An Overview Of Economic Citizenship
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What is citizenship?

A general definition of citizenship shows it as a collective series of rights and responsibilities that relate to the individual as a member of a political community; including all the rights and obligations that the local citizens are subjected to.

Citizenship actually describes the relationship between the citizen and the state and the need for citizens to understand the political and economic processes, laws, rights and responsibilities of their country’s democratic system. Moreover it describes relationships between citizens, communities and our multiple identities in the society.

Economic citizenship

The concept of citizenship embodies and allows you by giving the rights to work and by having the means to consume, to invest and be entrepreneurial under the obligation to be taxed. Economic citizenship is an analytical, and it works well for a large segment of the population.

A Term

Citizenship by investment is a new and unique term and unlike other terms like “social economy” or “empowerment” it is not often used as a local term. There is an idea connected with this term, and the idea says that the economic independence is a key to social and civil participation.

Citizenship by investment often becomes extremely useful as it leads to the individual’s ability to get a second passport which generally opens the door to easier international travel. For instance, if a general person gets citizenship, then that individual will become eligible to travel visa-free to any or all of the countries across the globe.

Moreover, there are some substantial monetary advantages of economic citizenship likewise. Some worth-mentioning points are that some countries solely enable voters to own access to any or all of the country’s investment markets. So to boot, several nations supply vital tax breaks to its voters who were antecedently foreign investors, as well as however not restricted to exemption from taxation, land tax, gift tax, and estate tax.

The foreign investors are eager to bring their spouse and minor children to the country as the investor’s family dependents; Citizenship by investment provides ample chances of this, so the applicant can start a family life without any worries.

There is a relationship between economic citizenship and citizenship. This relationship is considered a contributing factor which helps in increasing inequalities and unequal representation of different socioeconomic classes.

Benefits of economic citizenship

- It helps to provide individuals the right to become a citizen of two countries by applying the application according to the citizenship laws.

- This type of citizenship can also be used when you want to be a citizen of any country by representing both the economic contributions requisite.

Drawback

Liberal concept of political citizenship is gaining momentum and it guarantees a formal equality to all economic citizenship not a concept of equality; and an economy can and frequently does function without democratic politics.


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