Various nations around the world confer legal status to foreign nationals through residency, permanent residency, and citizenship by investment programs (also known as CBI).
Although residency and citizenship may seem similar, they have many differences and it is crucial to fully understand how these differences can affect you. Clarifying the definition and implications of these terms as well as outlining their differences not only prevents confusion, but also enables individuals to gasp the privileges, benefits and obligations of each program. Thus, this section aims to provide a brief explanation of each category.
Fortunately, living, working, and studying in a foreign country for a certain period of time (between two to five years) has been made possible through various residency programs. These benefits are attainable at an affordable cost. However, temporary residency programs do not offer as many benefits as the other programs listed below.
Permanent residency programs
The permanent residency program entitles individuals to live, study and work in a country other than their home country for an unlimited period of time and to apply for citizenship after 7 years. Permanent Residents are also authorized to travel to many countries without obtaining a visa. Applicants interested in permanent residency programs are required to pay lower amounts of money as compared to the CBI program.
It should be noted that if you first apply for temporary residency, you must generally wait five years to be eligible to apply for permanent residency.
The CBI program offers more benefits than the previously mentioned programs and can be considered the fastest route to citizenship. However, considerable amounts of capital must be invested under this program. The timeframe for obtaining dual citizenship ranges from 1 to 9 months.
Please bear in mind that the terms, conditions, requirements, and benefits of each of these programs depend on the country you are interested in apply for.
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