How to Select the Right Citizenship by Investment Program
Citizenship by Investment Program remains one of the most popular programs to attract investment. Under these programs, they are essentially asking you to invest a certain sum in the country in exchange for citizenship and benefits incidental to it. These programs, in principle, are pretty much the same, though there are differences in terms of application processing and accrual of benefits. Countries with strong passports are generally known for higher investment level requirements and greater due diligence mechanisms.
Clearly, you cannot pick and choose such a program on a whim. An array of factors assist in deciding what should be taken into account while choosing citizenship by investment program. Over here, you will find 5 of them mentioned below. Take good note of these points and you should be able to pick the right program for yourself.
- Take into account your family
As noted earlier, these programs vary from one country to another as a result of which the benefits may or may not be extended to the concerned family members. For instance, some programs only extend citizenship to the spouse of the applicant, along with the children.
On the other hand, you may find programs whose coverage is expansive and includes several dependents subject to conditions. You may or may not add dependents, but all of this depends on the conditions in the program. Whatever your plans are you should double-check the program and its scheme to plan better.
- Do you intend to move?
In most cases, you don’t need to necessarily move to the country where investment has been made. Once an investment has been made, you are given citizenship and a passport. However, the issue comes with how quickly you get things done. Generally, these programs entail a quick application process that gets finalized within 6 months.
That being said, you will have to consider whether you want to move to the country at the first given opportunity. Saint Kitts and Nevis, Grenada, and Cyprus are among the few countries that offer the fastest citizenship under their programs. However, other countries may have a relatively prolonged process so ensure that your immigration plans do not get stifled by the timeframe under the program.
- Business opportunities
Understandably you want to derive benefits from the program. However, you cannot be under the impression that benefits will keep growing. Once you are a citizen, you will be in a position to accrue several benefits and it becomes necessary to expand your horizons. You must strongly consider the current and future prospects of the country in terms of business.
Simply because the program offers myriad citizenship-related benefits does not guarantee that you should be able to explore and extract business benefits in the future. Study the country’s economic stability, governmental temperament towards otherwise foreign investors, administrative framework, and whatnot before you decide to invest.
- Social and cultural environment
You need to understand one thing: with citizenship come a whole lot of things and that includes a distinct society. If you have plans to settle down in the country, then you must brace yourself for the socio-cultural transformations that will inevitably come into your life. Perhaps, the existing socio-cultural environment does not fit well with your own and family’s conceptions and lifestyle. Many people take for granted this factor as something secondary to their overall decision but this may have an impact on the way you go about things.
- Why do you want to do it in the first place
No one is stopping you from creating a passport portfolio of your own. Go ahead! However, having too much on a plate spoils the appetite. While this point comes on the fifth position, it is the most fundamental one. You must have a plan; a plan that highlights your goals. Why do you want the citizenship of that country in the first place?
There are other alternatives (though longer in time) that can be opted for acquiring citizenship. Figure out your goals; whether you want to explore better educational and business opportunities, whether you want to live in a more liberalized tax regime, or whether you want the flexibility of movement across the world, etc. All of these questions need to be asked before you decide to sign up for programs like these.
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