Jean-François Harvey, the Founder and Managing Partner of Harvey Law Group, an international law firm specializing in investment immigration, is paying close attention to the potential impact of the 2024 U.S. presidential election on interest in pursuing a second passport as a form of citizenship outside of the U.S. While political reasons can be a driving force behind investment immigration, there are also many other motivations for individuals seeking a “Plan B” in a different country.
Investment immigration involves obtaining permanent residency or citizenship in a foreign country through a significant financial investment in that country’s economy, such as real estate or business investments. Many countries offer citizenship by investment (CBI) programs, along with residency by investment, citizenship by ancestry, and retirement visas. These programs come with varying requirements, criteria, and benefits for investors and their families.
Business leaders often seek citizenship by investment for reasons such as risk management, global mobility, tax benefits, and access to a larger opportunity set. Additionally, personal benefits such as legacy and prestige can influence the decision to pursue investment immigration. However, before committing to this option, business leaders should carefully weigh the potential drawbacks associated with such initiatives against the benefits and consider factors such as residency requirements, regulatory frameworks, and cultural dynamics of the new country.
It is important for individuals considering citizenship by investment to assess the impact on essential services such as healthcare and understand the administrative complexities and legal requirements inherent in CBI programs. Processing times, document collection, and total costs are some logistical challenges that potential candidates may face. Working with experienced legal professionals can help navigate the application process and avoid pitfalls associated with these programs.
Despite the potential benefits of citizenship by investment, it is crucial for individuals to conduct thorough due diligence and consider the long-term implications before committing to an investment immigration program. These programs are often accessible only to high net worth individuals, and having access to sufficient capital is a critical factor for a successful application. Consulting with an attorney for legal advice specific to one’s situation is recommended before pursuing citizenship by investment.
