How Multiple Citizenship Helped Telegram CEO in Challenging Times
Multiple citizenship is just like an umbrella protection for HNWIs (high-net-worth individuals). The recent story of Pavel Durov, CEO of Telegram, showcases how having multiple citizenships can work for individuals to protect their freedom. High Net Worth Individuals often find themselves in a conflict, and it’s always good to have a Plan B to overcome uncertainty and seek protection from political persecution.
How Multiple Citizenship Protect CEO Telegram
Pavel Durov was born in Russia and got two further citizenships, UAE and French, in 2021. Moreover, he is also believed to be a citizen of Saint Kitts and Nevis as well to get the citizenship tally to four. As per Mint news, Russia has warned the French government to avoid turning criminal cases into political persecution. Apart from advantages of multiple citizenships, there are some issues of having more than one citizenship.
Multiple Citizenship Advantages
- Easy Entry and Exit
- No stay restrictions
- Visa Free Travel
- Freedom to Travel to Countries that were banned with previous nationality
Possible Multiple Citizenship Disadvantages
- Subject to multiple jurisdiction
- Taken as a Shady by Default (Ex Russian)
Russian Reaction to Arrest of Pavel Durov
The AFPÂ has quoted the Kremlin spokesman Dmitry Peskov: “The main thing is for what is happening in France not to run into political persecution,”. He further added, “Of course, we consider him a Russian citizen, and as much as possible, we will be ready to provide assistance. We will be watching what happens next.”
UAE Reaction to the Arrest of Pavel Durov
UAE also strongly reacted to the arrest of Pavel Durov and has asked for the Consular services on account of his UAE nationality. The enraged country even goes one step further by suspending the purchase deal of 80 Rafael jets worth $20 Billion. This shows the concern of the UAE for its citizens.
How To Become a UAE Citizen?
UAE has shown a shift in its citizenship policy to attract foreign talent. The Emirati citizenship law attracts investors, doctors, specialists and intellectuals to make UAE their second home. The citizenship must be approved by any of the seven rulers of UAE, a crown prince or by the federal government.
Famous Citizenship by Investment Programs for Wealthy Individuals
For wealthy individuals, second citizenship is an invaluable option in critical situations and helpful to avoid political, religious or sect-based persecutions. In the case of Pavel Durov, UAE and Russia strongly showed their concern over possible political persecution of their citizen. UAE even put pressure by postponing military deal, showing possible consequences.
1. Dominica Citizenship by Investment
Dominica’s Citizenship by Investment (Dominica CBI) program is an exceptional option for wealthy individuals seeking security and global mobility. Despite the recent price hike, the Dominica citizenship program is still the most affordable option among Caribbean countries.
Investment Options for Dominica Citizenship
- Economic Diversification Fund (EDF)
The Economic Diversification Fund is a non-refundable contribution that supports economic development and infrastructure projects in Dominica. The fund covers public projects, contributing to the growth of country and in turn securing citizenship for the investor.
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- Minimum Donation: USD 200,000 for a single applicant.
- Family of Four: The minimum donation is USD 250,000.
- Additional Dependents: USD 25,000 per additional dependent under age and USD 40,000 for over 18.
- Dominica Citizenship by Real Estate Investment
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- Minimum Investment: USD 200,000 in government-approved real estate projects.
- Holding Period: The property must be held for at least 5 years.
- Additional Costs: Additional costs include due diligence fees, application fees, and property-related expenses.
Investing in real estate provides an opportunity to own property in Dominica, a beautiful Caribbean island with growing tourism and business potential. This option is ideal for those seeking a tangible asset and a long-term investment.
2. St. Lucia Citizenship by Investment Program
The St. Lucia Citizenship by Investment (CIP) program offers a strategic pathway to acquiring a second citizenship for individuals for visa free travelling to 150+ countries. The program provides several investment options for investors to attract people from all walk of life. Benefits of St. Lucia citizenship include tax benefits, no tax on inheritance, capital gain and family inclusion to program.
Investment Options for St. Lucia Citizenship
- National Economic Fund (NEF) Contribution
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- Minimum Donation: USD 240,000 for a family of upto 4.
- Additional Dependents: USD 10,000 for under 18 and USD 20,000 over 18.
This non-refundable donation supports various national development projects, contributing to the growth and infrastructure of St. Lucia.
- Lucia Citizenship by Real Estate Investment
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- Minimum Investment: USD 300,000 in a government-approved real estate project for any number of qualifying dependents.
- Enterprise Project Investment
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- Minimum Investment: USD 250,000 for a main applicant and any three qualifying dependents.
St. Kitts & Nevis Citizenship by Investment Program
The St. Kitts & Nevis Citizenship by Investment (CBI) program is pioneer that started back in 1984. Holder of St. Kitts and Nevis Passport can travel visa free to UK, Schengen states, Russia, Singapore and a total of 157 countries as of 2024 Henly Passport Index.
