Money and identity freedom, who holds your future in their hands?
According to the Global Private Wealth Migration Report 2023, published by Henley & Partners, a leading global investment immigration consultancy (Henley Private Wealth Migration Report 2023), the number of wealthy immigrants is projected to hit an all-time high in 2023 and 2024, whichExpress Naturalization Program (Passport Program)It is undoubtedly an important factor in attracting HNWIs, as it provides a swift and legally compliant path to help them diversify their status. According to statistics, 13,500 wealthy people in mainland China will choose to emigrate in 2023, which will be an increase of 2,700 from 10,800 in 2022, topping the net outflow ranking.
Affluent people are keen on identity planning, firstly, they can realize the global diversified allocation of assets, and thus resist risks and pass wealth from generation to generation; and secondly, in order to expand their overseas business, they can have the freedom to travel when they say they will go. Freedom of identity, seemingly grandiose, can actually be broken down into two steps: first, which identity to choose; second, how to obtain this identity.
I. Which identity to choose
For affluent people with overseas investment needs, just having a status is not enough. TheHurun Shangri-La - China HNWI Brand Tendency ReportAccording to the report, after wealth freedom, HNWIs under the age of 30 are more keen to travel around the world. Traveling around the world requires not only money, but also a status that facilitates travel.
As you can see in the chart above, the United Arab Emirates, which added the highest number of new visa-free countries during the 10-year period 2013-2023, also has the highest number of visa-free countries among the countries on the list. The UAE's growth in recent decades has been globally noteworthy, with Dubai International Airport being one of the world's busiest transportation hubs, and its citizens now enjoying the privilege of visa-free travel to 178 countries.
Freedom of identity: an unequal game
In addition, the Caribbean countries'Dominican RepublicWith the addition of 56 new visa-free countries, Dominica is among the top 10 passports with the fastest improving visa-free strength, and citizens holding passports from both countries have visa-free access to nearly 150 countries around the world. Dominica's pristine natural landscape and rich cultural heritage attracts tourists from around the world, and is known as the Caribbean's island of nature.On May 28, 2015, the European Union signed a visa waiver agreement with Dominica, and Dominica is the only Caribbean country that has a visa waiver with China. Citizens of Dominica are now able to travel to approximately 142 countries without a visa, indicating that Dominica is becoming more widely recognized globally.
Previous Post.As we mentioned in the article, having citizenship in a country with a good degree of economic freedom and exercising one's earning power to the fullest is the basis of financial freedom. Visa-free passport rights are not only an important indicator of a country's openness to the outside world, but also an important dimension in the choice of status for HNWIs who are in the process of identity planning. For these people, only by broadening their career map to the world with sufficiently diversified asset allocation can they guard against risks and realize the preservation and appreciation of their assets, and at the same time enjoy the dividends brought by the economic development of other countries.
II. How to acquire nationality: right of abode vs. fast-track naturalization
Once you have determined the status you wish to obtain, the question you face is whether to try to obtain citizenship by obtaining residency or to go straight to the fast-track naturalization program. There are various ways of acquiring status: some people choose to study or work abroad and eventually succeed in obtaining residency; some choose to have a child abroad, making the newborn a foreign citizen straight away; while others achieve this by investing in aThere are also people who have used their investment to acquire a second nationality and complete their identity configuration.. There are currently two dominant types of overseas status through investment - residency and citizenship.
The right of abode is an entitlement that allows a foreigner to reside in a country for a short or long period of time. In Europe, the Golden Visa offers investors a way to obtain the right of abode, which used to be a fast track to obtaining EU status. For an investment of just hundreds of thousands of euros, applicants can live and work in a specific country and enjoy its excellent pension, education and healthcare benefits. Then, after a period of residency, there might also be the opportunity to obtain EU citizenship. However, from 2023 onwards, the EU's immigration policy changes:Irishrespond in singingPortugalof the Golden Visa program are closing one by one.Spanishof homebuyer immigration policies face uncertainty, while theGolden Visa for GreeceThe threshold is doubled.
Especially in the context of the outbreak of the pandemic and the instability of the global nationality policy, a large number of property investors, resulting in a housing crisis, inflation, strong dissatisfaction of the local population, once the political party rotation, the revision of the policy of purchasing a home to become a naturalized citizen, the first to suffer from the disaster is the foreign investors. It will become more difficult to obtain citizenship through the right of abode, or to obtain European citizenship through the Golden Visa.
