From the past times, traveling to foreign countries has been the stuff of wealthy families. Some people travel for leisure, education, business while some people consider moving to foreign lands as a safe exit plan. Asides from various options for applying to foreign visas, one lucrative option which keeps the wealthy rest assured of their exit plan is the option of Citizenship by Investment. Along with the U.S., there are a good number of countries that allow individuals to fulfill their dream of settling down permanently.
If we talk about the U.S. it allows you to gain citizenship by meeting a specific set of criteria. Sometimes it may take up to 14 years to attain citizenship in the U.S. But some countries can help you get citizenship in the promise of some direct investment either in business or as prescribed by the particular countries’ rules. These countries may cut down a long waiting period to even one year if you opt for their Citizenship by Investment Programs. Some of these countries are Mexico, Nigeria, Angola, China, and Brazil.
Six of these countries have been recognized for their welcoming nature for foreign immigrants. Certainly, offering citizenship to individuals is a win-win situation for both as they get a heavy inflow of funds in exchange for citizenship benefits to foreigners. With such programs, individuals can legitimately acquire citizenship along with safe tax planning and family security. In return, countries administering citizenship by investment receive a significant boost in their economies.
Indeed, citizenship offerings by countries bring financial inflows; it has been proved as the most prosperous program for their economies. Moreover, the considerable inflows of funds from these programs have helped improve the employment and development programs of respective nations. As a matter of fact, in 2013, St. Kitts recorded a heavy inflow by such programs and had grown to nearly 25 percent of GDP. Increasingly, the number of countries offering citizenship by investment is on a hike.
Despite innumerous benefits, the countries offering CBI programs face the serious challenge of preserving the integrity of their citizenship programs. One of the risks includes eliminating out the risks to authority and sustainability. Although the ample inflows may pose macro-challenges in the management of such inflows there are many benefits to these programs. Some primary benefits include dual citizenship, including greater global mobility, financial opportunities, quality lifestyle, and improved security.
However, acquiring second citizenship can be an extensive process as the residence is not a petty task of some days. It requires several documents to be read and lots of paperwork. The promise to instant nationality may subject to some set of laws and that too within a fixed framework. We have constantly scrutinized the various citizenship by investment programs of some countries.
Here is an insight into different programs that we want to share with you.
Antigua & Barbuda Citizenship
Latent along the eastern coastline of the Caribbean Sea, Antigua and Barbuda is a famous tourist destination with blossoming hillsides and rain forests. Currently a member of the United Nations, CARICOM, and the Commonwealth of Nations, Antigua gained independence from the UK in 1981. Generating a good amount of revenue from the tourism sector, Antigua and Barbuda’s tourism income is the key factor in the rising GDP of the nation.
Since the launch of the program in 2013, Antigua’s CBI program has been a popular choice among eagled-eyed business professionals and high-net-worth individuals. According to the program, applicants are not required to either learn about the country’s history or speak their official language. Moreover, the applicant’s residence in the country is not necessary during the time of the application process. Once you get the passport of Antigua and Barbuda you enjoy access to more than 150 countries including the U.K.
There are two main CBI programs by the government of Antigua and Barbuda
- National Development Fund –Non-refundable donation to the Government
- Government approved Real Estate Project- Direct investment in the project
Dominica Citizenship
Dominica, a serene and safe island is home to a great number of centurions. Recognized as one of the world’s happiest countries to live in, the country is known for its positive quality of life. Rapidlymounting into a majorworldwide financial hub, Dominica is one of the biggest banking centers in the region. Certainly, substantial investment has been made in expanding its offshore banking sector and administrative framework.
The country has put forth its Citizenship program since 1993 under the Dominican law. An applicant can gain legal citizenship for themselves and their family, by making an economic contribution to the country. Your second citizenship may not be revoked, and no government policy can interfere in passing down of citizenship to future generations.
There are two main CBI programs by the government of Dominica.
- Economic Diversification Fund- Non-refundable donation to the Government
- Government approved Real Estate Project – Direct investment in the project
Grenada Citizenship
Surrounded by white-sand beaches, crystal clear waters and lush tropical jungles Grenada offers good opportunities to its residents and visitors. This Caribbean island houses a historic past of colonialism and revolution. Several small islands surround Grenada and offer plenty of culture and civilizations to explore.
Established in 2013, a CBI program in Grenada has been re-formed from time to time and has its legal fundamentals in the Granada’s Citizenship by Investment Act, No.15 jointly with various amendments to the Act. Investors are allowed to apply for themselves and their dependents to become lifetime citizens of Grenada by legal requirements. The government authorities are responsible for all the matters relating to CBI programs of Grenada.
There are two main CBI programs by the government of Grenada.
- Government – National Transformation Fund (NTF) – Non refundable donation
- Government approved Real Estate Project – Direct investment in the project
Benefits of Citizenship By Investment
Citizenship by investment comes with many benefits. In addition to the monetary returns which an individual can gain through business investment, CBI promises the following benefits:
- Get free travel visa to over 150 countries including the U.K.
- Reduced tax liability with 0% rate of tax.
- Classified and confidential process.
- Enjoy a more quick access to Proof of Address, SSN, Tax ID, and Offshore Companies.
- No need to become a resident or fulfill any residency formality.
Citizenship by investment programs is one of the reliable and quickest ways to get access to more than 150 countries. That means qualification for a second passport and that too without any hassle, resulting in their incredible popularity among individuals. Since the announcement of such programs, people have been benefitting from this highly beneficial scheme. You too can achieve a permanent resident status and get citizenship with citizenship by investment programs and enjoy full rights and privileges as a citizen.