Author: myglobalcitizenship

Canada offers several investor visa and investment immigration programs that provide opportunities for foreign investors to obtain permanent residency in the country. These programs aim to attract investors who can contribute to the Canadian economy through their investment and entrepreneurial skills. Governments all across the world are using technology more and more in immigration and integration procedures. The Canadian government has ensured to make efforts to improve future citizens’ experiences as investors who obtain their citizenship boost their country’s economy, growth, and development.

                                                                         Source: The Conservation

The above graph shows that Canada’s new Immigration level plan aims to provide 465,000 permanent residencies in 2023, 485,000 permanent residencies in 2024, and 500,000 in 2025. Immigrants are a vital part of the Canadian economy and social fabric. Immigration Minister Sean Fraser stated that Canada’s new immigration goal of 500,000 permanent residents annually by 2025 strikes a balance between economic requirements and international duties.

Different Types of Investor Programs

Canada Start-up Visa Program

The Canada Start-up Visa Program is aimed at business owners with creative ideas for ventures. Applicants must get a commitment from an approved Canadian venture capital fund, angel investor organization, or business incubator to be considered. Recipients are given a work permit and may then apply for permanent residence. You must own at least 50% of the voting rights associated with all of the company’s shares, or at least 10% of the voting rights associated with all of the company’s shares, together with the designated organization. It will cost 200,000 CAD from a Canadian venture capitalist, 75,000 CAD from an angel investor, and nothing at all if your company is accepted into a Canadian business incubator program.

                                                                     Source: Immigration.ca

The figure shows the admission of Permanent residents through the Start-Up Visa Program from the year 2015 to 2022 quarter 1. This graph shows that  Business investment in Canada has increased after Covid and is expected to be higher by the end of 2023.

Provincial Nominee Programmes (PNPs)

There are different provincial nominee programs in Canada, some of which feature investor or entrepreneur streams. Provinces can suggest foreign investors through these programs who can boost the regional economy. Each province has different qualifying standards and investment restrictions. Express Entry and Non-Express Entry processes are the two categories.

Atlantic Immigration Pilot Program (AIPP)

The Atlantic Immigration Pilot Program is a collaboration between the federal government and the Atlantic provinces of Canada. It includes an entrepreneur stream that targets experienced business owners and requires a minimum business investment in Canada for a new or existing business.

Self-Employed Persons Programme

Those who want to work for themselves in Canada and have appropriate expertise in the arts or sports are eligible for the Self-Employed Persons Programme. Candidates must show that they have the potential to significantly advance their professions.

                                                                             Source: y-Axis

The above pictorial representation throws insights into the number of permanent immigrants and various allotments based on factors and specifications. It is shown that by the end of 2023, 465000 permanent residents will be brought to Canada where 266,210 will be in economic class, 1,06,500 in family class, and 76,305 in Refugees. The estimated number of newcomers via PNP immigrating to Canada is 105,500 and 15,985 will be through Humanitarian based programs. Also, the number of newcomers through express entry is estimated to be 82,800 and 28,500 under the parents and grandparents program.

Factors one should consider while selecting the right business for a Canadian Investor Visa application

Understand the Investment Objectives and Preferences:

Before diving into the search for a suitable business, it is essential to clarify the investment objectives and preferences. Consider factors such as financial goals, industry expertise, risk tolerance, and personal interests and understand them to make the decision-making process and help narrow down the options.

Proper Research

The Canadian business landscape should be researched to get knowledge of booming industries, market trends, and investment prospects. Take into account elements like regulatory environment, capacity for growth, economic stability, and support for foreign investment. Conduct thorough research using reliable sources, consult industry reports, and leverage professional networks to gather valuable information about the opportunities for Business investment in Canada.

Seek Professional Guidance

Engage in the services of professionals who specialize in Canadian immigration and Canada start-up visa program. An experienced immigration lawyer, business consultant, or investment advisor can provide invaluable guidance throughout the process. They can help you understand the legal requirements, and ensure compliance with immigration and business regulations. Their expertise will significantly enhance your chances of selecting the right business and successfully navigating the investor visa application process.

