Citizenship – Golden Prime Trust https://goldenprimetrust.com Mon, 15 Jul 2019 17:05:22 +0000 en-US hourly 1 https://wordpress.org/?v=5.2.2 How to Become a Canadian Citizen https://goldenprimetrust.com/citizenship-by-investment/how-to-become-a-canadian-citizen/ Mon, 15 Jul 2019 17:03:52 +0000 https://goldenprimetrust.com/?p=1287 Canada is a well-respected developed nation that is more than just ice hockey and nature parks. It has a growing economy, a decent job market, and stable legal systems. It has a strong education system and high-quality universal healthcare. In terms of the language, English and French are the two official languages. English is widely…

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Canada is a well-respected developed nation that is more than just ice hockey and nature parks. It has a growing economy, a decent job market, and stable legal systems. It has a strong education system and high-quality universal healthcare.

In terms of the language, English and French are the two official languages. English is widely spoken throughout the country. Majority of the French speakers are located in the Quebec region of Canada. In terms of economic freedom, Canada ranks higher than the US and within the top 10 globally.

Individual tax rates in Canada are high, with the top bracket coming in at 33%. However, its corporate tax rate is just 15%. Doing business Canada is quite attractive for businessmen and entrepreneurs around the world.

Canada’s passport happens to be the fifth strongest in the world. Canadian passport holders can travel visa-free to about 185 countries around the world. That is a very handy benefit for a global businessman, who has interests in multiple countries.

Canada allows dual citizenship. So, you can hold on to the passport of your home country and freely travel, live, and work in Canada at the same time. The only significant rider for dual citizenship is that you lose the right to vote in federal elections if you live outside Canada for over five years.

So, after learning about all these benefits, you might be thinking about becoming a Canadian citizen. However, Canada’s immigration system is a lot stricter than even America’s. It heavily favors entrepreneurs, venture capitalists, and high-skilled workers. Becoming a citizen is not very straightforward. Let us look at the process of attaining Canadian citizenship.

 

Steps to become a Canadian citizen

There are 5 main steps involved in becoming a Canadian citizen:

Step 1 – Permanent Residency

First, you have to become a permanent resident. There are many ways in which you can become a permanent resident. You could be running a business, get married to a Canadian citizen, have Canadian descent in your nuclear family, or be a high-skilled worker. Getting permanent residency is perhaps the toughest part of the entire process of becoming a Canadian citizen.

Step 2 – Naturalization

Naturalization means being present in Canada for 1095 days within a five year period. The presence does not have to be continuous and there are no minimum days to fulfill in one calendar year either.

Your stay in Canada on a temporary basis also counts towards this requirement of 1095 days of stay within Canada. Temporary status includes staying in Canada as a refugee, visitor, or student. However, there is one rider. Every day spent on temporary status counts as half-a-day. Additionally, the number of days that can be counted towards naturalization while on temporary status is capped at 365 days.

You will also have to demonstrate that you have filed your income tax returns throughout your stay in Canada. Only after you fulfill this requirement will you be able to take the citizenship test. The citizenship test is a prerequisite (in almost all cases) to getting a citizenship certificate.

Step 3 – Apply for citizenship

Now that you have attained permanent resident status and are naturalized resident as well, the next step is to apply for Canadian citizenship. In order to initiate the process, you need to fill out the application form on a computer and print it out. Then you have to submit your application along with all supporting documents.

An application fee of CAD $630 is payable as well when submitting the documents. The application is then assessed and it can take up to 12 months before you find out about your eligibility. If you are deemed to be eligible for citizenship, then you will be invited to have an interview with an immigration officer. The interview is meant to assess your language proficiency and other criteria for becoming a Canadian citizen.

Step 4 – Take a citizenship test

The final step, if you are successful in your citizenship application, is to take a citizenship test. This test is a written examination in which your knowledge of Canadian history, geography, culture, and government is assessed.

A time and date are assigned to you in advance for taking the citizenship test. If you fail the test once, you can re-take it again. However, if you fail for a second time, then you will have to go through a citizenship interview.

Step 5 – Citizenship Ceremony

You have passed the eligibility phase and the citizenship test. You are now ready to become a Canadian citizen. A citizenship ceremony will be scheduled and you will be assigned a date for attending that ceremony.

That is the day when you officially become a Canadian citizen. You will receive your citizenship certificate at the ceremony. You have to take the Oath of Citizenship and sing the Canadian national anthem at this ceremony.

 

Citizenship by Descent

If either of your parents is a naturalized citizen of Canada or if he/she was born in Canada, then you are eligible to get Canadian citizenship by descent. You are eligible even if you have lived outside Canada all your life or if your Canadian parent also lives outside Canada.

For people who were born before 2009, they are eligible for citizenship by descent even if one of their grandparents is a Canadian citizen. The year 2009 is emphasized because that is when the law changed. The change in law, however, was not applied with retrospective effect and that is why those born before 2009 can still be eligible for citizenship by descent.

In certain specific cases, a person who can prove to have ancestors (going back a few generations) who were Canadian citizens can also apply for citizenship by descent.

The application process for acquiring citizenship by descent begins with an application for getting a citizenship certificate. This application form is filled on the computer and then printed out. All supporting documents along with the application form are submitted. All copies of documents that are part of the application need to be certified by a public notary.

An application fee of CAD $75 is also to be paid when submitting the documents. There is no citizenship test if you are applying for citizenship by descent. The reason is that you are trying to prove that you are already a Canadian citizen. The process for the citizenship certificate to be issued takes about 5 months after all the documents have been submitted.

 

Citizenship by Marriage

Citizenship by Marriage in Canada is quite complicated. If you marry a Canadian citizen, then you do not automatically get citizenship as is the case with a few other countries. In Canada, you have to follow the same procedure for citizenship as any other applicant.

One benefit of marrying a Canadian citizen is that the Canadian spouse can sponsor you for a permanent residency. However, this benefit also comes with conditions. The spouse has to become a sponsor not just in terms of the permanent residency process, but also in terms of financial obligation. Essentially, the spouse has to commit that he/she can financially support and cover your basic needs.

Not only that, if the relationship between you and your Canadian spouse ends for some reason, then the spouse is still liable to provide financial support. If you cannot support yourself financially, then the government will claim support money that they spend on you from your Canadian ex-spouse.

If your spouse is willing to sponsor you after knowing about these obligations, then a Sponsor application has to be submitted by the spouse. You also need to submit a general application. Then, you and your close family members have to undergo medical examinations. Even if your family members do not intend to live in Canada or emigrate, they still have to take the medical examinations.

Getting permanent residency via the marriage route can take some time. Hence, if you intend to work in Canada for that waiting period, then you also need to apply for an open work permit under the category of “Spouse or Common Law Partner in Canada”. You can make this work permit application along with your permanent residency application or after submitting the residency documents.

The open permit normally takes four months to get approved. An application fee of CAD $1040 is payable for sponsoring a spouse for a permanent residency.

 

Other burdensome requirements

Getting a passport after becoming a citizen is straightforward. You have to wait for two business days after you become a citizen. Then, you need to fill out a passport application form on your computer and then print it.

Next, you need to find a guarantor who has known you for more than two years and who holds a Canadian passport. The guarantor has to sign your passport application form and supporting documents. You also need to provide names of two references in your application. These references cannot be family members.

