The idea of having a second passport has become more than just a luxury, and is now considered a strategic asset for individuals who want to expand their personal and economic freedoms.
In this article, we’ll explore the benefits of a second passport, how to get one and the best countries to add to your citizenship. As we explore the intricacies of a 2nd passport by investment, it becomes clear that this pathway provides not just a backup plan but a whole new world of possibilities for the global citizen.
What is a second passport by investment?
A second passport by investment is a legal method through which an individual can acquire citizenship of another country by making a significant financial investment in that country.
This investment typically comes in various forms, such as purchasing real estate, making a donation to a national development fund, or investing in government bonds or businesses.
Countries offering such programs aim to attract foreign capital and boost their economies. In return, they provide investors and their families with citizenship, which includes a passport.
This second passport grants the holder various benefits, such as the right to live, work, and study in the issuing country, visa-free or visa-on-arrival access to numerous countries, and potential tax advantages.
The process generally involves thorough background checks, financial scrutiny, and, in some cases, a residency requirement.
Popular destinations for second passport by investment programs include Caribbean nations like St. Kitts and Nevis, Antigua and Barbuda, as well as European countries such as Portugal, Malta, and Cyprus.
These programs are particularly attractive to individuals seeking greater global mobility, economic opportunities, or a secure place to reside. They provide a legal and relatively quick pathway to citizenship, bypassing the longer traditional naturalization processes.
Benefits of a Second Passport by Investment
Many countries in the Caribbean and Europe provide Citizenship by Investment (CBI) programs to attract foreign investors to their economies. For those seeking global mobility, security, and financial freedom, a second passport presents a world of opportunities and advantages.
Here are some key benefits of holding a second passport:
Increased Global Mobility: A second passport can offer visa-free access to numerous countries, reducing the hassle and constraints associated with obtaining visas. This is particularly valuable for citizens from countries with less powerful passports.
Enhanced Safety and Security: In times of political unrest, economic instability, or other crises in one’s home country, a second passport provides an option for safe haven. It acts as an insurance policy, allowing individuals and their families to relocate or travel freely without being tied to the circumstances of a single country.
Business Opportunities: A second passport can open up new business opportunities, including access to favorable markets, investment options, and financial services that might not be available to citizens of other countries. It can also facilitate easier international banking and the establishment of businesses in foreign jurisdictions.
Tax Optimization: Depending on the countries involved, holding a second passport can offer tax advantages. Some individuals may benefit from more favorable tax regimes or the ability to manage tax liabilities more efficiently through residency in a country with more advantageous tax laws.
Cultural and Educational Experiences: A second citizenship often comes with the right to live, work, and study in another country, offering rich cultural experiences and access to world-class education and healthcare systems.
Family Benefits: Many citizenship by investment or residency programs allow applicants to include family members, ensuring that the benefits of a second passport extend to spouses, children, and sometimes even parents and siblings.
Estate Planning and Inheritance: A second passport can simplify matters of estate planning and inheritance, particularly in cases involving assets or properties in multiple countries. It can also provide heirs with broader opportunities and rights.
Personal Freedom: Beyond tangible benefits, a second passport represents personal freedom. It offers the ability to choose where to live, work, and travel, independent of the limitations or obligations imposed by a single nationality.
Have a Backup Plan: Having more than one passport gives you a solid backup plan and added security in times of instability. Even if you do not wish to relocate, you can choose a citizenship-by-investment program with a low physical residency requirement and high returns.
Takes Considerable Time: As with popular residency by investment programs such as Portugal’s Golden Visa, it can take up to 5 years to obtain citizenship. Other programs in Europe can take anywhere between 7-10 years, which means the best time to invest in a program and secure another passport is now.
Best Countries for a Second Passport through Investment
When it comes to obtaining new citizenship, the best passport to acquire would be one that provides the most benefits as a global citizen – including the right to dual citizenship or multiple citizenships.
Such a passport could be a Caribbean passport like the Vanuatu passport and Grenada passport or one of the European Union passports like the Malta passport.
These investment schemes provide the same advantage of second citizenship; however, one might offer a more lucrative investment route over the other or have a stronger passport.
Therefore, comparing their benefits against your personal needs and business objectives is essential. Moreover, you should find out whether or not their respective nation allows you to hold dual citizenship in the first place.
Only then can you begin to decide which one of the investment programs is the best one for you.