Golden Visa: The Truth About Seemingly Obtaining European Citizenship
People seek the freedom of identity, both rich and ordinary, to free themselves from all kinds of limitations. In the age of globalization, many people consider acquiring a European status as their first choice. However, times are changing rapidly and the investor residency (known as Golden Visa, which specifically refers to the residency obtained by purchasing a property) that wants to get from the EuropeanBecoming a European citizen again has become a very difficult path.. Currently, the way through the purchase of property, want to naturalize in Europe is full of variables. Despite the fact that in 2023, the number of wealthy mainland Chinese immigrants is at a record high, and many of them choose a golden visa as an entry point, but what is the truth behind the comparison from the right of abode and then obtaining citizenship, and the root directly obtaining citizenship?
1). Legal Stability and National Policy Risks:
From a security point of view, the golden visa program has hidden dangers, allegedly for terrorists from non-EU countries and other criminals to provide a potential channel, so the EU urged countries to terminate the golden visa program as soon as possible, and emphasized that "the value of the EU status can not be measured by the price", strongly prohibit countries from selling EU status. So in the long run, if you want to get a European passport through the golden visa naturalization, the queue time will be longer and longer, and the pass rate will be lower and lower.
right of abode (law): It is strongly influenced by the country's immigration policy, which requires a long period of residence, investment or other conditions before citizenship can be transferred. In addition, there is a higher risk of policy changes, especially in times of global economic or political instability.
citizenship: Once acquired, the legal status is durable and less susceptible to policy fluctuations.
2). Right to education and social resources:
right of abode (law): Although some educational resources are available, there may be restrictions or conditions attached to them.
citizenship: Unconditional access to all of the State's public education resources, ensuring a more complete educational opportunity for the child.
3). Life Freedom and Long-Term Plans:
right of abode (law): May be subject to conditions such as visa renewals, residency requirements, etc., affecting long-term plans for individuals and families.
citizenship: Freedom to live without restrictions, long-term planning according to their own needs, not bound by changes in immigration policy.
4). Economic interests and property security:
right of abode (law): Immigrant investment programs (e.g., golden visas) may face uncertainties such as asset bubbles and policy risks.
citizenship: More protection of economic rights and interests, complete legal and tax advantages, and greater security of assets.
5). Identity and Social Integration:
right of abode (law): Residence is only temporary or permanent and may lack deep social integration and cultural identity.
citizenship: Full identity, easier to integrate into local society and enjoy the same rights and benefits as local citizens.
6). Passport Rights and International Mobility:
right of abode (law): There is no right to obtain a passport and entry, exit and international travel may be restricted.
citizenship: More protection of economic rights and interests, complete legal and tax advantages, and greater security of assets.
Freedom of identity: the ultimate goal, but also a continuous journey
Identity freedom is the ultimate goal of this quest and a continuum of planning. It requires us to not only figure out which identity we need, but also to have a clear idea of how to obtain it. In this context, EU residency programs are facing various compliance and policy adjustments. Furthermore, even local law firms are constantly confronted with updated provisions by the authorities. As a result, foreigners who wish to obtain citizenship through this route are faced with a great deal of uncertainty. In contrast, Caribbean countries (such as St. Kitts and Nevis,Dominican RepublicThe fast-track naturalization program of the United States (and St. Lucia) has given a more stable option to those who desire freedom. But by the same token, Caribbean countries are facing potentialprice adjustmentThe pressure of the
Identity diversity: the key to future wealth
In the Global Private Wealth Migration Report 2023, we have clearly seen what's coming: the desire of HNWIs to diversify their identities is growing. The affluent seek not only freedom of wealth, but also an identity that allows them to move freely around the globe, an identity that creates unparalleled convenience for their family's future.
Standing for European Identity, while obtaining residency has its benefits, the actual naturalization process is still challenging. Whatever your wealth and goals, choice and practice are key. Let's explore together and customize the best identity plan to help you achieve true identity freedom.
Extended Reading
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Dominica Citizenship Program
- The Dominica Citizenship Naturalization Program was established in 1993 A.D. and is one of the oldest naturalization programs in the world.
- passport immigrationApplicants are not required to attend an interview
- Immigration can be processed quickly: the time it takes is about 2-3 months.
- The most cost-effective program for single applicants
- The status can be passed on permanently to the next generation in the direct line.
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