A common question in many investors’ minds is: which program should I choose? Residence in Europe or citizenship in the Caribbean? It all depends on your investment goals and what you will need from your investment. Each option has its pros; you need to decide what works in your best interest. Whatever is your set of requirements, the experienced team of Passport Legacy will be able to assist you. Here we will discuss the differences between the residency by investment programs in Europe and citizenship by investment in the Caribbean, and what each option would suit you best.
Residency in Europe
Residency in Europe is the perfect choice for those looking to obtain a residency with low or inexistent stay requirements and great investment opportunities. Investors and businesspeople have several options of qualifying investments, to which we would highlight the real estate and private equity funds options. In Portugal, for example, the Golden Visa program lasts for five years and only requires you to stay in the country for seven days out of each year.
Residency in Europe allows open travel access to the Schengen Area, as well as the right to settling in the country. Both in the cases of Portugal and Greece, holding the residency can lead to citizenship by naturalization, allowing your children to gain elite European education at school level and prestigious university education. The quality of medical care is outstanding, and your family will be in a safe country with a stable economy. With a residency in Europe, you gain equal rights to those who live there permanently. You also have the future option to gain citizenship should you want to, which is always an excellent option to have.
Citizenship in the Caribbean
Citizenship in the Caribbean is, and has been, one of the most popular choices to secure a second citizenship, enabling global mobility, new financial opportunities, among other perks. The Caribbean countries are known for their tropical landscapes and beautiful beaches, with their tourism industry picking up after the constraints caused by the pandemic as tourists looking to explore the beauty within them. Generally speaking, you can choose between donation and real estate investments in Government-approved projects.
Citizenship in the Caribbean does not entail a change in your tax status: if you do not live in the country in question, you will not be taxed. The processing for citizenship in the Caribbean takes between four to six months, and the investment options are generally cheaper than in Europe, without any presence requirements. While residency in Europe provides access to the Schengen Area, Caribbean countries like Grenada give access to over 140 countries, including the Schengen Area, United Kingdom, and Hong Kong.
Making your choice:
Considering the pros and cons of each of the options and their characteristics, each solution caters to different needs and are not mutually exclusive.
If you need a quick, efficient and straightforward mobility solution that offers visa-free access to a great number of countries, then Citizenship in the Caribbean is the way to go: after a period of 4 or 5 months, in a hassle-free fashion you can become a citizen and have a passport that enables you to travel to an average of 140 countries without worries of obtaining a visa.
On the other hand, if you wish to explore the benefits, being these short or long term, of having a foothold in Europe, these are the programs for you. In fact, European Union residents enjoy roughly the same rights as nationals, being the major exception the right to vote. This includes the right to reside in the country, freedom to travel within Schengen, access to healthcare and education etc.
Furthermore, the ideal solution is a combination of both: a Caribbean citizenship and a European residency. This is the closest to a solution that covers all basis, and safeguards your and your family both in short and long term. Our knowledgeable team of client advisors with a combined experience of over 25 years in the Citizenship and Residence by investment industry can assist you with everything you need to know and help you make the perfect decision. Please book your free consultation today with one of our advisors to get started with your Citizenship or Residence by Investment journey here.