The idea of having a second passport has become more than just a luxury, and is now considered a strategic asset for individuals who want to expand their personal and economic freedoms.
In this article, we’ll explore the benefits of a second passport, how to get one and the best countries to add to your citizenship. As we explore the intricacies of a 2nd passport by investment, it becomes clear that this pathway provides not just a backup plan but a whole new world of possibilities for the global citizen.
What is a second passport by investment?
A second passport through investment is a legal method through which an individual can acquire citizenship of another country by making a significant financial investment in that country.
This investment typically comes in various forms, such as purchasing real estate, donating to a national development fund, or investing in government bonds or businesses.
Countries offering such programs aim to attract foreign capital and boost their economies. In return, they provide investors and their families with citizenship, which includes a passport.
This second passport grants the holder various benefits, such as the right to live, work, and study in the issuing country, visa-free or visa-on-arrival access to numerous countries, and potential tax advantages.
The process generally involves thorough background checks, financial scrutiny, and, in some cases, a residency requirement.
Popular destinations for these passport-by-investment programs include Caribbean nations like St. Kitts and Nevis and Antigua and Barbuda, as well as European countries such as Portugal, Malta, and Cyprus.
These programs are particularly attractive to individuals seeking greater global mobility, economic opportunities, or a secure place to reside. They provide a legal and relatively quick pathway to citizenship, bypassing the longer traditional naturalization processes.
Benefits of a Second Passport Through Investment
Firstly, the primary advantages of a second passport include ensuring your family’s safety, enhancing financial stability, and facilitating seamless global travel.
An additional passport also offers enhanced security planning, meaning a second passport from a stable country allows you to pre-plan for your family’s safety.
Many countries in the Caribbean and Europe provide Citizenship by Investment (CBI) programs to attract foreign investors to their economies. A second passport presents opportunities and advantages for those seeking global mobility, security, and financial freedom.
Here are some key benefits of holding a second passport:
Increased Global Mobility: A second passport can offer visa-free access to numerous countries, reducing the hassle and constraints of obtaining visas. This is particularly valuable for citizens from countries with less powerful passports.
Enhanced Safety and Security: In times of political unrest, economic instability, or other crises in one’s home country, a second passport provides an option for safe haven. It acts as an insurance policy, allowing individuals and their families to relocate or travel freely without being tied to the circumstances of a single country.
Business Opportunities: A second passport can open up new business opportunities, including access to favorable markets, investment options, and financial services that might not be available to citizens of other countries. It can also facilitate easier international banking and the establishment of businesses in foreign jurisdictions.
Tax Optimization: Holding a second passport can offer tax advantages depending on the countries involved. Some individuals may benefit from more favorable tax regimes or the ability to manage tax liabilities more efficiently through residency in a country with more advantageous tax laws.
Cultural and Educational Experiences: A second citizenship often comes with the right to live, work, and study in another country, offering rich cultural experiences and access to world-class education and healthcare systems.
Family Benefits: Many citizenship by investment or residency programs allow applicants to include family, ensuring that the benefits of a second passport extend to spouses, children, and sometimes even parents and siblings.
Estate Planning and Inheritance: A second passport can simplify estate planning and inheritance matters, particularly in cases involving assets or properties in multiple countries. It can also provide heirs with broader opportunities and rights.
Personal Freedom: Beyond tangible benefits, a second passport represents personal freedom. It offers the ability to choose where to live, work, and travel, independent of the limitations or obligations imposed by a single nationality.
Have a Backup Plan: Having more than one passport gives you a solid backup plan and added security in times of instability. Even if you do not wish to relocate, you can choose a citizenship-by-investment program with a low physical residency requirement and high returns.
Takes Considerable Time: As with popular residency by investment programs such as Portugal’s Golden Visa, it can take up to 5 years to obtain citizenship. Other European programs can take between 7-10 years, which means the best time to invest in a program and secure another passport is now.
12 Best Countries for a Second Passport through Investment
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 or multiple citizenship.
Such a passport could be a Caribbean passport like the Vanuatu and Grenada passport or a European Union passport 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 remember that not all economic citizenship programs have the same processing time. Some countries provide 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 you can obtain citizenship.
Austria
Austria offers a unique and highly selective economic citizenship program, which, while demanding, provides significant benefits to those who successfully attain Austrian citizenship and an EU passport.
