What Are the Benefits of Golden Passport?
Benefits of Golden Passport
A golden passport is an international citizenship, meaning that you have rights in another country, such as those in the EU. Most countries that offer such passports are small islands or nations with a population under one million. These passports are often purchased by people who want to gain rights in third countries. Usually these rights are based on longstanding treaties between the two countries. For example, having a passport from Malta gives you rights in all EU member states.
Another benefit is the ability to obtain residence permits, which can be renewed indefinitely. This type of second passport can also be useful for fleeing your home country. However, there is a problem with Golden Passport programs. Recently, the U.S. Treasury sanctioned two VTB Bank executives – Yuriy Alekseyevich Soloviev and Galina Olegovna Ulyutina – for their involvement in the golden passport scheme.
Another benefit is that dual passport holders don’t have to apply for multiple visas. This allows them to enjoy social security benefits, higher quality of life, and the convenience of doing business abroad. But there are also some disadvantages. In addition to the obvious benefits, a golden passport can be dangerous for the countries that issue them.
What Are the Benefits of Golden Passport?
A golden passport comes with many benefits, but it requires a large investment. Many people don’t have the financial resources to qualify. Additionally, some countries have strict requirements. For example, they may require background checks on family members and a deeper investigation of the investors’ investment sources. Moreover, these programs require a minimum amount of investment in the country.
For a foreigner who invests money in a certain country, he or she can become a permanent resident, bring their spouse and children, study, and work there. As long as the money is legally acquired, the investor may be eligible for residency in the country of investment. Additionally, it is important to note that a foreigner must have sufficient finances to support themselves and their family, unless they apply for a Golden Visa.
A golden passport can be beneficial for both the applicant and the country in which the residence permit is obtained. In some countries, the golden visa holders can apply for citizenship after a certain period of time. This time frame varies from country to country. Depending on which country, the golden visa application process may take two to nine months, so it’s important to consider all of the above factors before applying for a golden passport.
One of the main benefits of a golden passport is the ability to enjoy the freedom of movement across Europe. The golden visa program allows foreign nationals to establish businesses in Europe. As long as the investment is made within the country, they can live in the country without paying taxes. Furthermore, the foreign nationals can apply for citizenship after five to ten years of residency.