CitizenX: Invest in Citizenship

by alexrecouso • 2 years ago

43 31 2 years ago

We just launched CitizenX, the world's first platform to find and fund places that welcome you as a citizen. We want to help you diversify your passport portfolio – so you can secure a safe haven and travel freely across the globe with a passport from your new home(s). Would love your feedback.

justahuman74• 2 years ago

On the Malta page it says "CitizenX is the most trusted platform to invest in citizenship in a safe and simple way. Secure a Caribbean haven and travel freely to 190 destinations worldwide with your Maltese passport"

I think it should be Mediterranean rather than Caribbean

viraptor3• 2 years ago

Also "CitizenX is the most trusted platform". You just launched. What are you talking about, trusted by who?

KRAKRISMOTT• 2 years ago

How do you plan to compete with the old school consultants like Henley etc.?

Jimmc414• 2 years ago

When I click the pricing link it states:

" 10%

Pricing as clear as the Caribbean sea. We only charge a flat fee of 10% of your minimum application cost — even if you decide to invest more. No hidden or extra fees."

Then there is a button that states, "Calculate your costs" and when I click it I am taken back to the home page.

I'm a little confused by this. What is my minimum application cost to move to another country? I would suggest presenting an example perhaps.

viraptor3• 2 years ago

Maybe the view is broken for you for some reason. I see a list of a few countries on the homepage with the lowest currently being Dominica at $109k and the highest bring Malta at $865k.

n2d4• 2 years ago

From what I can tell, this is the amount you have to invest into the country, not the application fee. They are similar to US EB-5 investor green cards, but grant a full citizenship.

echelon• 2 years ago

If you have US citizenship, do any other countries unlock more travel destinations?

Do any non-US citizenships let you skip a visa and travel more freely than you otherwise could?

With additional citizenships, do you now have added tax obligations? The US always taxes you, even as an expat, IIRC.

If something bad happens abroad, which embassy helps you out?

Does getting another citizenship put you at risk of losing your original nationality?

larrysalibra2• 2 years ago

1. The U.S. isn’t at the top for visa free places to travel…a number of passports in Europe and Asia are better.

https://www.henleyglobal.com/passport-index/ranking

2. Yes - an example I travel to frequently is Vietnam - it is visa free for Italy but not for USA (former American Italian here)

3. Generally no - USA is the only major country that taxes based on citizen and not by residence or territorially

4. Embassies very rarely help anyone “when something bad happens” - in the event of a large natural or political disaster they might help. Most (including the USA) have a policy of not being able to help you in most situations beyond giving you the contact of a lawyer, doctor etc.

5. Most of the time no, but some places do prohibit citizens from having multiple citizenships or acquiring new ones: iirc Singapore is one of those.

Wrote about my citizenship changing adventures here since you seem interested! https://larrysalibra.com/goodbye-usa/

Brajeshwar3• 2 years ago

Passport Index[1] ranking should answer your question on the travel destination without the Visa hassles. As an Indian citizen, one of an inconvenience is that to travel to a decent country, especially for business, there is always a Visa thing.

1. https://www.passportindex.org/byRank.php

rafram• 2 years ago

One platform for all your citizenships.
Manage your passports, residencies, and companies with a single citizen experience. Apply to new programs in new locations with just a few clicks.

That’s a solution to a problem that I didn’t even know you could have.

chii• 2 years ago

solution to a problem that I didn’t even know you could have.

It is a "problem" for people who have enough money to be able to pick and choose the best country for their taxation needs.

klipt2• 2 years ago

Taxation is more based on residency than citizenship.

And residency is typically much cheaper to acquire.

oyster1432• 2 years ago

Yep, people who have a spare $1m to invest in Maltese passport, typically would have resources to hire a normal lawyer/ tax consultant

boznz• 2 years ago

Or if you are young and skilled, just apply for migration to the country of your choice. Australia, Canada and New Zealand are preferred destinations for English speakers. Its sometimes messy trying to get all the documentation together and you generally have to be squeaky clean, but no agents need to be involved. I have done it once and my wife has done it twice. Though the last time we did it to get to NZ was almost twenty years ago.