The citizenship by investment program in Austria requires a substantial investment of €2 to 10 million in an Austrian business. This investment must be directed towards companies that meet specific criteria, such as creating jobs for Austrian citizens, demonstrating growth potential, and maintaining a solid international reputation.
One of the most attractive aspects of this program is the opportunity to obtain a European passport from an EU country. The Austrian passport is notably the highest-ranking among countries offering citizenship by investment, providing its holders with visa-free travel and visa-on-arrival access to 174 countries worldwide.
Furthermore, Austria is recognized as one of the world’s safest countries, ranking fifth overall in the Global Peace Index, making it a desirable destination for those seeking stability and security alongside their new citizenship.
Antigua and Barbuda
Antigua and Barbuda stands out as a leading island nation offering one of the most appealing citizenship by investment programs in the Caribbean.
Known for having some of the most affordable options among CBI countries, Antigua and Barbuda allows investors to acquire a second passport by making a donation of $100,000 to the Antigua and Barbuda National Development Fund (NDF).
The Antigua and Barbuda citizenship by investment program offers several key benefits, starting with its low minimum investment amount of $100,000. This program also boasts the second-highest-ranking passport among Caribbean CBI programs, providing visa-free travel to 150 countries worldwide.
Investors can choose from multiple investment options, including contributing to the University of the West Indies Fund. Additionally, for a family of four, the total investment required, including passport fees, is approximately $152,000, making it the most cost-effective citizenship program in the region.
Dominica
Dominica, a Caribbean nation that often goes unnoticed in discussions about the global influence of Caribbean countries, actually offers one of the most attractive citizenship-by-investment programs in the region.
Like Antigua and Barbuda, Dominica’s citizenship program has a low investment threshold: $100,000 for a contribution to the country’s Economic Diversification Fund (EDF).
Additionally, there is an option to purchase government-approved real estate for a minimum of $200,000, typically involving high-end tourist accommodations.
The Dominica citizenship by investment program provides several key advantages. A $100,000 donation to the EDF offers the most affordable total investment, including government fees, for single CBI applicants. For those interested in property investment, Dominica presents the lowest qualifying investment in government-approved real estate among CBI countries, starting at just $200,000.
Furthermore, the cost per square meter for real estate in Dominica is the lowest among all five Caribbean CBI nations. When investing in real estate, there are no additional requirements to include family members, making it a cost-effective option for families. Moreover, there are no residency requirements, and applicants are not required to visit the country or attend interviews to obtain a secondary passport.
Grenada
Grenada has rapidly emerged as a top choice for obtaining a second passport in the Caribbean, thanks to several compelling factors. A progressive government has streamlined the process of doing business in the country, while Grenada’s strong political ties with the United States make it an ideal option for economic citizenship, appealing to both Americans and foreign nationals alike.
Investors seeking Grenadian citizenship can contribute to the country’s economic development by donating $150,000 to the National Transformation Fund (NTF). Alternatively, they can choose to invest in government-approved real estate projects, with options including a $220,000 investment for shared ownership or $350,000 for sole ownership.
The Grenada citizenship by investment program offers several key benefits. Notably, Grenada is the only Caribbean country that allows foreign investors the opportunity to settle in the United States through the US E2 Visa program. This program also permits the inclusion of immediate family members, as well as a dependent parent or sibling, through a single qualifying property investment.
Geographically, Grenada is situated outside the hurricane belt and has recorded only four hurricanes in its entire history, making it the least vulnerable to hurricanes among Caribbean nations offering citizenship by investment. Additionally, a Grenadian passport grants visa-free access to 147 countries, including China and Russia, further enhancing its appeal to global investors.
Jordan
As the sole Middle Eastern nation offering a citizenship-by-investment program, Jordan stands out as a unique and attractive option for those seeking economic citizenship.
This distinct characteristic positions Jordan as a prime destination for international investors who are not only looking for a valuable second passport but also aiming to take advantage of the country’s strategic location and rich Islamic culture. The minimum investment required for this program is a real estate purchase of $750,000.
The Jordan citizenship by investment program offers several key benefits that make it particularly appealing. Jordan’s status as the only country in the Middle East with such a program sets it apart, providing investors with a rare opportunity in the region.
The country is also ripe for lucrative investments, bolstered by its Economic Modernization Vision, which aims to foster growth and innovation. Additionally, Jordan enjoys one of the lowest levels of domestic, international, and organized conflict, ensuring a stable and secure environment for investors.
