What Is Residency?
Residency status, in most countries, is split into temporary or permanent residency. There are country-specific requirements to renew the residency permit from time to time. These requirements often involve maintaining the minimum investment amount, providing a certificate that establishes a clean criminal record and satisfying the minimum stay requirements. Usually, most countries allow an applicant to apply for permanent residency after five years.
Most residency-by-investment programmes allow the main applicant to also include their dependent family members, as long as they can meet certain criteria. Other typical requirements may include registering biometric data with immigration authorities, providing ID and source-of-funds documentation, providing a certain net worth and paying government, legal and processing fees.
What Are The Benefits Of Residency?
Although the rights vary somewhat from country to country, key benefits remain consistent. For example, with the EU residency programmes, investors and their families can travel visa-free throughout the Schengen countries for up to 90 days twice a year. They also have the right to live, work and study in their country of choice, which is often a major driving factor as residents can send their children to state-owned schools at no additional cost.
What Is Citizenship By Investment?
Also known as economic citizenship, citizenship by investment grants citizenship status to an applicant based upon a pre-requisite investment amount set by each specific country that participates in this program.
What Are The Benefits Of Citizenship By Investment?
Citizens gain all the rights granted to a resident in addition to also being able to pass on citizenship to children and grandchildren. Some countries, like Portugal, offer residency programmes that can eventually lead to citizenship.
Once citizenship is obtained, you are free to offload your property investment and no longer need to have medical insurance or prove ties to any country. In essence, citizenship gives you the same rights as a national of that country, which is pretty liberating!
Furthermore, you also gain the right to vote in local and national elections, are able to hold public office, can sponsor other family members to obtain residency status, and are also entitled to embassy/consular protection throughout the world. Of course, you also can be summoned for jury duty service once you become a citizen.
If you’d like further guidance about what program is suitable for your individual needs, contact us at XXX. We’d be happy to help!