Citizenship Vs Residency: Today, ‘citizenship’ indicates an individual who is a legal member of the country, and the resident is utilized, for an individual who is lawfully living or working in a specific territory.
Surely, residency and citizenship schemes have been exceptionally well known among investors as they offer advantages extending from movement access to business opportunities and tax planning. However, we have seen is that residency and citizenship are often confused with each other.
Given the criteria and reasons why investors are gaining a subsequent residency or citizenship through investment, we feel it is essential to comprehend the differences between the two:
RESIDENCY
In order to renew a residence permit, certain conditions must be met
You will hold an ID card of the specific nation indicating your residence status
You will be qualified to live and work in the nation or residency (however conditions can vary contingent upon the nation)
Numerous nations will have residency requirements or specific stay period in the country
You should hold a clear criminal record
You might have the option to travel visa-free to countries depending on the residency program you have selected
CITIZENSHIP
Unlike residency, Citizenship is for a lifetime
You will be having a passport of the country
You will have the opportunity to travel, visa-free to any country with whom your nation has a travel agreement.
For the most part, Citizenship work for future generations, spouse and parents
You will have every one of the rights and benefits offered by your new country law, including the access to education & healthcare facilities
Usually, there are no stay or residency requirements
Have the right to enjoy the dual citizenship benefits
Residency and Citizenship by Investment – Pros and Cons
There are comparable upsides and downsides with regard to residency by investment and citizenship by investment. Here are these:
Pros
An individual is able to avail benefits from the two nations
You reserve the option to buy the property or make an investment in the business
You can enjoy the dual citizenship
Investment choices are available therefore these programs are affordable
A second home country is available to residents as well
Cons
Certain countries don’t allow dual citizenship, therefore, one must be aware of the laws of the residing country.
One may have to wait for acquiring the second passport or get residency status in the other country
Summary
The benefits of residency by investment just as citizenship by investment are various. One can start a new life or make a new beginning with these schemes; you will appreciate travel benefits as well as other upsides according to your choice of program chosen.
Investors can maintain a healthy distance from the long visa processing times.