You’ll have to keep in mind that not all economic citizenship programs have the same processing time. Some countries provide citizenship after a lengthy processing time and stringent stay requirements, like the Malta citizenship scheme, which requires a minimum investment of €690,000 and three years of naturalization before you can obtain citizenship.
Here are the 12 best countries for a second citizenship by investment:
Austria
Austria offers a distinctive economic citizenship program with rigorous and demanding eligibility criteria; however, it substantially benefits foreigners who successfully gain Austrian citizenship and EU passports.
To participate in Austria’s citizenship by investment program, a minimum investment of €2 to 10 million in an Austrian business is required. Eligible companies must meet specific criteria, including job creation for Austrian citizens, growth potential, and a solid international reputation.
Key benefits of the Austria citizenship by investment program:
- European passport in an EU country
- The Austrian passport ranks the highest of all countries with citizenship by investment schemes.
- Visa-free travel and visa-on-arrival access to 174 countries worldwide
- One of the world’s safest countries, ranking fifth overall in the Global Peace Index
Antigua and Barbuda
For numerous reasons, Caribbean nations have been increasingly popular choices for acquiring citizenship by investment. Proximity to the United States and affordable investment options make Caribbean citizenship an obvious choice for American applicants of second citizenship initiatives.
Antigua and Barbuda is one of the island nations that has led the way by offering the best Caribbean citizenship by investment. Antigua and Barbuda is among those with the cheapest citizenship of CBI countries. Investors can Antigua acquire a second passport through the donation investment route by contributing $100,000 donation to the Antigua and Barbuda National Development Fund (NDF).
Key benefits of the Antigua and Barbuda citizenship by investment program:
- A low starting investment amount of $100,000
- The second highest ranking passport of CBI programs offering Caribbean passports
- Visa-free travel privileges to 150 countries worldwide
- Multiple investment options, including a donation to the University of the West Indies Fund
- The cheapest citizenship program for a family of four, with a total investment of about $152,000, including passport fees
Dominica
Dominica, a Caribbean nation, often flies under the radar in discussions about the broader influence of Caribbean nations worldwide. However, it’s largely considered to offer one of the best Caribbean programs granting citizenship through foreign direct investment. Similar to Antigua and Barbuda, the investment threshold starts at $100,000 through a contribution to the country’s Economic Diversification Fund (EDF).
There is also the option of purchasing government-approved real estate for $200,000, which generally includes high-end tourist accommodation.
Key benefits of the Dominica citizenship by investment program:
- A $100,000 donation to the country’s Economic Diversification Fund means it offers the cheapest total investment, including government fees, for single CBI applicants.
- The lowest qualifying investment in government-approved property of CBI countries, with a minimum investment amount of $200,000
- The lowest cost per square meter for real estate of all five Caribbean CBI countries
- There are no additional investment requirements to include family when investing in real estate.
- No residency requirements or the need to visit the country or attend interviews to obtain a secondary passport
If you’re keen on securing a Dominican passport, read our ultimate guide to Dominica citizenship by investment.
Grenada
Grenada has emerged as a strong option for obtaining second passport in the Caribbean for numerous reasons.
A progressive government has facilitated the ease of doing business in the country, and its political ties with the United States make it the ideal economic citizenship for both Americans and foreign nationals from other countries.
Investors can contribute to economic development by donating $150,000 to the country’s National Transformation Fund (NTF).
Purchasing real estate in government-approved projects for $220,000 for shared ownership or $350,000 for sole ownership is another route to obtaining a Grenada passport.
Key benefits of the Grenada citizenship by investment program:
- The only Caribbean country offering foreign investors the chance to settle in the USA through the US E2 Visa program
- Include immediate family, a dependent parent or sibling from a single qualifying property investment
- Situated outside the hurricane belt, the country has recorded just four hurricanes in its entire history, solidifying it as the least vulnerable to hurricanes of all Caribbean countries offering citizenship by investment programs.
- Visa-free access to 147 countries, including China and Russia
Jordan
By being the sole Middle Eastern nation to offer a citizenship by investment program, Jordan presents itself as a unique option for economic citizenship.
This characteristic makes the country a magnet for international investors seeking a valuable second passport and the opportunity to tap into its strategic location while immersing themselves in a vibrant Islamic culture. The minimum investment is a real estate purchase of $750,000.