Next, you need to gather supporting documents, your citizenship certificate, and passport photographs and take it to the passport office. You can also mail your documents to the office. You also need to pay a CAD $160 fee before you apply for your passport.

 

Becoming a permanent resident

As pointed out above, getting a permanent residency is the most difficult part in the path to becoming a Canadian citizen. The task is further complicated by the fact that the number of permanent residencies handed out each year is capped at 300,000.

There are three main channels that make immigration to Canada possible. The first is humanitarian factors, the second is reunification with family, and the third is economic programs. The most common channel for immigrants becoming permanent residents is the third one, economic programs.

Canada has plenty of economic immigration programs. People with substantial money in the bank, people with business experience, and high-skilled workers have all been beneficiaries of Canada’s permanent residency.

 

Express Entry Program for skilled workers

Express Entry program is designed for high-skilled workers who wish to become permanent residents and eventually citizens of Canada. This program is not open to investors or entrepreneurs. It also does not apply to anyone wanting to immigrate to Quebec. Quebec has its own immigration program and Express Entry requirements do not apply to that program.

The application for Express Entry is free. Once you apply, the immigration authorities will assign you points for various skills and attributes that you possess. A skilled worker needs to achieve 67 points out of a maximum of 100 points in order to be eligible for permanent residency under the Express Entry Program.

An applicant receives 24 points for language proficiency in one language and 28 if proficiency in both English and French can be demonstrated. Your education will also give you points. The minimum is 5 points for a high school certificate and the maximum for a Ph.D. is 25 points.

Prior work experience also results in additional points. Applicants with 6 or more years of work experience can score 15 points, those with four to five years can score 13 points, and every year lesser than four years results in a deduction of 2 points from the 13 point mark.

If the Canadian government deems that certain industries have excess labor supply, then such industries can be restricted from the points system from time to time. A permanent job offer in Canada can result in an additional 10 points.

Age is also a factor. Those between the ages of 18 and 35 get 12 points. Every year over 35 results in the loss of 1 point. People over the age of 47 receive no points. Additional points can be obtained if you have a relative living in Canada or if your spouse also has a strong educational background, language proficiency, or work experience.

Once you apply for the Express Entry program and are found to be eligible, you have to demonstrate language proficiency in either English or French.

Your Express Entry application may not be successful if you have a criminal history, serious health issues, any past record of organized crime, or any record of human rights violations. Even if any of your family members have been barred from entering Canada, then it will also bar you from immigrating to Canada. The immigration system in Canada is pretty strict.

One can also become eligible for the Express Entry program if a particular Canadian province nominates a skilled worker for permanent residency under the Provincial Nomination Program (PNP program). Most provinces throughout Canada have their own immigration programs. To find out more, you have to visit the website of each province.

 

Quebec Skilled Workers Program

Quebec has its own immigration program which is outside the ambit of the Express Entry program. This program is called the Quebec Skilled Workers Program. It is designed to attract skilled professionals and educated students to Montreal and other cities in Quebec.

QSWP also used a points system like the Express Entry system. The rating of points for various attributes is a bit different, but the principle is the same. It is based on factors like language proficiency, educational qualifications, family ties in Quebec, work experience, etc.

In order to apply, you have to fill out an online application and then allow some time for the immigration officials to determine your eligibility. If you are deemed eligible, then a CSQ will be granted which can then be used to apply for a permanent residency.

 

Programs for investors

Investors who are willing to invest a minimum of CAD $2million in a government-controlled venture capital fund can apply for permanent residency. There are two main programs geared towards investors:

Immigrant Investor Venture Capital (IIVC)

This program is for those investors who want to move to a province of Canada other than Quebec. A personal net worth of CAD $10 million is the minimum requirement for eligibility. Inheritance money cannot count towards the 10 million minimum. It has to be sourced through business or investments.

Once you send in an application, the source of your wealth will be analyzed. Besides wealth, your educational qualification also needs to be higher than a post-secondary degree. The higher your educational qualification, the better it will be from the IIVC’s application point-of-view.

At the final stage of the application process, you will be required to make the CAD $2 million investment. This capital is subject to the same risks that any VC investment would be. You may expect to get your investment (hopefully with some returns) back over time or when the duration of the fund ends.

It is entirely possible that you may not get your investment back if things do not work out with the investee company. So, making an investment via IIVC is very similar to make a regular VC investment. The risk factor is high.

The Business Development Bank of Canada assigns fund managers for the IIVC fund. Investments are made in promising Canadian start-up businesses located outside Quebec.

The application process for IIVC is quite simple. You fill out a form, print it, and send it in along with other documents. Your profile, skills, and background are then assessed. If you meet all the requirements, then the immigration office will get in touch with you. You will then have to submit your passport and the evaluation will continue before a visa is pasted in your passport.

 

Quebec Immigrant Investor Program (QIIP)

Countries With No Income Tax Quebec has its own investor immigrant program which is similar to IIVC. However, it is a lot more competitive because there are only about 1900 admits each year. The minimum net worth of $2 million is substantially less than the requirement of $10 million in the IIVC program. The minimum investment needed is only $1.2 million (interest-free), which is also much lesser than the $2 million mandated by IIVC. What’s more, the payback (the principal as interest is 0%) is guaranteed in 5.5 years post the initial investment.

Interest is zero because the money you invest is lent to businesses or it is used to finance refugee programs. The benefits of the QIIP program also come with some additional requirements. Firstly, in QIIP, you need to have strong management experience. You need to demonstrate that you have been a shareholder in a private company and have held a management role in that company for two of the past five years.

If you intend to participate in QIIP, then you also have to stay in Quebec. In the past, various immigration programs have led to foreign nationals purchasing property and pushing the price up without actually staying in those provinces. So, to prevent a real estate bubble, the requirement of staying in Quebec was brought in.

If you have family outside Quebec, own property outside the province, or have children attending schools in provinces outside of Quebec, then you will probably be rejected. The immigration officials will analyze the likelihood of you not staying in Quebec and every detail will be closely analyzed.

While educational qualifications and language proficiency are not explicitly highlighted as a criterion for success in the QIIP application, they do count because QIIP is a lot more competitive than other federal investor-related immigration programs.

The application process for QIIP is similar to IIVC. You print out your form, send in all the supporting documents, and write a narrative document about how you accumulated your wealth. If you are successful, you will be asked to come in for an interview. Successful candidates will receive a CSQ certificate. The CSQ can then be used to make a permanent residency application.

 

Programs for Entrepreneurs

If investor immigration programs seem like an expensive and a time-consuming prospect, then some people might find the entrepreneur programs more useful. There is a federal program applicable to all Canadian provinces except Quebec and there is a Quebec-specific program.

Start-Up Visa Program

The Start-Up Visa Program is for those entrepreneurs who have the ability to bring innovation to Canada. They should have the capacity of hiring local Canadians in their start-ups. The applicant of this program should hold at least 10% voting share in the start-up.

A maximum of five people can apply as owners. They should be willing to relocate their start-up to a Canadian province (except Quebec). All applicants collectively should hold 50% voting rights in the start-up.

In terms of financial support for your start-up, you must demonstrate that you have funding support from a Canadian government designated VC fund, angel investors, or business incubators. You have to pitch your business to multiple such designated organizations. Interested funds may ask you to present your business in person. If they like your start-up, then they will give you a Letter of Support.

