Although it may sound similar, being a ‘citizen and a ‘resident’ of a country, however, these are two completely different things. If you are planning to migrate to another country, it is necessary for you to be aware of these terms and the various programs on offer to gain entry into the country. Here we discuss in detail the various facets of CBI, residency and Permanent residence programs. Having a thorough understanding of each of these programs can help you effectively utilize the benefits and advantages offered by them.
What is the Difference Between Residence and Citizenship?
1. Temporary Residency Programs
Being a country’s resident allows you to reside in the country for one to five years (based on the country’s regulation & visa validity you have opted for). It grants you permission to reside and travel within the country. You will be retaining your home passport’s country and will require exit and re-entry to renew your visa. By residing in a country as a temporary resident for five or more years, some will allow you to apply for permanent residency.
2. Permanent Residency Programs
Being a permanent resident of a country allows you to travel and reside in the country. The only difference between this and the permanent residency program is that you will be allowed to reside in the country of your choosing for up to seven years, after which you can usually apply for citizenship. Residence by investment programs are usually more affordable and lower priced compared to CBI programs.
2. (CBI) Citizenship by Investment
The fastest way to be a citizen of a country is by making an investment to the country’s development. You can opt to donate towards the country’s infrastructure, or buy a government-approved real estate property. Many countries have a set amount that needs to be spent, after which citizenship will be granted. Several countries, such as Malta and Cyprus offer CBI. You will immediately be granted dual citizenship and gain a second passport. Perhaps the best part of being a citizen via a CBI program is that you can enjoy all the perks as those enjoyed by naturalized citizens.