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Want to get a Second Passport?- Know about Citizenship By Investment
February 21, 2022
Business Immigration,Citizenship by Investment
According to a recent report, more than 25% of High Net Worth Persons are seeking a second passport.
Second passports are no longer just the stuff of fictional spy stories but are gaining popularity among successful businessmen, foreign investors, and otherwise global-minded individuals who wish to be global citizenship by investmment.
But How?
A second passport can be obtained in many ways, but the most direct method is to buy one. Regardless of whether you call it ‘buying a passport’, ‘economic citizenship’, or ‘citizenship by investment’, they all refer to the same thing.
You can acquire citizenship and a passport within Four months of investing or donating considerably in certain countries. Let’s know in detail about the procedure of getting Citizenship by Investment.
What is Citizenship By Investment?
In exchange for a financial contribution to the host country’s economy, citizenship by investment (CBI) grants individuals dual citizenship or, in some cases, their families dual citizenship.
The initiative permits countries to invest funds in a variety of development projects, including education, healthcare, and infrastructure. Investors, whose countries of origin allow dual citizenship, receive citizenship alongside their home nation.
Why Opt for a Citizenship by Investment option?
- Tax Planning
Investment citizenship programs will not change your tax situation automatically, but it is a good start if you wish to lead a tax-free life.
- Travel Planning
With dual citizenship, you can enjoy the benefit of traveling to different countries without the need for a Visa.
- Insurance
Compared to traditional immigration procedures, buying a passport is your fastest way to get a second passport if you need a Plan B or wish to renounce your US citizenship. If you are interested to visit Canada then you can also get step to step detailed guide on Immigration to Canada.
Benefits of Citizenship Through Investment
- Instant Passport- This process can get you your passport in the time frame of 3-4 months.
- Can Get US Citizenship– CBI passports can be used to save on taxes for US citizens and renounce their citizenship.
- Travel Privileges– One can enjoy visa-free travel to the UK, South America, Singapore, Hongkong, Central America, Ireland, the EU, Southeast Asia.
- Low Risk– Traveling or living in the country is not required. Citizenship will be granted to you.
- Get access to countries hard to get access– It allows access to South Africa, Russia, China, and even the US.
Process of getting Citizenship By investment
Select a Citizenship by Investment Agent
Public applications are not handled directly by the government. The government channels all applications through approved agents. You will need an agent for the citizenship by investment process, so make sure you choose the best.
Filling in the relevant paperwork
After selecting an agent, he or she advises on the necessary steps, including filling out pertinent paperwork, getting copies of documents, and any physician’s appointments that will be needed.
Background check
- This step allows countries to maintain the highest standard of applicants and ensures all investors are vetted, reputable, and legally sound.
- The first step is done by the agent and all suspicious applications are ruled out straight away. Applicants’ applications are then forwarded to the appropriate government. In case the internal department deems the application clean, another agent is assigned to review it with a fine-tooth comb.
- It takes about two to three months to complete these background checks. Afterward, the agency produces a report that it sends to every party involved, along with the government unit that sends it to the minister. Having received approval in principle, the only thing left to do is to invest.
Make your investment
Investors can do investment in two ways to get the citizenship of the required country. An investment in real estate or a contribution to a government-approved fund are two options.
- A government fund contribution is usually the most straightforward route, as it requires payment into the host country’s government bank account, along with quick background check by the bank. The individual investor receives a certificate of citizenship once the funds have cleared in the account. All that remains is to pay a few minimal fees.
- When investing in real estate for investment, the process is slightly more difficult, due to the lengthy property transfer process, which is essential as an application cannot be processed without a purchase agreement.
Note – The full benefits of your second citizenship can still be enjoyed only if you apply for your second country’s passport. As soon as you have obtained your second passport, you are free to travel to your second citizenship whenever you want.