Cheapest Citizenship by Investment 101: What you Need to Know
More investors are expanding their businesses and exploring their options abroad. As an investor, obtaining a second passport this 2020 is one of the best decisions you can make. You’ll have more options for traveling, business, living, investing, and even saving taxes. And the quickest way to get one is buying a passport through the cheapest citizenship by investment!
Did you know that this 2020 might just be the best time to obtain a second passport? Due to the devastating effects of the hurricane season back in 2017, Caribbean CBI programs are on sale!
Citizenship by investment is an excellent way to secure a second passport by investing in a country’s economy. Several types of investments are available such as development funds, establishing a business, real estate, government bonds, etc. The required sums and options of investment vary depending on the investment type and program that you choose.
Getting the Most Out of it
We’ve compiled several ways to get the most out of your CBI should you decide to obtain one.
Set Your Priorities
You must be clear and focus on what you want to do and set your goals. The most common motivations include education, lifestyle, mobility, business opportunities abroad, and finances. Setting your priorities will help guide you better on reaching what direction you need to take when you get your CBI.
What you Need to Ask
Determine how much capital you are willing to invest there. This is great if you already have experience in establishing a business abroad. Do your research about the country’s economy and find out what sector could be best to invest that’s in line with your other businesses if any. Ask yourself if you want to reside in that country? What are the investments you’d like to make? Otherwise, ask an expert’s advice about the cheapest citizenship by investment.
Citizenship vs Residency
Let’s distinguish citizenship from residency rights.
A citizen has rights not conferred on a resident. You can hold your rights and status for life. Also, your children and even grandchildren can inherit your citizenship status. Residents don’t have these rights. Each delegation has different conditions, rights, and responsibilities.
As a resident, you are expected to renew your residency permit and satisfy the legal requirement of that country. This means continuously maintaining good health, clean criminal records, physical residency, and holding the investment initially required. Also, depending on the laws of the country, residency can either temporary or permanent.
Now, let’s distinguish the difference in obtaining them.
How to Get a Residency
You can achieve Residency by Investment together with your approved family members by satisfying the country’s required conditions. These conditions typically involve paying processing, legal and governmental fees, clean records, and background checks. Residency also includes having a certain net worth, passing both language and cultural tests, and investing in approved enterprises with a required amount.
Fortunately, some countries, when reaching the required period like 5 years will require less instead of maintaining an investment. The island of Cyprus doesn't offer a residency period. If you’re successful in your business, you can easily become a naturalized citizen and undergo a process in just months!
How to Obtain a Citizenship
Many countries offer immigration via investment to high net worth individuals or HNWI and businesspeople. They want these individuals to choose their program and even offer them incentive citizenship.
Most citizenship processes require a period of residency but other countries like Cyprus won’t require your residency. Like Cyprus, Antigua and Barbuda, and Grenada offer citizenship in weeks instead of years.
However, you should still take precautions since not all citizenship programs are promising and legitimate. Explore further about the cheapest citizenship by investment today!