Things to consider before applying for investment citizenship
Citizenship by investing program is another way of citizenship with a different passport of another country by investing in their real estate, Government and development funds, or establishing a business.
Many countries around the world have started to offer investors to gain dual citizenship. This provides an essential economic growth of inward investment into such countries. It positively impacts their economy while providing considerable benefits to successful investors.
Here are a few major factors for investors to consider when evaluating a Citizenship by Investment program.
- Obtaining Citizenship
What is the main motive for obtaining citizenship? Are you looking for new business opportunities, being able to travel to more countries without visa hassles, or planning for your family’s future and education? You’ll have to carefully consider what is your main motive for citizenship. Make sure to think ahead in terms of the future.
For example, if you have young children, Citizenship Investment Program will provide them with second citizenship and could open up a different range of options once they start to consider studying at university and their future careers. If your home country is in economical crisis or experiencing dramatic changes in the government, and tax structure, you’ll want to have a plan where you want to move or relocate for the asset protection of your family, additional security, and preservation of your long earned wealth.
How long does the application and approval process take for Citizenship Investment Programs? This depends on countries jurisdiction. There are other factors that include the type of investment and how quick it will be for the necessity to conduct where your finances and background are to be assessed in your home country and other residence countries.
If second citizenship is a long-run plan then the processing time might not be a significant concern. On the other hand, if you want citizenship in order to take advantage of current business opportunities, start a child in school, or quickly relocate to a country that is safer, then the application process could be a critical factor in picking the right Citizenship Investment Program for you.
- Applying for Residency or Citizenship Plans
Some of the Citizenship Investment Programs require residency in the country whereas other programs don’t allow it. Even if you don’t want to become a resident in a new country, you might want the option to do so later on. Some Citizenship Investment Programs are also known as gateway programs. They act as a route to living in another country other than the citizenship country you are investing in, for example, European Citizenship Investment Programs are in high demand because citizens of one European country have the right to live elsewhere within any of the 28 European countries.
This could allow you to relocate if political or economic stability becomes an issue in your home country. You might want to live in the country so your children can study at university. Always remember the overriding motive when choosing gateway citizenship by investment options, in many cases, they cannot be compared to the big cities of Shanghai or Dubai, however, may allow you access to relocation to London which is on your own high-quality lifestyle choices.
If you are planning to reside within the country of your new citizenship, pay close attention to the living cost over there. Make sure the style of living will appeal to your long-term residency. Decide if you want to live in a busy urban center, a quiet place, or near other wealthy individuals.
Easy access to education and quality healthcare need to be considered. If frequent business travel is likely, look at the ease of access not just with regard to visas. You have to make sure transportation will be readily available like proximity to a major airport, a regular schedule of international flights, or train service to neighboring countries.
Calculate the travel time of reaching your home country or places you’ll want to visit for work or vacation. Be sure to include these expenses when you are planning the costs for the citizenship.
- Citizenship by Investment Programs Costs
Citizenship by Investment Programme requires a huge amount of investment. There are substantial costs when applying for Citizenship Investment Programs that offer multiple types of investment options. Citizenship Investment Programs offer different ways to meet their investment requirements. This includes investing in real estate or a business, maintaining a balance in a local bank, or buying government bonds. Other options are paying into a government development fund with a non-refundable policy. Remember that investments will need to be maintained for a small period of time which varies from one jurisdiction to another. Not having these funds available for a few years could mean you have to wait for making other investments or expanding your business.
In addition to the listed investment requirements, there are other costs involved when applying for a Citizenship Investment Program. This can include application fees, VAT (for real estate and other investments), legal fees, agency fees, government disbursements, and additional costs to sponsor citizenship for family members.
- Visa-Free Access
Your current and future business interests will be a major issue when selecting the Citizenship Investment Programs. Consider what new markets or industries you might want to expand into during the upcoming years. Visa-free access to explore these markets could be really important. Keep an eye on which countries have agreements to facilitate your planned travel and investments. Â A passport from your home country might allow you to gain temporary residency in a third country or pursue education or business opportunities there.
Every Citizenship Investment Programs program is slightly different from the other but there are common investment types offered by economic citizenship programs. It depends upon each applicant to carefully review the options and make the best investment decision for their personal financial growth.