Angel investors need to make a minimum commitment of CAD $75,000 and VC funds need to be ready to invest a minimum of CAD $200,000 in your start-up.

You will also need to establish your language proficiency, financial self-sufficiency for your family, and any other requirements of the Start-Up Visa Program.

Once all your documentation is in place, you have to fill out a form, print it, and send it in along with supporting documents. Once your application is received, it will be evaluated. If you are successful, the program office will contact you. Ultimately, you will receive a permanent residency and a travel visa.

 

Quebec Entrepreneur Program

Quebec’s entrepreneur program is more geared towards businessmen rather than start-ups. The maximum quote in recent times has been around 50 a year. So, this program is extremely competitive. There is even a cap on submitting applications. Only about 5000 applicants are allowed to submit applications.

Requirements for the Quebec Entrepreneur Program include establishing a net worth of CAD $300,000 (between the entrepreneur and his/her spouse), business management experience, a minimum 25% equity in a profitable business (with 25% being valued at at least CAD $100,000), and substantial management responsibilities.

You basically need to demonstrate that you plan to be an active part of a profitable and sizeable business if you immigrate to Quebec. Other factors like age, education, language skills, etc. are also evaluated.

The application process is similar to other investor programs. You fill out and print the application form. You then submit it along with other supporting documents, pay an application fee, and wait for the Quebec Entrepreneur Program office to contact you.

You then go through an interview if you clear the first round. If you are successful in the second round, you receive your CSQ. The CSQ then allows you to apply for permanent residency.

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EB-5 Visa https://goldenprimetrust.com/citizenship-by-investment/eb-5-visa/ Wed, 26 Jun 2019 08:59:59 +0000 https://goldenprimetrust.com/?p=1243 The EB-5 investor visa program is a way for non-US persons to invest in the United States in order to get a green card. Eventually, an EB-5 visa holder can attain US citizenship. The EB-5 investor visa program is run by the United States Citizenship and Immigration Services (USCIS). USCIS sets the guidelines for the…

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The EB-5 investor visa program is a way for non-US persons to invest in the United States in order to get a green card. Eventually, an EB-5 visa holder can attain US citizenship. The EB-5 investor visa program is run by the United States Citizenship and Immigration Services (USCIS). USCIS sets the guidelines for the program and monitors its compliance with the immigration rules of the country.

The EB-5 Immigrant Investor Visa Program was created back in the year 1990 via the Immigration Act of 1990. It was a way to encourage foreign investment in the United States and the growth of the US economy. The EB-5 visa program is one of the five employment-based (EB) preference programs in the United States.

 

The basic idea

The basic idea of the EB-5 visa is for a foreign national to invest at least $1 million towards financing a business that will employ ten local American workers. The other option for the foreign national is to invest $500,000 (half the amount in the first option) in a special “targeted employment area” (TEA). TEAs are basically locations with high unemployment or locations in a rural area.

Countries With No Income Tax The foreign nationals can either invest in a business or a project directly or they can join a pool of other investors through a regional center. Over the last few years, most of the EB-5 investments have happened through regional centers. Real estate projects are a popular choice for EB-5 investors.

Once the investment happens, a conditional permanent residency is offered by the US to the foreign investor. Within two years of obtaining the EB-5 visa, the foreign national must invest in a business entity or commercial enterprise that creates and then sustains 10 local jobs. Once the two year period is over and all the conditions of the EB-5 visa are met, the conditional residency turns into a permanent residency. The foreign national, his/her spouse, and all their children under the age of 21 who are unmarried all become green card holders.

Green card holders can live, study, and work in the United States. Hence, the EB-5 visa program essentially incentivizes investment and job creation by offering permanent residency to the program applicants.

 

Why real estate projects are so widely featured as an EB-5 project?

Real estate development is often the area where EB-5 investments find their way. The first reason is that real estate projects are a good fit for the $1 million or $500,000 investment requirement. Real estate developments tend to be quite large scale and capital intensive.

The second reason is that real estate developments create the 10 jobs that are a requirement for the EB-5 visa getting converted into a green card. With real estate projects, the jobs that initially get created are construction and architecture related ones. Later on, when the project is complete, there are a good number of service jobs that get created. For example, investing in a hotel project would eventually lead to hotel staff being employed. Similarly, restaurants, resorts, and stadiums will all require people to run the operations.

Hence, real estate projects are a popular investment choice for an EB-5 visa applicant who wishes to successfully pass through the two-year conditional residence status and ultimately become a lawful permanent resident.

 

EB-5 regional centers

EB-5 regional centers are third-party entities that connect foreign investors and real estate developers who are seeking funding. A regional center is essentially an economic unit which enables foreign nationals to find projects and invest their money in such projects. Both private entities, as well as states, can apply to become a regional center. A regional center is a for-profit entity and it will charge a commission for connecting foreign investors to local developers.

A regional center helps foreign nationals track the number of jobs which their investment created. This metric is important to track because it is one of the criteria for getting the EB-5 visa and, eventually, a green card. A regional center also allows investors to pool in their investments for a large project.

An EB-5 regional center is approved by the USCIS. It maintains a list of all such centers by each state of the US. In the year 1994, there were only two regional centers for the EB-5 visa. Since then, there are now close to 900 regional centers throughout the United States.

Targeted Employment Areas

The original criterion for classifying an area as Target Employment Area (TEA) was a jobless rate which was 150% of the national average. However, states and regions that wanted funding were able to skillfully position their area as TEA even when some of them were wealthy areas. Over time, the real estate industry and states pressured the government to change the policy of approving TEA locations.

At the moment, any state designated location is accepted by the USCIS as TEA. In fact, an investor can now gather statistics and data on his/her own and present them to the USCIS in order to petition the governmental body to designate a subdivision or area as a new TEA. In some states, this sort of petition is to be made to the state government rather than the USCIS.

While there is no centralized list of designated targeted employment areas, some states like California, Washington, and Florida maintain a statewide list.

 

The employment creation requirements

The 10 jobs that the EB-5 mandates an applicant to create have to be created within two years of the applicant’s investment and entry into the United States. These jobs have to be sustained during those two years.

The jobs that need to be created can be direct, indirect, or induced. Direct jobs would mean that jobs get created in the exact same venture in which the investment was made. Indirect jobs can be jobs that get created in businesses which supply services or materials to the EB-5 project in which investment was made by the applicant. Induced jobs are jobs which get created in the greater community due to enhanced spending by EB-5 project employees. This spending has its source in the incomes that get generated through the EB-5 project.

 

The application process

There are three main steps that every EB-5 visa applicant has to go through:

The first step is to invest the required money and create 10 jobs. This can be done by either directly investing in a project or investing through a regional center.

The second step is to get a conditional green card. After the approval of the I-526, the investor needs to submit the conditional permanent residence application by filing an I-485, which is the application of Adjustment of Status, or by filing a DS-260, which is the application for an immigrant visa. This petition or filing will grant the investor a conditional green card.

The third step is the conversion of the conditional permanent residency into a full permanent residency. For this, the applicant has to remain in conditional green card status for two years. About 90 days from the expiry date of the conditional permanent residency, the applicant or investor has to an I-829 application to remove the conditions attached to his/her green card. Upon the removal of conditions subject to verification of all EB-5 requirements, the investor finally gets a 10-year green card.

