Citizenship by investment programs allows non-citizens to invest money in certain countries and receive citizenship after a period of time. A visa would be issued to them once they have invested enough money in their chosen country. As long as these investors reside in their respective countries, they do not need to apply for visas prior to entering those countries. Investors who wish to qualify for permanent residency should ensure that their investments meet certain criteria.
There are three types of citizenship by investment programs offered in different countries across the globe. Citizenship by investment programs (CBPs) allows foreigners to live permanently in countries around the world. The program was created in order to attract foreign investors who want to invest in real estate or start their own businesses.
Many countries around the world are using this program to attract potential talents and workforce to contribute to their economy.
At the same time, some countries don’t appreciate the local talents, so people immigrate outside of it.
We can say it’s a situation where everyone is a winner. Those who can’t work in their home countries immigrate abroad, so they can find better living conditions. At the same time, the country that accepts them is getting a recognized talent, who can significantly contribute to their economy.
At last, the maternal country is the one that loses a lot.
Due to political and economical reasons, people decide to join some Citizenship by Investment programs, so they can find a better life for themselves and their families.
Even though it seems pretty simple to understand what happens, here are a few things you should always know:
- Citizenship by investment programs (CIP) are programs offered by many countries around the world. These programs allow foreign investors to acquire citizenship for their businesses/homes.
- There are two types of CIPs, investor-based (IBCIP) and employer-based (EBCIP). In IBCIP, individuals invest money in return for citizenship. In EBCIP, employers hire citizens and pay them salaries.
- Most countries offer both forms of CIPs, however, some only offer IBCIPs. If you get citizenship under an EBCIP, you cannot apply for citizenship under any other type of CIP.
- A country’s eligibility criteria vary depending on the program they choose. Additionally, you need to live in the country for at least 5 years before applying for citizenship.
- Countries use different methods to evaluate applications. Some countries rely heavily on financial documents while others look at personal details.
- After receiving approval, applicants need to undergo extensive background checks. Applicants who fail these checks are often denied citizenship.
- Once approved, applicants receive citizenship cards and passports.
- Many countries do not provide information regarding how long it takes to become naturalized.
- The government looks closely at the jobs you hold and what skills you possess. Employers in certain fields may require special licenses.
Which countries provide Citizenship by investment programs?
There are many countries around the world where you can get citizenship if you invest and contribute to their economy. Among them are St Kitts & Nevis, Malta, Dominica, Grenada, Cyprus, Saint Lucia, Antigua & Barbuda, but also many others around the world.
You should always check the conditions carefully to apply for such a program. That way you will find out which documents you need for your application to be accepted.
In some countries, it is necessary to be a resident for a certain period before becoming eligible for citizenship.
Benefits of owning a second passport
If you are ready to explore new opportunities, you have to consider applying for a second passport.
Second passports provide their holders with multiple benefits. Many times, the second passport is more powerful than the first one, so it allows you to move freely across borders without having to deal with red tape or other bureaucratic hurdles.
In some countries, it might even give you access to better jobs or other perks.
The idea of living abroad (or just owning a foreign passport) has become very attractive in recent years. Whether you want to travel more often or move somewhere new to start a career, a foreign country could be just what you need.
A second passport enables citizens to travel abroad without having to apply for a visa or obtain other documentation. This is especially useful for those who intend to move overseas permanently. In addition, some countries offer their citizens special visa exemptions. It all depends on the country you’ve chosen, and your homeland too.
You need to explore the options carefully because choosing second citizenship comes with responsibilities too. Make sure you are aware of them before moving to another country or applying for their citizenship programs.
So, if we need to summarize the benefits, that would be:
-Freedom to travel to countries that are inaccessible with your main passport.
-Better quality of life, including jobs, healthcare, education, and political stability.
-You can get citizenship for the whole family, which means they will all have the same benefits as you.
-Optimized tax expenses. Some countries provide easier tax conditions or none for new citizens.
-Plenty of business options, even if you only speak English.
Each CBI (Citizenships by Investing) program has its own set of rules regarding residency and visitation requirements, and each one varies slightly from another.
Under all CBI schemes, there are certain prerequisites that need to be met, including investing in an eligible option or project, passing due diligence checks (including any required background check), having a clean criminal history, and good health.
If all the conditions are fulfilled by the main applicant and his/her immediate relatives, the government of the country where the application was submitted will be able to process the application and issue the visa.
Now you know the general information related to CBI programs and what you need to do before submitting the application. Also, you know which country to choose to extend the benefits for you and your family.
We hope we helped you understand the topic better, even though there is a lot to tell about it.
If you are interested, make sure you explore the options you have and choose the country you want as a second passport issuer.