When it comes to obtaining a second citizenship, the traditional method has been to obtain residency in a country and wait for several years without any guarantee of eventual approval. Many factors come into play when you take the this approach as compared to the newer streamlined Citizenship by Investment process.
Citizenship by Investment is a method of gaining legal citizenship in a country by making a substantial investment in that country. This option is much faster than traditional methods, in some cases taking as little as 5-6 months (some fast-track options are available which may decrease this time). Depending on the country, using the traditional method of obtaining residency and then waiting to obtain citizenship can take years. Canada for example requires permanent residents to have been physically resident for 3 years prior to applying, not including the time and effort required to obtain permanent residency. There are extreme cases, such as the UAE, which require 30 years residency!
One of the many benefits of these programs is that they have either none or very minimum physical residency requirements. While the traditional methods of obtaining citizenship require a physical presence in the country for many consecutive years. These residency requirements basically mean that applicants have to uproot their lives in advance of applying for citizenship.
For example, one can obtain a second citizenship through the Cyprus Investor Programme in as little as four to six months without any physical residency requirement. Similarly, the Grenada Citizenship by Investment Programme allows one to obtain a second citizenship in four months without any physical residency requirement.
Other programmes have minimum physical residency requirements. The Antigua and Barbuda Citizenship by Investment Programme is one such option. The program only requires applicants to be physically present in the country for five days out of five consecutive years. There is a huge difference between these examples and the traditional method.
Another advantage of Citizenship by Investment Programmes is that there is often no language requirement. In certain countries, those seeking to obtain citizenship must pass rigorous tests to assess their ability to speak and write the language of the country in question. With many of the streamlined CBI programmes offered throughout the Caribbean, there is no language requirement.
Some countries do not allow dual citizenship. This means that in order to obtain citizenship, you would have to renounce other citizenships. This is actually dependent on the laws for naturalization in each country. Fortunately for applicants under Citizenship by Investment, none of the countries offering these programs require you to renounce your citizenship.
When an applicant takes a more conventional approach toward applying for citizenship, there are no guarantees. A small mistake in the application process can cause delays that last months or even years. An applicant could be rejected for any number of reasons. With Citizenship by Investment, applicants have less stress because of the help provided by citizenship consultants, such as Elevay. When investors work with Elevay, they can be assured that a team of trusted professionals will help guide them toward the optimal choice. We will ensure that all information submitted with your application is accurate and complete. This will help avoid any delays that can be caused by having to gather additional paperwork and submitting addendums.
It is no wonder that citizenship by investment is currently more popular than ever. The options are clear, wait for years without any guarantees or take the faster, less hassle approach with the assistance of Elevay. To get more information on obtaining a second citizenship be sure to request your free, no-obligation consultation today.