Getting Your Finances in Order is an Essential Step When Applying for Second Citizenship
For most businesses in the UAE, 2018 started with the need to get their accounts in order in time for the launch of VAT.
But having your finances in order is essential for many other reasons too – such as applying for visas or even a legal second citizenship.
Many people believe that just having sufficient cash is enough to invest in a Citizenship by Investment program such as those operated by countries like Antigua and Barbuda, Dominica, St Kitts and Nevis or Cyprus.
But with all big-ticket items – having the cash to invest is not an issue; proving your source of income is the bigger question.
Why is Source of Income Important?
The budget to invest in second citizenship starts between USD100,000 to USD200,000 and can go up to 2 million Euros, making it a significant financial investment.
Countries offering Citizenship by Investment Programs have to establish that the funds used for investment were sourced through legitimate and legal means. This is a non-negotiable requirement to granting approval.
The strict due diligence procedures request bank account statements for the past 12 months that list all transactions, and proof of source of funds and source of wealth.
Due diligence officers scrutinize your bank records to check if any activities look suspicious –money being routed through multiple accounts or in different currencies, unusually large volumes of cash moving through your accounts, or unaccounted cash deposits and withdrawals can all seen as indicators of illegal financial activity.
While they may be perfectly legitimate activities, not having a paper trail to explain them could raise questions. If an applicant operates a predominantly cash business, especially in markets that are currently unregulated, are sanctioned or may have been sanctioned in the past, approvals can be more difficult.
Many clients from primarily developing markets in Africa, the Levant, the CIS countries and the Indian SubContinent which operate mainly on cash businesses must understand that having a paper trail that proves their source of funds is very important.
Audit Your Accounts
With tighter anti-money laundering and anti-terrorism funding procedures now governing much of how the world’s banking and financial system works, we always advise our clients on how crucial it is to maintain detailed, audited records of their financial transactions to prove they are legitimate.
As a business owner, certified accounting and auditing of company finances can ensure that you have the paperwork you need to prove that all your money has been acquired legally and not through any suspicious sources. Solid accounting ensures transparency and traceability – essential to passing background checks that focus on your finances.
At PassPro, we always give comprehensive guidance on preparing applications, offer insights on evolving regulations and advise you on how to reduce your risk of rejection. Our team has successfully processed 500+ applications covering more than 30 client nationalities over the course of their careers. We are familiar with the challenges faced by specific nationalities and our prior experience makes us experts in solving them.
Are you interested in knowing more about how to apply for second citizenship and prepare your documents to ensure you have the best chance for approval?
Email us at [email protected], call us on +97145541449 or send us your questions using the below form and we will be happy to guide you.
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