 

Projects funded by the EB-5 program

Some well known projects which have been funded via the EB-5 program include the Lucky Dragon Hotel and Casino in Las Vegas, the Resorts World Las Vegas, the George Washington Bridge Bus Terminal in New York, the Hudson Yards Redevelopment Project in New York, the Europa Village in California and the JW Marriott Hotel in downtown Los Angeles.

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Can a Felon Get a Passport https://goldenprimetrust.com/citizenship-by-investment/can-a-felon-get-a-passport/ Fri, 07 Jun 2019 07:17:16 +0000 https://goldenprimetrust.com/?p=1201 The US federal government and state governments describe felony as a crime for which penalty exceeds one year. Note that it does not matter how long a prison sentence the felon serves. The length of the sentence is what counts. Felony is a crime that is more serious than a misdemeanor. The range of crimes…

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The US federal government and state governments describe felony as a crime for which penalty exceeds one year. Note that it does not matter how long a prison sentence the felon serves.

The length of the sentence is what counts. Felony is a crime that is more serious than a misdemeanor. The range of crimes that come under a felony is quite broad. Everything from drug crimes and financial offenses to murders and treason can be considered as a felony.

Felons can face challenges in terms of getting jobs and even voting (some states disqualify criminal convicts from voting). You might be thinking that felony sounds somewhat scary and that a person who is convicted of a felony may have no chance of getting a passport.

However, that is not true. A person who is convicted of a felony is not automatically disqualified from getting a US passport. A passport is simply a form of identity. It is not a guarantee of a person’s character.

Everyone is encouraged to apply for a passport. There is no harm in trying. Whether you get to travel to a foreign country depends on how the foreign country views you and your background.

Countries like the UK and Canada are very strict on denying visas or entry to a person convicted of a felony. Some other countries have no such restrictions. So, the country that a felon is planning to visit matters.

 

When can a person get rejected from getting a passport?

The rules that disqualify felons from getting a passport are quite narrow. If a felon fits into the description that those rules list out, then he/she won’t be able to get a passport.

The only exception is if the convicted felon makes a special appeal citing an emergency situation, in which case the US government may consider giving him/her a passport. On the other hand, if the felon is not in the “bad” category, then the procedure to apply for a passport is quite similar to the one that any normal person would follow.

The one rule to look at is 22 US Code 2714. As per this code, a person who gets convicted of international drug trafficking and gets caught with any controlled substance while crossing an international border will not be able to get a passport.

Subsection b of the 22 US Code 2714 also bars felons convicted for a federal or state drug offense when the offense is a felony. People convicted of certain misdemeanors are also barred from applying for a passport, but that action is taken on the direction of the Secretary of State. First-time misdemeanors involving only possession (and not trafficking) of drugs do not bar a convict from getting a passport.

If a person owes $5000 or more in child support or certain loans, then that person may also be disqualified from getting a passport. Basically, owing large sums of money makes a person look like a high-risk case who can flee and never come back again.

Interestingly, if the government authorities deem that a person’s activities abroad (in the past) were detrimental to the United States, then even in that case the person can be denied a passport. A person who may have committed crimes in foreign countries and incurred expenses while in prison may also be denied a passport.

The state department generally does not (but it may) disqualify an applicant who has been convicted of a misdemeanor.

 

Applying for a passport

To apply for a new passport, you will have to fill out Application Form DS-11. That form is the official application for a US passport. You will also have to furnish your proof of citizenship, identification documents, and a couple of passport photos.

A birth certificate or the naturalization certificate can work as proof of citizenship. It is a good idea to make photocopies of all the documents that you plan to submit. For passport photos, make sure you get them made at a credible place like CVS or Walgreens.

Once you have all the documents in order, you will have to submit them either at a post office branch or a passport acceptance facility. A processing fee will be charged when you submit your passport application.

If you are applying for the very first time, then you will have to submit the application in person. If you have had a passport before and it is 15 years old or older, if you lost your passport, or if your passport got stolen, then there is no requirement of submitting the documents in person.

It normally takes 4 to 6 weeks post submission for an applicant to receive his/her passport. In order to make the whole process move as smoothly as possible, make sure that you fill out the application form clearly and honestly.

Also, make sure that your passport photograph is a recent one (less than 6 months old). If everything in your application is true and accurate, then the people processing your application will be able to move faster.

There are expedited services that will ensure that your passport is made in a much shorter time frame.

 

Do some research before you apply

While the information above was compiled at the time of writing, the laws are constantly changing. What might be legal today may become illegal tomorrow. The suggestions and tips mentioned in this article can get obsolete over time. Hence, it is a good idea to brush up on the laws in your state and country with regard to felons applying for a passport.

Also remember that even if you are successful in getting your passport, you can easily lose it as well. Felons have to be very careful that they stay within the confines of the law.

There is a statistic that a high number of felons who are released from prison end up returning back within one or two years. Even a small offense can make the Department of State revoke a felon’s passport. So, always stay focused.

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E2 Visa https://goldenprimetrust.com/citizenship-by-investment/e2-visa/ Mon, 20 May 2019 11:38:51 +0000 https://goldenprimetrust.com/?p=1148 The E2 visa is an investor visa offered by the government of the United States of America. It allows the visa recipient to live and work in the US based on an investment that he/she has made in the US. It essentially allows the investor to operate and develop the business in which he/she has…

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The E2 visa is an investor visa offered by the government of the United States of America. It allows the visa recipient to live and work in the US based on an investment that he/she has made in the US. It essentially allows the investor to operate and develop the business in which he/she has invested.

At times, an investor company’s employees (top management) may be sent to the US to operate the business on behalf of the owner. In such cases, the employees enter the country on an E2 visa provided that the hold the citizenship of the same country as the investor does. The E2 visa is normally issued for a time period of stay of 3 months to 5 years, depending on the country of citizenship of the investor and other factors.

An E2 visa can normally be renewed indefinitely. Again, the number of times an investor can renew the E2 visa depends on his/her country of citizenship. For example, A Grenada passport allows indefinite renewal and a 5 year stay on every valid renewal. On the other end of the spectrum, a Bangladeshi or an Armenian passport will only allow 3-month stays with 2 renewals.

There is no fixed quota or limit on how many E2 visas can be issued every year. There is also no set limit on the amount of investment that needs to be made to obtain an E2 visa. However, smaller amounts of investments make the business relatively more difficult to register as an E2 business.

 

Who should go for an E2 visa?

The E2 investor visa is a non-immigrant visa. This means that a person holding an E2 visa will not be able to get a Green Card or a US Citizenship via the E2 visa. However, the tax requirements of citizenship of Green Card also do not apply to holders of the E2 visa. This is a significant benefit for the investor who obtains this visa.

The E2 visa is also turning out to be a major benefit for Americans who wish to renounce their US citizenship but who still have business interests in the US to take care of. After all, under the E2 visa, only the income generated by the investment/business in the US gets taxed. The only way an E2 investor visa holder may get taxed under the E2 visa is if he/she passes the Substantial Presence Test.

The E2 visa is only open to citizens of those countries who have signed a Treaty of Commerce and Navigation with the US. A list of countries who have signed the treaty and whose citizens are eligible for an E2 investor visa can be found here. Citizens of India and China cannot apply for an E2 visa. They can only enter the US on a dependent E2 visa if they happen to be a spouse of an E2 visa holder. Also, investors with an import/export business should explore the E1 Treaty Trader visa rather than opt for an E2 visa.