Consider Regional Opportunities

Canada is a vast country with diverse regional economies. Consider exploring investment opportunities in specific regions that align with your investment objectives and preferences. Analyze factors such as population growth, industry clusters, infrastructure development, and government incentives. Some provinces or territories may have specific investment programs or targeted sectors that offer additional benefits to foreign investors. Assessing regional opportunities can help you narrow down your search and identify business prospects that are well-suited to your goals.

Conduct Due Diligence

Thorough due diligence is critical when evaluating potential businesses for investment. Scrutinise financial statements, market projections, business plans, and legal documents. Assess the company’s track record, reputation, and growth potential. Seek independent professional advice to evaluate the financial viability, potential risks, and returns on investment. Additionally, conduct background checks on key stakeholders and ensure compliance with anti-money laundering regulations.

Conclusion

Selecting the right business for your Canadian Investor Visa application is a crucial step toward achieving your immigration and investment goals. By understanding your investment objectives, conducting thorough research, seeking professional guidance, considering regional opportunities, and conducting due diligence, you can make an informed decision. Remember that the business you choose should not only meet the Canada start-up visa program requirements but also align with your long-term financial objectives and personal interests. With careful consideration and expert support, you can set yourself up for success in your Canadian investor journey. The different programs offered have different criteria and it is essential to evaluate different options and opportunities that are best convenient to the investor as well as for his business.

In today’s interconnected world, global mobility has become a significant factor for investors seeking enhanced opportunities, security, and access to a broader range of benefits. Citizenship by Investment (CBI) programs have emerged as a pathway for investors to obtain second citizenship or residency in a foreign country through investment. Citizenship by Investment programs has witnessed a surge in popularity in recent years. These programs enable investors to obtain citizenship or residency in a foreign country by making a significant investment, typically in real estate, business ventures, or government bonds. This avenue allows them to bypass lengthy immigration processes and stringent eligibility criteria, providing an expedited pathway to a new legal status.

At present a large number of the countries that offer citizenship by investment are in the Caribbean. The most prominent and long-running program is the CBI program in St. Kitts and Nevis, which was founded in 1984. It is also among the most recognized in the field and is known as the “Platinum Standard”. Dominica’s Citizenship by Investment program was established in 1993 and has consistently held the top spot for five years. The demand for the Dominica Citizenship by Investment program and St. Kitts and Nevis Citizenship by Investment program is growing as a result of the two Caribbean countries’ excellent standards of living, secure environments, and investment prospects.

Benefits of Citizenship by Investment Programs :

Enhanced Global Mobility:

One of the primary advantages of CBI programs is the greater travel freedom they offer. Investors who obtain second citizenship or residency through these programs gain access to a large number of countries with visa-free or visa-on-arrival privileges. This facilitates business opportunities, and international networking, and provides investors with the flexibility to explore various countries without the need for additional visas or restrictions. 111 countries do not require a visa for Dominican nationals to enter, while 31 nations will issue one to them when they arrive. Passport holders from Saint Kitts and Nevis currently have visa-free travel to 153 international locations.
SOURCE: Immigrant Invest

The above picture shows visa-free destinations for Caribbean passport holders. The Caribbean passport gives visa-free access to more than 140 countries where Caribbean citizens can enter and stay for 180 days in the UK without a visa.

Caribbean passport holders can apply for US tourist visas more easily. For instance, Caribbean passport holders receive visas from US consulates in 2–3 weeks, and the visas are valid for 10 years, whereas investors from Azerbaijan must wait 3–4 months or longer.

Industry Standards and Best Practices:

Establishing guidelines and best practices for CBI programs ensures transparency, integrity, and adherence to global standards. This fosters trust among investors, governments, and stakeholders, bolstering the program’s credibility and attractiveness, while promoting fair and accountable processes. Therefore providing an added advantage to investors interested in Citizenship by Investment program.

