Applying for Citizenship by Investment (CBI) and Residency by Investment (RBI) programs is an exciting and a life changing venture that many families seek in hopes to access better life opportunities.
However, to ensure a successful application, an applicant must first do their research in order to become well acquainted with the industry, the options it has to offer, and the procedure and timeline needed to get second passport or residency card.
Here comes the role of choosing a trusted firm, such as Bluemina, a government approved and licensed firm with more than 22 years of experience in offering 15 different citizenship by investment and residency by investment programs.
Below are some of the most frequently used terms that you will probably come across during your application process:
1. Dual Citizenship
Dual Citizenship is when a person legally maintains a citizenship status in two different countries, receiving civil and political rights in each of them, as well as many other privileges such as work permits and right of property ownership. Many Caribbean and European countries offer their citizenship to investors without requiring them to denounce their current citizenship.
2. Golden Visa
Golden Visa is a permanent residency given to investors in exchange for their investment in real estate property in a European country such as Portugal and Greece. It allows its holders to live, work, study and travel freely in Europe.
3. Government Contribution
Government contribution is a non-refundable donation to the government of the country which an investor wishes to be a citizen. This investment path is usually offered by Caribbean Citizenship by Investment Programs, and its amount differs in accordance to the size of the family applying.
A Passport is a travel document given to the citizens of a country. One of the determining factors for the passport’s strength is the number of countries it allows its holders to travel to without a visa.
Examples of strong passports include: Malta Passport allowing visa free travel to 181 countries, Cyprus Passport to 173 countries.
5. Certificate of Registration
Certificate of Registration is a legal document that shows that an individual is a citizen of a certain country.
This document is extremely important; it shows that an individual is entitled to citizen rights in the issuing country, and it can also be used to issue and renew other legal documents such as a passport and identification card for example.
6. Global Citizen
A Global Citizen is an individual who is able to travel freely to numerous countries without the need to undergo the hustle of visa applications. Visa-free travel allows individuals to grasp international opportunities whether was it for business, education, health or even leisure.
7. Due Diligence
Due Diligence is an investigation process that an investor is expected to undertake before investing in a citizenship or residency program. This process allows the country’s government to check the applicant’s criminal history and source of invested funds prior to accepting the application.
8. Approved in Principal Letter
Approved in Principal letter is a legal document issued by a legal entity such as the Citizenship by Investment Unit (CIU) or the Civil Registry and Migration Department to prove the acceptance of the applicant’s file. Also, Investment is usually made after ‘Approved in Principal’ Letter is issued.
Naturalization is a legal process in which a non-citizen voluntarily becomes a citizen of that country.
The issuance of the Naturalization Certificate is usually the last step in the citizenship by investment application procedure, right before submitting the passport application.
10. Lifetime Citizenship
Lifetime Citizenship means that the citizenship an investor obtains through investment (CBI) is lifelong and has no expiry date. This citizenship can be passed on to future generations by descent.