Also, an E2 visa is not granted for making passive investments in assets like stocks and bonds. This visa is only granted to investors who will have active business interests in the US and in cases where such active businesses will require their presence in the US.

 

The Pros of an E2 visa

An E2 visa is valid for the investor and his/her family. The investor’s spouse and unmarried children under the age of 21 are all allowed to relocate to the US from their country of citizenship. What’s more, the spouse is also allowed to work in the US. This is quite liberal considering that H1-B visa holders have strict rules about spouses/dependents working in the US. The icing on the cake is the fact that the investor’s children can attend school/college anywhere in the US. If they attend college at a state institution of the state where the investor resides, then they qualify for low in-state tuition.

The investment amount necessary to qualify for an E2 visa is significantly less than the EB-5 visas. Plus, the investment is under your control rather than with some third party that you know little about.

The E2 visa’s processing time is a lot quicker than that of an EB-5 or other immigrant visas. The E2 visa will allow the investor to enter the US within a few months after applying.

Since the E2 visa is not an immigrant visa, it does not have stringent presence requirements. You do not have to spend 6 months in the US and the rest abroad. With an E2 visa, you can remain out of the US for 243 days in one calendar year. So, in terms of international travel and mobility, the E2 visa is quite flexible.

 

The Cons of an E2 visa

Since the E2 visa requires the investor to work actively on your US business, it is by no means a vacation. Wealthy folks looking to retire or spend leisurely time in the US are probably not the right candidates for the E2 visa. This visa requires a lot of preparation, groundwork, and then continuing work.

The repeat renewals which an investor may have to do with the E2 visa will cost him/her substantial legal fees. Though the E2 visa’s application costs are lower than popular investor visas, the savings get offset somewhat by the recurring legal expenses.

The E2 visa does not lead to a Green Card or Permanent Residency, as pointed out above. It is simply a way to travel and move around freely while being able to live in the US and avoiding US taxes on worldwide income.

 

Some other aspects of the E2 investor visa

An investor does not have to invest all the money in a US business before applying for an E2 visa. The investor only needs to demonstrate that he/she has a realistic plan and access to funding to start the US business.

One can purchase an existing US business and register it as an E2 Treaty investor business in order to apply for an E2 visa. In such cases, the agreement to purchase the business can be made conditional to the E2 visa being granted to the investor. The investor can make the agreement and then apply for the E2 visa on the basis of the agreement.

The E2 business needs to employ local US workers. There is no numerical limit as to how many US workers a business needs to employ but the business should not be “marginal” or passive. Even two to three employees can be enough in most cases.

It is best to speak with an immigration attorney or an experienced professional if you are serious about applying for an E2 visa. There is a process that needs to be followed and a good bit of paperwork is also involved. The official requirements about the visa are also somewhat vague. The use of words like “substantial amount of capital” and “the investor must develop and direct the enterprise” leaves the requirements open for interpretation.

An experienced professional who may have handled E2 visa clients before will have a clear idea of what exactly needs to be done. Professional help will significantly improve your chances of successfully getting an E2 investor visa.

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Top 10 places to set up a residency if you are online business owner https://goldenprimetrust.com/residency-and-passports/top-10-places-to-set-up-a-residency-if-you-are-online-business-owner/ Thu, 02 May 2019 20:08:52 +0000 https://goldenprimetrust.com/?p=891 Top 10 places to set up a residency if you are online business owner Having a successful online business gives you lots of flexibility. You don’t depend physically on a place where you’re at and you can spend a lot of your time traveling around. In my opinion, this is one of the biggest advantages…

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Top 10 places to set up a residency if you are online business owner

Having a successful online business gives you lots of flexibility. You don’t depend physically on a place where you’re at and you can spend a lot of your time traveling around. In my opinion, this is one of the biggest advantages of doing online business. 

There is another annoying thing most of us have to endure, this is taxes.

At the end of the year your beloved country takes 10,20,30 and some cases even more than 50% of your income. Seems unfair, right?

Well, the good news is that you can just leave. You can choose a place that suits your needs better than your home country and simply relocate there.

Since we are in a similar situation like you, we did extensive research about places that welcome online entrepreneurs. 

Here is our list of top 10 countries that you should consider if you are an online business owner:

  1. Bulgaria

The place that we have chosen for ourselves. Bulgaria is a country in Eastern Europe, it’s EU member and country that is developing rapidly. Corporate tax is very favorable and lots of our clients and friends have chosen Bulgaria for their residency. Corporate tax rates are only 10%, the country is quite cheap and your money will go very far.

For example, 1000 EUR per month will get you an amazing apartment. With 10k per month, you will live like a king here. 

Sofia, which is the capital is very well connected with the rest of Europe and further. They have great flight connection, which is a big advantage for us since we travel a lot.

  1. Montenegro

Montenegro is my country of origin. This is a tiny country at the Adriatic sea, with a population of 650 000 people. Even though it is not part of the EU yet it introduced the EURO as its official currency in 2002.

This country has very low tax rates of only 9%. 

It is geographically beautiful and has lots to offer, especially during the summertime. 

The main industry in the country is tourism and everything related to it. It also relies on foreign investments. 

Montenegro is a very welcoming country for online entrepreneurs.

Life is quite cheap and a couple thousand euros a month will provide you with an outstanding lifestyle in this tiny country.

  1. Portugal

Portugal is an interesting country. It offers something that’s called non-habitual resident tax regime. This program was introduced by the government in 2009. to attract profitable industries and high earning individuals. If structured properly it gives you tax exemption for the first 10 years of living in Portugal.

Under this program, most income from a foreign source is exempt from Portuguese taxation for ten consecutive years, as is income that is taxable in another country.

Not to mention that this is a beautiful place to live since it offers sunshine and great weather for most of the year.

  1. Georgia

Georgia is a perfect blend of old and modern. This country was a Soviet member in the past and is currently in transition. You will see lots of new modern glass buildings right next to old communist style architecture. 

They are very open for foreign business owners, and you will be able to set up a residency (even citizenship) quite easily.

It is super cheap to operate here, and you will be able to get employees for very appealing rates. Corporate tax rates are 15%.

Banking is developing fast and they have some interesting packages and opportunities for foreign business owners. This is a place that we often recommend for online business owners due to its openness and plenty of opportunities.

  1. Singapore

Very famous and popular among online business owners. Singapore is my most favorite place in the entire world. This is the city that I visited multiple times, and I am always happy to come back.

This is the modern, first world, English speaking country. You can feel it on every single step and see it on every corner. This is the country for the 22nd century. 

If you make less than 300k per year, you will pay 8.5% in taxes. If you make more than you will have to give up 17% of your income due to taxes. Also, it’s important to note that Singapore does not impose any dividend or capital gains taxes

Singapore is one of the most appealing places in the world for doing business. Its unique location is giving you easy access to most of Asia. It is a very stable country with a very strong labor force. 

However, costs of living in Singapore are extremely high. This is certainly one of the most expensive cities in the world. 

In order to have a good lifestyle, you will need to spend way more than in any other country form our list. If you are not worried about money, then you might consider Singapore for setting up your residency. 

