Applying for a second citizenship can involve some complex decision making processes and should be undertaken with a careful analysis of all factors. The implications of obtaining a second citizenship, especially through a citizenship by investment program, can be different for different types of circumstances and it is prudent to seek professional advice from reputable immigration experts or lawyers before committing to a decision that can affect the future of your family, your business or work.
With expert advice and feedback from our team of top immigration & naturalisation consultants, we’ve simplified some of the complexities around second citizenships to help you get started on your journey.
What to consider before applying for a second citizenship by investment?
When deciding to apply for a second citizenship, it is important that you choose a citizenship by investment program that fits your expectations.
Here are some of the key considerations you should take into account:
Business or personal – Define your primary goal
What you want from a second citizenship and the strong second passport it will give you, is always an important factor. Whether your main reason is to help you find opportunities for your business, or to secure the future of your children, it will have some impact on your choice of citizenship by investment program as each program has something different to offer.
Tax implications
As a dual citizen, you are liable to both country’s laws. Taxes can affect your ability to work or your business’ ability to flourish. While most countries offering citizenship by investment programs are lenient on taxes and foreign income, it is best to do your research or talk to a team of immigration experts before applying.
Relocation
Another factor in your decision making will be whether you’re currently staying in your home country, are an expatriate, or planning to relocate to another country. Some programs, like the St. Lucia Citizenship by Investment program, do not require you to visit the country before or after you acquire your second citizenship. Others may require a minimum stay. If you are looking to relocate, the climate or geography of a country, its healthcare or education system may also impact your decision.
Number of family members
Your family considerations, and how many family members would be included in the application, for example spouse and number of children, siblings, if there are any parents or grandparents, will also affect your application. Programs like the Dominica Citizenship by Investment program allow extended family members to be processed under the same application.
Investment options/fees
Almost all citizenship by investment programs offer multiple investment options. Weigh the pros and cons of each option as this will be a key determinant in the overall financial cost of your second citizenship application. Other financial costs will depend on the number of applicants and the government’s fee for processing your application.
Special Benefits
Citizenship by investment programs are an international endeavour affected by international developments and scenarios. In this highly competitive market, countries collaborate to ensure that the benefits they offer are honoured by the respective countries. You might want to inquire if the citizenship by investment program you’re interested in has something extra to offer. For example, the Grenada Citizenship by Investment program is the only Caribbean program that allows its citizens to be eligible for the E-2 Investor Visa for the United States of America (the eligibility for E-2 is conditional on residency requirements).
Conclusion
Whether you are looking to expand business opportunities or want to ensure a better future for your family, a second citizenship and a strong second passport is an investment with high returns. However, it is important to remember that there are many factors that can impact the value you receive from investing in a citizenship by investment program and, therefore, it is a decision not to be undertaken lightly.
Carefully consider all aspects and do your research. It is also best to get in touch with a reputable firm of immigration consultants to help you on your journey.
For more information, explore our website on citizenship by investment programs, or get in touch with any of our expert immigration consultants.
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