When more than one country legally recognizes a single person as a citizen, then that person has a second citizenship and second passport. Having a second citizenship and second passport has become a trend in today’s society. According to a report more than 60% of high net worth individuals with a capital exceeding $30 million have already obtained or are in the process of obtaining a second citizenship. These individuals are attracted by the advantages these programs have to offer.
Acquiring a second citizenship and passport has become rather popular in recent times and wealthy families around the world have made this one of their main goals due to the many benefits and advantages. Different programs offer different options and some of these can be appealing to the potential investor’s eye, especially if the citizenship program and second passport is valuable.
So what is valuable in this case? Well, the best second passport is one that you can afford to purchase and one that gives you visa-free travel to the most countries. Let’s see some of the best second citizenship and passport programs below.
Best Second Citizenship and Passport
The Cyprus second citizenship and Cyprus passport is one of the most popular ones, as this island has seen great potential in development over the recent years. High profile investors have turned their eyes to Cyprus ever since the price to purchase a second citizenship decreased in 2016, when the price went from €5 million to €2 million. According to Mr Pantelis Leptos, Deputy Chairman of the Leptos group in Cyprus, there has been great increase in investment in Cyprus due to the many foreign investors but Cyprus has still more potential. Yes, as mentioned above, it’s one of the most expensive programs on the market at €2 million and you are required to own a property worth €500,000 forever, however, you will have a powerful second passport at hand. You are granted the legal right to live and work anywhere in Western Europe, Commonwealth Citizenship the right to live and work in the U.K, you are granted visa-free access to 159 countries worldwide, including all of Western Europe, Central and South America, Canada, Southeast Asia, Australia and most parts of Africa. Second citizenship can be granted in approximately 3 months.
The Austria second citizenship and passport has a minimum price of €2 million and is issued within 4 months. Most second citizenship programs will ask for a level of residency but Austria requires no residency. You can legally live, work and do business in Austria and in any E.U. country at any time. You will also have the legal right to live in Switzerland, which is an attractive hot spot for tax-advantaged residence. You will also have visa-free access to major countries like the United Kingdom, German and the USA.
The Greece second citizenship is one of the cheapest programs available to date. They require a minimum of €250,000 and this is one of the lowest prices for citizenship and passport available through E.U Citizenship by Investment programs. The Greece second citizenship and passport grants you access to 171 countries visa-free and freedom to live or work anywhere in Western Europe.
The Dominican second citizenship is one of the cheapest second passports that can be purchased in the Caribbean and will cost an approximately $100,000 as donation or $200,000 investment in real estate. The second passport from Dominica will grant access to 91 countries and the process of all documentations will take up to 3 months almost.
Benefits of Second Citizenship and Passport
As previously mentioned, prices and conditions change considerably depending on the country offering a citizenship. Some second citizenships and passports have more benefits than others, so consider some of these below.
- In most cases, the main reason why people tend to purchase a second citizenship and passport is because the individuals travel options expand. You have the opportunity to legally enter more than 100 countries with the second passport. Some passports open the doors to up to 180 countries, so this attracts wealthy investors and their families, helping them expand their reach.
- An advantage that a second citizenship offers and individuals pull to are the significant reductions in taxes. Some countries have less taxes than others and these become a safe haven for investors and their business as they protect their goods and finances. Avoiding high tax collections is one of the highest priorities of a wealthy business man.
- Business growth is on your mind when you decide to purchase a second citizenship and passport. Expanding your business on an international level has great benefits as you will gain new partners or be hired by local companies.
- Of course you cannot exclude the fact that you can have a better lifestyle in other countries. Improving and adapting is what people strive to do and a second citizenship and passport grants you this opportunity also.