  1. Hong Kong

Another popular place among online entrepreneurs. Hong Kong’s economy has been growing steadily for the past few decades.

For the first 300k that you earn, you will pay 8.5% taxes, similarly to Singapore. 

Above this amount, you will pay 16.5%. 

Hong Kong has something that’s called territorial tax system. This means that all the income that has been made outside of HK will not be taxable. However, what do they consider as income made outside of the country can be tricky sometimes.

In HK you will have access to the good labor force, however, expect to pay quite a lot for good talent.

There are no import duties in HK. People speak Chinese as well as English, so it can give you an edge of conquering the Chinese market. This place offers quite good banking, and tax write-offs are a no brainer (you could go as extreme as writing off clothes that you purchase as a business expense). 

  1. UAE

If you decide to get a residency in this Gulf country expect to pay NO TAXES. This is a massive advantage and a big reason for choosing the UAE. 

It is quite easy to get a residency, and there is no audited financial requirement for companies. 

Dubai and Abu Dhabi are modern cosmopolitan cities that offer a lot, however, it is not quite cheap to set up there. You can end up paying in excess of 10k, depending on which free zone are you in.

When it comes to costs of living, I would say that the UAE is somewhere in between. It is not as expensive as Singapore, but definitely not as cheap as Montenegro or Bulgaria.

  1. Malaysia

Malaysia is a country that has multiple advantages if you are a business owner. First of all, this a modern English speaking (as well as Chinese) country. Kuala Lumpur is one of the most impressive cities in the world, that has outstanding architecture, great weather and lots of talent to choose from. 

In Malaysia, you can potentially get away with 3% total tax if you are structured properly. 

It is pretty easy to set up a residency in Malaysia. This country is a great gateway to China which is a massive market. Infrastructure is great, and wages are not very high. Overall, your costs of living, as well as business expenses in Malaysia, can be quite low

  2. Thailand

Have you ever met someone that doesn’t want to visit Thailand? This country is considered to be a paradise on Earth by many. I visited Thailand a couple of times and I definitely understand why. 

This country offers a very appealing elite residency program. 

You can end up with potentially zero tax in Thailand. I have lots of friends and clients that have chosen this country as their new home. Your costs of living can be quite low, but on the other hand, they can be quite high as well since this is a country of extremes.  

 

1. c

If you can qualify for Panama’s Friendly Nations Visa program then setting up your residency can be quite easy and inexpensive.

This is a beautiful tropical country with a great location. It gives you good access to North and South America as well as Europe. 

Panama offers territorial tax system, which means that all the income made outside of Panama is tax-free. This makes Panama great for online business owners. Another interesting advantage is that Panama doesn’t have a minimum stay requirement to maintain your residency (just like UAE), however, be careful about this. If you don’t spend enough time in Panama, your country of origin might not recognize you as a resident and you might still have to pay taxes to your home country. 

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Things to consider when buying a second passport https://goldenprimetrust.com/citizenship-by-investment/things-to-consider-when-buying-a-second-passport/ Thu, 02 May 2019 20:03:57 +0000 https://goldenprimetrust.com/?p=888 Things to consider when buying a second passport We all know that buying second citizenship is not an easy decision to make. You probably did lots and lots of research before taking any action. There is lots of data out there about this topic, however, some of it is outdated and not valid anymore. Some…

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Things to consider when buying a second passport

We all know that buying second citizenship is not an easy decision to make. You probably did lots and lots of research before taking any action.

There is lots of data out there about this topic, however, some of it is outdated and not valid anymore. Some of it is straight lies or scam. That’s why you have to be super careful and thoughtful when considering such an investment.

There is so much to cover when speaking about this topic.

Here are some of the most important things to keep in mind when buying a second passport.

Beware of potential overcharge

There are tons of agencies, companies, lawyers, etc. out there that are involved in citizenship by investment programs. 

For lots of them, this is quick and easy money to make. 

Basically, lots of these people don’t add any value to the whole process. They only act as the middle man and they get their share (more than generous share). Lots of these people don’t even know what they’re doing that well.

They will refer you to someone, who will then refer you to someone, and so on. It will take you a lifetime to get what you really want, and you will pay lots of unnecessary fees in the process.

We are not saying that you shouldn’t use an agency- you only have to be aware that there are lots of bad ones out there. Right one will get you what you want/need in a reasonable amount of time, for reasonable fees.

Make sure that what you are offered is the best for you

This leads us to my next point. Lot’s of agencies out there promote their own stuff, which is not necessarily the best solution for you. For example, if someone is promoting only citizenship by investment in Malta you might want to look into more options before making a decision. Remember, in this situation, there is not ‘’one size fits all’’. It’s simply impossible. You need somebody that will look at your situation from all angles and then make a decision based on what’s best for you. 

Some people are very excited about certain offers that seem appealing to them, but the thing is those offers might not be what’s best for their situation. What worked for someone else, might not work for you. Make sure to think about all the possible options, look at your situation and then make a decision. 

Lots of banks are aware of such programs, and will not open you bank accounts

Imagine this situation: You purchased Vanuatu passport and you proceed to open a bank account in Switzerland. Chances are that they will turn you down and ask you about your original passport. Why is this the case? Banks are extremely concerned about tax evasion and money laundering. Some of these passports that you can buy in citizenship by investment program are in their ‘’beware list’’ and they don’t want to take any chances. 

However, some of these passports are still fine and you will be able to bank normally. 

Lesser known citizenship by investment programs will generally mean less trouble when it comes to banking. 

Visa-free access, costs, bureaucracy

You must have a reason for wanting to get a second passport. If it’s for travel purposes then probably the most important thing to consider is how many countries will you be able to travel visa-free with your new passport. 

Currently, the best ones for visa-free travel would be Cyprus and Malta. However, those are members of the EU and therefore the most expensive ones. Bulgarian passport also gives you some decent traveling options.

Besides this, you will want to consider the costs of getting a new passport. How much does this program cost? What are other fees included? Depending on the country these prices vary drastically. In our articles where we wrote about each country that offers this program, we mention prices for each country.

Also, you need to know what is involved in getting your new passport besides investing money. Do you need to pass the language test? Do you have to learn about the history of a country? Which documents do you need to provide? What is bureaucracy like? All those are covered in our articles.

Family-friendly options

Is the program that you were considering offering passports to your entire family or only to you? If you are single this doesn’t matter that much, but if you are married and if you have a family this is something that you will have to consider. 

Some countries will offer passports to the entire family, some will not. I mean, they will if you make an investment for each family member which can be super expensive. You have to check what is involved and covered until the main applicant’s investment. 

What is life like in a country where you are buying a second passport

If you are planning to actually relocate to the country where you’re buying a passport you need to make sure you do your research about life in that country.

Visiting it and spending some time there before buying citizenship might be a good idea. Some of these countries might have different life and culture from your country of origin. In order to avoid the cultural shock, you need to prepare yourself.

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What’s the Difference Between Residency and Citizenship?  https://goldenprimetrust.com/residency-and-passports/whats-the-difference-between-residency-and-citizenship/ Thu, 02 May 2019 19:55:57 +0000 https://goldenprimetrust.com/?p=884 What’s the Difference Between Residency and Citizenship?  There is a lot of confusion when it comes to this topic. Many people don’t understand the difference between residency and citizenship.  A residency permit gives you the right to live and possibly work in a particular country.   Citizenship gives you access to their passport, and also typically gives you the right to vote. It also might change what benefits…

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What’s the Difference Between Residency and Citizenship? 

