Frequently asked questions
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No. Citizenship by Investment programs allow for the applicant to keep dual citizenship.
Each country has a different set of requirements that applicants must fulfill for its citizenship by investment program. For example, some programs require medical examinations and proof of good health, while others do not. However, some requirements are common to all such programs:
- Have a clean criminal record
- Show the legal source of the investment funds
- Invest in one of the government-approved options, such as real estate, government bonds, or a national economic fund
Getting a second passport has numerous benefits that will allow you:
- Access to education and health care facilities
- Open of business ventures and real estate investments
- Great for family planning
- Improves visa-free access
- Mitigate taxes on worldwide income
Citizenship by investment refers to one specific way of obtaining second citizenship. Namely, the applicant qualifies for citizenship by investing a specific amount of capital in the host country.
This ‘investment’ can be in the form of a donation, a real estate investment, a government bond, or other approved options, depending upon the specific country’s requirements. The minimum investment amount also varies, with the cheapest options being available in the Caribbean nations starting at USD 100,000.
CIP host countries created these programs to stimulate their economic growth with engaged funds from high net individuals. Currently, the minimal overall cost is more than USD 200 000.
Citizenship by Investment (CBI) and Residency by Investment (RBI) programs are an effective method of raising capital investment and attracting talent and experience that help to boost regional economic growth. However, any significant inflow of cash brings a risk of money laundering or financial impropriety.
Closer scrutiny of the investment migration (IM) sector has led to recommendation by civil society and regulators to implement effective enhanced due diligence processes so that only reputable and honest investors are allowed to obtain citizenship. Each investor application therefore requires a thorough and careful audit to mitigate any security, financial crime, and reputational risks. This is known as citizenship by investment due diligence.
Having dual citizenship inevitably creates new trade and business opportunities. These opportunities could be both in the country where second citizenship is obtained, as well as in the countries where you have increased access due to having a stronger passport.
Not all passports are created equal. Many of the nations which offer the possibility of second citizenship have top tier passports. These stronger passports allow extensive visa-free travel around the world.
If you have to obtain visas whenever you need to travel it’s an expensive, time consuming, frustrating and stressful process. A second passport can alleviate this problem by offering increased global mobility.
Depending on various criteria, having second citizenship can prove advantageous for tax mitigation* purposes. Advice must be sought on an individual basis however, and we’d be pleased to guide you in relation to this complex matter. Certain nation only tax income earned from within that country, and do not tax capital gains either; others don’t tax foreign sourced income even if remitted. A strategic second citizenship could potentially enable you to reduce your global tax burden legally, and manage your wealth more effectively.
*Tax avoidance involves arrangement of a transaction in order to obtain a tax advantage, benefit, or reduction in a manner unintended by the tax law. Tax mitigation involves use of the tax law to achieve anticipated tax advantages embedded in tax provisions.
If you originally herald from a nation where political, economic or even climatic threats could undermine your personal or commercial security, having a second passport from a stable, peaceful, safe nation can be literally life-saving. Consider a second citizenship the ultimate insurance policy – priceless for you and your family.
Triple citizenship is very possible. This is because nations can only regulate what citizenship their nationals can have. They cannot regulate the citizenships of other countries. That said, an individual can have passports from three or more countries that allow dual citizenship.
The FATF’s latest definition of politically exposed persons (PEP), is as follows:
- Foreign PEPs: individuals who are or have been entrusted with prominent public functions by a foreign country, for example Heads of state or Heads of government, senior politicians, senior government, judicial or military officials, senior executives of state owned corporations, important political party officials.
The FATF guidance implies that if a person is a foreign PEP, it de facto makes them a domestic PEP in their own country. This makes sense for crime prevention, because to export proceeds of crime, the PEP must first use their own domestic financial system and thus, importance is placed on domestic, and non-foreign PEPs.
No, the current address of the applicant is not shown on the passport.
Yes it is 100% legal; just make sure to verify if you are allowed dual citizenship.
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