If you want to get citizenship by investment, there are a few things you need to bear in mind. You first need to check the best citizenship by investment options available to you. Then, you would need to consider the criteria to fulfill to get this kind of citizenship.
There are many ways to get citizenship by investment in various countries. But, you should ideally go with the option that suits your needs the best. Let’s talk about the must-know things to get the cheapest citizenship by investment.
Know the Basics of The Second Citizenship Program
It’s not easy to avail the best citizenship by investment options if you don’t know what you’re looking for. So, it’s always best to start with knowing the basics of applying for citizenship by investment. Citizenship by investment is a legal route to getting citizenship for individuals. In some cases, it includes citizenship for families too.
This is a type of dual citizenship that allows you to become citizens of a country. But, you would need to contribute to that country's economy first. The contribution you make will go towards education, healthcare, and other national areas. The important thing to remember is that not every country has the same rules for their program.
There are also different citizenship benefits with different dual citizenship by investment programs. Also, remember that not every country offers this type of citizenship program. Only a few countries globally offer this kind of investment passport to individuals.
Most of the countries offering the best citizenship options are in the Caribbean. This isn’t surprising considering this concept was introduced in St Kitts and Nevis.
Things to Know Before Applying for Citizenship by Investment
Now, we’ll cover a few things you need to know before applying for citizenship by investment. These factors will help you apply for the cheapest citizenship by investment options.
Complete Your Due Diligence
Due diligence is an important factor for countries offering you citizenship by investment. These checks allow the country to maintain the reputation of its citizenship programs.
If you want the best dual citizenship, you should complete due diligence checks. These checks differ from country to country. So, it’s best to check with the country of your choice before applying.
In some cases, like in the Caribbean, due diligence is done internally. Some countries have designated Citizenship by Investment Units for this purpose. Often, due diligence is even conducted in conjunction with external firms. This can include international law enforcement agencies and partner governments.
Countries work with these firms to ensure they don’t grant citizenship to criminals. You need to submit a few documents to be eligible for second citizenship by investment programs.
These documents include police certifications from your home country. They would also include your biometric data like fingerprints. But, these aren’t the only documents that come under due diligence.
Some counties also need you to submit your source of fund details. Even then, you may be denied the best citizenship options. This is if your home country is considered high risk.
Many countries accept donations for enrollment in their citizenship by investment programs. This is usually the most convenient method of obtaining second citizenship. But, you should know that the donation amount differs from country to country.
It starts from about $100,000 in Caribbean countries and goes up to nearly $1000,000 in European countries. As of now, Malta is the costliest country in Europe for citizenship by investment. It demands the highest donations from would-be citizens.
The donation you make goes towards the local people in the country. The governments of these countries use this money to improve the living conditions of their people.
Citizenship by investment is more complicated in some countries than it is in others. This is especially true for countries offering these programs in Europe. You need to make hybrid investments for citizenship plans in these countries.
This involves making several types of investments before you can qualify for citizenship. These investments include a combination of donations and purchases. For instance, you’d need to make a donation and buy a piece of property. In some cases, renting will do the trick too.
Difference between Citizenship and Residency
It’s not uncommon for people to confuse citizenship with residency. After all, you can be a citizen and resident of the same country. But, for dual citizenship by investment, these are different terms.
If you’re a resident but not a citizen, you can still travel and live in the country. But, this would be for a limited period in most cases. So, you would need to renew your residency in these countries if you want to continue staying there.
You can travel to another country and stay there for years, you can but you wouldn’t be considered a citizen. You would need to apply for citizenship in this country in one way or another. Citizenship by investment is one of these ways. This citizenship option allows you to gain citizenship in the country of your choice.
Generally, residency by investment in Europe is costlier than it is in the Caribbean. But, this doesn’t mean that citizenship by investment is costly in every European country. The cheapest citizenship by investment options in Europe is in Portugal and Montenegro.
The cheapest citizenship by investment options is accessible if you fulfill certain criteria. We’ve outlined these criteria above so you can start applying to the country of your choice. After all, it can take a considerable amount of time between application and approval.
So, it’s best to first make a list of countries that you want to live in. Then, think about whether you can afford the investment amounts needed for citizenship. If you can, then it’s time to get your documents ready for migration.
You can receive your right to apply for a passport once you’re considered a citizen. This differs from residency, which doesn’t let you apply for a passport. Also, you can receive various citizenship benefits if you play your cards right.
This allows you to save on costs and application times in the long run. It also allows you to take advantage of opportunities available across EU countries.