Key benefits of the Jordan citizenship by investment program:
- The only country in the Middle East offering citizenship by investment
- Prime for lucrative investments through the country’s Economic Modernization Vision
- A country with one of the lowest levels of domestic, international, and organized conflict
- The cheapest real estate by square meter of all countries offering citizenship programs
Malta
Gaining citizenship by investment in EU countries has become increasingly appealing to foreign investors. While Austria does offer one of the best EU citizenship by investment schemes, the stringent eligibility criteria often place it beyond the reach of many foreign citizens.
In contrast, other EU countries grant citizenship solely through naturalization or descent. The Malta Citizenship by Naturalization for Exceptional Services by Direct Investment program (CES) provides a path to citizenship in the EU in as little as 12 months.
This can be done through a non-refundable investment of €750,000, a real estate investment of €700,000 or a five-year lease agreement totaling €16,000 annually, and a charitable donation of €10,000.
Key benefits of the Maltese citizenship by naturalization program:
- The cheapest and fastest option to obtain European citizenship by naturalization
- Ranked in the top 30 countries on the Global Passport Index, providing visa-free and visa-on-arrival access to 172 countries worldwide
- The best country promoting LGBTQ rights in 2023, according to ILGA-Europe
- Freedom of movement throughout the European Union
Follow the link for more info on Malta citizenship by naturalization.
St Kitts and Nevis
Since its introduction in 1984, the St Kitts and Nevis government’s economic citizenship program has been a model of continuous development and improvement.
The process for acquiring economic citizenship and a second passport is well-refined, leading to its consistent and growing popularity among foreigners.
Several investment options are available, which start from contributing $250,000 to the country’s Sustainable Island State Contribution (SISC) – formally the Sustainable Growth Fund. Investors can choose between joint investment for real estate or purchasing a single-family home.
Key benefits of the St Kitts and Nevis citizenship by investment program:
- The fastest processing time for citizenship by investment at four months
- Ranked as the number one Caribbean country to acquire citizenship by investment in the 2023 CBI Index Report
- There is a varied range of real estate to choose from, including commercial and residential real estate
- The best Caribbean CBI country for investment, with the highest Investment Index ranking in the Global Passport Index
- The strongest Caribbean passport obtainable through citizenship by investment, providing visa-free travel and visa-on-arrival access to 153 countries worldwide
St Lucia
St Lucia’s citizenship by investment program is highly regarded in the citizenship world. With a small yet stable political environment and economy, the country provides a seamless application process for acquiring citizenship. The country offers numerous investment options, including real estate investment. T
The country’s low minimum investment amount starts from donating $100,000 to the St Lucia National Economic Fund.
Key benefits of the St Lucia citizenship by investment program:
- A much lower average cost per square meter for property investment than other countries offering CBI schemes in the Caribbean, including St Kitts and Nevis, Antigua and Barbuda, and Grenada
- Although there is no fast-track option, applicants can still benefit from one of the industry’s quickest processing times, with most applications completed within two to three months.
- Diverse investment options, including cheap real estate investment and refundable government bonds
- No additional investments or admin fees to include immediate family members and other dependents when investing in government bonds
Turkey
For those searching for the most cost-effective investment destinations, overlooking Turkey would be a missed opportunity.
Not only is the country an excellent choice for investing in real estate, but its CBI program provides access to a highly skilled workforce at reasonable rates, making it an attractive destination for entrepreneurs looking to establish businesses.
Moreover, starting a business is a viable route to Turkish citizenship, as well as real estate investment through a purchase worth at least $400,000.
Key benefits of the Turkey citizenship by investment program:
- No requirement to invest in government-approved real estate projects for the real estate investment option
- One of two CBI countries providing a route to settle in the USA through the US E2 Visa Program
- The lowest cost of living of all countries offering an investment citizenship program
- Access to highly skilled and affordable labor, and strategically located between Europe and Asia
- The only CBI country in the top 20 economies in the world by GDP
Vanuatu
Despite its geographical isolation, Vanuatu’s citizenship by investment scheme has garnered significant interest from foreign nationals seeking second citizenship.
The country’s minimal eligibility criteria and fast application process have led to increased capital investment from overseas and a growing number of applications for the Vanuatu CBI program. Investors have the sole option of donating $130,000 to the Vanuatu Development Support Program.
