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, ancestral citizenship, or naturalization.
However, one of the best ways to get a second passport is through citizenship by investment – also referred to as economic citizenship. This guide details how to do it and make the most of having second citizenship.
The Benefits of Owning Another Passport
There are many benefits to owning another passport. From increased global mobility to increased freedoms, here are some of the top benefits.
More freedom
Imagine being able to travel across the world without a visa or move and work freely in a number of different countries. Depending on the country, second travel documents can provide you with advantages to travel internationally.
Global mobility opportunities
The opportunities that come with having second citizenship can be innumerable. Whether with regard to investment or travel, a new passport can widen your options and also allow you to take advantage of access to better education and healthcare.
Stability with a second passport
Circumstances can change suddenly, as we all know after being through the COVID pandemic. Brexit in the UK, and the recent political climate in the United States also show that having dual citizenship can give you more choices when making decisions for you and your family. It gives you peace of mind, increases personal and economic freedoms, and can minimize risk.
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.
Americans Get Financial Freedom Through Second Citizenship by Investment
One of the major reasons why Americans are looking to obtain a second passport is the economic freedom that is on offer, not just for the individual applicant but for their family as well.
Financial or economic freedom can be defined in many different ways and comes in many guises, but citizenship by investment is the most complete package that an investor can opt for. Firstly, there may be the option for significant tax benefits if you hold two passports, allowing you to live a tax optimized life.
A citizenship by investment program also allow investors to open a bank account in a foreign country, whereby you may find simpler banking regulations. Certain countries will have sanctions in place, but you can also be cleared of these sanctions if you have a bank account. With second citizenship and a bank account in another country, you can enjoy greater personal and economic freedom, making it easier to move money around the world.
You’ll be able to safeguard your wealth, providing a more secure future for yourself and future generations. This peace of mind is priceless.
Also, with one passport, you have access to one healthcare and education system, but with two passports, this significantly broadens your access to key services.
Get in Touch with One of Our Immigration Investment Experts
At Global Citizen Solutions, we offer several 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 citizenship 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 another passport is through a citizenship by investment program. But what is the best second passport for US citizens?
Citizenship by investment programs exist all over the world, allowing qualifying investors and their family members to get a second citizenship in exchange for making a certain investment in the respective nation.
Investments typically come in the form of a real estate investment or a financial contribution to government 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 Caribbean countries 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 program that rewards qualifying investors with a residence permit. While you don’t get a Portuguese passport right away, it is possible to obtain citizenship after maintaining a five-year investment through the Portuguese Golden Visa, issued by Portugal’s border agency, SEF.
The Portuguese real estate market is thriving and has proved to be the most popular investment pathway for the Portuguese Golden Visa program. Real estate acquisition in Portugal can be a very profitable investment.
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. You will need to maintain your investment and permanent residency in the nation for ten years.
How to acquire citizenship through Greece’s Golden Visa program
The Golden Visa Greece program offers citizenship by naturalization after seven years of maintaining your Golden Visa. With Greek citizenship, the main applicant can live or work anywhere within the European Union (EU).
Citizenship with the Irish Golden Visa
The Ireland Golden Visa is a perfect option for foreign investors seeking a window into the EU. While the program doesn’t offer Irish citizenship straightaway, it’s possible to become an Irish citizen after six years of holding your respective investment.
Second passport with the EB5 US Visa
If you are a non-US citizen, the EB5 US Permanent Resident Visa offers a Green Card first, followed by US citizenship after the five-year mark. While you must maintain your respective investment for at least five years (and your Green card) to qualify for citizenship, it’s worth it, considering you are then granted full citizenship for life.
Spain versus 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?