Also, the program offers the cheapest real estate by square meter among all countries with citizenship by investment programs, making it an economically attractive option for those looking to invest in property.
Malta
Most EU countries grant citizenship solely through naturalization or descent. However, the Malta Citizenship by Naturalization for Exceptional Services by Direct Investment (CES) program provides a faster and more accessible path to EU citizenship, allowing investors to secure citizenship in as little as 12 months.
This can be achieved through a non-refundable investment of €750,000, a real estate investment of €700,000 or a five-year lease agreement totaling €16,000 annually, and a charitable donation of €10,000.
The Maltese citizenship by naturalization program offers several key benefits that make it stand out. It is the cheapest and fastest option available for obtaining European citizenship by naturalization, providing a swift route to becoming an EU citizen. Malta’s passport is highly ranked, placing in the top 30 countries on the Global Passport Index, and offers visa-free and visa-on-arrival access to 172 countries worldwide.
Additionally, Malta is recognized as the best country for promoting LGBTQ rights in 2023, according to ILGA-Europe, further enhancing its appeal. Finally, Maltese citizenship grants the freedom of movement throughout the European Union, providing significant mobility and opportunities within the EU.
St Kitts and Nevis
Since its introduction in 1984, the St. Kitts and Nevis government’s economic citizenship program has evolved into a model of continuous development and improvement. The process for acquiring economic citizenship and a second passport has become well-refined over the years, contributing to its consistent and growing popularity among foreign investors.
The program offers several investment options, beginning with a contribution of $250,000 to the country’s Sustainable Island State Contribution (SISC), formerly known as the Sustainable Growth Fund. Investors also have the option to engage in joint real estate investments or purchase a single-family home.
The St. Kitts and Nevis citizenship by investment program provides several key benefits that make it particularly attractive. Notably, it boasts the fastest processing time for citizenship by investment, completing the process in just four months. In the 2023 CBI Index Report, St. Kitts and Nevis was ranked as the number one Caribbean country for acquiring citizenship by investment.
The program also offers a varied range of real estate options, including both commercial and residential properties, providing flexibility for investors. Moreover, St. Kitts and Nevis is recognized as the best Caribbean CBI country for investment, achieving the highest Investment Index ranking in the Global Passport Index. Additionally, the program grants access to the strongest Caribbean passport obtainable through citizenship by investment, allowing visa-free and visa-on-arrival access to 153 countries worldwide.
St Lucia
St. Lucia’s citizenship by investment program is highly regarded within the citizenship investment community. Known for its small yet stable political environment and economy, St. Lucia offers a seamless application process for those seeking to acquire citizenship. The program provides a range of investment options, including real estate, with the minimum investment starting at $100,000 through a donation to the St. Lucia National Economic Fund.
The St. Lucia citizenship by investment program offers several key benefits that enhance its appeal. One significant advantage is the lower average cost per square meter for property investments compared to other Caribbean countries offering CBI schemes, such as St. Kitts and Nevis, Antigua and Barbuda, and Grenada.
Although there is no fast-track option, applicants can still enjoy one of the industry’s quickest processing times, with most applications completed within two to three months. The program also provides diverse investment options, including affordable real estate investments and refundable government bonds.
Additionally, when investing in government bonds, there are no additional investments or administrative fees required to include immediate family members and other dependents, making it a cost-effective choice for families.
Turkey
For those searching for the most cost-effective investment destinations, overlooking Turkey would be a missed opportunity.
Not only is the country an excellent choice for investing in real estate, but its CBI program provides access to a highly skilled workforce at reasonable rates, making it an attractive destination for entrepreneurs looking to establish businesses.
Moreover, starting a business is a viable route to Turkish citizenship, as well as real estate investment through a purchase worth at least $400,000.
Key benefits of the Turkey citizenship by investment program include no requirement to invest in government-approved real estate projects for the real estate investment option, it is one of two CBI countries providing a route to settle in the USA through the US E2 Visa Program, and Turkey has the lowest cost of living of all countries offering an investment citizenship program
Vanuatu
Despite its geographical isolation, Vanuatu’s citizenship by investment scheme has garnered significant interest from foreign nationals seeking second citizenship.
