Second passport as a New Year present

All of us are eager for this year to end. It has been a tough year indeed due to the coronavirus pandemic, the economic crisis that it has brought about, and the civil unrest in many countries of the world. We are looking forward to the new year hoping that it will bring the end to all our troubles or at least most of them. Don’t you think that you deserve a special present for the New Year? Acquiring a second passport can certainly serve as such a special present.

The global turmoil has clearly shown that trouble can come out of nowhere and that one can never be too cautious. Obtaining foreign citizenship cannot be considered a whim or some unnecessary luxury any longer. Look at what is happening in your home country or a neighboring country and you will realize that acquiring a second passport is a burning necessity if only you can afford it.

Photo - Second passport

Below we describe seven most attractive opportunities of acquiring foreign citizenship by investment. We mention the key characteristics of each national citizen-by-investment program and if any of them seems of interest to you, please contact us by all means. Before we get to the programs, however, let us briefly discuss what foreign citizenship is and what benefits a second passport can bring.

What is ‘citizenship by investment’?

About a dozen national states (most of these are small island states) allow wealthy foreigners to ‘buy’ their citizenship and passports. They do so in an attempt to attract more foreign capital to their economies. In exchange for the investment, they offer certain benefits. The most obvious one is the possibility to relocate to your second home country in case a disaster strikes the country of your birth (or current residence).

Here are some basin facts that you need to keep in mind when investigating the possibility to acquire foreign citizenship. 

  • The citizenship-by-investment program that you are considering must have an official status. In other worlds, it should be a Government program that is administered by the national immigration authorities.
  • In some cases, it is possible to acquire a second passport within two or three months.
  • In all cases, the holder of the foreign passport can enjoy the same benefits that the native-born citizens of the foreign country enjoy.
  • In most cases, a second passport can be acquired whether in exchange for a non-returnable donation to the recipient country or in exchange for a returnable investment into the country’s economy.
  • It is possible to acquire foreign citizenship for members of your family while filing a single application for citizenship. The application can include the spouse, children, parents, grandparents, and sometimes brothers and sisters of the main applicant.
  • Any country that grants citizenship by investment will have its own requirements that you have to meet. Every one of them will conduct due diligence procedures when considering candidates for its citizenship.

When you have a second passport, you can renounce your home country citizenship if you wish. Besides, investing into resort property on a Caribbean island, for example, you can acquire a very nice place for vacations. Citizenship of a foreign country will also open new investment and international banking opportunities to you. Investing in a second passport is a healthy alternative to investing into securities of real property in your home country.

sign
SECOND CITIZENSHIP
FREE EXPERT CONSULTATION

on economic citizenship programs,
how to choose a jurisdiction
and get a foreign passport.

on economic citizenship programs, how to choose a jurisdiction and get a foreign passport.

We’ll contact you in 10 minutes

Where can you acquire second citizenship?

Below you can find a list of 12 countries that grant their citizenship to foreign investors. (Until recently, Cyprus was on the list as well but it has stopped or suspended its citizenship-by-investment program on November 1, 2020).

  • Antigua and Barbuda.
  • Vanuatu.
  • Grenada.
  • Dominica.
  • Egypt.
  • Jordan.
  • Cambodia.
  • Malta (the program is expected to be relaunched by the end of 2020).
  • St Kitts and Nevis.
  • St Lucia.
  • Turkey.
  • Montenegro.

Let us look a bit closer at seven most popular citizenship-by-investment programs and describe the key features that each of them has. If you have been thinking of acquiring foreign citizenship and a second passport, please contact us as soon as you can to discuss the possible options with our experts. We practice ‘individualized approach’ and help each client to choose the option that suits his or her preferences better than others do.

1. Citizenship of Antigua and Barbuda by investment

Main characteristics of the national citizenship-by-investment program:

  • Visa-free travel: the passport of the country gives visa-free access to 150 national states (or electronic visas or visas-on-arrival).
  • Personal presence requirement: 5 days a year during the first 5 years of holding the passport.
  • Investment opportunities: investment into real estate or a business venture in the country; a donation to the state fund.
  • Minimum amount of money required: US$ 100,000.
  • Returnable investments can be made only into government-approved objects.
  • Citizenship acquisition timeframe: 3-4 months.

The national citizenship-by-investment program was launched in 2012. The passport of the country can be acquired in exchange for a non-returnable donation or alternatively, in exchange for a returnable investment. There are 365 white sand beaches in Antigua and Barbuda washed by the turquoise water of the Caribbean Sea. It is one of the most beautiful places on the planet.

2. Citizenship of Dominica by investment

Main characteristics of the national citizenship-by-investment program:

  • Visa-free travel: visa-free access (or electronic visas or visas-on-arrival) to 139 national states.
  • Personal presence requirement: none.
  • Investment opportunities: a non-returnable donation or a returnable investment into real estate.
  • Minimum amount of money required: US$ 100,000.
  • Returnable investments can be made only into government-approved pieces of real estate.
  • Citizenship acquisition timeframe: 2-3 months.

The citizenship-by-investment program in the Commonwealth of Dominica (not to be confused with the Dominican Republic) has been functioning since 1993. Dominica is one of the most beautiful islands in the Caribbean Sea with an ideal climate.  

The country is perfectly safe and it offers wonderful views. The national citizenship-by-investment program is one of the least expensive opportunities to acquire a second passport.

3. Citizenship of Grenada by investment

Main characteristics of the national citizenship-by-investment program:

  • Visa-free travel: visa-free access (electronic visas, visas-on-arrival) to 142 national states including China plus an opportunity to obtain an E2 visa to the USA.
  • Personal presence requirement: none.
  • Investment opportunities: a non-returnable donation to the National Transformation Fund or a returnable investment into Government-approved real estate.
  • Minimum amount of money required: US$ 150,000.
  • Returnable investments can be made only into Government-approved pieces of real property.  
  • Citizenship acquisition timeframe: 4 months.

