Citizenship Versus Residency by Investment – the Right Choice
Many persons have over the years used either a Citizenship by Investment or Residency by Investment Program as a means of achieving a better quality of life for themselves and their families. Since the inception of the Citizenship by Investment Program in 1984 by the Government of St. Kitts and Nevis to attract foreign investment into the island nation, numerous countries, particularly those in the European and Caribbean regions have implemented similar programs. With a large number of investment programs available in the marketplace, choosing the right one can be a difficult task.
Second citizenship and permanent residency programs while being distinct also share similarities. This Article seeks to explain these Programs which will hopefully assist you in making a more informed decision.
How Urgent is your Need for a Second Passport?
Under a CBI Program, you will be issued a passport from the country of citizenship and you will generally have all the rights of a person who was born in that country. Under an RBI Program, you will be granted residency in the country, but you will not have all the rights of a person born in that country. If you are granted permanent residency, you can however apply for citizenship after the period mandated by law which varies from country to country. The issue for you to consider is how quickly you wish to have a second passport and to enjoy all the rights and benefits citizenship will offer you and your family. If you need a second passport immediately, then you should pursue a CBI Program and if not, an RBI program may better suit your purpose.
Investing in real estate or making a one-time donation in exchange for citizenship or permanent residency is required under both the CBI and RBI Programs. Before applying for either of the Programs, be sure you know what kind of investment you want to make and how much you want to spend.
Applicants seeking a low-cost CBI Program should look into one of the Caribbean CBI Programs which include Saint Kitts and Nevis, Dominica, St Lucia, and others. A one-time, non-refundable donation contribution is frequently seen as one of the more cost-effective investment options. Investing in real estate should be chosen, however, if you wish to relocate to your new country or earn a rental income from the property. Countries such as Portugal, Cyprus, and Greece offer excellent residency through investment Programs. Both the CBI and RBI Programs offer outstanding real estate investment prospects.
Visa-Free Travel
One of the most compelling reasons for persons to seek second citizenship or permanent residency in another country is the freedom of mobility it provides. You should decide on the scope of the freedom of mobility that best suits your purposes. Which parts of the world do you and your family want to travel to whether for leisure or business purposes? If you wish to have visa-free travel to over 120 countries globally including the Schengen countries and the UK, then you may wish to consider a CBI Program. If however, you wish to have the freedom to travel to only some areas of the world such as the European Union, then you should consider an RBI Program that will allow you to do so. The choice is yours.
Residency Requirements:-
It is important to consider the residence criteria whether you are applying for a second passport or permanent residence. This is especially significant if you are not planning on living in or migrating to the country where you want to invest and become a citizen or resident. Each Program has its own set of residence requirements. For example, there is no residency requirement for the majority of the Caribbean CBI Programs whether before, during, or after the attainment of citizenship. In contrast, Residency by Investment Programs generally requires a physical residence requirement.
Whether you have already made the decision to proceed with applying for citizenship or permanent residence under either a CBI Program or an RBI Program or you merely wish to discuss the best Program for you and your family, 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 your entire application process. Call us today to get started.
