Residence & Citizenship Planning
Difference between residence and citizenship
Residency and citizenship are not the same things. Individuals may seek alternative residency in another country, and may still remain a citizen of their country of origin. Citizenship is the status of being a ‘citizen’ of a country. This will include the privilege of holding a passport for that country. Dual citizenship (nationality) may be an interesting option, but it is not always feasible, depending on an individual’s country of origin.
Residence programmes vary in what they offer and the criteria that need to be met. Depending on the country, there are differences regarding the time period that residence is valid for, how to apply, what the benefits are, tax obligations, and how to move on to apply for citizenship (and a passport), if the individual wishes to follow this route and it is permitted by the particular residence programme.
There are many reasons why individuals and their families choose to take up residence in another country. They may wish to start a new life elsewhere, in a more attractive and relaxing environment, or they may find the greater political and economic stability that another country offers, of appeal.
For individuals considering an alternative country of residence, the most important decision is where you and your family would like to live. It is critical that clients consider the long-term objectives for themselves and their family before applying for a particular residence (and/or citizenship programme), to help make sure that the decision is right for now and in the future.
Citizenship – A Passport
The benefit of gaining citizenship is the right to obtain a passport from a particular country. This may also make travel much easier, into and out of a considerable number of countries.
A number of residence schemes can lead on to citizenship and a passport. Countries where this is possible include: Cyprus, Isle of Man, Malta, Portugal, St Kitts & Nevis and the UK; two of the most popular EU programmes are the Maltese Investor Programme and the Portuguese Golden Visa. However, if ease of travel and a relatively quick solution is required whilst plans are in progress to live elsewhere, a St Kitts & Nevis passport can also offer a good interim solution: The Option of a Passport to Ease Travel whilst an Application for Alternative Citizenship is Underway.
Finding the right route for you
The main question is where would you and your family most like to live? The second and almost equally important question is – what are you hoping to achieve?
What else can Dixcart Domiciles help you achieve?
Experts at Dixcart Domiciles will not only help you achieve your family goals but can assist further, by explaining the tax regimes that exist in different countries (a number of which are particularly attractive for new residents), and assist you to ensure that your affairs are structured in a tax efficient manner. The exit strategy from the country that you are moving from also needs to be planned for. We can also help on a practical level by organising visits to the country and helping you complete application forms and supply the right documentation. You may also need advice regarding the purchase of real estate – and even help with the move itself.