Do you need to invest in new citizenship to travel freely or a residency permit is enough?
Published at: 03/02/2021 01:00 pm
An excellent passport provides you with the freedom of travel, but a residence permit also can let you in your dream destinations. And don't forget that residence permits are usually more affordable than new passports. Moreover, temporary or permanent residence status regularly leads to naturalisation.
The basic rule regarding the right to travel is that a strong passport allows you to visit several nations. Still, an excellent residency lets you also move and stay in several challenging destinations.
Practical example: you wish to visit the European Union, but your citizenship does not allow you or makes it difficult. What can you do? The first option is to invest in exchange for a useful travel document as the passports of Dominica or Vanuatu (among others) allows you to visit the European Union's Schengen zone for a limited time (three to six months) visa-free. It also resolves your visa processes in other countries as well for sure. Naturally, it will be simpler to apply for the entry-visa of the United States or Canada.
However, suppose you wish to visit the European Union regularly or work and even live there. In that case, you can invest in a European passport, or you can obtain a residence permit of a Schengen Zone Member State. If you have the right to live in Austria, Portugal, Spain or Greece, you can visit the other European countries and stay there.
As a European resident, you may usually more comfortable changing your location as well. However, it depends on each European country's national immigration laws. For example, Italy encourages the settlement of residents from other European countries.
Meanwhile, non-EU but European jurisdictions as Switzerland or Monaco also allows you to obtain the residence permits. And these famous financial centres are welcoming you with the best European tax rates. Moreover, Monaco does not even levy any individual income tax.
Can you travel to other countries as a resident only in Europe?
The Schengen zone is not the unique political and common economic zone, where the citizens of different countries can visit the other member states. Mercosur, officially Southern Common Market, is a South American trade bloc. Citizens of Brazil, Argentina, Chile, Ecuador, Peru, Uruguay, Paraguay etc. may visit and stay the other South American countries. In Africa, the Economic Community of West-Africa (ECOWAS) allows the Member States citizens to cross borders by showing their identity with the national ID cards.
Which option is more affordable to be able to visit Europe? Investment in a passport (citizenship) or residency permit?
Perhaps the most affordable nationality on the market is the valuable citizenship and passport of Vanuatu. For a single applicant, the cost is 130,000 US dollars. Meanwhile, in Malta, the MRVP scheme allows you to move there in exchange for a similar amount if you choose to finance your investment. However, there is always a significant difference.
Paying a contribution or starting an investment is not the same. While the amount of donations or contributions goes straight to the Treasury, your investment can have turnover, and you can choose the best and most profitable options. Check the details of all available citizenship and residency by investment programs carefully!
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