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| Aerial view of Cyprus |
I have been advocating a Plan B for having an alternate citizenship to all the wealthy clients around the world since at least 2010 (except those already carrying G-7 citizenships).
Reasons can be varied:
1. Alternate residency
2. Ease of travel- to countries previously restricted by time consuming visa process
3. Safety– alternative in times of instability, privacy in banking & for stable legal environment
4. Children’s education– Graduation & language skills from top schools resulting in a future successful career
5. Tax planning– reduce tax burden & reduce regulatory restrictions by relocation
6. Quality of Life– Better life, cleanliness, healthcare, climate & personal security
7. Independence- to relocate anytime as back up as compared to current country of residency
8. Freedom of movement- if overly exposed to physical or financial threats
9. Ease of Retirement- without fear of ever changing immigration laws and planning for future retirement
The difference between citizenship and residency is that a citizenship can be passed on to the next generation but residency cannot. Voting is also another one, residency does not allow voting. Citizenship allows international travel whereas residency does not. Residency affects tax status and can also be withdrawn but citizenship cannot be withdrawn (if obtained through legal process).
Cyprus program is one of the best citizenship by investment programs in the world.
Cyprus (an EU country) offers an instant citizenship in about 3-6 months in lieu of an investment of 2 million Euros in a property. It cannot be leveraged. All money needs to come into Cyprus from overseas (so your overseas bank could leverage it after doing an investment).
For example, one can invest EUR/USD 3.5-4m in an overseas bank in a stable bond portfolio generating 2%-4% pa. Then borrow EUR 2m and remit to Cyprus and invest in a property.
Caribbean countries like Antigua, Dominica, St Kitts, Grenada etc also offer citizenship by investment. These passports allow living in those countries only but allow travel to Schengen (entire Eurozone), Singapore, Russia, HK and also to China (in case of Grenada) on a visa free basis.
Some, like Antigua, are offering a discount of 50% for another few months, in real estate investment amount, if 2 unrelated parties make a joint investment of USD 200,000 into an approved real estate project (instead of USD 200k individually).
If a donation is made to the Govt, then the amount is 50% off at USD 100,000 currently instead of USD 200k. Both are valid until 31 Oct 2018 only.
Even St. Kitts has reduced their fees recently to USD 150,000 (including Govt. fees) and adjusted the real estate investment to USD 200k (instead of USD 400k) for each applicant but 2 applicants are required jointly. We can help arrange the second applicant.
In most cases, children below the age of 18 can also be included in the application while different rules apply in different countries if children are above 18 years of age but must be dependent as well as attending a degree education program.
The US visa/Green card through EB-5 route has also seen excessive demand from Indians just this year who usually never did so.
This new development indicates the dangers afflicting the social fabric of India where business climate, safety, security, education, jobs etc. are all deteriorating rapidly, hence smarter (and wealthier) Indians are leaving for USA and towards the safety of other countries.
USA is a good option for those who will always live in the USA and shall never think of coming back or go anywhere else. It is a great option also for parents who wish a safe and better future (through education) for their children.
US EB5 visa (Green Card) investment amount is expected to rise sharply after Sept 2018 due to which there is a sudden rush (it has been rumoured since late 2017, but Trump has delayed it by a few months since Apr 2018).
Just remember one last thing, laws can change at anytime. Over the last few years, Canada, Singapore, Australia have tightened the rules severely that most cannot reach the criteria or shut it completely. UK has also tightened significantly and increased the amounts required up to GBP 10m.
My motto has always been simple: Take a citizenship when you don't need it NOW, because when you need it in the future, the door will certainly be shut!
Just remember one last thing, laws can change at anytime. Over the last few years, Canada, Singapore, Australia have tightened the rules severely that most cannot reach the criteria or shut it completely. UK has also tightened significantly and increased the amounts required up to GBP 10m.
My motto has always been simple: Take a citizenship when you don't need it NOW, because when you need it in the future, the door will certainly be shut!
If you or anyone you know is looking or considering taking any citizenship option or have any enquiry, please do not hesitate to contact at voiceofthemarkets@ protonmail.com
Not only the Chinese, but more and more Indians, Middle Easterners, Filipinos, Iranians, Syrians, Libyans etc all are looking for new citizenships and so should you!
Reference:
According to the latest information coming, Indians are leaving for other passports at a very high rate since 2017.
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