There is a lot of confusion when it comes to this topic. Many people don’t understand the difference between residency and citizenship. 

A residency permit gives you the right to live and possibly work in a particular country.  

Citizenship gives you access to their passport, and also typically gives you the right to vote. It also might change what benefits your children receive as they might receive the citizenships by merit of your citizenship. 

When you’ve obtained citizenship you are typically no different than a person who was born and spent their life in that country. So, with citizenship, you have full rights. 

When moving abroad the first step is obtaining a residency. After that, you might get a citizenship at one point of time. In some cases, it takes 5 years, in some cases 20 years, in some case, it’s not possible to get a citizenship of a country as a foreigner.  

Residency is the first of many steps when getting a citizenship of a country unless you are doing a citizenship by investment.  

In simple words, citizenship by investment means that you are buying a citizenship (and passport). This means that you’re skipping all the time and hassle that you would otherwise have. Instead of waiting 5,10,20 years you will get citizenship almost immediately.  

Rules vary from country to country: some countries will ask you to invest some money into the local economy, some will require that you buy certain real estate, some will ask to hire locals, etc, but the principal is always similar.  

Getting a residency is much easier. You can usually get it via investing some money in the country, via going to school in that country, sometimes via work, sometimes via starting a business – it really depends on the country. 

We can help you with both residency and citizenship by investment.  

If you are interested in relocating in a foreign country or obtaining a second passport give us a call and we will explain what would be the best options for you and your family. 

We help clients change their residency to a better jurisdiction and obtain second passports to expand their options in life.  We also help legally reduce their tax through international tax planning, as well as help with company formations, bank account openings, and payment processing.  Have a question you want answered?  Book a consultation now! 

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Vanuatu Citizenship By Investment Program https://goldenprimetrust.com/citizenship-by-investment/vanuatu-citizenship-by-investment/ Mon, 03 Sep 2018 16:52:34 +0000 https://goldenprimetrust.com/?page_id=148 About Vanuatu  Vanuatu is a South Pacific Ocean nation made up of roughly 80 islands that stretch 1,300 kilometers. The islands offer scuba diving at coral reefs, underwater caverns, and wrecks such as the WWII-era troopship SS President Coolidge. Harborside Port Vila, the nation’s capital and economic center, is on the island of Efate.   The…

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About Vanuatu 

Vanuatu is a South Pacific Ocean nation made up of roughly 80 islands that stretch 1,300 kilometers. The islands offer scuba diving at coral reefs, underwater caverns, and wrecks such as the WWII-era troopship SS President Coolidge. Harborside Port Vila, the nation’s capital and economic center, is on the island of Efate.  

The four mainstays of the economy are agriculture, tourism, offshore financial services, and raising cattle There is substantial fishing activity, although this industry does not bring in much foreign exchange. Exports include copra, kava, beef, cocoa and timber, and imports include machinery and equipment, foodstuffs and fuels. In contrast, mining activity is unsubstantial.

Starting from January 2017, the Government of the Republic of Vanuatu has launched the Development Support Program (DSP) for the purpose of raising funds to support infrastructure and promoting the economic development of Vanuatu. The citizenship by investment program is a new provision enacted under the Citizenship Act with the powers conferred on the Prime Minister.  

This is the only Citizenship by investment program in Asia Pacific Hemisphere. 

Vanuatu citizenship by investment program 

If you want to get Vanuatu citizenship you will need to donate a certain amount to the government. For a single applicant necessary donation is $160 000 USD.  For a married couple it’s $185 000 USD, for a couple with one child it’s $200 000 USD, for a family with two kids it will be $220 000 USD. If your family exceeds four members it will cost $25 000 USD for each additional dependent. Due diligence fee is $5000 USD. 

Donating funds to the government is the only way to participate in this program. There are no options for buying real estate or investing in local business. 

The application process is simple and getting your new passport will take a very short time. 

Restrictions apply to citizens of following countries: Iran, Iraq, Syria, North Korea, and Yemen. They can not obtain Vanuatu passport by citizenship by investment program. 

Benefits of Vanuatu citizenship by investment 

If you decide to obtain Vanuatu passport there are multiple benefits that come with it. 

As of 1 January 2017, Vanuatuan had visa-free or visa on arrival access to 116 countries and territories, ranking the Vanuatuan passport 43rd in terms of travel freedom according to the Henley Passport Index. Visa-free travel countries with Vanuatu passport include EU, UK, and Singapore. 

Vanuatu is a member of the Commonwealth and its citizens are considered Commonwealth citizens granting them additional rights in the United Kingdom and certain Commonwealth countries. 

Vanuatu has zero corporate tax, it also has no income tax, no capital gains tax, no estate tax, no wealth tax, no withholding tax, no gift tax, and no other personal income taxes. Aside from a locally applied 12.5% VAT, there are almost no taxes at all. Vanuatu is business-friendly. It has been the International off-shore finance center since 1972. 

There are multiple international banks in Vanuatu, such as ANZ Bank, Bred Bank, BSP (Bank of South Pacific). 

It’s simple to form a company and open a bank account. 

Prices of this program are very attractive, especially for families. Citizenship is for life and is hereditary. 

As we already said this program is very efficient and you can get your second passport fairly fast. 

A “pre-approval” stage involving a Vanuatu Government background check on the applicant is required. Once the pre-approval has been received (normally 7-10 days), the full documentation is submitted with full payment. The Citizenship process from here takes between 30 to 60 days to complete, making it one of the fastest processing times in the World. 

Once the application is approved, the applicant will be required to present themselves at a Government of Vanuatu Consulate, nominated office or, in Vanuatu itself.  

At the Consulate or Government Offices, the applicant will participate in the Oath of Allegiance ceremony upon which they will be granted their citizenship and receive their Vanuatu passport. 

There is no requirement for the citizen to visit Vanuatu.   

Dual citizenship allowed  YES 
Investment required  $160 000 USD 
Time  30-60 days on average 
Family members  Yes, with extra cost 
Visa-free access  116 countries and territories 
Who doesn’t qualify  Citizens of Iran, Iraq, Syria, North Korea, and Yemen 

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St Lucia Citizenship By Investment Program https://goldenprimetrust.com/citizenship-by-investment/st-lucia-citizenship-by-investment/ Mon, 03 Sep 2018 16:04:03 +0000 https://goldenprimetrust.com/?page_id=145 About St Lucia  Saint Lucia is an Eastern Caribbean island nation with a pair of dramatically tapered mountains, the Pitons, on its west coast. Its coast is home to volcanic beaches, reef-diving sites, luxury resorts, and fishing villages. Trails in the interior rainforest lead to waterfalls like the 15m-high Toraille, which pours over a cliff…

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About St Lucia 

Saint Lucia is an Eastern Caribbean island nation with a pair of dramatically tapered mountains, the Pitons, on its west coast. Its coast is home to volcanic beaches, reef-diving sites, luxury resorts, and fishing villages. Trails in the interior rainforest lead to waterfalls like the 15m-high Toraille, which pours over a cliff into a garden. The capital, Castries, is a popular cruise port. It covers a land area of 617 km2 (238 square miles) and reported a population of 165 595.  

