Obtaining second nationality is no longer restricting to high net worth individuals, rather it has become the practical need of everyone who is seeking to protect his family from unstable political and financial situations in their homeland. However, a number of countries accommodate refugees; there are individuals who don’t want to live in a foreign territory under the same status. After observing the unmatched benefits, gaining legal native rights to live in another country has become a popular choice among businessmen and traders.
If you search residency programmes different territories across the world offering for the individuals seeking for the second passport, you will see the authorities are asking applicants to fulfil several requirements. From spending several years there and getting married with the native to donating funds to the government infrastructure projects, you are free to choose any option.
Irrespective of the track you have chosen, all you need is to check the requirements and eligibility criteria. As the process involves extensive documentation and significant money, being an applicant you have to pay attention to understand the process not only to ensure smooth processing but to also protect you from scams.
Below I am sharing few most common scams you must watch out while applying for the citizenship by investment.
Offer is too cheap
If a lesser known offer is claiming to provide you with the legal native rights at a low price let’s say 5,000-15,000 US$, then it’s time to think again. Reliable offers are always reasonably priced and, usually, don’t cost less than from US$ 30,000. An interview will give you the basic idea about the international reputation of the territory you are considering.
I have already mentioned that obtaining the rights to live like a local in a foreign territory involves a lot of paperwork. If a state is promising to complete the process in 7-15 days, it clearly shows the fakeness. How could they complete such an enormous paperwork in a few days? Even, a financial placement requires at least 90 days to complete the process.
No personal visits
However, there are a few states like Dominica and St.Kitts and Nevis that offer citizenship to foreigners without any need of a personal visit. You can’t believe every other putting the same offer. A reliable offer always ensures to arrange a meeting in your own country with their authorised official person at an extra fee. Carry out complete due diligence before making a final decision.
There are certain territories that are known for the flexibility of their programmes. Still, there are few restrictions and conditions, candidates have to fulfil while applying. If you see a programme has no restrictions and offer passports to everyone, without carrying out any due diligence, then you should move on to find a better option.
Residency plan does not exist
After observing the earning capacity with the economic residency, some fake websites fool candidates and steal money from them after offering them plans that do not exist in reality. They cleverly select countries that previously offered financial residency, but at the moment there are no such programs.
Summary: Irrespective of the reason, for which you are seeking for an Citizenship through investment in a foreign country, consider every aspect and scam to select the most reliable plan.