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Have you heard of the phrase “golden passport”? You may or may not have an idea, but today I shall offer you insight into it. Our topic of discussion should be of interest to those who are into intensive investment and are looking forward to such opportunities. However, before you do anything about it, let us figure out what it means to acquire citizenship by investment. In this article, I will mention five pointers about citizen by-investment programs, so let us go ahead without further ado.
Basic understanding
Let us begin with a foundational understanding of the program. The very name of the same is self-explanatory: it entails the acquisition of citizenship upon certain investments. Many countries believe that these programs incentivize entrepreneurs to invest within their territories. Through these programs, individuals are offered citizenship of the country in return for making certain levels of investment. Such citizenship is acquired by virtue of investments rather than birth, naturalization, or marriage. Due to the nature of the benefit provided under these programs, they are also called cash-for-passport programs.
Quick acquisition
Many wealthy individuals may want dual or multiple citizenships, and one way of going about this is, of course, through these programs. One primary reason why wealthy individuals are attracted to these programs is the smaller time frame within which they will be given citizenship. It is a very quick process that requires the interested person to make the minimum level of investment designated under the specific program, and they can have their new citizenship and passport in a short span of time, which can be as early as 57 days. However, the usual norm is the passport is issued within six months.
Regardless of where you come from
Since the purpose of these programs is to derive economic benefits, they do not emphasize the origins of the investor. It does not matter where you come from, what language you speak, or whatnot, so long as you can satisfy the basic conditions to participate in the program. The passport is issued to you or to any other person from a different country. However, you may be subject to a deeper background check based on the country you belong to. Other than this, there is no difference in the treatment meted out to you or any other investor under the program.
Benefits of this program
Citizenship may not be the sole reason why you would want to invest in the program. Surely, there will be other reasons for you to participate. The benefits of the program are multifold: you get a passport in a recordless time frame; tax benefits may be extended to such investors; visa-free access to several countries such as South America, Hong Kong, countries part of the € European Union, and the United Kingdom; no requirement to stay in the country of investment; and access to countries otherwise not easy to access such as China and Russia. Other benefits include automatic naturalization of citizenship of the children of successful applicants, the right to vote, and accessibility to government jobs.
Different investment requirements
You will generally find that countries with strong passports have higher levels of investment requirements. For instance, Austria has one of the world’s strongest passports. It requires interested applicants to invest a minimum of € 3 million, whereas North Macedonia stipulates a minimum of € 200,000 investment under its program. While the process is generally streamlined throughout the world, there may be stricter controls and due diligence provisions as Malta, which undertakes one of the strictest due diligence processes under its programs. Also, benefits may differ from one country to another. So, if at all you decide to invest in these programs, you should take a thorough look at the provisions of the programs.
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