Difference Between Citizenship & Residency
When you’re thinking about investing in another country for financial gain or travel convenience, it is important to know the difference between getting a citizenship and getting a residency. While they might seem similar, they have core differences and specific requirements you need to meet for each. In this article, we’ll break down the differences between citizenship and residency to assist you in deciding which one is a better match for your needs.
Citizenship:
Citizenship is a legal status of personhood and membership in a sovereign state. Holding a citizenship grants you rights, privileges, and protections within said country or state. Once obtained, a citizenship is a permanent status for the holder unless they decide to renounce it.
Residency:
Residency is a permit that allows you to reside in a specific country with conditions that must be followed. It can be either temporary or permanent. While residency in a country or state does consist of rights and privileges for the holder, it does not cement the same recognition as a citizenship.
Fast Passport Boutique provides you with both Citizenship Investment Programs and Residency by Investment options. Both choices enable investors to maximize their investment opportunities, so it is crucial to understand the subtle differences between these two paths.
Citizenship by Investment:
The citizenship by investment programs would allow you to get your passport immediately after approval. This program enables the holders and their families to reap the benefits of carrying a second passport without navigating through permanent residency.
Fast Passport Boutique currently offers the following citizenship by investment programs: Antigua and Barbuda, Costa Rica, Dominica, Grenada, Malta, St. Kitts and Nevis.
Golden Visa Program:
On the other hand, Golden Visa Programs are examples of getting a residency in another country through various investment channels. If you are looking for residency through investment, your options for European countries that offer Golden Visa Programs are Latvia, Portugal, Spain and Greece.
Holding a Golden Visa will allow you to experience such benefits, like the ability to live and work full-time in another country, conduct business in the country, access social services, and, potentially, a path to get citizenship in the future.
Benefits of Golden Visa Programs:
The list below discusses the advantages of obtaining a Golden Visa, which, while not granting immediate citizenship, still offers numerous benefits and opportunities.
- Travel Access: A Golden Visa gives you the ability to travel freely throughout the European Union’s Schengen Zone, which would be extremely difficult if investors didn’t carry such a visa. These countries have strict travel requirements with short stay times, but with a golden visa, many of these constraints don’t apply. This type of travel doesn’t require any further visas, significantly reducing the worry about documents.
- Social Benefits: Investors who get a Golden Visa enjoy social benefits like access to healthcare and education, which might not have been as accessible in their home country. This is particularly valuable for investors with families, as they aim to provide a brighter future for their loved ones.
- Business Perks: The ability to work and do business in the chosen country is a crucial factor for many. Some programs even provide tax advantages to Golden Visa holders, making it easier to engage in business activities in a foreign land.
- Pathway to Citizenship: When you obtain residency through the Golden Visa program, you have the option to apply for permanent residency. If you choose to do so, you’ll be on the path to achieving full citizenship within 7-10 years.
Investors will have to meet the requirements for receiving their citizenship, from living within the said country for a certain amount of time to completing and passing language, history, and cultural tests.
Comparing Golden Visa and citizenship options helps you choose the one that suits your needs. Fast Passport Boutique has extensive experience in understanding our customer’s needs, whether they’re interested in a Golden Visa or Citizenship. We’re here to help you achieve a future where business and travel are made simple.
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