Diversification of Opportunities:

CBI programs provide investors with the opportunity to diversify their business operations, investments, and assets across multiple jurisdictions. By acquiring second citizenship or residency, investors can enjoy the benefits of different legal systems, tax regimes, and investment environments. This diversification allows for greater flexibility in managing wealth, mitigating risks, and capitalizing on international business prospects. Dominica for Citizenship by Investment does not require the investor to automatically pay Dominica tax on dividends, interest, and royalties unless the investor chooses to remain on the island. Capital gains and inheritance are not taxed. The income tax, which can be as high as 35% for people and 25% for businesses, is the major tax in Dominica. Global mobility is made possible by these advantages provided by various nations as more investors show an interest in obtaining citizenship through investment.

Safety and Security:

Another significant advantage of CBI programs is access to political stability and a robust legal framework that comes with obtaining citizenship or residency in certain countries. These factors contribute to a secure environment for investors and their families, safeguarding their assets and offering protection against political or economic uncertainties in their home countries.

Source: Echeverria Abogados

The chart compares the government efficiency management score from Deep Knowledge Analytics (DKA) with the GRPI (Global Residence Programme Index) score from Henley & Partners. Deep Knowledge Analytics (DKA) is a data-driven analytical company that specializes in providing comprehensive assessments of various sectors, including government efficiency management. They utilize advanced algorithms and data analysis techniques to evaluate and rank different aspects of government performance. On the other hand, Henley & Partners’ Global Residence Program Index (GRPI) is an index that assesses and compares the attractiveness and efficiency of residence-by-investment programs worldwide. It evaluates factors such as the quality of the program, the reputation and transparency of the host country, and the overall benefits and freedom of movement it offers to participants. Comparing analytics and program index helps investors calculate the risk involved while selecting the country for their citizenship.

Technological Advancements:

The integration of technology is transforming the landscape of CBI programs. Digital identity verification, blockchain-based solutions, and online application processes are streamlining procedures, enhancing security, and improving the overall user experience. These technological advancements are expected to contribute to greater efficiency, transparency, and accessibility in CBI programs.

Challenges and Considerations

To maintain the integrity of CBI programs, it is crucial to implement robust due diligence procedures. These measures ensure that only reputable investors are granted citizenship, preventing abuse of the program and safeguarding the host country’s reputation. Stricter due diligence processes have been introduced to combat money laundering, terrorism financing, and other illicit activities. Schemes that allow a taxpayer access to a low personal income tax rate of less than 10% on offshore financial assets and do not demand a considerable amount of physical presence for at least 90 days in the country providing the citizenship by investment scheme are potentially high-risk.

Dominica is an advocate for more collaboration across countries that provide citizenship by investment when it comes to due diligence. The JRCC of CARICOM is one of the regional law enforcement agencies taking part in Dominica and St. Kitts and Nevis’ due diligence. Countries like Dominica commit to international safety and openness in a number of ways, coordination among Caribbean member states being only one of them. For instance, Dominica makes available every successful applicant’s name in its official quarterly gazette. Dominica also ensures that funds received through the Programme are itemized in the National Budget – so anyone can see how CBI money is being spent. 

The Future of Citizenship by Investment Programs

The demand for CBI programs is expected to continue increasing as investors seek greater mobility, access to opportunities, and the desire for a better quality of life. This growing demand has led to more countries considering launching or enhancing their CBI programs. Consequently, increased competition among countries offering such programs is likely to drive improvements in program features, benefits, and investor experiences.

Source: Henleyglobal

The figure shows Henley Passport Power and Foreign Direct Investment Inflows of Selected Economies. The two nations with the highest HPP scores are Singapore and Japan, with 98% and 89%, respectively. Singapore has a residence-by-investment program, in contrast to Japan, with a minimum investment of SGD 2.5 million (about USD 1.8 million). It’s interesting to note that Singapore has substantially higher foreign direct investment (FDI) inflows as a percentage of GDP than Japan does (see Figure 2).

