Simple as that. “However, I would suggest that anyone getting an economic citizenship consider getting a “real” second passport as well, and that other passport might also offer those benefits, make Grenada redundant.”, Their programme is still running and there is a fast track to get citizenship in 2 years, recovering the investment in 4 years since starting the process. Here are the 10 best second passports for 2016. In May 2018, the African Development Bank approved a disbursement of USD 1.5 million for a support project for investment promotion agency (PAAPI). If you have a large family, Antigua and Barbuda is worth your consideration. You can buy a passport with a $295,000 “donation” to their sugar fund or by investing at least $500,000 in real estate. please explain. The amount of investment and business type are negotiable. Which country offers citizenship and passport without any requirement to visit or stay for a mandatory tenure.. your commentary alludes to perhaps the USA and other countries don’t consider passports from St. Kitts & Nevis, as well as other Caribbean countries to not be “real” passports…. I already bought mine though 🙂 Lucky me…. I expect it to be nearly impossible to open an account abroad with a passport from Comoros (last on my list of 10 best second passports). These, and many other, questions need to be fully taken into consideration to determine the, What makes it an especially hard decision now is that you can buy many of those passports. Hello, thank you for your comment! It does reject applicants and it has proven that it’s capable of revoking citizenships (unlike Cyprus). The first one is the classic donation, which is currently €650,000. With filing, registration and professional fees, applicants can anticipate a total cost of $350,000. if you have that then its cool, Hi can u assist me with this program €16000 per year rent property. We experienced this before and we will be happy to help you. You can also buy $350,000 worth of approved real estate, of which there are actually a few interesting options that effectively serve as zero-coupon bonds. There are various donation options and even the most seasoned of expats with their ear to the ground don’t really understand how they work. While nothing is confirmed, the donation is expected to increase to at least €750,000, residence requirements will likely go up, there will be a new €10,000 contribution to charity, and the real estate investment is expected to double while the annual rental expense will only increase by €2,000 bringing the total five-year rental cost to €90,000. Like its Caribbean counterparts, Dominica has announced a slew of post-covid changes that make it more appealing to foreign investors. Citizenship requires you to set up or invest in to an active business in the country. The smaller the number and the less desirable the countries, the less you should pay. Countries began blocking St. Kitts citizens from entry on grounds that the passport could be used to facilitate terrorism. Lots of red tape. He has personally lived this lifestyle for over a decade, and now works with seven- and eight-figure entrepreneurs and investors who want to "go where they're treated best". Then citizenship by descent may do the trick. But for an overview of all CBI programs, read on. St. Kitts and Nevis’ citizenship by investment here. By comparison, Dominica gives you visa-free travel to 91 countries and is thus in the 41st tier. Sure, Antigua and Barbuda offers more options for investing, but it really depends on whether you’re single, married, or have a family to determine whether Antigua delivers the best value for you. Furthermore, there is a Spanish-language citizenship exam after 3-years of residency followed by approximately 1-year Supreme Court processing. Greece is one of many countries in the EU that offers a Golden Visa residence permit that could one day lead to citizenship. Like Bulgaria, Maltese citizenship gives you the right to live and work anywhere in the European Union. This would allow them to work toward a Tier A citizenship via naturalization in a few years while also having a desirable residence permit somewhere like the European Union. A second passport from Grenada lets you access 110 countries, including the United Kingdom, Hong Kong, South Korea, Singapore, Panama, and most British Commonwealth nations. The best options are: Of these, my favorite is Panama. Panama offers the best tax deal and residency can be obtained for as little as $8,500 (single applicant) through their “favored nations visa” program. The final component does not involve money as much as it involves time. It will be especially interesting if you have a large and extended family that you might want to add to your citizenship application. It’s has been kept quiet by those hyping this passport, but I’ll give you the full story here. will eventually yield a second passport, but it will take at least five years or more. Do note that this is generalized advice and might not necessarily fit your personal situation. Thanks. It reissued them with the holder’s place of birth and any other names by which he or she had been known. The best citizenship by investment program for YOU does. It also won’t give you the best visa-free access out of all the CBIs in the Caribbean. There is certainly something special about this place, which has given the world not one, but two Nobel prize winners. In the beginning, their requirements were a bit more stringent. I was most disappointed to discover that CIBC (Caribbean bank) would not open bank accounts for people who had acquired citizenship by investment in St Kitts. MALTA CITIZENSHIP BY INVESTMENT. One of its main pros is access to the UK and Ireland, which its historical ties to these islands grant it. Dominica started its program back in the 1990s and has earned itself the title of offering the best value passport out there. A passport from Bulgaria is rated 18th in the world and gives the holder visa-free travel to 153 countries, including Switzerland the United Kingdom. "Nomad