Reasons Why You Should Apply for Second Citizenship
The first citizenship-by-investment program was launched by St Kitts and Nevis back in 1984. Today, the following countries also ‘sell’ their citizenship to foreign investors: Antigua and Barbuda, Dominica, St Lucia, and Grenada in the Caribbean; Malta and Montenegro in Europe; Turkey and Jordan in Asia; Vanuatu in the South Pacific. There are several compelling reasons why you should consider acquiring citizenship of a foreign country by investment.
First, it does not have to be extremely expensive to ‘purchase’ a second passport. All the countries mentioned above (with the exception of Jordan) accept non-returnable donations from foreign nationals wishing to become their citizens. This path to second citizenship is the most affordable one and the minimum required donation amount is US$ 100,000 in St Lucia, Dominica, and currently in Antigua and Barbuda. If you apply for citizenship of any of these countries, you will also have to pay various fees that will drive the price up. However, one hundred thousand dollars (plus the fees) in not an unthinkable expenditure for many. We have to say though that other countries charge more for their passports. Citizenship of Malta, for example, will cost you close to a million euros.
Second, acquiring a foreign passport by investment will enhance your personal security. The world has become rather unhealthy over the recent years and we are not referring only to the COVID-19 pandemic. Something seems to have gone wrong with people’s mental health too. Ukraine is not the only troubled spot today: wars, upheavals, and international tensions are taking place in many other parts of the world as well. When you have second citizenship, you can easily leave your current country of residence in case some bad things start happening there. What is important, you will be able to enter your second home country not as a refugee but as a rightful citizen.
Third, all countries running CBI programs provide for an opportunity to acquire second passports for all members of the main applicant’s family. Some of them even allow including brothers, sisters, parents, and grandparents in the application for citizenship. So if you have (or simply wish to) relocate to your second home country, you can take your family with you without any problems. When you immigrate from one country to another, let's say from the USA to Spain, you can think of getting a second citizenship.
Fifth, you can protect your assets more efficiently if you have a second passport. Let us support this statement with a concrete example. US citizens are having a lot of trouble when trying to open bank accounts in Europe. European banks are now obliged to report to the American fiscal authorities about all the financial operations that their US customers perform and this simply brings about additional costs. This is the reason why many European banks are reluctant to take American customers onboard. At the same time, if a US citizen also has the passport of St Lucia, for example, he or she can use it when applying for banking services outside the USA.
Sixth, your second passport can greatly improve your opportunities for engaging in international business operations. A Caribbean passport will give you access to North, Central, and South America so you can do business with a large number of countries located on the continent. Please apply for the Maltese or Montenegrin passport if you would like to engage in business in Europe. Do you have business interests in Asia? Then acquire the passport of Turkey or Jordan. The passport of Vanuatu will facilitate your business operation in the South Pacific region. For instance, the document gives its holder free passage through Australia and New Zealand, which means that you can spend some time in these national states without visas.
Seventh, a second passport may increase the number of destinations where you can travel without a visa in case you come from a country whose passport is ‘weak’. The Maltese passport in particular is among the strongest passports in the world as the country is an EU member state. Speaking of Montenegro, it is expected to join the European Union in a couple of years, so the passport of the country is also going to be very powerful in the near future. As far as the Caribbean countries go, St Kitts and Nevis offers the strongest passport (around 150 visa-free destinations) of all the countries in the region that administer CBI programs. The passports of Turkey and Jordan are not so strong, we must admit.
Eighth, some countries that have CBI programs allow obtaining their passports by investment without ever paying a personal visit to the respective country. In particular, the Caribbean states provide for the opportunity to acquire their passports remotely. Antigua and Barbuda, however, does have a personal presence requirement but it’s rather a lax one: you have to stay in Antigua for at least 5 days during the first five years of holding the passport. Why not spend a week on a paradise island after all? Thus, you can acquire a second passport remotely. If that’s what you want to do, we suggest that you should apply for investment migration advisory services.
Ninth, the educational and healthcare opportunities provided by some of the countries that ‘sell’ their passports to foreign investors are quite impressive. Malta, for instance, is famous both for its university and highly qualified medical personnel. Grenada has a private university attended by young people from a number of foreign countries (most students there are from the USA). Thus, acquiring a second passport, you can upgrade your living standards in general.
Tenth, with a second passport you can gain access to fantastic climatic conditions. Malta is a very nice sunny island in the Mediterranean Sea not far away from Sicily even though it’s a bit expensive. The Caribbean region is referred to as ‘tropical paradise’ and you can reside in any CARICOM country with the passport of one of the Caribbean states running a CBI program. So, don’t put off applying for a second passport!