CBI is the procedure which helps in getting a second passport and citizenship by contributing or donating some money to a country’s economy as per their norms. It is a legal process which is available in many different countries such as Dominica, Grenada, Saint Lucia, Bulgaria, Antigua & Barbuda, etc. Every nation has different criteria set for the candidates who want to apply for this citizenship.
However, before you even think of moving ahead, we suggest you gain proper knowledge about this concept. Learn about all the terms and conditions applicable in the country in which you want to apply for the second passport. It is only you who can decide whether you should go for it or not. But to help you a bit, we have shared below some pros and cons of CBI programs. Check them one by one to make a better decision.
1. Freedom to move globally:
Numerous passports come with various restrictions without visa travelling, constraining residents to get visas at whatever point they need to travel abroad. But a second passport allows people from these nations to move globally even without the Visa. For instance, A Pakistani passport permits sans visa section into just 40 nations, while the visa of Cyprus permits without visa passage to 164 nations.
2. Improves education system:
Having a second citizenship not only allows a person to travel abroad visa-free but also gives him permission to stay for an unlimited time period in other countries. This implies that your children can get great opportunities to study in foreign nations where the education system is much better than your own country. Therefore, you can say that citizenship by investment helps in improving the education quality for your children.
3. Helps in developing international business:
Another advantage of CBI is that it allows people to establish their business in other nations that they admire. You can easily open foreign bank accounts without facing any obstruction for the purpose of developing international business.
4. Better lifestyle for the family:
CBI not only helps in improving the lifestyle of the individual but also the lifestyle of his family. The family members are allowed to move with a person having citizenship according to the norms of various countries. Therefore, you can provide better health care and living style to your loved ones.
5. It demands compulsory notification:
It is compulsory for a person who obtains a second citizenship to send notification to the Ministry of Internal Affairs of that particular country that they have received their citizenship. You must notify them within the period of 1-2 months. If it gets delayed, then it will result in criminal liability.
6. Sometimes the investment required is more:
Every nation that offers a CBI program has set different investment options for the candidates who want to apply for it. And sometimes the investment they have mentioned in the guidelines is much more than a person could afford. That is why not every individual is able to get second citizenship.