Furthermore, despite having modest GDPs, investment migration host nations Malta, Singapore, and the UAE have high HPP rankings because of their strong external power.

Despite the size of their economies, FDI inflows account for a sizeable share of each country’s GDP. Visibly, investment migration countries with low HPP ratings (like Malaysia and Turkey) have higher relative FDI inflows than resident and citizenship by investment nations with high HPP values (like Mauritius, the USA, and the aforementioned).

The HPP scores of the world’s two biggest economies, the USA and China, are 68% and 26%, respectively. Only the United States has an investor migration program between these two nations. However, the USA and China both have lower FDI inflows as a percentage of GDP (1% versus 2%). This mismatch shows that attracting foreign direct investment is influenced by a wide range of economic and political issues, not merely the presence of a residency or citizenship.

Conclusion

Programs for citizenship by investment have become essential tools for promoting global mobility, giving people quick methods to become citizens or residents of other nations. These initiatives significantly contribute to increasing economic growth, supporting global citizenship, and facilitating international mobility. The demand for CBI programs is expected to continue increasing as investors seek greater mobility, access to opportunities, and the desire for a better quality of life. This growing demand has led to more countries considering launching or enhancing their CBI programs. Consequently, increased competition among countries offering such programs is likely to drive improvements in program features, benefits, and investor experiences.

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Obtaining a second passport through a Citizenship by Investment (CBI) program has become an appealing option for investors seeking enhanced global mobility, expanded business opportunities, and increased personal freedom. However, amidst the excitement of acquiring a second passport, it is crucial to navigate the complex realm of taxes to avoid common tax mistakes that can have severe financial implications and legal consequences. Understanding the tax obligations and pitfalls associated with seeking a second passport is paramount to ensuring a smooth and successful journey.

By making a sizeable financial contribution to a host nation, investors can get a second passport through the notion of citizenship by investment program. While the benefits are undeniable, it is essential to be aware of the tax implications that accompany this process. Failure to comprehend the obligations related to tax laws can lead to penalties, fines, and legal consequences. Additionally, investors often overlook the requirement to report foreign assets acquired during the process, which can result in severe penalties and criminal charges.

Failure to Understand Residency and Tax Obligations:

Acquiring a second passport has far-reaching implications for one’s residency status and tax obligations. It is essential to understand the tax laws and residency requirements of both the home country and the country granting the second passport. 

Many investors fail to realize that obtaining a second passport may trigger tax obligations in both jurisdictions. If these requirements are not met, there may be fines, penalties, or even legal repercussions. Seek expert tax guidance to make sure one is informed of the obligations and can successfully negotiate the tax environment in order to avoid these hazards. For instance, Caribbean countries do not pay taxes on capital gains or inheritance. A few of them even pay no income taxes. Income taxes are imposed in Grenada, Dominica, and St. Lucia. While investors who obtained citizenship through Dominica Citizenship by Investment program pay taxes on their worldwide income, citizenship obtained through the Grenada Citizenship by Investment program and Saint Lucia Citizenship by Investment program solely pay tax money made within the nation.

At least 183 days a year are spent in the listed Caribbean nations to be a tax-paying resident so an investor can get a passport but not become a tax resident of the state. Participation in citizenship by investment programs exempts candidates from the requirement that they have to live in the Caribbean for a significant amount of time before or after becoming citizens.

From the above graph, we can see that number of applicants keeps on increasing which resulted in earnings of approximately 362.5 million Eastern Caribbean dollars therefore setting a record of having 23% more than in 2021 and 30% more than in 2020. One of the main reasons is that tax is to be paid only for the income made in the nation which attracts investors for Grenada Citizenship by Investment Program.