Capitalist" and "Go Where You're Treated Best" are registered trademarks, Offshore Banking: How to Open an Offshore Bank Account Legally, The best offshore banks (even for Americans), The easiest place in the world to open a bank account, The 5 countries with the safest offshore banks, Offshore Company: How a Foreign Corporation can Reduce Taxes, Labuan: Asia’s secret haven for an offshore corporation, Second Passport: How to Get Dual Citizenship, The Fastest Countries in The World to Become a Citizen, Get second residency and pay no tax in these 20 countries, Second Residence: How to Get a Residence Permit Overseas, The Best Citizenship by Investment Programs, Citizenship By Descent: How to Get an Ancestral Passport, International Investment: How to Invest in Emerging Markets, Malta’s citizenship by investment program here, Montenegro’s citizenship by investment program here, Turkey’s citizenship by investment program here. Another use of the citizenship program was to compensate the mostly Russian foreign depositors whose cash they’d “borrowed” and converted into equity. The current version requires an investment of $250,000 in an approved real estate project. These so-called economic citizenships are largely valuable to three types of people. And what I have learned from obtaining multiple citizenships by investment – for both myself and hundreds of clients – is that what is best for me will not necessarily be the best choice for someone else. Plus, the real estate option involves extra government fees. , be it for tax reasons, business, or travel. Basically, you can expect to spend about $130,000 when you count the government donation and agent fees payable to a local in-Vanuatu. Perhaps the author of this article would be kind enough to touch upon the risks associated with unreliable nations (corruption index is good measure). Expect fees and other charges to exceed $500,000 in this program. You’ll need to spend a good portion of your first twelve months of residence in Malta. Before 1984 when St. Kitts and Nevis introduced its citizenship by investment program, economic citizenship did not exist. Plz provide information as soon as possible. If you choose real estate, then St. Kitts might be the better choice. It’s also a good option if you’re interested in doing business in the UAE or Russia. It will give you access to all of Europe, as well as visa-free access to the difficult-to-obtain Macedonia, plus the UAE. Please see my. Actually, the lure of being isolated geographically and hence different from Caribbean programs could be a game-changer for some. Several years ago, I became a citizen of the Comoros Islands via investment, but once a new government took over, they shut the program down. he Nomad Capitalist team has helped hundreds of people create and execute prolific offshore plans to help them legally reduce their taxes, become dual citizens, and live the Nomad Capitalist lifestyle of successWould you like to be next? To obtain Cyprus passport by investment, the Government requires the main applicant to make an investment of at least €2,000,000 in the purchase or construction of buildings, land development or other infrastructure projects. Learn more about Montenegro’s citizenship by investment program here. Brexit is Here. If you can add a Tier A citizenship to your passport portfolio through one of the other available methods – for instance, Italian or even Irish citizenship by descent – you won’t need to spend $1 million or more to add an EU passport like Malta to your portfolio. Residency by investment is not the same as citizenship by investment. Plus, the Comoros Islands owes the Gulf a favour, otherwise why would it agree to distribute passports to thousands of people that it does not plan to embrace in any way? The two-island nation likes to refer to itself as the “platinum” citizenship program in the region. If you’re a Tier B or Tier C passport holder, you’re losing opportunities every day. It does not give you visa-free travel to Canada or the US. The Hurricane Relief Fund is no longer available but the lower price remained. The Caribbean is home to five citizenship programs, including the oldest such program in the world. VERDICT: Turkey’s program is interesting in that you stand a decent chance to get your money back and even turn a profit on its economic citizenship offering. All second passports now list your country of birth. Plus, the real estate option involves extra government fees. When you compare St. Lucia to its Caribbean neighbors, it costs a fraction because you get your investment capital back. The sole reason for refusing to open a normal bank account was that they apparently did not regard such people as proper/valid citizens even though they owned expensive property on St Kitts. And now that the coronavirus pandemic has taken over the world and impacted the economy of the island, St. Kitts has created a limited-time offer of. You can expect deeply discounted prices and fully digital processes now. In this article, we’ll walk you through each available citizenship by investment program in 2020 and look at how you can evaluate the relative quality and utility of each program and its accompanying passport. Such a business is expected to employ a significant number of people and generate taxable income. That is why a second citizenship is so important, but it’s just the first step. Since I first wrote this article, there has been a huge proliferation of citizenship by investment programs around the world and, in 2020, there are 12 programs currently available: If you don’t want to get into the full detail of each of these programs and want a little shortcut, we’ve got you covered. However, access to China, Russia, and the USA could make the higher price tag worth it depending on your needs. Unless you’re a US citizen in need of a second passport to reduce your tax obligations (these people don’t have any alternatives but to renounce), there are different ways to achieve the same things in the investment immigration world. YOU are the most important piece of the ‘best