Second Citizenship by Investment opens a lot of opportunities for you and your family. Learn more about these 7 trends you may have missed.
Have you ever dreamed of living in a foreign country?
Wondered what it would be like to have second citizenship in another country?
Were you afraid of what the process would entail to get it?
Acquiring citizenship in many countries can often take time. More time then some would like.
In an effort to speed up the process, many countries have explored the concept of Citizenship by Investment (CIP).
Interest in CIP is growing daily and as an industry is expected to make over $100 billion by 2025.
Curious and want to know more? Keep reading to see if this could be an option for you!
What Is Citizenship by Investment?
Citizenship by Investment is a way to get citizenship in another country by making investments.
The investment can be in real estate, fixed bank deposits, purchasing bonds, or starting a new business venture.
The process happens faster than traditional means, sometimes only a matter of months instead of years.
Where Are Second Citizenship Options?
There are over 100 countries that offer Second Citizenship by Investment.
The most sought after countries are the U.S., the U.K., Canada, Portugal, and New Zealand. Other countries include Malta, Cyprus, Greece, St. Kitts & Nevis, Turkey, Vanuatu, Antigua and Barbuda, and the Commonwealth of Dominica.
Caribbean countries especially are popular due to their lower investment requirements, fast processing times, and the high visa-free score of their passports. European countries are popular because an E.U. citizen is able to work in any E.U. country, so the possibilities of where you can work are expanded.
Why Are People Interested in Second Citizenship by Investment?
There are many reasons people want to leave their home country. Some of the more popular reasons often focus on government and taxes, healthcare, education, business opportunities, and the chance to travel.
So, why are people interested in Citizenship by Investment? Most notably, because it saves time. People are able to acquire citizenship sooner by investing in a legitimate government program then by following the traditional process.
Let’s take a look at some of the current trends in Citizenship by Investment.
In the year after the 2016 U.S. Presidential election, more Americans immigrated to Canada than during previous years. And the expectation is that number could grow depending on the results of the 2020 election.
Previously, second citizenship for US citizens primarily appealed to Americans who were frustrated by taxation and the ability to do business or invest internationally.
Now citizens are also concerned about the impact U.S. politics is having on their passports global standing.
2. Coronavirus Pandemic
The coronavirus pandemic has impacted travel around the world but especially for U.S. citizens. As countries re-opening their borders, many are still closed to Americans because of the continued outbreaks happening in the U.S.
While investment migration has increased steadily in the past decade, the pandemic has significantly increased U.S. interest in the idea. Although it may not immediately affect their current ability to travel, U.S. citizens are thinking ahead.
While many people move to the United States to access better health care, more and more U.S. citizens are exploring second citizenship in an effort to gain access to more affordable health care.
3. Tax Optimization
One of the more traditional reasons people opt for second citizenship by investment to minimize their tax burden.
A U.S. citizen with a sizeable net-worth may be looking for ways to protect their wealth for future generations. Estate taxes can run up to 40% on estates over $5.4 million.
With tax-friendly second citizenship, there are legal ways to protect your wealth and pay less tax. But you will need to be thorough and careful in your planning.
And, this is very important to know: US citizens must renounce their US passport in order to avoid US tax laws.
So while tax optimization is a reason to look into second citizenship by investments, it is not for everyone.
4. Better and/or Less Expensive Health Care
Access to health care systems is a popular reason for immigrating to another country.
Curiously, this works both ways. While many people move to the United States to access better health care, more and more U.S. are emigrating to gain access to more affordable health care.
5. Better Job Opportunities
Another popular motivation to move to another country is better career opportunities. Many people seek out US second citizenship for just this reason.
According to the United Nations, there are over 272 million migrants worldwide. The vast majority of international migrants are between 20-64 years old, so of working age.
Canada, Germany, Australia, and New Zealand have popular residency options for skilled workers.
6. A Better, More Affordable Education
Many families are interested in moving to give their children a higher quality of education than what they can receive in their home country. Citizens of a country access higher education at a lower cost.
Citizenship not only could save money but also allows family members to travel without restriction to the country.
Family members with second citizenship could travel freely between countries to visit their children in school. The student is able to travel freely between countries and not worry about getting back to school after a holiday due to an expired visa.
7. Increased Due Diligence
What used to be a suspicious operation of “selling passports” has become a respectable and legitimate business worldwide.
The Citizenship by Investment industry put a lot of effort into their due diligence. It may be speedier, but the application process can still take months. It includes a thorough investigation of the applicant’s life and source of their income/wealth.
Reputation management is very important for the host country. They want to remain in good standing with the countries that allow their passport holders visa-free travel. So the vetting process needs to ensure that applicants will uphold their values.
Your Road to Second Citizenship by Investment
Do you have questions about which citizenship by investment program is best for you?
An immigration firm can save you time and money when applying for second citizenship. It can also increase your chances of successfully completing the process.
Contact us now to start the process to live your dream life abroad!