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1 Overview 2016 Residency & Citizenship by Investment Programs High Net Worth Immigration 1st Edition, 2016 Thank you for requesting this eBook. We consider its contents to be correct and accurate as of January 2016. Our readers should note that we prepared the book for informational purposes only. It should not be considered, and is not intended to be, legal advice. We do not guarantee its continuing accuracy, since each country does, on occasion; modify its residence and citizenship laws. Each individual situation is different. For further information, and to obtain legal advice on your particular case, please contact us at [email protected] Or Complete any of the contact forms on our website High Net Worth Immigration www.high-net-worth-immigration.com 2 Table of Contents Introduction – The Benefits of Second Citizenship 4 Section 1: European Programs Bulgaria – Residency and Citizenship by Investment Program 7 Cyprus – Citizenship by Investment Program 13 Greece – Residency Permit for Real Estate Owners Program 17 Hungary – Investor Residency Bond Program 22 Ireland – Residency by Investment Program 25 Latvia – Residency by Investment Program 30 Malta – Citizenship by Investment Program 34 Portugal – Golden Visa Residence Program 38 Spain – Golden Visa Residence Program 43 United Kingdom – Tier 1 Entrepreneur & Tier 1 Investor Residency by Investment Programs 48 Section 2: North American Programs Canada – Quebec Investor Visa Program 53 United States of America – EB-5 Investor Visa Program 58 Section 3: The Caribbean Nations’ Programs Antigua and Barbuda – Citizenship by Investment Program 64 St. Kitts and Nevis – Citizenship by Investment Program 69 Granada – Citizenship by Investment Program 74 Dominica – Citizenship by Investment Program 79 Section 4: Asia and Oceania Programs Australia – Immigrant Investor Visa Program 84 New Zealand – Immigrant Investor Program 88 Cambodia – Citizenship by Investment Program 93 www.high-net-worth-immigration.com 3 Introduction - The Benefits of Second Citizenship Holding a second passport delivers far-reaching benefits to yourself, your business and your family. Globalization is accelerating many economic drivers; technology is enabling those drivers to become more effective and to be delivered more efficiently. The need for individuals to be able to capitalize on them is also accelerating. Citizenship by Investment, or Economic Citizenship as it is also known, is helping to meet this need. It is the focus of this book. As you read it you will gain important insights into the benefits of both permanent residency status, and citizenship status. Each chapter will then explore in more detail, the terms, conditions and process as they apply to the different countries which offer these benefits to high net worth and, of course, to ultra high net worth individuals. Reasons for Second Citizenship Your personal circumstances determine the reasons you choose to follow this path. It may be that your focus is primarily on expanding your global business footprint. You might prefer to live in, or be a citizen of, a stable and peaceful nation. You may be looking forward to your legacy, and you want to maximize what your family and other legatees will receive. It may be that you, simply, want a luxurious vacation property, and have decided that you can achieve greater value by establishing an additional legal status beyond that of merely ‘property owner’. Practical Benefits of Residency or Citizenship by Investment Second residence or second citizenship have always offered substantial, if different, benefits. The principle was originally established in 1984 by the small nation of St. Kitts and Nevis. Since then, other nations have realized the value to their country and its economy of encouraging foreign investment in exchange for delivering substantial, personal benefits. The investors benefit in many ways, for example: • Greater economic and financial opportunities that may not be open to non- residents or non-citizens • Favorable income, capital gains and inheritance tax regimes • Greater and easier mobility, since many countries enable visa-free travel to other countries • More opportunity for family members to attend world-class educational establishments • More appropriate succession planning with a greater certainty of your plans being met • Political stability and, therefore, increased personal security • Easier access to well-established and world-class financial, legal and business advice • Greater privacy, and more security, for your personal investment portfolio www.high-net-worth-immigration.com 4 • The knowledge that your family members will enjoy their new citizenship for generations to come, along with the advantages and benefits their new country provides The Basic Process Depending on where and how you choose to invest, you and your family members achieve citizenship or permanent residency in the country of your choice, in exchange for that investment. The process varies by country. It can speedy – in as little as twelve weeks – or less so; up to eight years, in some cases, for full citizenship. The process is usually fairly straightforward with each nation setting its own rules and standards. You will be asked to invest in a business enterprise, a program of national importance, a government-approved business or cultural project, purchase government bonds, or invest in real estate. The nation you apply to will determine the amount you have to invest, how long it must be invested for, the buy-back or buy-out regulations, etc. Before your citizenship application can be processed, due diligence background checks are carried out. In addition, some countries also require appropriate language and cultural competence, and possibly your physical presence for a minimum period of time. While others only require the investment. The Difference Between Citizenship and Residency There are two different programs - Residency by Investment Programs, and Citizenship by Investment Programs. The first one leads to Permanent Residency (PR) status. The second one leads to citizenship and a passport. Individuals, who hold residency rights, do enjoy many of the benefits of full citizenship, but not all of them. The same taxation rules and visa-free travel requirements, typically, apply to both legal statuses for example. Each country has its own standards for each status, so it is important for the applicant to know what they are. These are the prime differences: • Residency status is not automatically valid for a person’s lifetime. You must keep your residency valid by following the rules that your new country of residence has established • If you hold a residency permit you have the legal right to live, work, study, and to travel in your country of residence • Your residency status can be more easily rescinded for criminal behavior • Non-citizens cannot vote in elections, petition the government or be called for military service • Citizenship is for life, and confirms you are a legal member of the nation with all of the rights, responsibilities and privileges afforded to all other citizens www.high-net-worth-immigration.com 5 • Citizenship could be revoked if there is substantial evidence that a naturalized citizen has been involved in a crime against the state Factors to Consider Everyone should seek advice and be very clear about which countries to consider, and which status to apply for. Immediate personal circumstances and future goals are the two greatest determinants. Cost is also a factor. A high net worth individual is less likely to be concerned about both initial expense and ultimate return on the particular amount invested, when this is compared with the overall benefits of these programs. Specific factors include: • The ultimate purpose and intended outcome of attaining the new status (increased wealth, reduced taxation, business opportunities, estate planning, lifestyle, etc) • Prerequisites needed by the applicant and family in order to apply for a particular status • The time to obtain the desired status • The need to be physically present in the country in order to complete the approval process • Which other countries can be visited after the status has been attained • How much time, if any, must the applicant and family physically reside in the new country Conclusion Citizenship by Investment and Immigrant Investor Programs deliver major benefits to high net worth individuals. Each program, as offered by each country, requires applicants to meet specific requirements in order to achieve those benefits. Each applicant should look closely at both the countries and the programs, and then couple them to their own personal and business goals. Each of the following sections discusses the countries and their programs as a first step to help you, the reader, make your basic decisions. After that – or while doing your initial thinking – please contact us at: [email protected] Or Complete any of the contact forms on our website High Net Worth Immigration We can advise and support you from start to successful finish. www.high-net-worth-immigration.com 6 Section 1: European Programs Bulgaria – Citizenship by Investment Program Overview The program is offered in accordance with the Foreigners in the Republic of Bulgaria Act. The program is based on the Canadian model. The program delivers permanent residency, and also enables investors, subsequently, to attain Bulgarian citizenship. The primary qualifications for are: • The appropriate investment is made
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