UGLOBAL . COM
35
exemptions / holidays in most other countries in the region are a big deterrent .
Argentina is a good example of a country where the shorter period to citizenship is not worth the additional taxes levied on wealthy individuals . Panama – a long time favorite among US pensioners and nomads - and Costa Rica are two tax friendly countries but in the former the residency requirement is five years and in the latter seven years – not a compelling offer given that the passports of these countries do not rank any higher in terms of travel freedom and mobility than those of Uruguay and Paraguay . Moreover , in Panama while in theory the residence requirement is five years , in practice the administrative hurdles to get naturalized successfully after five years are very high , and the delays are significant which leaves the country as a sound option for residence only .
Another reason why Uruguay and Paraguay stand out is public safety and security . Unlike in the Caribbean or Pacific jurisdictions with direct citizenship programs , some physical presence on the ground is required in all the Americas , and most migrants prefer to be in a country which is not known for its high levels of crime . And last but not least , some passports from the region do not travel as well as those of aforementioned countries . Ecuadorians or Bolivians for example need a visa to travel to the Schengen area , UK and UAE . So a combination of negative factors in other countries ( longer residence requirements , onerous tax obligations , red tape and quality of passports for travel purpose ) make Uruguay and Paraguay the most desirable options in the Americasfor wealthy migrants who aim to get a second passport through residence rather than investment only .
Regardless of the option one has chosen to obtain permanent residence foreigners can apply for citizenship after 3 years holding legal residence in the country . Like in Uruguay , there is no language exam to be passed . However , a basic history test must be performed successfully and a government official will briefly visit the applicant in his home . Dual citizenship is not recognized in Paraguay , except with Italy and Spain . But in practice renunciation of previous citizenship is not demanded .
PHILIPPE MAY
LACK OF ALTERNATIVES IN SOUTH AMERICA
There are so many other countries in Latin America which are open for immigration – what brings the choice down to those two ? Yes , in most other Latin American countries it is possible to obtain citizenship through residence as well . And residence is often readily available in the form of an independent means visa or in exchange for an investment . The monetary requirements are usually not high and citizenship comes after 2-7 years . In Argentina , for example , an application for citizenship can be submitted after only 2 years of residence already . However , for high net-worth individuals the much higher tax rates and the lack of tax
The Hon . Philippe A . May is the Swiss-Singaporean CEO of EC Holdings . He is a qualified Associate Financial Planner and a member of the Global Investor Immigration Council , as well as the Financial Planner Association of Singapore . He holds a bachelor ' s degree in business administration and an executive diploma in international diplomatic law for honorary consuls from UNITAR , Geneva . May has extensive experience in diplomacy , private banking , insurance , and residence and citizenship planning . In addition to being featured in various industry publications , May has been a speaker and panelist for various investment migration and financial industry conferences . He speaks English , German , French , Chinese and Spanish .