The biggest economy driver in St Lucia is definitely tourism, which is accounted for over 80% of GDP. 

Citizenship by investment programme, numbers, and possibilities  

If you want to get your passport by investing in St Lucia there are multiple citizenship programs:

-National Economic Fund contribution 

-Real estate investment 

-Government bonds investment 

-Enterprise project investment 

If you want to go with the first option and contribute to National Economic Fund (NEF), you will need to donate at least 100 000$ USD. This is the price for one person. If you are applying with the spouse then you will need to donate 165 000$, for a family of up to four members it will be 190 000$, for families of more than four members you will need to donate 25 000$ for each additional dependent. 

Processing fees will be 2000$ for the main applicant and 1000$ for each additional dependent.   

Due diligence fees will cost you 7500$ for the single applicant, another 7500$ for the spouse and 5000$ for each dependent above the age of 16. 

If you would rather invest into real estate then you will need to purchase property for at least 300 000$. You will need to keep this property for at least 5 years after citizenship has been granted to you. 

Processing and Due diligence fees will be the same as in the previous case, but on top of this, you will need to pay Government fees. 

These fees are 50 000$ for the main applicant, another 35 000$ for the spouse, for each dependent of 18 years or above it will be 35 000$ and for each dependent younger than 18 it will cost 25 000$. 

Another option you have is investing in government bonds. These bonds will need to be held for at least five years and you will not be able to get interest from them.  

If the main applicant is applying alone then they will need to invest 500 000$ in government bonds, 535 000$ if applying with the spouse, for a family of up to four members investment needs to be 550 000$ and another 25 000$ for each additional dependent.  

On top of this, you will need to pay Processing and Due diligence fees that will be the same as in the first case. 

Last option is to invest in pre-approved enterprise project.  

This investment must create at least 3 permanent jobs. Joint investments are allowed, although each applicant must contribute at least 1 million$ and the entire project must be valued at 6 million $ and create at least 6 permanent jobs. 

Investment must be at least 3 500 000$ for the main applicant. In case of more than one applicant (multiple investors), it needs to be at least 6 000 000$ and each applicant needs to contribute at least 1 000 000$. 

Processing and Due diligence fees have not been included in the price, and they will cost as in previous cases. 

St Lucia Citizenship By Investment ” is locked St Lucia Citizenship By Investment

Benefits of St Lucia citizenship by investment 

Once you obtained your citizenship you will keep it for life. St Lucia allows dual citizenship, so you will be able to keep your original one as well.  

Processing is very fast, it usually takes no longer than three months.  

This program has more investment options to choose from than similar programs, so it might be a better option for business people. Also, there is no tax on your worldwide income. 

No residency or travel requirements, except that the Oath of Allegiance must be taken in Saint Lucia or before any Saint Lucian Embassy, High Commission, or Consulate.  

As of 1 January 2018, Saint Lucian citizens had visa-free travel to 130 countries and territories, ranking the St Lucian passport 34th in terms of travel freedom according to the Henley Passport Index.  

Dual citizenship allowed  YES 
Investment required  Minimum 100 000$ 
Time  3 months approximately  
Family members  Yes, with extra cost 
Visa free access  130 countries and territories 
Who doesn’t qualify  / 

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St Kitts and Nevis Citizenship by Investment Program https://goldenprimetrust.com/citizenship-by-investment/st-kitts-and-nevis-citizenship-by-investment/ Mon, 03 Sep 2018 16:02:27 +0000 https://goldenprimetrust.com/?page_id=143 About St Kitts and Nevis Saint Kitts and Nevis is a dual island nation situated between Atlantic Ocean and Caribbean Sea. It’s known for cloud shrouded mountains and beaches. The larger of the 2 islands, Saint Kitts, is dominated by the dormant Mount Liamuiga volcano, home to a crater lake, green vervet monkeys and rainforest…

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About St Kitts and Nevis

Saint Kitts and Nevis is a dual island nation situated between Atlantic Ocean and Caribbean Sea. It’s known for cloud shrouded mountains and beaches. The larger of the 2 islands, Saint Kitts, is dominated by the dormant Mount Liamuiga volcano, home to a crater lake, green vervet monkeys and rainforest crisscrossed with hiking trails. This country is the smallest sovereign state in the Western Hemisphere both in area and population.  

The capital city is Basseterre on the larger island of Saint Kitts. The smaller island of Nevis lies approximately 3 km (2 mi) southeast of Saint Kitts across a shallow channel called “The Narrows”. 

Saint Kitts and Nevis were among the first islands in the Caribbean to be settled by Europeans. Saint Kitts was home to the first British and French colonies in the Caribbean, and thus has also been titled “The Mother Colony of the West Indies”. 

Citizenship by investment program cost 

Did you know that St Kitts and Nevis was the first country in the world to introduce Citizenship by investment program? 

It all began in 1984. The government needed something to replace the dying sugar industry and they found a solution. The program was called the Sugar Industry Diversification Foundation (SIDF), it was set by the government to support displaced sugar workers, and to bring new developments in the country.

Basically, they decided to ‘’sell’’ their passports to foreigners. Today it’s their biggest export. 

If you want to have a passport of this Caribbean country you have two options: Donate money to the government (Sustainable Growth Fund – SGF) or buy approved real estate.  

If you choose the first option then you will need to donate $150 000 (USD), if you are applying only for yourself. If you apply with family (spouse and two kids) then you will need to donate $195 000. Any additional dependent will cost another $10 000. 

Besides this, you will have to pay for due diligence fees, $7500 for the main applicant and another $4000 for each dependent who is over the age 16. 

If you would rather invest in property, then you will have to purchase a real estate for at least $200 000. This real estate you will have to keep in your possession for at least 7 years. However, if you buy real estate worth $400 000 you will be able to resell it after 5 years.  

Same due diligence fees apply as in the previous case, however, besides them you will have additional government fees if you decide to invest in real estate. These fees are $35 047 for the main applicant, $20 047 for the spouse of the main applicant and another $10 047 for each dependent. 

If you want to speed up your process of getting St Kitts and Nevis citizenship you can speed up the process by paying extra. This is called 60 days accelerated process and it will give you the passport in as early as 45 days! These speedy fees will cost $25 000 for the main applicant, $20 000 for the spouse and each child above the age of 16 and additional $500 for each child under the age of 16. 

However, if you come from Iraq, Yemen or Nigeria you will not be able to apply for the accelerated process.  

If you don’t want to pay for speeding the process up it will take about 6 months to obtain citizenship, after the investment has been made. 

St Kitts and Nevis citizenship benefits 

St Kitts and Nevis passport will allow you visa free travel to 141 countries including EU countries and Russia. 

There are no residency requirements, which means that you don’t have to actually spend time in the country.  Not just that you don’t have to reside there, you will not to visit this country personally in order to get your passport! You will get your citizenship for life. 

You don’t need to worry about tax, since there is no income or wealth tax here.  

Also, you will be able to keep your original passport, since St Kitts and Nevis allow dual citizenship. 

 

Dual citizenship allowed  YES 
Investment required  150 000$ USD minimum 
Time  6 months, accelerated process only up to 60 days 
Family members  Yes, with additional cost 
Visa free access  141 countries and territories 
Who doesn’t qualify  Iran, North Korea 

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