What is a dual citizenship? As the name implies, having dual citizenship means being a citizen of two different countries at the same time. The second passport brings you more benefits than you think. Although this option seems unproblematic, it carries with it a number of obligations that the applicant must fulfill. It is mainly related to the high initial investment that needs to be made in the country – usually, it is the support of one of the funds for the development of the country or the purchase of real estate in the selected country.
MAIN BENEFITS OF DUAL CITIZENSHIP
It really depends on what country you will choose to get a second passport in. What is a dual citizenship by investment? You simply pay for your second passport by money or by investment to governments bunds or properties. You need to check the particular requirements of the selected country you like to be a citizen of. I personally recommend Caribbean Countries simply because you do not have any special duties with Caribbean citizenship. Also, the tax rate is close to zero so you will get your investment to your second passport even back by lower taxes.
WHAT IS A DUAL CITIZENSHIP BY INVESTMENT
The Caribbean island of Saint Lucia also offers the possibility of obtaining dual citizenship. As part of the new “Covid-19 Relief” bonds, you can get it here from half the previous price here from May. By the end of 2020, that amount was $ 250,000 per person and $ 300,000 for a family of four.
The islands of Saint Kitts and Nevis offer a slightly smaller, but still very pleasant, deduction from the price, where a 23% discount. However, your nationality will not come out completely free of charge State Sustainable Development Fund and in addition, invest in real estate of at least $ 200 000. The cash deposit will provide you with a passport and citizenship for up to 3 other members of your family.
You can also fulfill your Caribbean dream on the islands of Antigua and Barbuda or Dominica. The latter destination has long been considered one of the best countries for investing in citizenship. This is because it is extended to your spouse, children, parents, and grandparents and can also be passed on to future generations. The condition is a contribution to the Economic Diversification Fund or investment in luxury and sustainable hotels or resorts. Do you understand what is a dual citizenship?
SECOND PASSPORT BY INVESTMENT
If your investment in Caribbean citizenship seems too high, then it is better to look around in South America. Brazil is in the imaginary third place of the cheapest destinations, where a new passport will be issued for $ 50 000. The state of Belize took second place. Here, the capital for the investment is around $ 35,000. In addition, Belize offers a program for retirees over the age of 45. In this case, the official income of the pension is at least $ 2 000 per month – $ 24 000 per year. Paraguay won the gold medal in this discipline. You can get a new passport here for an incredible amount of 5 000 US dollars. At the top of the list of lucrative destinations, we would also find Central American Panama or Colombia, but here the amounts are already approaching the limit of $ 100,000. But those are just residencies.
WHAT IS A DUAL CITIZENSHIP – RESIDENCY VS. SECOND PASSPORT
What is a dual citizenship? Actually, you have more options to become a citizen of another country but you will not receive a passport. You will get just a permanent residency – it is similar to getting an ID card. As a resident, you are benefiting from the country just like a citizen but you still need to use your passport to travel abroad and your taxation will be connected with the place you spend the most of your time during the year.
The second residency also will not give you security level for your family and your businesses as you can have with a second passport by investment. Dual citizenship is just the best way to secure all your assets in this crazy time of covid 19 and all these restrictions. When you do not have so much money to obtain a second citizenship by investment just go for some of the FRIENDLY VISA PROGRAM and wait for the second passport couple of years.
Gaining new citizenship can be tedious. If you are playing for time, then it is time to select the countries in which the approval process for obtaining dual citizenship takes the fastest. The record holder this time is the Caribbean islands of Saint Kitts and Nevis. You can become a citizen in just 10 months, after which it would take 2 years for Singapore to complete the necessary requirements or for South American Argentina. You can easily and quickly arrange a passport in Paraguay for 3 years or Brazil for 4 years.
I hope you can now fully understand what is a dual citizenship and how to get a second passport.