Key benefits of the Vanuatu citizenship by investment program:
- The fastest CBI program in the world, the country has a swift application process, with citizenship granted within 60 days
- Zero personal income tax on local and worldwide earnings
- Option to pay an annual fee between $300 and $1000, granting tax exemption from corporate taxes for 20 years
Portugal
The Portugal Golden Visa program is a five-year residency by investment opportunity for non-EU nationals. The intention is to attract foreign investment into the country.
With a Portuguese passport, you will access all 27 European Union nations and have visa free and visa on-arrival access to 174 countries worldwide, making it one of the world’s most powerful passports.
The minimum investment requirement for the Portugal Golden Visa is €250,000, and there are various investment options, such as investing in scientific research, donating to the arts, and creating jobs.
You can apply for a permanent residence permit or citizenship and a Portuguese passport by holding your investment for at least five years. Citizenship gives you the independence to work, study, and travel anywhere in the EU, and you can travel to 174 countries without a visa.
Spain
Spain has one of the most sought-after European Golden Visa programs for expats, and for good reason. The abundance of benefits it offers its residents is almost limitless. The Spain Golden Visa program is a residency by investment scheme allowing foreigners to enjoy legal residence in Spain in exchange for a qualifying investment.
You can obtain the Spain Golden Visa from investment options such as €500,000 in real estate or €1 million in shares or stock of a Spanish company.
You are eligible for naturalization and a Golden passport if you have enough money to support yourself and maintain residency for ten years. The Spanish passport ranks in the top 20 on the Global Passport Index, allowing visa free and visa on arrival access to 174 countries worldwide.
Common types of investments
Citizenship by investment programs provide a route to acquiring a second passport through various types of financial investments. Here are the common types of investments available when seeking second citizenship:
1. Real Estate Investment
Many countries offer citizenship in exchange for purchasing real estate. The required investment amount can vary significantly, and often the property must be held for a specified period, usually around 3-5 years. Popular destinations for real estate investment include Spain, Greece and St. Kitts and Nevis.
2. Government Bonds
Some CBI programs allow investors to obtain citizenship by purchasing government bonds. These bonds must typically be held for a number of years without interest. Countries like Malta and St. Lucia have such options.
3. Business Investment
Investing in local businesses or establishing a new business can also be a path to citizenship. This often involves creating jobs and contributing to the economic development of the country. Countries like Canada and Bulgaria offer business investment routes to citizenship.
4. Donations to National Development Funds
Many programs require a direct contribution to a national development fund or similar government entity. These non-refundable donations are used to fund public projects like education, healthcare, and infrastructure. Dominica and Antigua and Barbuda are known for such donation-based programs.
5. Investment Funds
Some countries offer the option to invest in government-approved investment funds. These funds are typically used to support economic development projects within the country. Greece and Cyprus have such investment fund options.
These programs are designed to attract foreign capital and expertise, providing investors with the benefits of a second passport, including enhanced travel freedom, security, and potential tax advantages. The investment requirements and benefits vary by country, allowing investors to choose the program that best suits their needs and goals.
What citizenship is right for me?
Compare our Citizenship and Golden Visa Programs.
Talk to a Second Citizenship by Investment Specialist
As a boutique consultancy firm with years of experience delivering citizenship-by-investment solutions for international families, we offer nine different citizenship-by-investment programs worldwide.
Operating across four countries on different continents, we understand the intricacies involved in navigating past citizenship by investment program requirements. At Global Citizen Solutions, we will always ensure that you make the right decision based on expert advice from a team of specialists with years of experience in the field.
With a 100% success rate in processing citizenship applications, we can help you from start to finish in your journey toward a second passport. Schedule a free call with our specialists.
Frequently Asked Questions About Second Citizenship By Investment
What is a secondary passport by investment?
A second or third passport by investment, also referred to as citizenship-by-investment, is a route to citizenship by which individuals can invest a specific amount of money in a country and in return, obtain citizenship.
What's the best Secondary passport by investment in Europe?
The best economic citizenship program in Europe is Portugal’s Golden Visa scheme.
The program provides a renewable residence permit that can lead to citizenship after five years and has one of the lower property investment options available.
What's the best second passport in the world by investment?
The best citizenship program by far is Dominica’s citizenship program.
Individuals are given dual citizenship in exchange for a qualifying investment worth at least $100,000 in four months.
The Dominica passport also offers visa-free travel advantages to over 120 destinations.
Why do people invest in a second citizenship?
Dual citizenship grants individuals freedom of mobility worldwide with visa-free access to over 100 nations.
