Increasingly, a growing number of countries throughout the world are making it easier for investors to become citizens. This brings in much-needed financial resources to the countries which in turn positively impacts their economies. Successful applicants as well reap various benefits for themselves and their families giving rise to a win-win situation. In deciding which citizenship by investment program is best for you and your family, there are a few factors that should be considered. This includes among others, choosing a country that will best fit your lifestyle and other needs as well as one that will provide opportunities to assist you in realizing your goals. In this article, we have compiled a list of important factors to consider when deciding on which country’s program is right for you.
How Quickly Do You Need to Relocate?
Processing of citizenship by investment applications takes varying lengths of time among countries. Some countries give a decision on a citizenship application very quickly, that is, in three (3) months or less and others take longer. In addition, some countries such as Saint Kitts and Nevis offer accelerated processing of applications for a fee, in which case applications are processed within a sixty (60) day period or less.
The time it takes to process an application may not be an issue for you if you are searching for a long-term strategy and are in no hurry to take advantage of the benefits that citizenship will bring to you and your family. However, if you need immediate access to a child’s school, a business opportunity, or travel for example, or to take advantage of the other benefits accruing from citizenship generally, you should consider the time it takes for an application to be processed and a decision to be given on the application. Depending on the length of the processing time, certain countries may just not be practical options.
Citizenship for Families:-
When researching which program to choose, it is important to consider the type of options offered for families, if, of course, you wish to apply for your family as well. Some citizenship by-investment programs only offer citizenship to the applicant’s spouse and dependents of a certain age. Other programs allow for the inclusion of a wide range of dependents such as parents, in-laws, siblings as well as adult and adopted children. Some programs even allow for the inclusion of family members after the applicant has received citizenship and this is undertaken by merely re-opening the approved application and adding the dependent. Likewise, some programs do not permit the adding on of dependents after approval.
You should also be aware that certain countries allow for the transfer of citizenship to your children and grandchildren through descent, while others do not. You should also consider whether the citizenship by investment program will allow you to financially sponsor a family member or friend who you would like to have the benefit of new citizenship.
What Are Your Goals?
There are numerous reasons to consider obtaining a second or even third citizenship, but you should first determine which of these reasons is the most important to you. Do you want to expand your business? Do you want to be able to travel to other countries without needing to obtain a visa? Are you in the process of making plans for your family’s education and future? Are you concerned about taxes and the protection of your wealth and assets? Once you have understood and answered these and other similar questions, you will be better able to match your goals against what each citizenship by investment program has to offer to determine its suitability for you.
Political and Economic Stability:-
Another major consideration is the economic and political stability of each country. This is important for the well-being of both yourself and your family. It is wise to choose investment-based citizenship in a country where its’ Government and people are embracing persons of different ethnicity, cultures, and religious persuasions and offers good business and investment potential. This will provide the perfect environment for you and your family should you choose to take up residence or invest in your new country of citizenship.
Business and Educational Opportunities:-
It is vital to be careful when choosing a country in terms of current and future business interests. Think about the industries and markets that you seek to expand in, whether now or in the coming years. Which country offers you the best options in this regard? Countries that offer visa-free access to other nations of interest to you are significant and worth noting. Examine which nations have agreements with each country under consideration that will make your planned investments more profitable and offer educational and other opportunities for you and your family. Also, examine the strength of the passport of each country offering citizenship by investment program not only in terms of ease of travel but also whether it will allow you to reside temporarily or permanently in another country of interest to you without further formalities.
If you are ready to embark on this new chapter of obtaining a second citizenship for yourself or your loved ones and would like to discuss your options, please contact us today for a Complimentary Consultation with one of our immigration experts.
Citizenship and Corporate Services (CCS) is a reputable immigration company with over 35 years of Caribbean and other immigration experience. Our capable staff will take care of the entire application process from submitting your application to the relevant Government Agency to couriering the passports for you and your family. There is no need for you to travel for any part of the citizenship process. Call us today to get started.