Neglecting Tax Reporting for Foreign Assets

One of the common tax mistakes investors make when seeking a second passport is neglecting to report foreign assets acquired during the process. Acquiring a second passport often involves substantial investments, such as purchasing property, establishing businesses, or making financial investments. Many investors overlook the obligation to report these assets and the income generated from them to their home tax authorities. However, tax authorities are increasingly cracking down on undisclosed offshore assets. Failing to report foreign assets can lead to severe penalties and even criminal charges. 

In order to maintain compliance and prevent potential legal repercussions, it is imperative to understand the reporting obligations and take into account consulting a tax specialist for advice. An important step forward in American efforts to prevent tax evasion by Americans who keep accounts and other financial assets abroad is the Foreign Account Tax Compliance Act (FATCA). This act is crucial for investors seeking US Citizenship by Investment. FATCA guidelines are still being developed by the Treasury Department and the IRS. According to information available till March 2023, Americans who have a financial stake in or signing power over a foreign financial account are obliged to file a Report of Foreign Bank and Financial Accounts if the total value of all of their overseas accounts exceeds $10,000.

Overlooking Double Taxation Agreements (DTAs)

Holding citizenship in multiple countries can give rise to the concern of double taxation, where the same income is subject to taxation in both jurisdictions. To mitigate this issue, countries often enter into Double Taxation Agreements (DTAs) to avoid investors being taxed twice on the same income. However, investors seeking a second passport often overlook the existence and relevance of DTAs. One can minimize the tax liabilities and prevent the hardship of double taxation by being familiar with the DTAs between their home country and the nation issuing the second passport. Investors can structure their financial affairs in a tax-efficient manner by being aware of the provisions of these agreements. 

According to the study EY 2019, citizenship alone is insufficient to guarantee tax residency in a country, hence citizenship by investment does not offer a risk of facilitating tax evasion. A dual tax resident must pay tax to one of the two countries, according to “tie-breaker tests” in DTAs. The tie-breaker tests under the United Nations’ proposed model DTA “do not consider citizenship at all.” Instead, they take into account the person’s primary residence, place of importance, and usual dwelling. The Citizenship by Investment schemes does not help people who want to avoid paying taxes or because they can only grant citizenship, not tax residence.

Tax residency is determined by a person’s centre of vital interests or domicile or the location where they have a permanent intention to reside as evidenced by past or present habitual residence. Therefore, merely being eligible for St. Lucia citizenship by investment program, Dominica citizenship by investment program, or St. Kitts and Nevis citizenship by investment program is not sufficient to make an investor a tax resident of these jurisdictions,” because it is “very rare” for citizenship alone to determine tax residency, with the United States being the most noteworthy exception.

Ignoring Exit Tax and Relocation Costs

When seeking a second passport, investors may overlook the potential exit taxes imposed by their home country when relinquishing their citizenship. On the basis of the value of the assets at the time of exit, exit taxes are frequently determined. Additionally, moving costs, visa fees, and legal fees are just a few additional expenses that may be incurred while shifting to a new nation. Ignoring these prospective expenses and neglecting to plan for them can result in unforeseen monetary burdens. It is crucial to consider exit taxes and relocation costs when planning a second passport journey to avoid any unwelcome surprises. The majority of programs require an investment in order to qualify, hence tax is also involved. Stamp taxes, property taxes, VAT taxes, and other taxes may be incurred while buying real estate in order to obtain an RBI visa unless the country in question has a zero tax rate in one or more of these areas. In these scenarios, investors, like the majority of people, will examine the available tax options and ceteris paribus choose the option with the lowest taxes, which is a tax-avoiding strategy but is not tax evasion.

The above graph shows the number of individuals removed from their native land and the number reported. The expat list includes names of US citizens who have given up their citizenship as well as long-term US residents who have given up their green cards and who either have a minimum net worth of US$2 million or a five-year average of US tax payments that exceed US$178,000. Investors who renounce their US citizenship or permanent residency might anticipate paying an “exit tax” on all of their foreign assets worth more than USD$2 million, valued as if they were sold on the day of renunciation and this information is crucial for investors seeking US Citizenship through Investment.

