There are many reasons for an individual to get a second citizenship, whether it’s a desire to have increased global mobility with visa-free travel across the world, a chance at a higher quality of life with world-class health care, or otherwise. The main advantage of having second or dual citizenship is that it can safeguard you against sudden economic and political instability – which is why individuals worldwide are acquiring a second passport by investment.
A Second Passport Grants Stability
Many Caribbean and European countries offer citizenship by investment (CBI) programs to qualifying foreign investors to reel them into their economies. These investment programs, or ‘economic citizenship’ schemes, grant the main applicant and their immediate family members citizenship in exchange for a significant financial investment, usually made in government-approved real estate.
While all these investment programs lead to official citizenship in their host country, not all provide the same routes to permanent residency. For example, some of these second citizenship programs require a government donation, a business investment, or a substantial contribution to be placed in the country’s national development fund – on top of, or instead of, a real estate investment. This means individuals could opt for the cheapest citizenship scheme or the most financially rewarding, depending on their objectives.
Nevertheless, all of these investment programs lead to permanent residency and citizenship, which means they provide similar benefits of increased mobility, personal security, and a sense of stability in times of political unrest or financial crisis – which is why immigrant investors are acquiring citizenship through them.
What is the best second passport to invest in?
When it comes to obtaining new citizenship, the best passport to acquire would be one that provides the most benefits as a global citizen – including the right to dual citizenship or multiple citizenships. Such a passport could be a Caribbean passport like the Vanuatu passport and Grenada passport or one of the European Union passports like the Malta passport.
These investment schemes provide the same advantage of second citizenship; however, one might offer a more lucrative investment route over the other or have a stronger passport. Therefore, comparing their benefits against your personal needs and business objectives is essential. Moreover, you should find out whether or not their respective nation allows you to hold dual citizenship in the first place. Only then can you begin to decide which one of the investment programs is the best one for you.
You’ll have to keep in mind that not all economic citizenship programs have the same processing time. Some countries offer citizenship after a lengthy processing time and stringent stay requirements, like the Malta citizenship scheme, which requires a minimum investment of €690,000 and three years of naturalization before obtaining citizenship. Other programs, like the Caribbean programs, boast a shorter application process and no stay requirements and grant Caribbean citizenship in three to four months.
With that being said, the most convenient path to a second or third passport would be through one of the investment programs offered by the Caribbean countries, such as the Dominica citizenship by investment program, Vanuatu citizenship, or the St. Lucia citizenship scheme. You can obtain a passport for as little as $100,000 through one of these schemes in just a few short months, with numerous investment options on the table.
