Obtaining a second passport is something that many people from all over the globe strive towards. There are numerous reasons why something like this is beneficial for them. Becoming a citizen of another country will open a wide array of different doors for you, whether we are talking about financial or tourist reasons.
When we’re talking about financial reasons, we are talking about a chance to open a business in a country whose government doesn’t impose a capital income tax. At the same time, the owner of the business will be provided with all other benefits he or she would need from the government.
Among the most sought-after passports out there, you will find the one issued by the government of St. Kitts and Nevis. We are talking about the country located in the Caribbean Sea, whose passport has gained so much popularity over time for the benefits it provides to its holders. Those who are interested in understanding more about this citizenship can visit https://imperiallegal.com/media/articles/benefits-st-kitts-nevis-citizenship.
Today, we want to talk about the most frequently asked questions about the country’s citizenship.
The Needed Documents
Naturally, before you can get a passport, you need to enter the country. As you know, this cannot be done without you entering the country first. To do that, you need to have certain documents with you. Of course, you need to have a passport from your native country. But this is not the only thing that requires your attention.
In case a foreigner is married to a person who comes from this country then the marriage documentation should be provided as well. Besides this one, it is important to provide proof of sufficient funds and a return or onward passage must be required as well.
When it comes to the passport, it needs to be at least six months before expiring. If the expiration date is closer than six months, then you would need to apply for renewing the document before you embark on the journey to reach this country. Thankfully, this procedure is not complicated in most countries. But when we are talking about this country, you can do all the things remotely, without actually visiting the country.
Citizenship by Investment
The next frequent question we can see is what is citizenship by investment, and how it works in this country. Well, we are talking about a program that was established back in the late eighties. Many are not aware of the fact that this is the oldest program of this sort in the whole world.
Through this program, the government encourages foreigners to invest in the country, and get a passport as a result. The commonest sort of investment present in the country is investing in real estate. The rules of this program are pretty easy to understand and there are not many rules you need to follow.
Naturally, we can all agree this is something possible only for wealthy people. By doing this, they are making a significant contribution to the local economy. When it comes down to the minimal amount of money required for this sort of program, in this country foreigners are required to invest at least $150k.
SGF vs. Real Estate Options
The third and final question we want to point out is the one that addresses the differences between SGF and real estate options. For those who don’t know SGF is a public charity. The amount of money invested into this one is not refundable, but it offers you a chance to get citizenship significantly easier.
When you compare it to the real estate option, you will see that it is much less expensive. However, it doesn’t produce as many benefits for you as you would like. At the same time, we know that investments in real estate are recoverable because you can sell the property after owning it for five years.
Since 2012, and changes made to the original legislation, we can see that the next owner of the property can immediately qualify for citizenship. What is the same for these two concepts is that both of them require approval time. So, you will need to wait a little bit before the government approves them.
The Benefits of this Citizenship
After going through these questions, we need to take a look at some benefits of this citizenship.
The first benefit of obtaining this document is the safety this country can offer you at any time. What does this mean? Well, it means that you can always leave your native country in a time of need and reach St Kitts and Nevis. At the same time, you can reach numerous other countries as well.
The reason is that holder of this passport can enter more than 150 countries from all over the world, without applying for a visa. Also, holders can stay within a certain country for a certain number of days, usually a month or two. In some cases, this stay can be extended with the approval of the local government.
2. Soft Tax Law
Probably the most important benefit is being able to take advantage of soft tax laws. The most significant segment of this story is that the income made outside this country is not going to be taxed at all. So, you can preserve as much of your money as possible this way.
The final benefit is confidentiality. We are talking about your native country not being notified about getting a second passport. Also, you are not required to show the passport of your native country at all, you can conduct all sorts of business with the one you have recently obtained.
As you can see, this country has become quite a hotspot when it comes to foreigners who are interested in obtaining a second citizenship. Here, we’ve addressed some of the most important questions. Also, we’ve provided you with a list of the benefits you can expect to receive with one of these. We’re sure you will find this article of ours, and all its points to be useful.