How does Citizenship by Investment Work?
Citizenship by investment was relatively unknown some decades ago. Now, people have seen the benefits it brings and are jumping on the opportunity to get second passports for themselves and their families.
With the constant need to move around, humans are always on the lookout for better ways to enjoy what they love.
Since its inception, more and more countries have joined in offering citizenship by investment to interested parties. But what exactly is a citizenship by investment platform?
What is Citizenship by Investment?
This is when interested persons are given second passports in exchange for some investment or donation to the country. The valid investment options are set by the countries alongside the rules for getting into this program.
The different countries offering citizenship through this route all have varying requirements to get into the program. The investment amounts, time to get a passport, and family members that can get into the program, among other things vary from program to program.
Benefits of Citizenship by Investment
There are several benefits you’ll enjoy if you go through the citizenship by investment route to get a second passport. These benefits may be more pronounced in some countries than in others but there are general things you would enjoy when you get into this program.
- Tax Incentives
Taxing has been a major contention between the rich and their governments for a long time now with some governments going as high as 30% in taxes. Other things like double taxation have made it uncomfortable for rich fellows.
This is why a lot of people looking for more favorable taxation are trooping to countries with more favorable laws through the citizenship by investment program.
This program lets you choose the country with the most appropriate tax incentive for you. Some countries have no personal income, gifts, money from outside the country taxes, making them an attractive hub for people seeking to reduce the taxes they pay.
- Stable Political and Financial Economy
Some regions are quite unstable with constant political changes. This can be an unfavorable condition to be in as it can affect the economy of the country.
People looking to live in more structured countries with stable political and financial structures can enjoy these benefits through citizenship by investment where you can choose your second country.
- Easier Access to the World
If you’re looking for a stronger passport that will guarantee you an easier and quicker passage into different countries, the citizenship by investment program can grant you your wish.
There are countries with some of the strongest passports in the world offering citizenship by investment, you can grab a passport that will help you travel the world with less stress.
- Better Living Conditions
If you’re from a third-world country with poor living conditions and lacking access to basic amenities, you’ll find it liberating that you can become a citizen of a country with a better living condition for you and your family.
The good thing is you get to choose the country that best suits your needs.
How much does Citizenship by Investment Cost?
Citizenship by investment costs varies from program to program with each program having its unique requirements and offering different packages.
The cheapest program costs $100,000 and is a nonrefundable donation into the country’s dedicated fund. The cost can go as high as over $1 million when investing in the different programs.
Countries also have different ways to pay for these programs, some offer donation routes, others, investment in real estate like Saint Lucia citizenship by investment in real estate.
How to Get Citizenship by Investment
To get citizenship by investment, you first have to consider the different countries offering passports through this route. You want to check their requirements and the benefits their citizens enjoy.
Choose the country that’ll offer you the best incentive depending on your aim of seeking a second passport.
Apply for the programs and submit all the required documents. Pay the required investment or donation amount and get your second passport at the agreed time.
It may take up to 5 years to get a second passport in some countries while some others only take a couple of months. So make the decision that will suit you best.
Citizenship by investment has become quite popular because of the many benefits it accords participants like a vacation location. Especially for the smaller countries with beaches and sight-seeing locations littered all across the region.
There are dozens of countries to choose from. Do your due diligence and enjoy the benefits that it brings.