Renouncing USA Citizenship Requires Alternative

Citizenship Solutions through Investment

Renouncing US citizenship to escape the burden of taxation and taking up an alternative residency and citizenship through investment is becoming a popular option for affluent Americans. In years gone by there was little option other than acquiring citizenship through marriage or family ties. Wind the clock back 10 years and there were just a handful of countries offering citizenship through investment. Today there are more than 30 options worldwide. A bewildering choice of citizenships, residencies, investment requirements and qualification rules. However for those applicants who can afford the investment and demonstrate a clean criminal record and source of funds there are few barriers.

Freedom to Move

La Vida has seen an increase in recent years of entrepreneurs, particularly those whose businesses are free to move, enquiring and taking up second residency through investment. Although we can’t help with the US taxation side we can help with a second citizenship and tax residency. And of course it is important to have this in place before renouncing a US citizenship.

Tax Residency

Tax residency comes first from residing in a country for a set period of time, usually more than six months. All of the citizenship investment programmes on offer come with the option of living in the country. Popular options include Antigua, St Lucia and in Europe, Cyprus and Malta. Often the countries are low taxation jurisdictions for residents and non-residents. Other programmes such as Portugal offer residency through investing in real estate but may be unsuitable if the goal is to renounce USA citizenship. Under the Portuguese golden visa programme citizenship can be applied for after five years and could be suitable as part of a long term strategy towards switching citizenship.

Fast and Effective Solutions

With the likes of Antigua and Cyprus, citizenship can be acquired in a matter of months. As Cyprus is part of the European Union one key benefit is the right to live anywhere in the EU. Investment for a second citizenship starts from $100,000 for a single applicant, rising to €2 million for European citizenship through Cyprus. There are a range of options in between in the more than 15 programmes we offer.

If you are considering a second residency or citizenship through investment, whatever your subsequent plans for renouncing or retaining your current citizenship, then please contact one of our advisors for a free consultation.