In the world of immigration, we have different type of immigration category such as Residence, Permanent Residence, Citizenship by Investment (Second Passport) etc. There are different immigration programs for different categories.
The first thing you need to know is the difference among those categories.
Type of Immigration Category
Residence
Residence generally refers to temporary resident (visa) status. Temporary resident status only allows you to stay in that country or territories for a specific period with a specified purpose such as visit, work, study, business or retire and may allow you to apply for an extension of stay. However, regardless of how long you have been living in that country or territories, you may not be allowed to become a permanent resident or citizen such as Thai Elite, and Malaysia My Second Home (MM2H), Digital Nomad Visa. But, in some countries or territories you may start with temporary resident status and apply to become a permanent resident and/or citizen after you meet the residency requirement such as Hong Kong, Taiwan, BNO Visa, Golden Visa. Residence is good for anyone who would like to stay in a country not for permanent purposes, people who like to live in various places, couples with no children, retirees, or digital nomads.
Permanent Residence
Permanent Residence means you have the right to reside in a country or territories permanently. A Permanent Resident can usually live, work, study or do whatever he/she wants freely and unconditionally. If you successfully applied immigration to Canada under Start-up Visa program, your permanent residence is unconditional. However, some countries may imply some conditions in your Permanent Residence Visa/permits to ensure you keep your promises which you agreed to execute after you become a Permanent Resident. For example, USCIS will issue a Green Card to you if they approve your application under EB5 Investment Immigration program. Your Green Card is a conditional Green Card, if your investment cannot meet the US Government requirements, they may remove your permanent residency. Please be reminded that Permanent Resident may not be same as Citizen or have the right of abode, you may require to meet certain criteria to become a Citizen after you received your Permanent Resident status. The Permanent Resident Immigration Program is more suitable for families or those who want to live in a country or territories permanently.
Citizenship by Investment
Citizenship by Investment (also known as CBI, Passport Program or Second Citizenship) is a very straight forward approach to acquire a second citizenship and passport. All you need is to pass the due diligence and make the investment to one of the Citizenship by Investment programs. You may receive your second citizenship and passport within a brief time, sometimes it may take a few months only. Once you and your family members obtain the new passports, you may enjoy the right to travel freely, to plan your asset protection, to settle in another country, and to avoid conflict between countries. Therefore, most wealthy individuals and families already acquired the second citizenship to enjoy the benefit and to protect their business, assets, and family. In addition to wealthy individuals and families, acquiring a second passport through Citizenship Invesment may be good for some people who do not want to consider emigration or settle in other countries, worries about their passport issued by their country of origin become invalid or do not want their lives being affected by sanctions.
Therefore, you must select the right category and the right immigration program or immigration plan to obtain the status you desire. It will be more cost and time effective, and it will increase your chance of obtaining the right immigration status, if you seek the help of professionals such as ourselves.