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Investment in Citizenship - The Newest Trend
Friday 3rd November 2017
Houses, yachts and sports cars are investments of the past - wealthy people are increasingly investing in second citizenship. When the status of a citizen is sold and bought, the passport turns into a symbol that can tell a lot about its owner and can provide a breadth of new opportunities for said owner.
Citizenship by investment has been a concept that has operated for over 30 years after initially being introduced by St Kitts and Nevis, the luxury Caribbean island that in return for investment into its economy, offered a passport granting the right to visa-free entry into 132 countries. Overtime this concept has proved popular and today at least 20 countries offer citizenship by investment, including but not limited to: Antigua, Cyprus, Dominica, Grenada, Malta, Monaco Portugal, St Lucia and Switzerland.
One of the most popular countries is that of Cyprus, despite being the most expensive it offers status of an EU citizen and the possibility of free movement and entry into 150 countries. These benefits can be obtained for investments of €2 million (approximately £ 1.8 million) in the form real estate or local securities.
On the opposite end of the budget scale is Dominica, a small island nation in the Caribbean, which would see visa-free entry into 95 countries in return for investing $100,000 (approximately £76,000) into the state fund. Alternatively, you could purchase a property for the value of $200,000 (approximately £152,000) and receive your Dominican passport.
Similar programs exist in the most developed countries, such as Canada, the United States and the United Kingdom. However, obtaining passports is a lengthy process and attracts a substantially large investment and fee. For reference, the United Kingdom offer an Investor Visa under Tier 1 of the Points Based System. This allows you the right to reside in exchange for £2 million of investments into either government bonds or an active UK company, with possible top-ups from property or savings. After holding the investments for 5 years, you will then be able to withdraw them and have the money returned, with any interest/profit that you have accrued. After 6 years of maintaining the level of investment, an investor can apply for citizenship and obtain a British passport. The investor will also have to ensure additional immigration rules are met, which include spending limited time outside of the UK. Whilst the rules are more comprehensive, we have experience in assisting and guiding clients whose absences are higher than permitted.
Due to changes in immigration laws and border controls, we have seen an influx in applications for Citizenship by Investment for various different countries and have witnessed first-hand the benefits that our clients are enjoying from it.
LS Legal Solicitors are well versed in Citizenship by Investment applications, as well as investor and entrepreneur visas. We work closely with our trusted and reputable partners in providing the necessary support and advice throughout the application process and beyond.
Should you require further information, please do not hesitate to contact our experienced lawyers by e-mail info@LSLegaLUK.com or by phone +447535959450 and it would be our pleasure to assist you.