Passport strength, a measure of freedomJuly 4th 2018
Getting citizenship through investments has become a popular practice among investors. Considering the rapid growth of citizenship by investment industry, each program is inspected against others. Since each investor is unique and possesses different requirements, so it is possible that one citizenship by investment program is suitable for a particular investor but is not suitable for another. In such circumstances, there are several common indicators that could be used to assess the requirement of each passport.
There are seven indicators that could help people in analysing the best possible programs as well as accompanying passports. These include quality of life, reputation, financial requirements, processing time, residency requirement, the capability of retaining the citizenship and via-free travelling access.
Getting visa-free access helps an individual to visit multiple countries, without having the need of getting a travel visa. For instance, by getting Malta’s case a person is allowed to travel to 152 countries, without having the need of getting an individual visa. Another example is the Cyprus passport, which allows an individual to travel to 147 countries on the visa-free basis. Comparatively, the passport provided by St. Kitts & Nevis provides the holder with visa-free access to 128 countries.
Having the capability of retaining current citizenship is found to be one of the biggest priorities of the investor. This is no longer the biggest problem as dual citizenship options are provided by a number of programs. There are many benefits of holding dual citizenship, such as obtaining the ownership of lands in both countries, taking advantage of the services provided in both countries, the provision of security of assets on both locations, and the option for children to apply in schools on both locations as citizens and not as international students.
Another aspect, which the investor should ponder when applying for citizenship by investment programmes is the need to acquire residency requirement. Not all investors are able to take the time to visit other countries to grant them second passports. However, this indicator totally depends on the investors choice of country through the programme, which does not mandate residency requirements. For instance, Grenada does not have a residency requirement.
The application process
Duration for processing in obtaining the passport is also a prominent factor that comes in between the selection of different types of programmes for the investors. However, many investors consider the Malta Investor Program, as it offers tremendous benefits. However, the average processing duration is about a year after the completion of the application process, while attaining a passport to Cyprus can be done within 4 to 6 months.
The most important factor to consider before applying for the citizenship by investment programmes include the required finances. Caribbean programmes mostly encounter intense competition. Therefore, for handling this issue several Caribbean programmes have lowered their investment amounts to attract the investors. For instance, following Hurricane season, Barbuda and Antigua minimised their donation option, substantially.
Subsequently, in the list of aspects to consider, reputation and quality of life are always there. If anyone is planning to relocate, for sure he/she is going to experience an excellent quality of life.