Investment Options for St. Kitts & Nevis Citizenship
- Sustainable Island State Contribution
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- Minimum Donation: USD 250,000
- Family of Four: USD 195,000.
- Additional Dependents: USD 25,000 under 18 and USD 50,000 over 18.
- Real Estate Investment
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- Minimum Investment: USD 400,000 in a government-approved real estate project.
- Holding Period: The property must be held for a minimum of 7 years.
- Additional Costs: Investors are responsible for due diligence fees, application fees, and other related expenses.
- Public Benefit Option
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- Minimum Investment: USD 250,000 in a unit of an approved Public Benefit Project.
- Grenada Citizenship by Investment Program
Grenada’s Citizenship by Investment (CBI) program offers a valuable pathway to acquiring a second passport for visa free travel to Schengen states, the UK, Russia, China, Singapore and overall 147 countries as of 2024 passport ranking. Grenada passport holders have easy access to the U.S. E-2 Visa.
Investment Options for Grenada Citizenship
- National Transformation Fund (NTF) Contribution
This non-refundable donation supports various national development projects, including infrastructure and healthcare improvements in Grenada.
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- Minimum Donation: USD 235,000 for a family of upto 4 members.
- Family of Four: USD 200,000.
- Grenada Citizenship by Real Estate Investment
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- Minimum Investment: USD 220,000 in a government-approved real estate project.
- Holding Period: The property must be held for a minimum of 5 years.
- Additional Costs: Investors should account for due diligence fees, application fees, and other related expenses.
Investing in real estate offers the benefit of owning property in Grenada, a beautiful Caribbean destination with growing tourism appeal.
5.    Antigua and Barbuda Citizenship by Investment Program
The Antigua and Barbuda Citizenship by Investment (CBI) program is a premier pathway to acquiring second citizenship known for its attractive investment options and the advantages it provides.
Investment Options for Antigua and Barbuda Citizenship
- National Development Fund (NDF) Contribution
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- Minimum Donation: USD 230,000 for a family of upto 4.
- Family of Five and more: USD 245,000.
This non-refundable contribution supports national development projects in Antigua and Barbuda, including infrastructure, healthcare, and education.
- Real Estate Investment
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- Minimum Investment: USD 325,000 in a government-approved real estate project.
- Holding Period: The property must be held for a minimum of 5 years.
- Additional Costs: Investors are responsible for due diligence fees, application fees, and other related expenses.
This option provides a tangible asset in the form of real estate while contributing to the island’s growing tourism and property market.
- Business Investment
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- Minimum Investment: Citizenship by business investment starts with USD 400,000 in an approved business venture.
6. Turkey Citizenship by Investment
Turkey’s Citizenship by Investment (CBI) program offers a dynamic pathway for individuals seeking a second citizenship with access to extensive benefits and opportunities. Renowned for its strategic location bridging Europe and Asia, Turkey provides a robust investment framework that attracts high-net-worth individuals (HNWIs) aiming for global mobility, investment opportunities, and a high quality of life.
Investment Options for Turkey Citizenship
- Real Estate Investment
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- Minimum Investment: USD 400,000 in residential or commercial property.
- Holding Period: The property must be held for a minimum of 3 years.
- Additional Costs: Investors should account for property-related expenses, including taxes, due diligence fees, and legal costs.
This option allows investors to acquire real estate in Turkey, benefiting from the country’s growing real estate market and potential property appreciation.
- Bank Deposit
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- Minimum Investment: USD 500,000 in a Turkish bank, held for a minimum of 3 years.
- This option involves depositing a significant amount of funds into a Turkish bank, providing a secure investment choice with the potential for interest earnings.
- Capital Investment
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- Minimum Investment: USD 500,000 in a Turkish business or enterprise.
- The investment must contribute to the Turkish economy and create jobs, supporting local business development and economic growth.
- Government Bonds
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- Minimum Investment: USD 500,000 in Turkish government bonds, held for a minimum of 3 years.
- Investing in government bonds offers a low-risk option with guaranteed returns and contributes to Turkey’s financial stability.
- Investment Fund
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- Minimum Investment: USD 500,000 in a Turkish investment fund approved by the government.
- This option allows investment in approved funds, which may offer diverse investment opportunities across various sectors.
Conclusion
In conclusion, multiple citizenship proves to be a powerful tool for high-net-worth individuals like Pavel Durov, offering significant advantages in times of geopolitical instability and personal risk. By holding citizenship in several countries, individuals can secure easier access to global travel, avoid restrictive political environments, and mitigate potential legal or diplomatic conflicts. However, the complexity of managing multiple jurisdictions and the potential for scrutiny must be considered. For those seeking enhanced security and flexibility, investing in multiple citizenship programs can provide a crucial layer of protection and stability, safeguarding personal freedom and fostering a robust Plan B in uncertain times.