The country’s minimal eligibility criteria and fast application process have led to increased capital investment from overseas and a growing number of applications for the Vanuatu CBI program. Investors have the sole option of donating $130,000 to the Vanuatu Development Support Program.
The Vanuatu Citizenship by Investment program is the fastest CBI program in the world. The country has a swift application process, citizenship is granted within 60 days, and there is zero personal income tax on local and worldwide earnings.
Portugal
The Portugal Golden Visa program is a five-year residency by investment opportunity for non-EU nationals. The intention is to attract foreign investment into the country.
With a Portuguese passport, you can access all 27 European Union nations and 174 countries worldwide, visa-free or visa-on-arrival, making it one of the world’s most powerful passports.
The minimum investment requirement for the Portugal Golden Visa is €250,000, and various investment options are available, such as investing in scientific research, donating to the arts, and creating jobs.
You can apply for a permanent residence permit or citizenship and a Portuguese passport by holding your investment for at least five years. Citizenship gives you the independence to work, study, and travel anywhere in the EU, and you can travel to 174 countries without a visa.
Spain
Spain has one of the most sought-after European Golden Visa programs for expats, and for good reason. The abundance of benefits it offers its residents is almost limitless. The Spain Golden Visa program is a residency-by-investment scheme allowing foreigners to enjoy legal residence in Spain in exchange for a qualifying investment.
You can obtain the Spain Golden Visa from investment options such as €500,000 in real estate or €1 million in shares or stock of a Spanish company.
If you have enough money to support yourself and maintain residency for ten years, you are eligible for naturalization and a golden passport. The Spanish passport ranks in the top 20 on the Global Passport Index, allowing visa-free and visa-on-arrival access to 174 countries worldwide.
What citizenship is right for me?
Compare our Citizenship and Golden Visa Programs.
Common types of investments
Citizenship by investment programs provide a route to acquiring a second passport through various types of financial investments. Here are the common types of investments available when seeking second citizenship:
1. Real Estate Investment
Many countries offer citizenship in exchange for purchasing real estate. The required investment amount can vary significantly, and often the property must be held for a specified period, usually around 3-5 years. Popular destinations for real estate investment include Spain, Greece and St. Kitts and Nevis.
2. Government Bonds
Some CBI programs allow investors to obtain citizenship by purchasing government bonds. These bonds must typically be held for a number of years without interest. Countries like Malta and St. Lucia have such options.
3. Business Investment
Investing in local businesses or establishing a new business can also be a path to citizenship. This often involves creating jobs and contributing to the economic development of the country. Countries like Canada and Bulgaria offer business investment routes to citizenship.
4. Donations to National Development Funds
Many programs require a direct contribution to a national development fund or similar government entity. These non-refundable donations are used to fund public projects like education, healthcare, and infrastructure. Dominica and Antigua and Barbuda are known for such donation-based programs.
5. Investment Funds
Some countries offer the option to invest in government-approved investment funds. These funds are typically used to support economic development projects within the country. Greece and Cyprus have such investment fund options.
These programs are designed to attract foreign capital and expertise, providing investors with the benefits of a second passport, including enhanced travel freedom, security, and potential tax advantages. The investment requirements and benefits vary by country, allowing investors to choose the program that best suits their needs and goals.
How Can Global Citizen Solutions Help You?
Global Citizen Solutions is a boutique migration 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 have helped hundreds of clients worldwide acquire citizenship, residence visas, or homes while diversifying their portfolios with robust investments.
We guide you from start to finish, taking you beyond your citizenship or residency by investment application.
Frequently Asked Questions About Second Citizenship By Investment
What is a secondary passport by investment?
A second or third passport by investment, also referred to as citizenship-by-investment, is a route to citizenship by which individuals can invest a specific amount of money in a country and in return, obtain citizenship.
What's the best Secondary passport by investment in Europe?
The best economic citizenship program in Europe is Portugal’s Golden Visa scheme.
The program provides a renewable residence permit that can lead to citizenship after five years and has one of the lower property investment options available.
What's the best second passport in the world by investment?
The best citizenship program by far is Dominica’s citizenship program.
Individuals are given dual citizenship in exchange for a qualifying investment worth at least $100,000 in four months.
The Dominica passport also offers visa-free travel advantages to over 120 destinations.
Why do people invest in a second citizenship?
Dual citizenship grants individuals freedom of mobility worldwide with visa-free access to over 100 nations.
