The desire to create the best living conditions makes you start looking for options to realize your idea. Finding answers to your questions is not always easy, but the impossible becomes possible in this case. The search for alternative ways will lead to an acquaintance with a program for migrants.
A unique feature of the proposals is the possibility of changing the country of residence and obtaining a second passport or Dual Citizenship. These are the purposes of citizenship by investment programs for wealthy entrepreneurs and their family members. At the same time, it is not necessary to renounce your existing citizenship, but several points require consultation with a specialist.
What is dual citizenship?
More than 100 countries located on different continents and corners of the world offer to change the game’s rules. The proposal is based on the opportunity to get a second citizenship on favorable terms. So, having two passports means
- the chance to remain a citizen in the home country and obtain a permit to stay in the territory of another country;
- equal rights of the holder from a legal point of view, so he pays taxes and carries out other duties of a citizen;
- an offer to access the privileges of dual citizenship countries.
The popularity of the programs has increased in recent years. According to Vladlena Baranova, an expert at Immigrant Invest, the pandemic and the unstable economic situation have influenced this. Wealthy migrants need to obtain guarantees and protect their capital from the consequences of instability.
Countries that allow dual citizenship
When deciding on a destination for relocation and obtaining a second passport, you should consider the specifics of the legislation. Although countries that do not allow dual citizenship are considered rare, finding your options in advance is essential. To do this, you need to contact an accredited agent.
The interest in dual citizenship programs is explained by the benefits offered. However, only those who have completed all the mandatory paperwork stages can obtain them. The process to obtain citizenship includes the following steps:
- Applying. You can apply for citizenship at a consulate or online. The policy of the country of emigration dictates the conditions for submitting documents.
- Fulfillment of the conditions. Investors interested in second citizenship must invest in real estate, purchase bonds, or create new jobs. The conditions for investment areas differ, as does the total cost of participation.
- Conducting an inspection. Citizens who want to receive dual citizenship advantages must provide documents to prove their trustworthiness. It requires data on how to earn and accumulate capital, as well as information on criminal cases.
- Official authorization. You can get a passport as a citizen of the country at the consulate. Under some programs, the permit is sent to the holder by mail. Regardless of the transfer method, the documents confirm the investor’s citizenship and the added applicants.
The procedure lasts from several months to a year. You can find information about the timeframe in the terms of the program by investment. In addition, accredited agents chosen by investors or any other migrants provide useful data.
Pros and cons
There is no need for any country’s government to stimulate supply demand. Interested migrants receive many benefits that allow them to develop their businesses and work in a new market. In addition, a second passport means access to the following privileges:
- quality medical care in public clinics with insurance;
- access to modern education for the applicant and his children;
- the possibility of inheriting citizenship after the death of the principal or additional applicant;
- comfortable travel to the Schengen area, the European Union, etc;
- financial security for capital and real estate (the so-called “tax haven”).
The passport holder can live, work, and receive education without obstacles. Once the permit is issued, the investor is considered a full-fledged citizen of the new country. However, this applies not only to privileges but also to responsibilities.
It is impossible to evaluate the dual citizenship programs without information about the disadvantages of migration. It would help if you were prepared for the following:
- holders of two citizenships cannot hold public office and run for office;
- the need to pay taxes on capital gains in two countries at once;
- citizens aged 18 to 26 must serve in the other country’s armed forces.
The amount of investment and application processing time vary. Some countries do not offer fast-track citizenship but only allow you to apply for resident status. Lawyers who provide consultation on the requirements of the home and second country will help you learn more.
The list of favourable countries for dual citizenship is extensive, as there are more than 100 migration options. You can make your own choice based on the list of requirements for the program and the conditions of residence after obtaining citizenship. It is worth seeking advice from accredited migration agents or lawyers to avoid wasting your time.