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The biggest portal about international asset protection and diversification

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"Запасной аэродром" с невероятным видом

It Is Time to Find a Fallback Option with an Incredible View from the Window

You are waking up in a cottage on the hill somewhere in the tropics and watching the sun rising above the valley below. You are taking a short swim in an infinity pool and then have fresh mango and papaya for breakfast. Your morning coffee is made of the beans grown at a nearby farm.

You can spend the day windsurfing or take a 10-minute ride to the city to have a chat with English-speaking expats at a local bar. You can fully relax because it is your vacation time.

Fallback Option with an Incredible View

Even though you’re on vacation, you are not renting the cottage where you are staying. It is your property and you are very glad that you were able to buy it before the Covid-19 pandemic. During the pandemic, you were working remotely from the cottage and you were happy to stay away from the madness going on all over the world.

You made one more smart decision a few years ago when you applied for citizenship of, or legal residence in, the country. Purchase of the cottage had made you entitled to do so. Your legal status made it possible for you to escape to the tropical country when most national states had closed their borders for tourists in 2020.

You don’t live in your second home permanently but only use it when you are on vacation. However, when the time comes for you to retire, moving there for good would be a great idea. With your pension money, you can live a better life in your cottage in the tropics than you could live in your home country. A vacation house, a place to retire, and a ‘plan B’: killing several birds with one stone.

Where should you begin?

This is the way it often happens: a family goes abroad on holidays and all of them like the place very much. They stay there for a few days and return to spend a few weeks at that place next year. After a couple more visits, they start inquiring about the prices in the local real estate market. Finally, they buy a house that meets all their expectations 101%.

The family is probably going to use their second home as a vacation house only, spending several weeks there every year. In this way, they won’t have to pay the rent while staying in a foreign country. Besides, they can let their house on a lease when it’s vacant thus making a nice passive income.

What is even more important, however, is that the house in a foreign country can give the family members peace of mind. If matters become hairy in their home country one day, they will know that they had an ‘escape hatch’ and they can use it any time. Peace of mind certainly has priority over financial well-being.

We don’t mean to suggest that you should change your life radically and urgently run away to a safer place. We only suggest that you should make a ‘plan B’ just in case. This is a good thing to have indeed, as the world is becoming crazier and crazier day after day. If you really like your second home, you can relocate to where it is located for good and put down new roots there. You will have to legalize your stay abroad but luckily, many countries issue residence permits to foreigners buying property in their territories. Some countries even administer citizenship-by-investment programs, that is, they issue passports to foreign investors.

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Foreign citizenship or legal residence: the foundation of your ‘plan B’

You can visit some foreign countries without a visa and legally stay there for a month of two. In some other cases, you can acquire a tourist visa that will let you stay in a foreign country for a few months. A legal residence permit or a passport of a foreign country is a different thing, however. It allows staying in the country for as long as you wish in case of an emergency such as the recent pandemic, for example.

A tourist can be suddenly asked to leave the country. This cannot happen to a legal resident or a citizen. Legal residency can also help you solve several other tasks in a foreign country such as opening a bank account there, buying a car, obtaining a driving license, and so on.

It is true that not all countries make it easy for foreigners to acquire legal residence there, let alone their citizenship. But many countries do. Moreover, some of them try to entice wealthy foreigners by offering legal residence/ citizenship opportunities to investors from other countries. In particular, purchase of real estate can make you qualified for a residence permit or a passport in quite a large number of countries.

Examples of countries that welcome foreign investors

Even though the EU authorities strictly oppose the ‘golden visa’ programs, some member states administering such programs are fighting back. In particular, you can acquire a long-term visa and eventually a passport of Malta, Greece, Portugal, Spain, and Italy, for example, if you invest into their economies. The required investment amounts differ as well as the citizenship acquisition timeframes.

In the Caribbean, you will find five countries that literally ‘sell’ their passports to foreigners. Make a donation to the state fund and become a Caribbean citizen within a few months only. Alternatively, you can buy property in one of the countries and this will make you qualified for its citizenship too. An investment of a few hundred US dollars will suffice.

In Panama, you can acquire a residence permit if you buy a house or an apartment for about US$ 300,000. You can buy a pretty nice place in Panama for this sort of money as the price per square meter of property is between US$ 1,000 and US$ 2,000 there. In Mexico, Paraguay, and Uruguay, you don’t even have to buy property to establish legal residence there. All you have to do is prove to the local immigration authorities that you are solvent.

These are just a few examples. There are other economic citizenship/ residence programs and you can find information about them on our portal. The choice of such programs is actually rather large and you have to compare them carefully. Much will depend on your key goals and financial muscle.

Would you like to buy a farm in New Zealand and become a legal resident there? It is possible. Would you like to buy a house in Costa del Sol thus qualifying for legal residence in Spain? It is possible too. Would you like to relocate to a warm country in Latin America or Eastern Asia? Again, it is quite possible. The world is large and it offers a great number of opportunities.

Do not put off finding a fallback option

Military conflicts, incompetent politicians, unfair taxation systems – we all have to live with these things. Our well-being is at risk because of possible civil unrest, change of political regime, and other similar crises and we have to put up with that. Or do we?

A rational person will think of making a backup plan. A foreign passport or a foreign residence permit can act as an insurance policy against the risks. Imagine having a house and the right to stay in a quiet, stable, and safe country: you could go there any time! 

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