The national citizenship-by-investment program was relaunched in 2013 after a ten-year pause. It is aimed at promoting economic development and making the country free and prosperous.

Grenada is an English-speaking country with a legal system based on the English law. The political situation is stable there. The island is fantastically beautiful with exotic landscapes, breathtaking beaches, and mild climate all the year round. Grenada is often referred to as a ‘spice island’ because nutmeg plantations are abundant there. The country exports other spices too.

4. Citizenship of Turkey by investment

  • Visa-free travel: visa-free access (electronic visas, visas-on-arrival) to 72 national states, the right to apply for an E2 visa to the USA and a business visa to Great Britain.  
  • Personal presence requirement: one visit is required; living in the country permanently is not required.
  • Investment options: real estate, bank deposit, business, securities.
  • Minimum amount of money required: US$ 250,000.
  • Investments can be made in any real estate in the country (it does not have to be approved by the Government).
  • Citizenship acquisition timeframe: 3-4 months.

The Turkish citizenship-by-investment program launched in 2017 is one of the most popular such programs in the world. It is in high demand especially with wealthy individuals from oriental countries. Turkey is a popular tourist destination that boasts a wonderful climate, friendly locals, low crime rates, and high living standards that go together with affordable prices for goods and services.

5. Citizenship of Montenegro by investment

  • Visa-free travel: visa-free access (electronic visas, visas-on-arrival) to 124 national states; the country is an official candidate for EU membership.
  • Residence requirement: none.
  • Investment options: a donation to the state fund plus an investment into real property or a business venture in the country.
  • Minimum amount of money required: US$ 350,000.
  • Returnable investments can be made only into Government-approved real estate.
  • Citizenship acquisition timeframe: 3-6 months.

The Montenegrin citizenship-by-investment program was launched in 2019. The Government of the country intends to use the capital that it generates to promote economic development in Montenegro. It is a Balkan state in Southeast Europe that is famous for its seacoast and beautiful mountains.  Montenegro is a NATO member and the euro is the official currency there.

6. Citizenship of Saint Lucia by investment

  • Visa-free travel: visa-free access/ electronic visas/ visas-on-arrival to 145 national states.
  • Residence requirement: none.
  • Investment options: real property, business, state bonds; a donation to the state fund.
  • Minimum amount of money required: US$ 100,000.
  • Returnable investments can be made only into Government-approved real estate.
  • Citizenship acquisition timeframe: 3 months.

The St Lucian citizenship-by-investment program was launched in 2016 and it is among the most affordable such programs. The tourist sector is the leading industry in the country generating the largest portion of national income and employing most of the local people. St Lucia is located in the eastern part of the Caribbean Sea to the northwest of Barbados and to the south of Martinique. It is known for its fantastic beaches and picturesque mountains.

7. Citizenship of Vanuatu by investment

  • Visa-free travel: visa-free access/ electronic visas/ visas-on-arrival to 130 national states.
  • Fiscal residents of the country are exempted from the personal income tax.  
  • Residence requirement: none.
  • Investment options: Vanuatu passport can be obtained in exchange for a non-returnable donation only.
  • Minimum amount of money required: US$ 145,000.
  • Citizenship acquisition timeframe: 1.5-3 months.

The Republic of Vanuatu is an island state in the South Pacific to the east of Australia. The country became independent from Great Britain and France in 1980. It is a member of the Commonwealth of Nations, which guarantees visa-free access to Great Britain even after Brexit. Agriculture, fishery, offshore financial services, and tourism are the pillars of the local economy.

Now is the best time to apply for foreign citizenship

The Cypriot citizenship-by-investment program had been running for years until the Government of the country recently announced that it was terminated beginning November 1, 2020. The news came out of the blue: no one would even have thought that this could happen.

Things can change at any moment and sometimes they change for the worth, unfortunately. Building a safety net is as important today as it has never been before. If you can afford it, you must obtain a second passport.

InternationalWealth experts will be happy to help you choose the country where you can acquire second citizenship for yourself and members of your family. We provide free consultations to those considering the possibility to apply for foreign citizenship. Let us know what your goals and desires are, and what amount of money you are prepared to invest in a second passport and we will make several offers to you. Every option will have its pluses and minuses. We will gladly describe those for you so that you can make the wisest choice. Please contact us by email, WhatsApp, or our live chat and request a free consultation on acquiring foreign citizenship.

Why should I acquire foreign citizenship?

There are multiple reasons for that: visa-free access to a large number of countries, new investment, banking, and business opportunities, access to high-quality education and healthcare, and so on, and on, and on.

Why should I apply for citizenship by investment?

First, because acquiring the so-called ‘economic citizenship’ is much faster than becoming a citizen of a foreign country via naturalization. Second, you do not actually have to leave your home country to obtain a second passport. Most Caribbean states and the Republic of Vanuatu do not require that the applicants for their citizenship visit them even once. Foreign citizenship can be applied for remotely, and your second passport will be sent to you with a courier when it is issued.

How much does foreign citizenship cost?

The required investment amount depends on the type of investment that you choose. If you would like to make a donation, some Caribbean states charge only US$ 100,000. If you would like to invest into Government bonds or into real property, about twice as much money is required but the investment is potentially returnable. Besides, you will have to cover the due diligence and administrative costs by paying state duties. In addition, hiring a licensed immigration agent is mandatory and his/ her services also have to be paid for.

Tags:

Please read other interesting articles at InternationalWealth.info portal:

Please help us make the portal even more informative, up-to-date, and valuable for you and your business.

Your email address will not be published.