Investing in residency is a great way to get second citizenship with loads of perks associated. Another great option is getting a second passport. You can buy a second passport for up to $100,000 in just a few months, with many investment options on the table.
For instance, there are some great investment options in Europe and Portugal. You can apply to the passport program in the Caribbean, the citizenship program of the Dominican Republic, and the citizenship program of St. Lucia. You can easily earn your second passport by living in the country for a few years, becoming part of the community, and applying for the country’s foreign residence program.
Another example is – Invest up to $20,000 in Panama. Apply for a residency permit under the Panama Friendly Nations Reforestation Visa Program, which entitles you to citizenship after 5 years.
Benefits of a second passport
You can leave anytime in a crisis
Given that a range of scenarios can change our immediate circumstances, an alliterative residence or passport can be lifesaving. Since state actors have the power to freeze your bank account at the touch of a button and prevent you from leaving the country at the stroke of a pen, it is only logical to have an insurance plan.
You are not bound by a single state
A second passport is not just about fleeing a country in crisis to secure a future. The second passport also frees you from the restrictions of a single nation-state. You are no longer committed to a single player. By having the right to live anywhere, you cut off all ties that bind you to an individual state and its government. This immense freedom frees a single government agency from a corrupt or illegal regime that is accountable to no one.
Increased global mobility
Second passports offer individuals global mobility. For example, Pakistan’s passport allows visa-free travel to 40 countries, while the passport of Cyprus allows visa-free travel to 164 countries. However, many passports are restricted in their visa-free mobility, forcing citizens to obtain visas when they have to travel abroad.
Added security in times of instability
Even if it is not your intention to move, a second passport gives you a solid backup plan and added security in times of instability. If you do not want to move immediately, you can opt for citizenship through an investment program with low physical residency requirements. With popular residency and investment programs such as Portugal’s Golden Visa, it only takes about 5 years to obtain citizenship. Other programs in Europe can take 7 to 10 years.
Investing in residency: Citizenship by investment
The traditional way to qualify for citizenship is through donation. If you donate, you will receive a passport. Your donation will go to people on the ground in countries with different goals. Donations in several Caribbean countries start at 100,000 dollars and range up to 650,000 euros for Malta.
Once you have chosen the country you want to invest in, you will need to do some paperwork and submit your entire case to the country. Each country has a different list of requirements, but they are all relatively simple and there are many similarities between them. On average, once you have submitted your application, you will have to wait about six months to have your passport in your hand.
There are other countries that offer residence permits, followed by investments that lead to citizenship, and these are called “golden visa” programs. Portugal has a golden visa program, where you can invest in a residence permit and then apply for citizenship, but we will focus on countries where citizenship is facing the residency hurdle. You can also have a look at the Global Residence Index.
Final Words
Getting a second passport or investing in residency offers a lot of opportunities. There’s a lot more on the table for you to take and the playing field is wide open the moment you choose to invest in residency. If you can afford it, it’s always preferable to invest in residency. You get access to a lot of leverage just by investing a small amount in favour of the country’s economy.