How to Become a Global Citizen? Opportunities for Investors
In general; the term “global citizen” has been defined in a broad sense, as a person who places his/her identity with a "global community" above his/her identity as a citizen of a particular nation or place.
In last years, the scope of the term “citizenship” has been changed and extended from the birth in a certain territory, descent from a citizen parent and marriage to a citizen. Due to the economic growth, increase of political and diplomatic relations between states, developments in communication technologies, industry and transport many people have residency or citizenship of another country than the place of their birth, such that some countries have enabled dual citizenship at the same time.
Citizenship by Investment
Depending on the individual needs of a person such as security, freedom, economic stability, mobility or healthcare, several countries offer the opportunity of application for a citizenship by a significant investment.
Such investment programs are very attractive for investors intending to obtain a second citizenship and residency in another country. The programs have been created by each state differently in accordance with their legislation and conditions, with the opportunity to obtain the citizenship in a quick and simple way through completion of a significant investment and fulfillment of other requirements set out by the relevant state.
The principal countries which offer the opportunity to obtain citizenship by investment within Citizenship by Investment Programs are Antigua and Barbuda, Austria, Cyprus, Dominica, Malta and St. Kitts and Nevis. Especially Antigua and Barbuda and St. Kitts and Nevis are two of the most popular countries preferred by investors for a citizenship. It shall be noted that each country has a different system and regulates different provisions in their legislation related to the citizenship and residency. Moreover, minimum investment requirements may change in terms of amounts as well as their scope.
Important is that the investment shall be in a certain amount. For example, the minimum investment requirement in a real estate project in Antigua and Barbuda is USD 400,000, instead of this, the investor may invest in a business in Antigua and Barbuda with an amount of minimum of USD 1.5 million, whereas this amount is EUR 5 Million for Cyprus.
Apart from the abovementioned requirements, the authorities require a clean personal background, a good health and an outstanding character. Some countries even require swearing of the Oath of Allegiance for granting the citizenship.
How is the procedure for citizenship?
As mentioned above, requirements and minimum investment amounts vary in each country depending on their legislation. Attention should be paid to the documents regarding the investment and personal information as well as personal background of the applicant. Moreover, some countries such as St. Kitts and Nevis and Dominica require that the applicant shall be over a certain age, this is 18 for St. Kitts and Nevis.
After submission of all required documents, the processing of applications may take a certain time, in general at least 3 or 4 months.
Why to apply for global citizenship? Benefits for Investors and Countries
As mentioned above, the reasons of applying for another citizenship may depend on the personal objections and expectations such as security, business purposes, healthcare, financial stability or education facilities. From the side of investors and their family members, citizenship in these countries offer several advantages such as visa free travel in numerous countries in the world, a good healthcare and education system, right to work, live and study in another country than the country of birth.
When the country of application is considered, it offers the opportunity to attract foreign investors via such programs and contribute to the national economy.