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Residency and Citizenship

The secrets of citizenship: three different ways to emigrate

11/22/2023 8:00:00 AM
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Obtaining residency abroad is a coveted asset, especially in our days. Thus, the secrets of citizenship unfold themselves to those who dare make their dreams come true. 

There are many reasons why somebody may choose to move abroad, and these brave hearts can choose from a variety of programs concerning residency or citizenship around the world. As advocates of the Ayn Rand philosophy and as supporters of the perpetual traveler lifestyle, Mundo knows its way around such a topic. 

Let’s start this article by coming back to the basics, i.e., establishing the difference between residency and citizenship. 

Residency vs citizenship

Residency abroad gives you the right to live in the country and to conduct certain activities according to the acquired visa. For instance, in general, those who have a student visa cannot work, and the same goes for those having residency based on pensions. Certain programs permit individuals to engage in investment within the nation yet prohibit them from partaking in employment or undertaking various other forms of endeavors.

A clear example of this is Panama. If you're wondering how to get residency and you've navigated Mundo Expert’s pages, you probably know a thing or two about this nation. When it comes to residency abroad, the “land of birds and butterflies” has some of the best opportunities in the form of various types of visas.

Nevertheless, irrespective of the type of visa obtained in Panama, foreign residents are precluded from employment in specific vocations, including veterinary science, medical practice, and law. One of the secrets of citizenship in Panama is that you have to become a citizen in order to practice these professions. Another main difference between residency and citizenship is that the former doesn't grant voting rights.

Readers must keep in mind that residency abroad usually needs to be renewed every certain number of years. Citizenship, on the other hand, is usually for life yet the procedure to acquire it is more intricate. Moreover, citizens of the country have more rights, more opportunities to invest and get jobs, and naturally, the right to a passport. Meanwhile, residency abroad only grants you a residency card. 

Residency vs citizenship: three stages for three different models

CBI and RBI programs 

These programs are specially designed for businesspeople and entrepreneurs, and they usually involve an investment or a contribution to the national economy. When it comes to residency by investment options, the Qualified Investor visa is an excellent example, while, for citizenship by investment, the Caribbean is home to some interesting opportunities.

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Regular residency

In the residency vs citizenship contest, standard residency possesses its pros and cons. This refers to conventional residency routes, such as those obtained through marriage or other connections with the country. In general, all nations provide residency abroad to individuals who marry a citizen. In some cases, universities and educational institutions grant visas to those foreigners who want to study abroad, providing a residency permit for such a purpose.

Residency or citizenship: what is naturalization

Citizenship through naturalization stands as a customary method for attaining citizenship in most countries. The majority of nations permit non-natives, who have resided lawfully within their borders for an extended period, to acquire citizenship via naturalization. The major drawback of this pathway is its extensive duration and the fact that requires the person to live permanently within the territorial confines of the country.

How to get residency and citizenship through more straightforward methods

Whether it is about residency or citizenship, the equation can be narrowed down to this concept: the more you're willing to invest, the faster you'll get your desired migration status (residency or citizenship). 

At this point, it's vital to clarify that no nation will give residency or citizenship in exchange for money. Instead, what they give you is the right to become eligible without depending on traditional methods (studying for many years, marrying a local, etc.). In essence, these programs simplify the procedures.

These are excellent options for businesspeople, especially those who operate globally and need to travel often or access a wider spectrum of accounts, currencies, and investments.

If you're wondering how to get residency vs citizenship, you must consider your mid-term and long-term goals. Individuals seeking complete relocation might initially consider residency. On the other hand, for those unable to depart from their current nation at the moment, a second citizenship with flexible stay terms can be the answer. 

Either way, you'll have to consult with a professional, research every available program, and analyze the advantages and disadvantages before making a definitive decision.

Disclaimer: acquiring residency or citizenship abroad is a complex matter that needs to be analyzed with professional guidance. This article is merely informative and should not be taken as immigration advice.

Unveil the secrets of citizenship with Mundo and its team

Luckily, we are in touch with advisors and agents from six citizenship by investment programs and several residency visas. From the exotic lands of Vanuatu to the island of spices, Grenada, from a retiree visa to a real estate investment alternative, Mundo can lead the way in the residency vs citizenship contest. Are you looking for the best strategies to improve your financial plan and optimize your global business structure? Residency abroad, or even citizenship, can be exactly what you need, and you are one click away from finding the program that best suits you.

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