Steps to finding the right second nationality

Steps to finding the right second nationality
  • 4 minutes
  • Nov 30, 2017

It can be quite challenging to understand and pick the right citizenship or residency program that best suits you. We always advise our clients to follow five essential steps before making up their minds.

Step one: Establish your goal

What is your motivation? Is it to expand your business, to acquire the best tax regiment, to open an international bank account, to offer your children a world-class education, to relocate your family or is it simply to travel the world freely? Finding the answer to your desire will guide you in the right selection.

Step two: Weighing your options

Take a good and long look and compare all programs. Check Bluemina’s summary of Country Investment Programs here.
Your main aim should be to select the most beneficial program that suits your needs.

If your aim is to relocate to a different country, then a permanent residency may be the right choice for you. An investor, in this case, should consider the location of the country, language barriers, ease to relocate family and business. When thinking of permanent residency, one should consider residency requirements, tax implications/exemptions, and the countries’ laws and regulations to opening a business.

If your aim, on the other hand, is to acquire direct citizenship, your main objective is to find a program offering the best return on investment, a passport allowing you to travel to as many countries with visa free entries, and a citizenship that will last you a lifetime.

Step Three: Investment type and budget

Setting your budget is an essential part of your selection. After establishing your goals and weighing the best options available, a comparison of costs for each selected program will further narrow your options.
The overall cost of an immigration program is more than just the investment amount required. You’ll need to determine your annual expenditure and tax contributions as well as the cost of living, healthcare, rent, and other expenses that you may face before you get citizenship or permanent residence permit.

For direct citizenship option, investment costs depend on the type of investment you choose, government donation or property purchase. Government donation may be less costly but there is absolutely no financial return on investment. Investing in real estate, on the other hand, could be more costly in some cases, but you are sure to receive a return on investment. BLUEMINA exclusively guarantees direct rental returns deducted from the initial investment as of day one from applying, which can greatly influence your budget. For many investors, depending on the size of their family, citizenship by investment in real estate is actually quite the bargain!

Step Four: Setting your time frame

The famous saying is absolutely true- time is money. The time frame of obtaining a permanent residence permit or second citizenship can take anywhere between 3 months to 5 years. So consider this step seriously before making your selection. For many investors, waiting years for residency or citizenship could result in opportunity costs.

Time is an essential factor if you require a second passport for freedom of travel or need to relocate from your home country as soon as possible due to political or economic instability; then a program with the fastest processing time is ideal. If, on the other hand, you’d like to invest in a country and would eventually like to reside there but are not too fussed about time to citizenship, then permanent residency programs may be suitable for you.

Step Five: Be Satisfied

This step is the most important as it sets the ground for successful execution of your selection. Find the right experts to help you.

BLUEMINA Citizenship and Immigration is an authorized and government licensed firm with a team of experienced and motivated staff ready to help and guide you through your every step of your application from start to end.

We are aware that there is no greater success than that of a satisfied client.