How to get an investment citizenship?
There are several ways to obtain a legal status somewhere – by birth, marriage, or long-term residence in a state. Certain individuals can receive it for outstanding merits in sports, culture, and charity.
A particular type is a citizenship by investment currently available in only 14 jurisdictions worldwide. Multiple lands have legislative mechanisms allowing foreigners to become residents in exchange for a significant contribution to the development of culture or the economy. However, such cases are sporadic. In Ireland, Moldova, Belize, Cape Verde, Slovakia, and Seychelles, programs to attract foreign investors in exchange for citizenship were successfully operating until recently, but they are currently closed.
What is citizenship through contribution?
The procedure of changing citizenhood or getting a second one commonly takes years and involves complex operations such as moving abroad, passing state exams and learning a language. Citizenship by investments programs are unique mechanisms developed by governments that allow you to receive an alternative passport without disturbing the usual rhythm of life.
A mandatory condition is placing a certain amount in the economy of the host state. The investor is granted the status of a citizen faster than with traditional immigration. It can be the acquisition of residential or commercial real estate for a certain sum of money, the establishment of a new business and the creation of jobs, and direct cash subsidies to state funds. But this doesn’t mean that one can simply “purchase” any passport, the applicant must be fully compliant with legal requirements and have crystal-clear biography and legally acquired wealth.
Why do people invest in a second citizenship?
Another passport supplies its holder with significant opportunities and it’s not just about visa-free travel. Very often, international entrepreneurs obtain 2nd passports to distribute assets, register real estate, yachts, and ships overseas, and conduct certain activities.
In the context of globalization and economic wars, some entrepreneurs found themselves under sanctions and their assets were blocked only because of their origin. Having a second passport allows you to establish a business or buy property in a jurisdiction free from persecution and encroachment by unscrupulous competitors.
The additional legal status is an integral part of the life of international freelance professionals who prefer not to live in a particular geographical area, but to constantly move around the world. For owners of impressive earnings, this is also an opportunity to choose the most convenient jurisdiction for paying taxes and to be no longer considered a tax resident in their homeland.
What are the benefits of dual citizenship?
As mentioned above, a second ID grants its holder the opportunity to visit without a visa to almost 200 countries. This saves time on paperwork for international entrepreneurs who are constantly moving around the world. Countries with citizenship by investment are generally non-extradition jurisdictions known for their political and financial stability. If someone has reason to believe that they may be subjected to persecution in their homeland because of their commercial or political activities, legal status in another state allows for creating a springboard of safety for yourself and your family in case of an emergency and quickly leaving the dangerous territory.
Another passport is an investment in the future of your children. As a rule, it is possible to keep a national ID while obtaining a foreign one and having two passes. At birth, children will become citizens of two states, and this, in turn, will open up wider horizons for them in getting an education, choosing a job, and planning a life.
One more possibility is the right to apply for an E-2 investor visa in the USA (this visa is not available to Russian, Belarusian, Chinese, or Indian ID holders).
Which states offer citizenship through investment programs?
In 2022, there are not many jurisdictions where you can get another national ID. They are conditionally divided into two groups – European and Caribbean. In the CBI ranking, the top three are Dominica, Saint Kitts and Nevis, and Saint Lucia, followed by Grenada, Antigua and Barbuda, Malta, Montenegro, Vanuatu, Egypt, North Macedonia, Turkey, Jordan, Austria and Cambodia. A total of 14 countries have introduced a policy of issuing passports for investment. In another fifteen, you can acquire a residence permit for investment.
What are the requirements for obtaining a second passport?
In certain lands, it is forbidden to have dual citizenship. Therefore, when obtaining a 2nd passport, it is sometimes required to renounce the first one. If an investor wants to keep both, the list narrows down, but there are still many opportunities.
The most essential requirement is the absence of criminal records or links with terrorist organisations. Before applying for citizenship by investment program, you must pass the due diligence check. If the commission has suspicions of money laundering or the illegal origin of capital, this may be a reason for refusal.
Why Fintech Harbor?
Our team of consultants keeps abreast of and monitors changes in investment programs. During the consultation, they will advise the best jurisdiction grounded on your needs. We will do our best to eliminate the risk of refusal and fines and warn you in time of all the issues, will also help you prepare documents and fill in the lacking gaps. We enjoy an impeccable reputation and cooperate directly with the governments providing immigration programs for capitalists.
Second foreign passports allow easy travel to many lands, including Schengen and Great Britain. The application process normally includes document submission without visiting the country in person. The fastest citizenship by investment programme is in Saint Kitts and Vanuatu.
Antigua, Dominica, and Saint Lucia are the cheapest. You need to donate to the government fund only $100,000 and meet certain regulations. These countries are also very comfortable to live in. There is a developed infrastructure, a warm climate, and a measured pace of life. International banks operate here and you can manage a global business or work on the Internet while living in a tropical paradise. The locals speak excellent English, so there is no need to learn a new language if you decide to move to this region. A favorable geographical position allows you to quickly travel to North and South America.
The general check for second citizenship by investment comes down to checking the bio and origin of the investor’s funds. You will be required to present your national identification card, proof of address, information about the business, professional biography, and proof of the origin of funds (bank statements, contracts, etc.). The list may differ depending on the jurisdiction. The governing agency is in a position to request extra papers if they have questions.