It also increases their chances of a higher quality of life by providing them with benefits from two countries.
What is the easiest country to get a second passport?
Caribbean countries, such as Vanuatu, and Dominica, are the easiest countries to get a passport.
How can I invest in a second passport?
Many countries worldwide offer residency and citizenship programs to qualifying investors and their family members.
These programs provide individuals with renewable residency rights and citizenship in exchange for a significant investment in their respective nation’s economy.
Can you buy a second citizenship?
While you cannot “buy” a citizenship, you can invest in a nation to get one. Countries worldwide offer citizenship through investment programs that lead to a second citizenship.
Is it worth it investing in a second citizenship?
Yes, absolutely. If you have dual or multiple citizenships, you’ll have more freedom across the world.
How hard is it to get a second passport?
Obtaining a second passport can vary depending on factors like your current citizenship and the country you’re interested in.
It can involve proving ancestry, investing in a country, or meeting residency requirements.
While it’s not necessarily difficult, it often requires time, effort, and sometimes financial investment.
Where can I get a second passport?
You can obtain a second passport from various countries around the world. The specific location depends on the method you choose:
- Citizenship by Descent: Look into the country of your ancestors to see if they offer citizenship by descent.
- Investment Programs: Research countries that offer citizenship through investment programs, such as Caribbean nations or some European countries like Malta or Cyprus.
- Naturalization: Consider countries where you’re eligible for naturalization based on residency, such as the United States, Canada, or European countries like Germany or France.
- Marriage: Investigate the citizenship laws of your spouse’s country, as requirements vary depending on the country.
- Special Circumstances: Seek guidance from legal experts or relevant authorities depending on your situation, such as seeking asylum or refugee status.
Each country has its own procedures and requirements for obtaining citizenship and a passport, so it’s essential to research and follow the specific guidelines of the country you’re interested in.
What is the minimum investment required to obtain a second passport?
The minimum investment required varies significantly by country.
For example, Caribbean nations like Saint Kitts and Nevis may require an investment of around $150,000 through a donation to the national fund or a real estate investment of approximately $200,000.
European countries like Malta or Cyprus typically have higher investment requirements, often exceeding €1 million, often in real estate, government bonds, or donations to national development funds.
How long does it take to obtain a second passport through investment?
The processing time can range from a few months to over a year, depending on the country.
Caribbean countries can process applications within 3-4 months, whereas European countries may take longer, sometimes up to 12-24 months.
This duration includes due diligence checks and processing of the investment and application.
Are there any residency requirements for maintaining the second passport?
Residency requirements also vary by the program. Some countries, like Saint Lucia or Dominica, do not require you to reside in the country at all.
Others, like Portugal’s Golden Visa program, have minimal residency requirements, such as staying for a few weeks per year.
Some countries may require more substantial physical presence or even tax residency as part of maintaining your citizenship status.
Can family members also obtain passports through the investment program?
Yes, most citizenship by investment programs allows the main applicant to include family members in their application.
This typically includes spouses, dependent children, and sometimes dependent parents or grandparents.
Each family member included may require additional fees or a higher investment threshold, but this offers a pathway for entire families to obtain second passports together.
How much do I need to invest to qualify for a second passport?
The required investment for obtaining a second passport can vary significantly depending on the country and the specific program you choose. Investment amounts generally range from as low as $100,000 to over $2 million.
Many Caribbean nations offer citizenship through investment programs. For example, Dominica and St. Lucia have programs starting at $100,000 through donations to a national fund.
Countries like Malta and Cyprus have more expensive programs, where the investment can go up to several million euros.
Malta, for example, requires a combination of donations, real estate investments, and government bonds totaling more than €1 million.
How long does it take to obtain a second passport through investment?
The time required to obtain a second passport through investment varies widely depending on the country and the specific citizenship by investment program. Here are some examples:
- St. Kitts and Nevis: Known for its efficiency, this program can process passports in as little as 45-60 days, especially if you opt for the accelerated application process.
- Malta: Has a more extended process due to stringent due diligence; obtaining a passport can take anywhere from 12 to 18 months.
- Vanuatu’s Citizenship by Investment: One of the fastest in the world, it can take as little as 1-2 months from application to passport issuance.
Can my family members also get a second passport through my investment?
Yes, most programs allow you to add your family members to the application. When approved, they will have the same rights and benefits as the main applicant.
