Filli Magna hosted the first segment of our webinar “what are the options?” focused on citizenship by investment and dual citizenship. This webinar was put together in association with Passport Legacy. On this segment of the webinar, Votu Obada Owner of Filli Magna handled the introduction to citizenship by investment. Also, she gave professional insights into Citizenship by investment and explained the importance and benefits of citizenship by investment.
Citizenship by investment is the process in which an individual obtains a second passport and citizenship by investment. It involves investing a certain amount of money in the economy of the country you are interested in getting citizenship. The benefits and implications of citizenship by investment differ for countries as they offer different programs. More countries are offering this program as they realize the economic advantages of opening-up their borders to foreign investors.
Finally, from a financial and lifestyle standpoint, this investment gives rise to numerous advantages to an individual, some of these advantages are listed below.
Benefits of A Second Citizenship
A second passport from a stable, peaceful country can be lifesaving in the event of any kind of political unrest in one’s home country. This type of insurance is priceless for investors and their families.
Many passports are quite restrictive in their visa-free mobility, forcing citizens to obtain visas whenever they need to travel abroad. A second passport can offer individuals from these countries increased global mobility.
New business opportunities open-up to participants in citizenship by investment programs as they can now do business in the host country as well as travel abroad more freely.
Dual citizenship may prove advantageous for tax optimization purposes. For instance, some countries only tax income earned from that country and do not subject capital gains to taxes either. This allows investors to manage their wealth more efficiently and effectively.
Most citizenships by investment programs are available to the family members of the main applicant. This means that investors can secure a better future for their spouse and children. Second citizenships offer access to world-class health care, education, and an improved lifestyle.
Education is the foundation of a successful life. Investing in second citizenship can open access to the best schools in the world for applicants and their children by qualifying them for domestic rather than international tuition fees.
What Do Countries Gain From Citizenship By Investment Programs?
Many countries offer citizenship by investment programs to attract much-needed foreign direct investment. Countries can then use these funds to invest in their projects, such as real estate development, business development and job creation. Similarly, citizenship by investment programs also attracts global talent and know-how aimed at boosting the economy.
Essentially, this programme is a win-win for all involved.
What Are the Requirements?
Each country has a different set of requirements that applicants must fulfil 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, these are:
- A clean criminal record.
- Legal source of investment funds.
- Investment in one of the government-approved options, such as real estate, government bonds or a national economic fund.
Finally, all requirements must be met for citizenship applications to be approved by the host government.
See the specific requirements on the individual program pages.
Where Does Filli Magna Come In?
Filli Magna is a Premium Travel Consultancy Company that provides travel and Immigration solutions and advisory to individuals, government agencies and companies. With strategic partners and relationships, we offer a bespoke service experience sustained by great work ethics and client value.
In a world of increasing globalization, more and more people are seeing themselves as global citizens rather than strictly nationals. For them, borders are not barriers and the ability to live, work and travel around the world is entirely desirable and within reach.
Similarly, with our global partners, we provide streamlined and seamless services to clients who wish to obtain their global citizenship.
We are here to guide and advise you on best practices in getting your Citizenship by Investment passports that would give you all the benefits of citizenship by investment.
For more information on Citizenship by investment and the next segment of our webinar, click here to talk to one of our consultants.