A BRIEF GUIDE TO INVESTING IN SECOND CITIZENSHIP BY INVESTMENT
Second citizenship by investment allows you to become a second citizen of another country by making a government approved investment in their immigration by investment program.
With so many horror stories of how people getting deported or duped and all, it is easy to believe that second citizenship is nothing but an elusive dream. However, the truth is second passports are not just real, they are also very genuine and legit, and are increasingly showing up in the pockets of investors, business people, and even every day, but globally-minded individuals.
If you are looking to gain second citizenship by investment, then this brief guide will give you insights into essential things that are worth noting.
Read About: What is difference between citizen and resident?
INVESTMENT BY CITIZENSHIP (CBI)
CBI is where you make an investment in a country and get a passport and citizenship in exchange. Of the many programs available, the investment may range from $100,000 up to $2.5 million, with investment options including everything from tourism, real estate, government bonds, business, and even non-refundable cash donations.
On average, it takes about six months to process citizenship. However, some programs can approve your application within two to three months; others may extend up to a year. A few CBI programs will even need you to land in the country to become a citizen, let alone live there.
CBI programs are increasingly becoming popular, thanks to a combination of factors like enhanced visa-free travel in most of the CBI countries, reduction of prices to the Caribbean CBI programs to attract more investors and the inception of FATCA in the United States.
Most of the economic citizenship investors are from India, Russia, China, Mexico, Vietnam, Turkey, Brazil and different countries in the Middle East. A 2017 study in the UK revealed that 89% of Britons would like to gain second citizenship. The introduction of FATCA in 2009 has also seen the rise in the number of US citizens considering citizenship by investment.
But you should note that CBI programs aren’t created equal, so it is up to you to find out which one works for you, and which one doesn’t. Examples of CBI programs include commoditized, fast, structured and legal.
Things to consider before choosing your preferred program
As stated above, your investment amount will range from $100,000 to $2.5 million to gain citizenship by investment
lifestyle plays a significant role in your decision to move to a different continent or country. With CBI programs available in different locations worldwide, mostly the Caribbean, South Pacific, and Europe, your location should be on top of your list of aspects to bear in mind.
BENEFITS GAINED UPON CITIZENSHIP ACQUISITION
One of the main reasons for investing in a different country is to give your loved ones a better life. That’s why you’ll need to find out the kinds of benefits you’ll obtain after acquiring citizenship status. Think about education, healthcare and so on.
Most countries have dual taxation deals and only tax the income earned within the specific jurisdiction. Many countries also won’t need you to contribute capital gains and other charges – allowing you to manage your tax more effectively and efficiently.