Getting a second passport is an asset that most people can only dream of. It brings freedom, stability, and immeasurable opportunities for those who have them. While some people are lucky enough to be born with the right to multiple passports, others obtain passports later, sometimes through marriage or naturalization. However, one of the best ways to get a second passport is through citizenship by investment. This guide details how to get a second passport legally and make the most of second citizenship.
Benefits of owning another passport
There are so many benefits to owning another passport. From increased global mobility to more freedom of opportunities, here are some of the top benefits.
Imagine being able to travel all over the world without a visa, or move and work freely in a number of different countries. Depending on the country, a second passport can provide you with all these advantages.
Global mobility opportunities
The opportunities that come with having second citizenship can be innumerable. Whether in regards to investment or travel, a second passport can widen your options and also allow you to take advantage of access to better education and healthcare.
Stability with a second passport
With Brexit and the political unrest in Hong Kong, it just goes to show that you never know when governments and laws can change, and having dual citizenship can give you the right to choose what’s best for you. It gives you peace of mind and increased personal and financial security. If you’re looking to build a better future for yourself and your family, a second passport is the best way to ensure they will have a more secure life in the years to come.
Get in touch with one of our immigration investment experts
At Global Citizen Solutions, we offer nine different investor visa programs across the world. With an international team operating out of four countries, we can help provide sound advice on our range of citizenship by investment programs, as well as discuss your key objectives. Get in touch with us today so we can understand your needs and help you move forward with your second passport plans.
Best countries to get a second passport
If you don’t have the right to citizenship through descent, marriage, or naturalization, the easiest way of getting a second passport is through citizenship by investment program.
Citizenship by investment programs exist all over the world, allowing qualifying investors and their family members to get second passports in exchange for making a certain investment in the respective nation. These investments typically come in the form of a real estate investment, or a financial contribution to a government fund or bonds, but can vary depending on the citizenship program of choice. Some of the best countries to get a second passport are Portugal, Spain, and the Caribbean Island nations like Dominica, Grenada and St. Kitts and Nevis.
How to get a second passport through Portugal’s Golden Visa
Another option is to go through Portugal’s Golden Visa program – a residency-by-investment scheme that rewards qualifying investors with a residence permit. While you don’t get the Portuguese passport right away, it is possible to get Portuguese citizenship after maintaining a five-year investment through the Portugal Golden Visa, issued by Portugal’s border agency, SEF.
How to get a second passport through Spain Golden Visa
While Spain’s Golden Visa program doesn’t reward you with Spanish citizenship right away, it is possible to get a Spanish passport after going through the Golden Visa program and maintaining your investment as well as the permanent residency in the nation for 10 years.
Spain vs Portugal: which Golden Visa is better?
While both Spain and Portugal offer golden visas, the program requirements and conditions differ. Which Golden Visa is better?
Where to get a second passport?
Where to get a second passport depends on your lifestyle preferences and budget. Generally speaking, obtaining another passport is possible in many countries that offer citizenship by investment programs.
Some of the most popular citizenship by investment programs countries offer include:
- Dominica Citizenship by Investment Program
- St. Lucia Citizenship by Investment Program
- Malta Citizenship by Investment Program
- Cyprus Citizenship by Investment Program
In the Caribbean like Dominica and St Lucia, for just a $100,000 investment, you can be rewarded with a passport in four short months. While for Malta and Cyprus, a qualifying investment of over €1 million will get you European citizenship in under a year.
Advantages of European citizenship
One of the main advantages of getting another passport and obtaining European citizenship is the freedom it gives when it comes to travel. As a European citizen, you have the right to live and work anywhere in the European Economic Area (EEA), and even once you have your Golden Visa residence permit, you can travel anywhere within the 26 countries in the Schengen Zone. With a European passport, you can also travel visa-free to many countries all over the world.
When it comes to tax efficiency, there are also a number of schemes that can be taken advantage of in European countries, like Portugal’s tax-haven NHR scheme for foreign residents. Whatever program you decide on, a European passport grants you the right to travel, work, live, and study anywhere inside the EU.
Advantages of Caribbean citizenship
Second citizenship with a Caribbean passport provides a back-up option for personal security. It also offers a viable way to manage your wealth assets efficiently, and protect your finances. A Caribbean passport will grant you visa-free travel to over 140 destinations worldwide, as well as the option of owning a second home in paradise. Caribbean citizenship is also affordable in comparison to pursuing European citizenship. Not to mention, it’s considered an easy way to get a second passport because the requirements are more flexible, and the timeline to citizenship is quick. For example, St Kitts and Nevis have a promotion until 31 December 2020, where a family of four can obtain passports for just a $150,000 contribution to the government’s Sustainable Growth Fund. These passports can be obtained in 4-5 months.
Applying for another passport: requirements
When applying for a second passport, some of the main factors to take into consideration include:
- Is the country on the OECD whitelist?
- Is the country inside the EEA/Schengen zone?
- How much does it cost?
- How long does it take to obtain citizenship?
Second passport investment options
Each citizenship by investment program has different requirements, some involve a transfer of capital to the state, some involve making an investment that will create jobs, and others involve making an investment in property.
There are a number of benefits to each type of investment, for example, an investment in property can also result in high returns depending on the country.
Fund investment can also be a lucrative option, which is where a fund manager will manage an investment into one or more companies over a predetermined period of time.
For those interested purely in obtaining residency and subsequently a passport, transfer of capital can be the easiest option.
Can I get a second passport?
Usually yes. This does, however, depend on whether your country of origin accepts dual nationality. In the event that you’re unable to get another passport, you must renounce your first citizenship first.
To see a comparison of the best citizenship by investment programs in the world, check out our citizenship by investment comparison guide for 2020.
Can US citizens get a second passport?
Americans can legally have dual citizenship. First, you need to move somewhere and gain citizenship—and a passport—via the naturalization process.
Is it easy to get second passports for children?
If you’re wondering whether it’s possible to obtain a second passport not just for yourself, but also for your children, then yes, it is possible. Depending on the program you invest in, you can apply for resident permits for your dependents, including your partner, children, and even your parents.
With the Golden Visa program in Portugal, for example, children can apply for residence permits as well. After 5 years they can also apply for Portuguese citizenship, and as EU citizens are then permitted to study, work and travel anywhere within the European Economic Area.
This also means they can benefit from reduced tuition fees in a number of universities across the continent.
How Global Citizen Solutions can help you
Global Citizen Solutions is a boutique consultancy firm with years of experience delivering bespoke residence and citizenship-by-investment solutions for international families. With offices worldwide and an experienced, hands-on team, we help clients from around the world acquire Golden Visas or homes while diversifying their portfolio with robust investments.
Schedule a free 30-minute call with a member of our team to discuss your objectives and how best to move you forward.