A Plan B for future – second citizenship

It would not be an exaggeration to say that alternate citizenship has become a necessary investment choice rather than a luxury product. Alternate citizenship is looked as an insurance to turbulent situations. There are certain reasons why alternate citizenship has a wide appeal among international investors, few of them being as below:

Global Accessibility: It offers direct access to global mobility and better accessibility.

Security: Families having multiple passports benefit from each country’s best practices and are hedged against each country’s risk of any changes.

Protection from Political Unrest: Certain nationalities face many travel restrictions and other hurdles due to the political disturbances. Such nationalities can benefit from having an alternate citizenship to secure the future of their family from civil and political unrests.

Path to US Residency: Certain passports provide access to apply for USA E2 visas, which appeals those looking to settle in the United States.

Access to world class healthcare and education facilities: Alternate citizenship provides an access to better healthcare opportunities for the applicants and their dependents. The kids benefit from having access to world class educational institutes with internationally accepted standards.

Tax Advantage: In most of these countries, there is no tax on the globe income of the applicant. This allows the applicant for a better tax planning.

There are several countries providing citizenship options to investors. The countries include Caribbean islands, Vanuatu, Turkey, Greece, Malta, Montenegro, Portugal and the like. Caribbean countries provide two routes to obtain citizenship – citizenship by investment and citizenship by donation. Few other countries require investments in approved real estate along with investments in government bonds

Few of the Caribbean islands like St. Kitts and Nevis, Antigua and Barbuda and St. Lucia have also reduced their donation amounts to attract investors looking to obtain citizenship. This has invariably accelerated the demand to obtain a second passport. Below is a list of few of the most affordable countries offering citizenship options:

Grenada:

Unlike any other country offering citizenship options, the major highlight to obtain Grenadian passport is that the country has a treaty with the United States, which allows Grenadian citizens to directly apply for the E2 Visa. U.S. economy is home to many Fortune-500 companies making it the world’s largest business capital and hence the applicant can leverage the economic opportunities that the country provides. Further, it also allows applicants and their dependents to take advantage of it world-class health infrastructure and education facilities. In order to obtain a citizenship, there are two options available:

a. Invest in an approved real estate staring from US$ 220,000 for a family of four in addition to other government processing and due diligence fees, or 

b. To donate US$ 200,000 for a family of four in addition to other government processing and due diligence fees. It allows access to more than 140 countries including the UK, Schengen countries, Russia and China

Antigua and Barbuda:

The country has recently introduced a program whereby a family of six could be granted citizenship by making a contribution of US$ 150,000 to the University of the West Indies (UWI) Fund apart from the other due diligence fees as may be applicable. This is a tremendous reduction in the contributions to be made from the earlier schemes.

The other option is to invest in an approved real estate project starting from US$ 400,000. The country provides access to more than 135 countries including the UK and EU.

St. Kitts and Nevis:

Being one of the oldest country offering citizenship options, it has recently reduced its contribution amount to make it more appealing to investors. A family of four can obtain citizenship by contributing US$ 150,000 as against US$ 195,000 previously. Due diligence fees and government processing fees will be applicable.

It also offers another option to invest in an approved real estate project in the country starting from US$ 220,000 for a family of four. Due diligence fees and government processing fees will be applicable. The country provides access to more than 130 countries including UK, EU and Russia.

Vanuatu:

With no nationality restrictions, the country offers only a donation program starting from US$ 130,000 to obtain citizenship. Like other Caribbean countries, this country offers visa free travel to more than 130 countries.

Turkey:

Investment in a property worth US$ 250,000 will make applicant and his family to obtain citizenship in Turkey. With lenient due diligence and fast processing, it has attracted many investors from different countries to obtain its citizenship.

These countries provide fast and flexible citizenship options without having to visit the country or any minimum stay requirements as what is required in other European countries offering citizenship options. Simply put second citizenship is more than just a travel document providing global mobility but an investment for more secure and safe future with diversified global assets and a hedge to socio-economic and political turbulences.

Flyingcolour Group with more than 50 professionals is a trusted advisory firm for second citizenship and residency. We provide practical solutions and end to end support to the clients looking to obtain second citizenship.