Most articles about the benefits of citizenship by investment focus on the advantages for business. Of course the business benefits are significant – visa-free business travel, increased mobility resulting in face-to-face networking opportunities, taxation advantages and more. There are, however, many overlooked benefits for investors to improve their family’s quality of life. If you are considering citizenship by investment, do not neglect to consider how your investment could potentially be life-saving for a family member in need of enhanced healthcare.
You may not want to think about the worst case scenario, but you should always be prepared. When you obtain dual citizenship through citizenship by investment, and the worst does happen – you or your family members need advanced healthcare – you will be able to take advantage of medical care in both countries. While it is nice to believe that your family members will never need superior medical care, the ability to access enhanced healthcare is an insurance policy.
To start, citizenship programs have developed to allow investors to include their family in their applications. This includes your spouse, dependent children and dependent parents. Most programs have specific guidelines on the ages of dependants permitted for inclusion. Investors should determine which family members they want to include and select a program to suit their needs.
The Grenada Citizenship by Investment Program, for example, made an amendment in 2017 to allow investors the ability to include even younger parents, and even older children as dependants. These amendments are becoming more common as the citizenship industry becomes more competitive, benefiting the investor and his family. More specifically, the minimum age of dependant parents is now 55, down from 65. Meaning, investors can include parents as young as 55 in their application as dependants. Also, the Grenada program allows investors to include dependant children up to age 30.
In addition to the Caribbean, some of the countries in Europe which operate Residency programs also have a path to citizenship and enhanced healthcare options. Portugal, the United Kingdom, and Ireland are all ranked highly for the quality of their health care systems. Ireland, for example, allows access to their public health care for all residents, though health insurance is recommended to help cover private health care costs.
There are many Citizenship and Residency Programs that allow investors the opportunity to include family members in their applications. This is why it is crucial for investors to contact a reputable company offering residency and citizenship planning. Our consultants can guide investors through the best options for their families, in terms of medical care and beyond. To get more information, be sure to request your free, no-obligation consultation today.