Conclusion

Acquiring a second passport through a citizenship-by-investment program is an exciting endeavour with numerous benefits. However, it is essential to navigate the tax implications wisely to avoid common tax mistakes that can have significant financial consequences. By understanding residency and tax obligations, reporting foreign assets, leveraging double taxation agreements, implementing tax planning strategies, and considering exit taxes and relocation costs, one can protect their financial well-being and ensure compliance with tax regulations. Seek professional tax advice tailored to specific situations to make informed decisions and optimize tax position while enjoying the benefits of a second passport through a citizenship-by-investment program.

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Our identity is fundamentally shaped by our citizenship, which gives us a sense of community and a variety of rights and advantages. Investors, however, occasionally face the unfortunate possibility of losing their citizenship due to unforeseen events. This loss can occur due to various reasons, including voluntary renunciation, involuntary revocation, or other unforeseen events. When it comes to citizenship by investment, understanding the legal consequences of losing citizenship becomes even more crucial. It is important to understand what happens when you lose your citizenship and delve into the legal implications and potential remedies, specifically in the context of citizenship by investment. 

The loss of rights and privileges, the impact on immigration and residency status, the concern for national security and extradition, as well as the disruption of family and heritage ties come into the picture when an investor loses his citizenship. Additionally, remedies, such as appealing the decision, seeking alternative citizenship through investment programs, and considering dual citizenship options are to be further discussed.

The Legal Consequences of Losing Citizenship:

Loss of Rights and Privileges:

People who lose their citizenship frequently lose access to a range of former rights and benefits. In accordance with a United Nations study, those who lose their citizenship might not be able to vote, work, live in that nation, or use its social services or healthcare system. Additionally, the ability to travel freely and enjoy consular protection from the former country of citizenship may also be compromised. For being eligible for Turkey Citizenship by Investment program, the minimum investment for real estate purchases was increased to $400,000 on June 12th, 2022, and not abiding by the same would lead to losing citizenship.

Immigration and Residency Status:

For individuals residing in a country as citizens, losing citizenship can have significant implications on their immigration and residency status. They might be subject to immigration laws, necessitating the acquisition of a suitable visa or permit to be allowed to remain in the nation legally. For instance, losing citizenship in the US may necessitate a person applying for non-immigrant visas or legal permanent residence (green card). Investors can invest in UK government bonds, shares, or loan capital of operational companies registered in the UK, or they can make a sizable purchase to qualify for UK Citizenship by Investment status. Investors must put at least £2,000,000 into existing British companies’ shares or bonds. In order to invest in their own business in the UK, innovators must have at least £50,000. The investor may add an additional two years to the visa. This calls for keeping the investment in place for 40 months before requesting an extension. The money may be refunded after five years.

National Security and Extradition:

In cases where citizenship is revoked or renounced due to actions deemed detrimental to national security or involvement in criminal activities, losing citizenship can lead to additional legal consequences. It may result in increased scrutiny, surveillance, or potential extradition to face charges in the former country of citizenship. The Global Citizenship Observatory (GLOBAL CITY) reports that some countries, such as the United Kingdom, have provisions for revoking citizenship on grounds of national security.

Source: Globalcit

The Figure illustrates the distribution of nations for territorial citizenship acquired based on birth. We can see that although unconditional birth in the territory of a state, which is mostly found in the Americas, may be rare, it is nonetheless existent in up to 19% of countries worldwide. In addition, another 17% of nations have a variety of conditional birth in the territory of a state, where children born in the territory only acquire the citizenship of that country, regardless of the parental citizenship, if a parent was born on the territory or owns a certain resident title. Parental group or gender limitations are in place in 11 nations.