It also increases their chances of a higher quality of life by providing them with benefits from two countries.
What is the easiest country to get a second passport?
Caribbean countries, such as Vanuatu, and Dominica, are the easiest countries to get a passport.
How can I invest in a second passport?
Many countries worldwide offer residency and citizenship programs to qualifying investors and their family members.
These programs provide individuals with renewable residency rights and citizenship in exchange for a significant investment in their respective nation’s economy.
Can you buy a second citizenship?
While you cannot “buy” a citizenship, you can invest in a nation to get one. Countries worldwide offer citizenship through investment programs that lead to a second citizenship.
Is it worth it investing in a second citizenship?
Yes, absolutely. If you have dual or multiple citizenships, you’ll have more freedom across the world.
How hard is it to get a second passport?
Obtaining a second passport can vary depending on factors like your current citizenship and the country you’re interested in.
It can involve proving ancestry, investing in a country, or meeting residency requirements.
While it’s not necessarily difficult, it often requires time, effort, and sometimes financial investment.
Where can I get a second passport?
You can obtain a second passport from various countries around the world. The specific location depends on the method you choose:
- Citizenship by Descent: Look into the country of your ancestors to see if they offer citizenship by descent.
- Investment Programs: Research countries that offer citizenship through investment programs, such as Caribbean nations or some European countries like Malta or Cyprus.
- Naturalization: Consider countries where you’re eligible for naturalization based on residency, such as the United States, Canada, or European countries like Germany or France.
- Marriage: Investigate the citizenship laws of your spouse’s country, as requirements vary depending on the country.
- Special Circumstances: Seek guidance from legal experts or relevant authorities depending on your situation, such as seeking asylum or refugee status.
Each country has its own procedures and requirements for obtaining citizenship and a passport, so it’s essential to research and follow the specific guidelines of the country you’re interested in.
What is the minimum investment required to obtain a second passport?
The minimum investment required varies significantly by country.
For example, Caribbean nations like Saint Kitts and Nevis may require an investment of around $150,000 through a donation to the national fund or a real estate investment of approximately $200,000.
European countries like Malta or Cyprus typically have higher investment requirements, often exceeding €1 million, often in real estate, government bonds, or donations to national development funds.
How long does it take to obtain a second passport through investment?
The processing time can range from a few months to over a year, depending on the country.
Caribbean countries can process applications within 3-4 months, whereas European countries may take longer, sometimes up to 12-24 months.
This duration includes due diligence checks and processing of the investment and application.
Are there any residency requirements for maintaining the second passport?
Residency requirements also vary by the program. Some countries, like Saint Lucia or Dominica, do not require you to reside in the country at all.
Others, like Portugal’s Golden Visa program, have minimal residency requirements, such as staying for a few weeks per year.
Some countries may require more substantial physical presence or even tax residency as part of maintaining your citizenship status.
Can family members also obtain passports through the investment program?
Yes, most citizenship by investment programs allows the main applicant to include family members in their application.
This typically includes spouses, dependent children, and sometimes dependent parents or grandparents.
Each family member included may require additional fees or a higher investment threshold, but this offers a pathway for entire families to obtain second passports together.
How much do I need to invest to qualify for a second passport?
The required investment for obtaining a second passport can vary significantly depending on the country and the specific program you choose. Investment amounts generally range from as low as $100,000 to over $2 million.
Many Caribbean nations offer citizenship through investment programs. For example, Dominica and St. Lucia have programs starting at $100,000 through donations to a national fund.
Countries like Malta and Cyprus have more expensive programs, where the investment can go up to several million euros.
Malta, for example, requires a combination of donations, real estate investments, and government bonds totaling more than €1 million.
How long does it take to obtain a second passport through investment?
The time required to obtain a second passport through investment varies widely depending on the country and the specific citizenship by investment program. Here are some examples:
- St. Kitts and Nevis: Known for its efficiency, this program can process passports in as little as 45-60 days, especially if you opt for the accelerated application process.
- Malta: Has a more extended process due to stringent due diligence; obtaining a passport can take anywhere from 12 to 18 months.
- Vanuatu’s Citizenship by Investment: One of the fastest in the world, it can take as little as 1-2 months from application to passport issuance.
Can my family members also get a second passport through my investment?
Yes, most programs allow you to add your family members to the application. When approved, they will have the same rights and benefits as the main applicant.
