There are a few things we cannot choose in life because they involve the very moment of being born. We cannot choose or influence any of the circumstances of our birth and the time before we enter this world.
People like to refer to the fact that nobody gets to pick their parents, which is true, but one also cannot pick the place where they are born, and hence your nationality. Being born in a certain country automatically makes you its citizen as it grants you citizenship and makes you an official person who makes up the country’s population. While that itself cannot be changed in life, it can certainly be expanded on as there are ways to get a second, or even a third citizenship.
Now, most people know that this can be done in a number of ways. For example, you can get a foreign citizenship by marrying a person from another country and moving to live there. You can also be granted citizenship if one or both of your parents already have multiple, regardless of whether you have been born there or not.
But did you know that you can invest in a second citizenship and effectively buy your way towards owning a second passport? Well, you can, and many people do it because it brings along many benefits. If you are wondering why do people invest in a second citizenship or how you may do the same if you are interested, stick with this article until the end. What is more, if you want to get additional information on this and dive deeper into the topic, make sure to check out https://imperiallegal.com/citizenship-by-investment/.
What Is It?
In order to know why people do something, you have to first understand what it really is. And with investing in citizenships, it does not get any clearer than the name suggests. To be able to do this, you do not actually buy the citizenship or invest in the paperwork or a passport. You actually invest in the country that makes this type of program available for foreigners. They do this for various reasons, but most of them revolve around helping their cause and allowing foreign people to have an incentive to invest in their economy. Usually, you are free to pick what you want to invest in, but there are rules. Each candidate must invest a certain amount of money, which is quite substantial and definitely not available to many, as well as invest it in the right place.
Obtaining a citizenship by investment is becoming quite popular, but it is only available in certain countries, about a dozen to be more precise.
Destinations That Allow It
Countries that allow such opportunities and programs, and which therefore encourage foreigners to invest in exchange for their passport, include some very exotic locations as well as countries in development. Antigua and Barbuda, Dominica, Saint Kitts and Nevis, and Saint Lucia are perhaps the most exotic of all.
Cyprus, Montenegro, North Macedonia, Malta, Turkey, and Austria are the only European countries on the list. Add in Grenada and Jordan and you have 12 beautiful and unique countries to choose form, a very diverse choice that can be quite hard when you start to think about where to put your money. Of course, the investment threshold that you have to pass differs greatly from country to country.
Antigua and Barbuda, Dominica, and Saint Lucia for example require a donation of US $100,000. For Saint Kitts and Nevis, it is US $150,000 and for Grenada and North Macedonia it is $200,000. Some countries ask for special requirements, like Montenegro where you have to invest EUR 250,000 and make a EUR 200,000 to the country. And then there are Malta and Cyprus, where the investments have to be as high as EUR 1,000,000+ and EUR 2,000,000+, respectively. The time it takes to have the passport issued vary as well, from around 60 days or 3 to 4 months to as long as half a year or a full year.
Why Do It?
We have finally come to the titular question of the article and it is time to talk about why somebody would invest in a second citizenship. First and foremost, it is a great business move for those who can afford it.
Investing money means that you have great potential to grow there and make a base of operations away from home. This then gives the person and their family further benefits of owning property far away from home that can be used as a holiday destination without any more need of paying for accommodation and looking for a good vacation spot.
Speaking of family, this is where it gets interesting. Most of these citizenships do not only cover the investor, but their spouse and children too. This means that the citizenship investor can extend their efforts and obtain passports for their whole family and allow them an easier life of traveling. In some cases, siblings and parents of the citizenship holder are also covered. This makes many things so much easier for the entire family, which is handsomely rewarded for the investment in a country. Being able to do this is quite amazing considering how difficult it is to become a legal citizen of certain countries.
When it comes to traveling, the freedom you get with an additional passport must never be overlooked.
Those with a single citizenship can only travel freely and visa-free to places their own country has good relations with. And that can be quire limiting. Say you hold the passport of Saint Kitts and Nevis for example.
It allows you to freely cross the borders of more than 130 countries. Holders of the Malta passport are even luckier, with 160 countries being visa-free for them. If you travel a lot for business or pleasure and have money to invest, this is a great option for you and your whole family.
Last but not least, we must not forget about the quality of life and the fun that this whole agreement brings.
Most of the countries on the list of citizenship investment destinations are famous for high living standards, quality of life and education, healthcare, as well as an easygoing life. What more can you ask for in terms of providing a safe, happy, and comfortable place for your loved ones? Who can say no to having a place to go on another continent or a tropical island country, and the means to cross the borders without any hassle whatsoever?