Family and Heritage Ties and Limitations on Dual Citizenship:

The loss of citizenship can disrupt familial and heritage ties, impacting family reunification, inheritance rights, and the ability to pass down citizenship to future generations. The International Organization for Migration highlights that individuals who lose their citizenship may face difficulties in maintaining family connections and accessing family reunification processes. Certain countries do not allow dual citizenship, and loss of citizenship may be a consequence of acquiring citizenship in another country. According to a study by the University of Michigan, approximately 66 countries prohibit or restrict dual citizenship. Investors considering acquiring second citizenship must carefully consider the legal implications and potential consequences before pursuing dual citizenship.

Remedies for Lost Citizenship:

Appeal or Judicial Review:

In some cases, individuals may have the right to appeal or seek judicial review of the decision to revoke or deny citizenship. Engaging legal counsel with expertise in immigration and citizenship law is crucial to explore the available legal remedies and challenging the decision through administrative or judicial processes. According to data from the Migration Policy Institute, the success rates of citizenship appeals vary across countries, highlighting the importance of seeking professional assistance.

Source: census.gov

The data above represents the net international immigrants. We can see that there is a sharp decline in the number of individuals after the year 2016 and further decline after 2020 due to COVID. The number of international immigrants increase after the year 2022 showing that the rules and regulations have been made friendlier to the investors looking for Citizenship by investment.

Naturalization or Citizenship by Investment:

For individuals who have lost their citizenship, obtaining citizenship in another country through naturalization or a citizenship-by-investment program may be a viable option. According to the Henley Passport Index, citizenship by investment programs, such as Turkey’s Citizenship by Investment program and UK Citizenship by Investment program has gained popularity. These pathways provide an opportunity to regain the benefits and rights associated with citizenship. The country Turkey makes an average of $250 million every month from its foreign investors only and citizens with a Turkish passport can visit around 110 nations without the requirement for a visa, a visa on arrival, or an Electronic Travel Authorization.

Asylum or Refugee Status:

When losing citizenship puts a person in danger of persecution or harm, they may be offered protection and legal recourse by applying for asylum or refugee status in another nation. Individuals who have lost their citizenship owing to discriminatory practises or persecution may be eligible for asylum or refugee status, according to the United Nations High Commissioner for Refugees (UNHCR). Data on about 4.4 million stateless people living in 95 countries as of the end of 2022 have been compiled. The true sum, according to estimates, is significantly larger. In 2022, 339,300 people fled their home countries as refugees, while 114,300 people were resettled with or without UNHCR assistance.

Dual Citizenship Options and International Human Rights Mechanisms:

Where it is legal, considering the option of obtaining dual citizenship can assist people in keeping ties to their old nation of citizenship while taking advantage of citizenship in another. According to the CIA World Factbook, several nations, including Canada and Switzerland, permit dual citizenship under specific circumstances, giving people the chance to maintain ties to their ancestry while making use of second citizenship. People can seek redress through international human rights institutions if they feel that losing their citizenship breaches their human rights. According to the Amnesty International Report, individuals can file complaints with relevant human rights bodies or engage non-governmental organizations specialized in human rights advocacy. These mechanisms provide a platform for addressing citizenship-related issues from a human rights perspective.

Source: Macimide

Based on the graph depicted in the Dataset’s over 10,000 country-year data, we can see that, in 1960, the majority of nations 62% still had a conventional unfavorable attitude towards dual citizenship. A citizen who willingly gains the citizenship of another state forfeits their citizenship under this stringent policy. However, 76 percent of nations will still tolerate dual citizenship by 2020 and let persons voluntarily get citizenship in another nation without adverse effects on their citizenship of origin.

Conclusion:

Losing citizenship is a significant and life-altering event with wide-ranging legal consequences. It is essential for individuals facing this situation to seek expert legal advice to understand their rights, explore potential remedies, and navigate the complex legal landscape. Whether through legal challenges, naturalization in another country, or exploring dual citizenship options, individuals may find paths to regain the benefits and protections associated with citizenship. By gaining insights into these legal consequences and available remedies, investors can make informed decisions and mitigate the challenges associated with losing their citizenship through a citizenship-by-investment program.

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