citizenship by investment’ puzzle. From there, you can add on various dependents. The price of $150,000 for single applicants has remained the same. VERDICT: We like Vanuatu and see potential for tax-free residency seekers, but the passport program is overpriced and too confusing. Learn more about Malta’s citizenship by investment program here. Surprisingly, from this mess came their current citizenship offer. It’s almost a shame to lump Vanuatu under ‘Other RBI programs, but it’s not just its location that makes it obscure. , and if you’re a high-earner, the cost of an economic citizenship might be far less than the tax and compliance costs of remaining American, particularly as tax laws have become even worse for foreign business owners under, In many cases, we’ll often tell our client to get a cheaper economic citizenship and pair it with a. . into real estate – and hold it for three years – to become Turkish in a matter of months. And Grenadian Citizens can get into China and Russia freely. We currently hold Indian passport and family of 4 (2 adults 2 children). But once the idea was out there, other countries followed suit with Dominica and Belize creating programs in the early 1990s and – for a brief time in the late 90s – Grenada, Peru, and Ireland too. This, in turn, means you must prove a legitimate connection to the country. Learn more about Vanuatu’s citizenship by investment program here. For more information on second passports and economic citizenship programs, please contact me at It doesn’t get you visa free in to the US… only Malta and Austria do that. It also allows you to live and work anywhere in the EU. After that, it takes one year to issue your Malta passport. The Comoros, officially the Union of the Comoros, is a sovereign archipelago island nation in the Indian Ocean located at the northern end of the Mozambique Channel off the eastern coast of Africa between northeastern Mozambique and … Please see my post Russian Second Passport Program for more information. You can achieve deeper diversification by creating a portfolio of passports. Update 2020 – Due to the questionable actions of certain government officials in Cyprus, the Cypriot citizenship by investment program has been shut down as of November 1, 2020. Pragmatically, renunciation requires a second passport, and if you’re a high-earner, the cost of an economic citizenship might be far less than the tax and compliance costs of remaining American, particularly as tax laws have become even worse for foreign business owners under Trump Tax Reform. Its relatively low minimum investment, as well as easy access to the USA and the UK, make it a decent addition to a passport portfolio (something we help people create). If anyone tells you different, or they claim to have a guy who can “hook you up,” run the other way.Â, A Word of Advice to US Citizens on Second Passports. Vanuatu, St. Kitts, & Antigua and Barbuda. If you’re looking to purchase real estate to use as a summer home, Montenegro could be a good alternative passport to pick up alongside your investment. I became a citizen in Panama in 2013 after having lived in the country for 13 years. If a passport’s value were wholly defined by its travel privileges alone, the United States would have among the world’s best citizenships and no one would be calling us to ask for help renouncing their US citizenship. Comoros did once have the cheapest instant passport worldwide, however this program was ended in 2016 by the new government. Remember that this opportunity is focused on bringing business and jobs into Russia rather than cash from the sale of passports, so it functions differently from the others described here. Having become fluent in Spanish I prefer Latin America and I can travel to any country in Latin America on my Panamanian passport. The Comoros Economic Citizenship Program is a legal naturalization program based on changes to the Government law made in 2008. After you make the donation of. As far as I can determine, only one real estate development has been approved, the Mount Cinnamon Resort and Beach Club. Which passport is ranked 1st? Like Bulgaria, Maltese citizenship gives you the right to live and work anywhere in the European Union. Montenegro’s passport also brings several benefits to the table. When a client comes to us for help, that’s always where we start: their needs and wants. You make a donation (and now, more recently, you can also invest in real estate) and they’ll give you a passport in just 2-3 short months. At a price of USD 45,000 for an individual or about USD 85000 for an entire family, Comoros’ citizenship-by-investment program is the world's most affordable. For many western citizens, a second passport won’t even be necessary. If you want our expertise to assess your personal situation and recommend not only second citizenships but also investment opportunities, foreign bank accounts, and offshore company structures that will help you to increase your personal freedom to go where you’re treated best, feel free to reach out. Definitely worth considering. Countries are defined by the power and strength of their passport on the Henley Passport Index and The Passport Index. Benefits. If you’re going to buy the passport by making a donation to the government, you might as well save yourself $50,00 and go with Antigua. We won’t be giving you a ranking system that you can skim over and then pick the number one option merely because it’s at the top of the list. Here are just a few of the factors you should take into consideration: • What passports do you currently have? even stronger than USA(8th place in 2020). Meanwhile, Egypt and Jordan, which technically have citizenship by investment programs, are never the options that we would recommend to our clients. ⤅ Who Might Need Citizenship by Investment? Second Passport by Investment Programs – Comparison Table. Also, offshore banks will continue to report to the IRS under FATCA. For more on  this, see: I hope you’ve found this post helpful. 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