Do you find yourself dreaming of a move overseas?
Well, a Commonwealth country could be a great destination either for you, your family or your business.
The Commonwealth is a large group of nations spanning the globe, uniting for a number of reasons, including working together to achieve environmental, social and governmental goals. Some of these nations also offer residency by investment programs, and today we’ll be looking at 2 rather different examples of this.
Canada
Canada is frequently considered as one of the best countries in the world to live in. It is well known for its high standard of living, clean environment, low crime rate, and outstanding infrastructure.
To attract foreign investment to Canada and boost the economy, the government offers several immigration programmes for wealthy individuals and entrepreneurs. They encourage affluent individuals to relocate to Canada and/or do business there, offering them tax and other benefits.
Apart from the financial contribution, the government aims to attract foreign talent, experience and innovation. The country has a long tradition of immigration and an elaborate system to evaluate and admit new residents. Citizenship is available after three years of residence.
As we all must know, the Canadian passport is one of the best travel documents in the world, and there are several ways to become a permanent resident in Canada.
The most popular economic programs are:
The Quebec Immigrant Investor Program
The Express Entry Program (federal)
The Provincial Nominee Programs
How do I know that I'm eligible for one of them?
Well, the requirements are:
You must demonstrate relevant business experience.
you must have previously managed
a qualified business for at least two years preceding your application.
You and your spouse must have legally obtained
a personal net worth of a minimum of CAD 2 million or one million five hundred and sixty two thousand American dollars 1562000
Your entire family must complete
and pass Canada's medical and security evaluations.
You must invest CAD 1.2 million or nine hundred and fourty thousand 940.000 American dollars for a period of five years at
no interest, under one of the two available immigrant investor programs.
You will also be assessed on age, language, education, experience, and time spent in Quebec on a points-based system.
St Lucia
St Lucia is the perfect candidate to consider. It has to be said, the lack of exclusivity is part of what makes this program so appealing to people from across the globe. Yes, the investment is a large amount, we will cover this in more detail in a minute, however, in terms of people being allowed to apply, there are no nationality restrictions and comparatively few hurdles to jump over before obtaining citizenship in St Lucia.
This timeline spans roughly four months should everything run smoothly, allowing for you to not have to wait an extensive period between making your investment and receiving your passport. This is most definitely another upside to the scheme and makes it even more worthwhile considering relocation this year.
In terms of the investment itself, here are your options:
· Real estate of value US$300,000 or more
· Investment in enterprise project of US$3.5 million or more
· US$100,000 investment into a government fund
· Investment in COVID-19 relief bonds held for 5 years (available until 31/12/2021) US$250,000
So, which program is right for me?
The benefits on offer in Canada include:
High ranking in civil liberties, quality of life and economic freedom
High level of education and healthcare
Cultural, religious and ethnic tolerance
Low crime rates
High living standards and affordable housing
Open, dynamic economy that offers numerous opportunities
Free and democratic pluralistic society
Fiscal incentives and low operating costs for businesses
Visa-free/visa on arrival/e-visa travel to around 160 countries
Dual citizenship
On the other hand, in St. Lucia, such benefits are made available to investors:
Visa-free travel to 132 countries (UK and EU inclusive)
No residency requirement
No payment pre-approval
Citizenship can be passed on to family members
Reliable international aviation travel links
Ultimately, it’s clear that both programs have their own exciting advantages, and while the cost does somewhat distinguish them for those of you on a budget, on the whole, the location and motive behind your move will be the main factor to consider when deciding where you will be calling your new home.
So, if you are interested in finding out more about the residency by investment programs we've covered today, and other opportunities to develop your business, contact us today! Below this article, you will find a link to set up a free fifteen-minute consultation with us to discuss your options further.
Also, if you want to access our other great content, subscribe to our YouTube channel! At Creimerman, our team of professional global citizens would be happy to help you with your personal or professional cross-border ventures and help make them a success.
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