A second residency is a lucrative option in terms of economic and social benefits. But what’s more is that today, second residency for next generation is on the rise. Currently, investment immigration is a $17 billion industry. It is multiplying every day as parents look for safe, legally-transparent, growth-oriented countries for their children.
As of 2019, India has nearly 17 million foreign residents. The reasons are simple – global mobility, more capitalization on talent & skill, a high standard of living, and growth opportunities. For example, children & students constitute a significant portion of the migrants as they see themselves living and creating a better future in developed countries.
Considering the current situation, second citizenship for children comes as an advantageous option. People, especially HNIs and UHNIs, now look towards countries that can provide facilities to their children and prepare them for future challenges. But that’s not the only thought – education and entrepreneurial options are among the biggest drivers of second residency by investment.
Reasons to get second citizenship for Children
Education, business opportunities, and healthcare are significant reasons people move to foreign countries. However, there’s one more reason that has driven HNIs and UHNIs to explore second residency for the next generation.
“Parents, especially those in their old age, want their children to settle in a developed nation for their career growth and also because they want to move after retirement.”
For example, Cyprus is one of those countries which offers a vibrant lifestyle and an excellent European education system. So this way, parents can have their children access the best education system in the world and prepare their retirement plan simultaneously. On the other hand, Cyprus also has the Bologna system of education, which is based on America, and provides access to the curriculum of the states.
Some more benefits of permanent residency by investment for children include:-
- In Portugal, which is a part of the European Union, your children get free education until the age of 18. Since the PR also provides visa-travel in the Schengen Zone, they can choose a university or company in countries like Italy, France, Germany, and enhance their career.
- In Cyprus, second citizenship for children can be obtained within 3-6 months. It allows them to move quickly and start education at the right time. On top of that, Cyprus has tuition-free education in public schools, which are some of the best in the EU.
- In the USA, a second residency by investment gives your children complete freedom to start their own business after education, or work in any company they get a job in. They have the necessary clearance and are given priority over immigrant students.
Apart from these, countries like Malta, Grenada, Montenegro, St. Kitts & Nevis, Dominica, and Turkey also provide second citizenship programs. These countries have a low investment amount and quick processing time. (Dominica now accepts digital applications). These countries have benefits of their own, but also open the doors to the US and EU with their citizenship treatise for these countries.
The right way to get second citizenship for children
Applying for second residency for children can be challenging if you don’t have the right guidance. We at My Global Citizenship™, India’s trusted residence and citizenship planning company, provides hassle-free solutions for second residency and citizenship. Talk to our experts or get an online consultation today.