News feed Date: 15 April, 2020
While we are living in unprecedented times with many of us experiencing nationwide lockdown conditions, has the demand for a second citizenship or a new residence permit diminished? Perhaps surprising to many, it has not. If anything, the current global pandemic has highlighted once again the importance of having more options in life.
Many of you, who were previously contemplating applying, have now initiated the process. When the next global crisis, conflict or geo-political issue arises, you want your family to have greater options than those currently available to them.
Many of you have come to realize that your current government may not have the necessary resources or technology to properly handle the safety of their nation and its citizens. What if the world was to be struck once again with another pandemic or a deep global crisis of some sort? What will your country look like in 5, 10, or even 20 years from now?
This has forced many of you around the world to action both short- and long-term options for yourselves and your children. For those with the financial means, giving their children more options in life is not only prudent but even more a necessity in an increasingly competitive and complex world.
As such, we are taking a closer look at those citizenship and residency-by-investment programmes that would allow clients to apply without the need to visit the selected country as part of the application process, or at least not until the very end of the process after the application approval-in-principle. This is particularly relevant at this time given the opportunity to apply without having to leave your home country.
All five Caribbean Citizenship-by-Investment Programmes (CIPs) allow you to apply without the need to visit. This includes Antigua and Barbuda, Dominica, Grenada, St Kitts and Nevis, and St Lucia. Of these five, only Antigua and Barbuda has a very short residence requirement of five days within the first five years of citizenship being granted. The Caribbean CIPs start from as little as $100,000 with the passport providing visa-free travel to 140+ countries.
The five Caribbean programmes also allow you to qualify for citizenship by purchasing in a government-approved development. This option provides a place to reside should the need ever arise.
If you’re looking for an efficient CIP, Vanuatu approves applications in as little as two to three months. They also do not require a visit either pre- or post-approval.
All three European CIPs require you to visit during the application process. However, Montenegro only requires you to visit after you have been approved in principle, which is four to six months after you have submitted your application. While the country is not yet a member of the EU, it is on schedule to ascend in 2025.
Both Cyprus and Malta require you to visit their respective country prior to submitting you application. However, this should not stop you from initiating the process as Europe represents an exceptional option for your children’s future.
All three of the EU programmes have a real-estate component, which readily provides a place of refuge during the next crisis or pandemic.
If you are attracted to residency-by-investment (RBI), all programmes require you to visit the relevant country as part of the application process.
One RBI Programme that stands out is the Malta Residence and Visa Programme, as you only need to visit Malta upon receiving your approval in principle. This is typically eight to 10 months after you submit your application.
Many governments are now offering flexibility when it comes to the actual documentation requirements. You can submit applications electronically. In some cases, you can conclude the notarization of documents after submitting your application.
With warmer weather on the horizon, we expect life to begin to return to the ‘new normal’ and with that we will certainly see an influx of applications for these programmes. Now is the time to apply to avoid the rush and subsequent delays with the processing of applications.
For expert advice on your options, don’t delay and contact us today.
Date: 15 April, 2020
Posted in: News feed