Getting second citizenship and residency has become a trend among wealthy individuals and families, including entrepreneurs and travelers.
They want to take advantage of visa-free travel both for pleasure and business, gain more personal financial security with today’s challenging economic situations, diversify their investment portfolio, and even get their kids educated abroad.
Though the requirements and eligibility criteria of citizenship by investment programs vary depending on the country you want, the benefits are quite the same.
Here are the perks of getting second citizenship and the countries that offer the best citizenship by investment programs.
5 Perks of getting second citizenship
If you have a second passport, here are some of the benefits you can enjoy.
1. Ease of travel
Traveling broadens the mind. But you can’t do so if your passport doesn’t allow you to travel as much as you want. Though you can always apply for a visa every time you want to enter one country, it is time-consuming and expensive. In some cases, it is not guaranteed. The visa is also temporary, so you have to re-apply to visit the country again.
On the contrary, getting second citizenship can allow you to visit hundreds of countries at any time. For instance, the Caribbean is among the best regions to obtain citizenship by investment because you can enjoy visa-free travel to countries like the US, UK, and even China and Russia.
If you are an avid traveler, you can save money and time if you get a Caribbean citizenship, as you wouldn’t need to file paperwork whenever you want to visit other countries.
2. Business opportunities
Acquiring citizenship in another country can provide you with the best business opportunities that your current home country doesn’t. Opting for a country like Antigua and Barbuda gives you endless possibilities in various industries, such as retail, mining, fishing, agriculture, and manufacturing.
The key is to do some research about the country’s portfolio of industries before submitting your application. Consider also the country’s economic probability, and assess if your business can fit in the puzzle perfectly.
3. Tax optimization
If you make a wise investment, you can enjoy promising tax structures, including zero inheritance tax, capital gains tax, and net worth tax.
If you’re looking into attending school abroad, getting citizenship by investment is a smart move. This will allow you and your children to save money because you will be asked to pay for domestic tuition costs instead of the expensive international tuition.
When political conflicts or economic crises happen in your country, you can use your second passport as your insurance. Hire an international moving company and head to your second country without hassle whenever you want to for a better, more peaceful way of life.
4 Best countries to consider
Though there are different countries offering citizenship by investment programs today, here are some of the best options for travelers and entrepreneurs.
1. Antigua and Barbuda
Antigua and Barbuda is among the best tourist destinations in the world because of its stunning beaches and nature preserves. It has also grown into a country explored by investment firms and businesses because of its growing potential.
Through the country’s citizenship by investment program, you will be granted a passport that allows you to have access to all the perks of being one of their citizens. These include:
- Visa-free travel to more than 140 countries, including the EU Schengen Area and UK
- No estate or capital gains tax
- Dual and lifetime citizenship
To become an Antigua and Barbuda citizen, here are your options:
- Government donation of at least $100,000 for a family of up to four or $125,000 for a family of five and more
- A minimum of $200,000 investment in a government-approved real estate project, which you must keep hold of for at least five year
- A minimum of $400,000 investment in an approved business
By becoming a citizen of Antigua and Barbuda, you can spend time in this island paradise, access beautiful beaches anytime, and engage in marine and outdoor activities while seeing your real estate or business investment pay off.
Grenada offers one of the best Caribbean citizenship by investment programs. The Grenadian passport is a prized document for travel and other purposes.
The benefits of becoming a citizen of Grenada include:
- Dual and lifetime citizenship
- Visa-free travel to over 130 countries, including Russia and China
- No estate or capital gain taxes
To become a citizen of Grenada, here are your options:
- Government donation of at least $200,000 for families of four and an additional $25,000 investment for every succeeding addition to the application
- A minimum of $220,000 investment in an approved real estate project, which you are required to keep for at least five years
Acquiring Grenadian citizenship allows you more opportunities to explore the country’s exotic scenery, golden beaches, tropical rain forests, waterfalls, mountains, and the first underwater sculpture park in the world. You can expect high returns on your real estate investment, too.
3. St. Kitts & Nevis
A life in St. Kitts & Nevis is considered simple and sweet because of its spectacular shades of green and tranquil turquoise waters. New developments are also underway, including a 300-berth mega yacht marina, world-class golf courses, international restaurants, and exclusive hotels and resort communities.
Apart from that, citizens of St. Kitts & Nevis can also enjoy:
- Visa-free travel to over 130 countries, including Russia, the UK, EU Schengen Area, and Singapore
- Specific privileges in Commonwealth countries like the UK
- Citizenship-by-descent for future generations
To acquire citizenship in St. Kitts & Nevis, here are your options:
- Government donation of a minimum of $150,000 for a family of four and an additional $20,000 for every sibling or $10,000 for every dependent
- A minimum of $200,000 or $400,000 investment in an approved real estate development, which is resalable after five or seven years
Vanuatu is among the world’s most pristine island chains boasting the fastest citizenship by investment program, which can only take 2 to 3 months.
Benefits of becoming a citizen of Vanuatu include:
- Visa-free travel to over 130 countries
- Tax-free jurisdiction
- No capital gains or inheritance tax, income tax, and wealth tax
- Citizenship is hereditary
To acquire Vanuatu citizenship, you are required to make a government donation. The amount varies depending on the number of applicants.
- Single applicant – $130,000
- Married couple – $150,000
- Family of four – $165,000
An additional $25,000 is required for every additional dependent. In addition to the donation amount, you should also pay due diligence, state fees, and government fees. The overall cost of applying for Vanuatu citizenship depends on the age of the investor’s family members and degree of kinship.
Enjoy the perks of second citizenship
Getting second citizenship offers a lot of perks. All you need to do is meet the requirements and eligibility criteria of the country you want.
More importantly, work with a licensed citizenship by investment program agent because you can’t apply on your own, whether in the Caribbean or Vanuatu.
Contact an agent with a compliance department to minimize the risk of rejection in your chosen citizenship program.