DUBAI, UAE, Jan. 29, 2022 /PRNewswire/ -- Getting a second
citizenship has become a goal for all high net
worth individuals looking to broaden their horizons and
provide themselves and their families with a resolute Plan
B.
The good thing is, getting a second citizenship has never been
easier. Many countries offer citizenship by investment
programs. Five Caribbean nations
of Antigua &
Barbuda, Dominica, Grenada, St.
Lucia, St. Kitts &
Nevis, along with the Pacific nation of Vanuatu and Turkey, all offer their own route to obtaining
citizenship through making an investment.
Getting your second citizenship is quick, simple, and
affordable. Investment thresholds start at 100,000 USD, and applicants can obtain their new
passports within less than half a year.
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But there remains one issue that many do not
consider, maintaining your second citizenship.
Truth be told, that is a simple thing to do, but there are some
small mistakes that you should look out for that could result in
the revocation of your second citizenship, and this is what we will
be discussing today.
What Does Revocation Of Citizenship
Mean?
A country can revoke a citizenship, meaning it can withdraw the
citizenship from one of its citizens, depending on its internal
laws and regulations.
When it comes to a second citizenship, the main issue is
criminal activity. Most countries have been extremely vocal in
stating that if a person would get their citizenship by investment
and then commit a criminal offense, then the government would
withdraw their citizenship.
But there are smaller mistakes that people can fall victim to,
and here are the main ones you should look out for:
Maintaining your investment
There are a lot of countries that offer citizenship by
investment, and all of these countries,
except Vanuatu, offer various
investment options. So we will be focusing on those
countries in this part.
One of the most popular investment options is purchasing real
estate. But the government requires those who choose to purchase
real estate to maintain ownership of it for a specific amount of
time.
Related Article: Citizenship by Investment & Wealth
Management to Protect Your Family
Dominica requires
applicants to hold on to ownership of the property for at least
five (5) years before they can sell it, while Turkey requires them to hold on to it for
three (3) years.
Each country has its law, but the premise remains the
same. Anyone who sells the property before the holding
period is over will have their citizenship revoked.
Proving Source Of Funds
Anyone applying for citizenship by investment
programs will have to undergo due diligence prior to obtaining
their second passport. This process maintains the integrity of the
program and ensures those becoming citizens are a good fit for the
country's population.
The due diligence process not only checks a person's criminal
background but the source of their investment. Make sure
the trail of the money you will use to invest is clear and
precise and that it will withstand the scrutiny of
time.
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One of the biggest issues, Al Jazeera's Cyprus Papers, a leak of
information that put the now suspended Cypriot citizenship by
investment program in hot water, was the lack of credible source of
funds for many applicants. The Cypriot government has since
launched a deep investigation and is now in the process of revoking
citizenships.
Make sure you have a clear paper trail and a clear transfer to
the right party when conducting your investment.
Physical Residence Requirements
Only one country of the group, Antigua & Barbuda, requires you to spend
time in the country to maintain your passport. The Caribbean nation requires you to visit the
nation for five (5) days after you have become a
citizen within the following five (5) years to be able to renew
your Antigua passport.
Keep in mind, if you do not spend five (5) days, your
citizenship will not be revoked, but you cannot
renew your Antiguan passport until you spend those days on Antiguan
shores.
Fraudulent intermediaries
Most Citizenship by Investment Programs have a list of
approved international agents. Working with one of these agents who
has accreditation from the granting government ensures
accountability, transparency, and legitimacy.
However, applying through a company or person who is not a
registered agent may open the door for fraudulent applications that
can be discovered by the government after a while. This may lead to
the revocation of your citizenship and the loss of your investment,
so always work with a company that has the required certificates to
apply on your behalf.
Getting Second Citizenship & Keeping
It
We at Savory & Partners specialize in second
citizenship services, we help you and your family quickly and
affordably get a second passport. But we also provide comprehensive
consultation on what to do after you get your new
passport so that you do not fall victim to a simple mistake that
you could have easily avoided. All you need to do is contact us
today and book a free, comprehensive consultation.
Savory & Partners is an accredited
agent for multiple governments where citizenship by
investment is offered. Founded in 1797, the agency has evolved from
pharmaceuticals to family assets and legacy protection through
second citizenship and residency. The company's
professional, multinational staff is made up of expert advisors who
have guided thousands of
clients, including many North
African investors, on their
journey to find the most suitable CBI program for
them. The Savory & Partners team will be happy to answer your
enquiries in English, Arabic and French.
For more information, please send an email to
contact@savoryandpartners.com. You can also call +971 04 430 1717
or send a WhatsApp message to +971 54 440 2955.
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SOURCE Savory & Partners