It is necessary to fulfill elementary requirements to get abroad temporarily or for a long time. In particular, you need to obtain an entry permit. As a rule, such documents are of a short-term nature. However, they have a lot of advantages. You should also not confuse two types of authorization documents and their characteristics. The information below will provide clarity.
Understanding Citizenship and Golden Visa: Basic Definitions
Two different concepts are associated with the right to remain in another land. The first generally refers to belonging to a particular nation by:
- birth;
- nationality;
- or naturalization.
For example, if you have obtained Malta citizenship, you have the right to permanent residence on the island and access to social and political rights. When you choose the option of contributing money to the economic balance of the territory, you speed up the process and do your best to legitimize your relationship with your favorite state.
On the other hand, the visa permit sets restrictions and rules for staying in the region, such as terms, purpose of visit and right to work.
Golden Visa by investment is a type of pass that provides an opportunity to obtain a residence permit or a second passport through investments in real estate, business, or other economic sectors. This way, the concepts have differences in their nature and legal status.
Key Features of Citizenship by Investment
Many governments now support dual passport policies, a prime example of which is the Caribbean. China and India are exceptions to the rule, so it is better to get a regular short-term “admission” instead of a passport for these countries.
Citizenship by Investment programs of certain states allows you to obtain citizenship in a simplified order. The main advantages of this method of legalization:
- the procedure of registration does not take much time compared to naturalization;
- there are no state language requirements;
- two passports are allowed;
- there is no need to visit the country to participate in the program.
So, CBI programs ensure that the depositor get legal permission for permanent residence, after which he can apply for a higher status. In contrast to short-term cards, the advantage is a complete social package and soft taxes, with no claims on the amount of time spent on the land.
Exploring the Concept of Golden Visas
The scheme allows foreigners to contribute significantly to the host nation’s economy in exchange for residency status. Obtaining an RBI card can benefit the holder, the population, and the government. Holders and their families can live and work with the same privileges and services as ordinary citizens while improving business prospects and travel opportunities.
Benefits Comparison: Citizenship vs. Golden Visa
With two options to attract your financial assets, you can give your family a chance at a decent life in one of the best locations in Europe and travel without any restrictions.
Golden Visa benefits comparison:
- possibility to visit Schengen and other regions of the world;
- the chance to reside in the territory for several years without restrictions (upon renewal);
- it is not necessary to live in the region to keep it;
- speed of issuance of a “pass card” and relatively low cost of renewal;
- a chance to immigrate.
The disadvantages include the lack of an opportunity to take dependents abroad. However, if the end justifies the means, it is the fastest time option available.
Application Process: Citizenship vs. Golden Visa
The requirements for documentation in the two cases are almost identical. The applicant must prove his financial solvency. The nuances of the differences lie in the documentation process and legal aspects.
- selecting an investment object;
- applying for participation in the project;
- making financial investments by transferring them to the specified settlement account;
- presenting documents confirming the right to a new property in the country, purchase of securities, opening a deposit in a bank, and so on;
- issuance of passports at the nearest consulate.
You guarantee your integrity by proving that you have no criminal record and have reached the age of majority.
Long-Term Implications and Rights
You may need international education, you want to expand the boundaries of your business, so you make long-term steps, or you decide to move just at the moment of a tourist trip to explore the territory in more detail. Then, you write a “pass” and head out on a cruise. As for the benefits of having a second personal document, it is eligible for social benefits, reduced taxes, doing business without restrictions, and even participating in elections and campaigning.
Tips for Choosing the Right Option
According to Vladlena Baranova (Immigrant Invest agency), many Caribbean countries and other island territories guarantee fast processing. Italy, Spain, Portugal, and others offer longer processing times. In the latter case, there is a risk of rejection even if you have the capacity and can pay the mandatory amount.
