Today, acquiring citizenship in return for investments becomes more and more popular both in economically weak and developed economies. It turns, governments of many countries in the world have adopted their ‘economic citizenship programs’, thanks to which they attract money to their countries. Let us make clear what the second citizenship provides in return for investments and where the highest benefits are.
Many reasons exist for obtaining the second passport. For example, unstable political or economic situation in the mother country, or excessive tax burden. The second citizenship helps to considerably lower tax payments, including taxes on abroad assets. Besides, it is a kind of insurance against instability in the country of a businessman. Moreover, people afraid of such scenario should better not wait until the situation gets really tough because it will be too late to act, and getting the second passport does require time.
Another considerable benefit of the dual citizenship is the more free travel over the planet. For instance, if you receive the citizenship of Dominica, it will be easy to get a 10-years’ entrance Visa that enable you to visit the US. Getting the second passport in general enable visa-free travels to tens of countries on Earth (including the US, United Kingdom and countries of Schengen Area). Thus, a citizen of Saint Kitts and Nevis may visit without visas over 130 countries, including all EU countries.
For businessmen, another advantage, which is of no little importance, is that it considerably expands business opportunities. For instance, a holder of the second passport may open accounts with foreign banks and take loans at beneficial interest. Here it concerns not only lending institutions of a country whose citizen a businessman will become, but banks of many other countries.
The second citizenship in return for investments gives the right to freely enter and reside in a state which passport you obtain. In this case, you acquire the full scope of legal opportunities in one or another state. You will be able to purchase real property and any other property, do business or get employed in the country whose citizen you have become. Your children will receive the citizenship of the country by birth right, and they will be able to obtain high-quality education in the best Western universities.
As it follows from the above, the second citizenship is the excellent variant to ensure well-being for yourself and your family. Therefore, there is nothing else to do but select a country in which you desire to obtain the second passport. The countries that award citizenship in return for investments are not so great in number, and each of them has its own requirements as to investments or property acquisition.
States that Provide the Second Citizenship
For instance, to obtain the second citizenship in return for investments in Cyprus, an individual is to invest in the economy of the island €2.5 to €5.5 million depending on the field of investment. Opportunities that open up on getting the passport of these states are quite great: unrestricted travels all over Europe and prospect of doing business in the offshore area with the lowest taxes in Europe. Cyprus has an excellently developed banking sector, and the flourishing tourist business. However, living costs (including utility charges) are expensive enough.
Saint Kitts and Nevis, a state located on two islands in the Caribbean, has quite a small territory, but sufficient opportunities. As mentioned above, the passport of this state opens up borderlines of more than the hundred countries. For a citizen of these islands, it is easier to open foreign bank accounts and do business. Saint Kitts and Nevis offer two Second Citizen options for investments: an irrevocable deposit in the Sugar Industry Diversification Foundation for US$ 250,000 or more, and purchasing real property on the islands for at least US$ 400,000.
Dominica, a state in the Caribbean, too, is distinguished with low living costs. This island is also an offshore area where foreign companies are exempt from taxes. The state has a visa-free regime with almost hundreds of countries. To obtain the second citizenship in Dominica (by the way, please do not confuse Dominica with the Dominican Republic – these are two different states) two ways are available: making an official donation of US$ 100,000 to Dominica’s government or buy a real property for amount not less than US$ 200,000.
Antigua and Barbuda, a state in the Caribbean, has developed infrastructure and upper middle-class economy, according to the UN’s classification. Besides, this country has the taxation system very attractive for businessmen (offshore); the state has visa-free travel regime with more than 130 countries, including European Union (with the UK), and Canada, Hong Kong and Switzerland. The state offers three options to obtain the passport of this country: invest in real property (not less than US$ 400,000), donation to the state fund (not less than US$ 250,000), or invest into business (not less than US$ 1.5 million).
The excellent option of getting the second citizenship in return for investments is offered by Saint Lucia, an island state in the Caribbean. Like Antigua and Barbuda, this island attracts with its exceptional infrastructure. A citizen of Saint Lucia may travel visa-free to more than the hundred countries, including the countries of the Schengen Agreement and the United Kingdom. Options to get the passport of this country are as follows: an irrevocable contribution to St. Lucia’s National Economical Fund (not less than US$ 100,000), investment in real property (not less than US$ 300,000), purchasing St. Lucia’s government bonds (not less than US$ 500,000), or invest into business (not less than US$ 3.5 million) including provision of employment for at least 3 workers.
One more state in the Caribbean where one can obtain the second citizenship is Grenada, located on a group of islands. Grenada’s passport can be obtained via investing in real property on its islands (not less than US$ 350,000) or making an irrevocable investment in the Grenada’s Development Fund (US$ 350,000). After which an individual may travel visa-free to more than 100 countries of the world, and reside, work or do business in the US.
And, finally, the seventh country that provides the second citizenship for investments is Bulgaria. The passport of this state located in the South-East of Europe (Bulgaria joined the European Union quite recently – in 2007) enables free travel all over the territory of Schengen Agreement Area. To become a citizen of Bulgaria, you are to deposit €511,300 in the portfolio of government bonds. In five years, this money (less interest) will be repaid to the investor.
As one can see, the second citizenship provides many advantages and can be obtained in various ways. You are just to select which way suits you most.