A second passport is a must nowadays as all people want to have a Plan B: the world ceases to be as safe and predictable as it was ten years ago, so everyone needs a safety cushion. There are plenty of safe destinations on Earth, and a number of them offer attractive citizenship-by-investment programs. Some of them are suitable for wealthy people, while others will be excellent for a person with a middle income. In this post, we will take a look at five questions that are asked most often. If you want to know more, you can visit a trusted portal to discover the countries where it is easier to get citizenship and the cost of a second passport.
Is Citizenship by Investment Affordable?
The mass media picture golden passports as a kind of luxury item that only some people can afford, and most people with a middle income don’t even try to find out if it is true. In reality, there are options that do not require exorbitant investments. If we look at the Caribbean region, we will see that the passport of St. Lucia or Dominica costs USD 100,000, which sounds quite affordable.
In addition, all Caribbean economic citizenship programs offer different paths to their passports: there are non-refundable investments, and there are also refundable ones (you can get your money back in about 5 years). You will still retain your passport even if you sell the property you bought to acquire the document!
If you are a business-minded person, you can set up a company in the Caribbean and simultaneously acquire citizenship. And if you are looking for some exotic investment options, you are sure to find them: invest in Antiguan or St. Kitt’s movie-making industry and obtain a local passport!
Of course, there are second citizenship programs for wealthy people – for instance, Malta. You can obtain an EU passport in this way (which is an undeniable advantage), but you will have to invest over a million dollars and live in the country for at least one year.
How Long Does It Take?
The terms depend on a particular country, of course. Maltese passport acquisition may take up to 3 years, which is quite a long waiting period. You can reduce it to one year, though, but it will require an investment amount that is twice as high. Most Caribbean countries will grant citizenship in a matter of 3 to 6 months. And the fastest option in the market is Vanuatu: it takes just 45 days to get one if everything is in order.
In any case, we recommend thinking about obtaining a second passport in advance before the situation gets too hot. Most unfavorable tendencies are seen long before they turn into real trouble, so you can take measures in advance.
How Long Should I Reside in the Country of Second Citizenship?
This question makes no sense if you need second citizenship to relocate to the respective country. However, many people are not planning to leave their home countries: they simply need a second passport to improve their banking or travel opportunities.
The good news is that you don’t need to live in your new homeland in most cases. Antigua and Barbuda, for instance, is the only Caribbean country that wants you to live on the island for 5 days in the first 5 years of obtaining citizenship. Other Caribbean states have no requirements of this kind: you may get their passports without ever visiting them.
Does Antigua and Barbuda have any special reason to impose this requirement? Well, the matter is that it is almost impossible not to fall in love with the place if you visit it once as the islands are really beautiful! The local authorities hope that you may decide to stay there or invest in the local real estate, that’s why they invite you to see this natural paradise at least once.
The situation differs if you apply for the citizenship of Malta or Turkey, though: in these cases, you will have to visit the country at least once.
Is It Legal to Have Two Passports?
This question is asked very often, and the answer is positive in the majority of cases. You will have no problems whatsoever if the laws of your home country allow dual citizenship. But even if it is prohibited, you still have a chance.
Just to illustrate, dual citizenship is forbidden in China – and still, there are a lot of Chinese who have Caribbean or Vanuatu passports. How is it possible? First of all, the countries that “sell” their passports keep the matter confidential. That is, the Chinese authorities will remain unaware of their citizens possessing another passport. Second, if we are talking about China, everybody knows that the country is overpopulated, so the local authorities would not mind if some of their citizens relocated to another place.
Finally, if the authorities in your homeland are extremely serious when it comes to acquiring a second passport, you can simply acquire a residence permit in another state. This is not prohibited in any country, while this status may bring you tangible advantages.
Why Can a Foreign Investor Be Turned Down?
Well, if you want a general answer, you should have no problems with the law, nothing to conceal, and provide true information if questions are asked by the immigration authorities of the host country.
However, particular details may differ.
You have to successfully pass the country’s due diligence procedure, and requirements may vary. For instance, some countries want you to have no problems with the law whatsoever in the course of your life, while others will be satisfied by a clean police record spanning 10 years. And if you apply for Maltese citizenship, be prepared to answer a lot of questions if you served in the military of your home country.
On the whole, most people pass the due diligence check successfully unless they have done something really bad in the course of their lives.
Want to know more about obtaining a second passport? Please follow the above link to explore the whole portal section devoted to citizenship-by-investment programs in different countries or book a free session with an expert to discuss your circumstances and find the best option available to suit your needs and pocket.
