Recent Changes to Second Citizenship Laws in Austria and St. Kitts & Nevis
Obtaining a second passport or enrolling in a second citizenship program offers a host of benefits — but requires intense expertise to pull off. Maybe you’re thinking about opening an offshore bank account, or maybe you’re just looking for some privacy as you travel the world. Either case necessitates that you keep up-to-date with international laws governing different countries’ residency and second citizenship programs.
While Austria and the two-island nation of St. Kitts and Nevis both offer attractive citizenship programs, recent policy changes have made them more complicated and confusing to access.
For corporations and individuals alike, firms like CS&P are rocks amidst the turbulent sea that is international law. Read on to learn how to navigate legal changes and take advantage of financial opportunities when relocating assets to a foreign country.
Austria & Asset Management
On the Monopoly board of EU travel documents, the Austria residence permit and passport are Park Place and Boardwalk. The residency permit grants the permit holder visa-free access to most of Europe without ever having to reside in Austria. The biggest advantages here are the profits gained from investments local to Austria and the tax savings made from the move to Austria.
The only catch is that applicants for either residency or citizenship in Austria must have significant assets at their disposal. For citizenship, you must invest actively in the Austrian economy in a way that creates jobs or generates export sales.
There is an X-factor at play here: the concrete amount of investment that qualifies you for citizenship is not specified. Therefore, decisions on citizenship are made on a case-by-case basis. This subjectivity means there is always some risk of investing money without gaining citizenship. And so, in this case, the law for second citizenship effectively changes daily with the economy.
CS&P is there to help get you out of these contractual woods. Thanks to our connections with Austrian authorities, we negotiate unique citizenship and residency deals, the details of which are kept secret. The net result is a decrease in risk for would-be Austrian second-citizens.
Citizenship-by-Investment in St. Kitts & Nevis
Whereas Austria prefers to keep its citizenship-by-investment program under wraps, St. Kitts and Nevis actually advertises its program, effectively creating a bigger market for its passport. With that bigger market comes unexpected complications that a firm like CS&P can help you manage.
For example, let’s say you want to open an offshore bank account or form an offshore company in St. Kitts. To qualify for citizenship, you’d need to make an investment in real estate with a value to at least $400,000, plus government fees and other taxes. The processing time for the deal fluctuates based on the real estate property, and the property cannot be resold until five years after the purchase.
As recently as 2012, this law was amended to entitle the “next buyer” of any given property second citizenship in St. Kitts. The amendment led to higher turnover in the real estate market. At CS&P, we can advise you on the best real estate option, depending on your individual requirements.
The upside of obtaining second citizenship rights for Austria or St. Kitts and Nevis is clear, but the process is often opaque. On a global scale, CS&P can offer step-by-step assistance in handling contracts with the right banks, selecting the right real estate, and helping you achieve complete privacy and tax optimization.
Contact us to learn more.