It doesn’t come as a shock that money doesn’t only buy you a vacation to another country; it can also get your residence. British citizens are rushing for Irish Passports thanks to Post-Brexit vote. It seems like the most elite travellers of the word don’t want to stand in line at the immigration counter.
It would appear as investing in a country’s economy is an easy way to get access to the quick residence to another country
Introduction to CIP
CIP or Citizen Investment Programs Dual or multiple citizenships are legal in many countries. This has become a prolific business in fact, and there are several institutes around the world offering thee services and solutions.
The legal frame allows applicants to make a considerable financial investment to the infrastructure of development or donate to government bonds. These programs first came into existence in 1984 with the two-island nation in Caribbean, St. Kitts and Nevis.
This practice enjoyed more popularity in the following years, and the idea enjoyed heavy advertisement in late 2000’s. There are a lot of Citizen Investment Programs as most countries can use a subsequent donation to their GDP. This program has become standard in various countries which even includes UK, Canada, and the USA.
Although most countries offer their own version of this program, the idea remains very much the same. Seeing the successful implementation, more countries are encouraged to adopt this system.
How it Works Today?
According to an estimate, more than 5000 people invest in this program every year. Most people prefer this to the alternative of renewing their citizenship over again and again. Contrary to popular belief, the application takes months to process. It not a quick exchange of money and passport.
The application goes through financial and criminal evaluation to make sure the money was earned via legitimate sources before the citizenship can be approved. It is believed the most difficult citizenship by investment is that of the USA where the applicant is required to fulfil a five-year residency requirement before they can apply for citizenship.
To make matters worse, there is no guarantee that the application will be approved. In short, it takes years for these programs to work. Every nationality is eligible to apply for immigration program to the United States, but it can take years before the residency can be approved.
The CIP ranges from $100,000 to 2.4 million. The least amount is said to be Dominica’s while the highest paid amount is said to be Cyprus’s. The payment doesn’t have to be only in the form of money. In some cases, the applicants have to buy residency by creating jobs or buy real estate in the respective country.
There are many professional benefits of CIP, especially for a business traveller as they don’t have to wait for weeks or months for the visa to be approved. Anyone who needs to be highly mobile, and can’t be restricted due to visas, invests in such options to enjoy flexible travel.
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