and more countries around the globe are offering the option for investors to gain citizenship easier than they would have been able to before. This brings in money for the countries that can impact the economy while the successful applicants can also see various benefits.
Whether you are choosing Citizenship by Investment or some other means, there are a number of things to think about when choosing the country that will best fit your lifestyle and needs. We’ve compiled a list of things to think about while you decide which citizenship is the right one for you.
Goals in Terms of Citizenship
There are all sorts of reasons to consider a second or even third citizenship, but what you want to ask yourself is what reasons matter most to you. Are you looking for new business opportunities? Do you want the options to travel to other countries without visas? Is it essential for you to plan for your family’s education and long-term future? Make sure you think ahead to the future and what matters most to you. If you are in a country that is experiencing economic issues, you want to plan to move somewhere with extra security and protection for your assets.
How Fast You Want to Proceed
Different countries have many different speeds when it comes to application and approval of citizenship. If you are looking for a long-term plan, this might not be something that is a concern for you. However, if you want immediate access for a child’s school or a business opportunity, you will want to look at the application process speed. Some countries simply may not be feasible due to how long the process can take.
“Another important consideration is the stability of the country you choose for a second citizenship”
What Family Options Are Available
When you are in the process of doing your planning, make sure you are aware of which family options are included. Some offer citizenship to spouses and children, while others may only sponsor parents and older children. In some places, only dependents can gain citizenship while in others, extended family is also considered for citizenship. You also want to be aware that some countries let you pass citizenship on to your future generations while others do not. Think about the cost to sponsor other family members who will be joining you.
Stability & Security of the Country
Another important consideration is the stability of the country you choose for a second citizenship. If there is a political situation or economic environment that is problematic, that can cause safety issues for you and your family. You also want to consider emotional security, especially if the family is coming along with you. The best countries are going to be places you feel comfortable with cultural, social, and educational opportunities for yourself and the rest of your family.
Option for Visa-Free Access
When it comes to current and future business interests, you have to be careful to choose the right country. Think about what industries and markets you may want to expand into in the years to come. Having visa-free access to do so is significant and worth looking for. Take a look at which countries have agreements that allow you to facilitate your planned investments and travel. For instance, a passport in one location might also offer you temporary residency in another country where you can find business or educational opportunities.
The Top Five Things to Keep in Mind
There are tons of things that you want to consider as you move toward a second citizenship, but some are going to be more important than others. We believe that there are five different factors that you must consider when you choose where you will be having your second citizenship. The first thing you want to ensure is that you can gain visa-free travel so you can travel as you wish. You want to be aware of whether you have an obligation to file taxes whether you live in the country or live elsewhere.
“There is no “one-size-fits-all” answer when it comes to citizenship”
You should be sure the country even allows dual citizenship as not every country does. Next, think about and do some research on the potential country to get an idea of its perception. This can give you more information that you might think about whether it is the right choice for you. Finally, look toward your own freedom and if this country is going to add to that or simply make things more difficult.
There is no “one-size-fits-all” answer when it comes to citizenship. You will have to do the work to find the location that is right for you and anyone else coming on this journey with you. So think about all the things that matter to you and come up with a shortlist before narrowing things down and deciding on the ultimate country that best works for you.