Also if you are young (under 30) you should check what countries you have rights to get a working visa in so you can "try before you buy" so to speak. and once you are in with a job the migration process is generally a lot easier.

If you are old 50+ then forget it unless you are rolling in cash and have a PhD :-)

oyster1432• 2 years ago

You will have to move though, in Malta you can just invest and get a passport

larrysalibra2• 2 years ago

Exactly! The English speaking countries the parent mentions make it “easy” for young people to move there because they want more people to tax at their confiscatory tax rates. The goal of many people buying these other citizenships is to get them without having to become tax resident. Often they have residence visas or PR rights in other places.

For example if you’re an American with a Thailand elite visa good for 20 years or Singapore or Hong Kong PR you might want to get rid of your US passport but to do that practically you need another - literally any will do but these ppl don’t have an interest in becoming tax resident in another high tax place with complicated world wide reporting requirements…that’s literally the problem they are trying to solve by getting rid of the U.S. one.

woutr_be• 2 years ago

There’s also quite a few countries offering digital nomad visas that can lead to citizenship.

https://www.nomad-visa.com/

takerjop• 2 years ago

Australia not recommended. Their work visa only granted for 2nd tier cities or town for work. It is very hard to find one there. New Zealand, not recommended too as their youths also applying to Australia. Canada, for now very migrant friendly to the point they also give free money too (if you fit the bill). But the cost of living there especially rent and housing will make you worst off than a lot of 3rd world countries.

klipt2• 2 years ago

New Zealand is often a stepping stone to Australia because Kiwis have an automatic right to live and work in Australia.

Brajeshwar3• 2 years ago

This is nice — best of Luck.

Interestingly, this is made in Switzerland, one of the hardest countries to get citizenship. ;-)

This is akin to Uber during its early Startup stage. Rich people already use concierge services to call for luxury when needed. In the case of citizenship by investment, the rich have been doing it for ages. Now, we have CitizenX bringing it to the public and making it more accessible.

factfindingisfn• 2 years ago

This site looks like some kind of get rich slowly/negatively oppurtunity that your cousin tries to sell you at Thanksgiving. I don't know a lot, what I do know is that I have no idea why someone would pay $100k to be a citizen in Grenada or Dominica.

dzink• 2 years ago

Imagine if you are a Russian war criminal. Or anyone dodging taxes.

renewiltord• 2 years ago

Neither Grenada nor Dominica accept Russians through this program.

DavidAdams• 2 years ago

Let's say you're a well-to-do citizen of Pakistan. There are only 11 countries you can travel to without going through visa bureaucracy (and they're not a whos-who of global commerce, either). You park a little bit of your wealth into an investment in one of these countries and now you can freely travel the world without hassle.

Brajeshwar3• 2 years ago

For the rich, it is a lump-sum change. Without trying to go political, here are my thoughts. With four wars currently in progress, this is indeed a good sale for the rich who might not be very literate enough but have the money from their own means.

Here is an example: I will avoid naming or inferring any person or entity. At the onset of the pandemic, I was introduced to an "Investor" because he believed startups were the other avenue to make big money. He barely speaks English (this is relevant), and of course, his primary question was -- if I invest X amount, how much return do I get, and in what timeline?

I learned that he owns a lot of real estate in Bangalore (India) and that a considerable amount of his monthly income is from commercial property rent. My second learning was that he is a USA green card holder but stays in India as an "American." He invested a minimal $800,000 (I think as of 2020) in a business in the USA where (I don't think) most would prefer to immigrate and live.

So, many wealthy people are willing to become citizens of a different country for various reasons. CitizenX may not be the go-to self-serve finish-your-job online service, but they might partner with or do custom concierge services and earn a good amount.

voltagex_• 2 years ago

Ew.

CitizenX: Invest in Citizenship

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