A second passport is not just for the ‘Elite’ and super wealthy of the world. The truth is that it is possible for anyone to obtain a second passport/ dual citizenship.
What is a ‘Second Passport’?
A passport is an official document issued by a government, certifying the holder’s identity and citizenship. It also entitles them to travel under its protection to and from foreign countries.
When people talk about second passports, they really mean a second citizenship, because the passport is just a document issued as one of the benefits of having citizenship in a country.
Having citizenship or being a citizen is the status of being a member of a state, which gives a person certain rights and obligations.
One benefit of having a country’s citizenship is that it is possible to apply for a passport.
Many countries allow their citizens to have dual citizenship, but some countries such as Singapore and Germany do not and require people who acquire their citizenships to renounce their previous citizenship.
There are essentially four ways to securing a second passport:
3) Citizenship by Investment
4) Others ( Marriage, Birth)
In this article we will focus on securing a second passport through Citizenship by Investment.
Citizenship by Investment
What is Citizenship by Investment?
Citizenship by investment is the process of obtaining a second citizenship and passport by investing in the economy of the host country. Citizenship by investment programs legally confer citizenship status faster than traditional immigration processes and do so without requiring investors to put their lives on hold.
The Second Citizenship Survey 2017 from CS Global Partners found that 89% of people would like to own a second passport, and over 34% said they had looked into investing in a second citizenship.
Even more striking were the 80.68% who said they would be willing to invest or donate 5% of their annual salary for a second citizenship – more than they spend on monthly rent.
Luckily, according to Associated Press, at least two dozen countries offer a new home to people willing to invest in a business, real estate or government bonds.
Why do people invest in a second citizenship?
A second passport from a stable, peaceful country can be life-saving in the event of any kind of political unrest in one’s home country. This type of insurance is priceless for investors and their families.
Many passports are quite restrictive in their visa-free mobility, forcing citizens to obtain visas whenever they need to travel abroad. A second passport can offer individuals from these countries increased global mobility.
For example, the passport of Pakistan allows visa-free entry into only 26 countries, whereas the passport of Cyprus allows visa-free entry to 145 countries. The difference in global mobility equals an incredible amount of time saved filing visa applications and is priceless to businesspeople the world over.
See the Passport Index for the visa-free score of every passport in the world.
New business opportunities open up to participants in citizenship by investment programs as they can now do business in the host country as well as travel abroad more freely.
Dual citizenship may prove advantageous for tax optimization purposes. For example, some countries only tax income earned from that country and do not subject capital gains to taxes either. This allows investors to manage their wealth more efficiently and effectively.
Most citizenship by investment programs are available to the family members of the main applicant. This means that investors can secure a better future for their spouse and children. Second citizenships offer access to world-class health care, education and an improved lifestyle.
Education is the foundation of a successful life as a global citizen. Investing in a second citizenship can open up access to the best schools in the world for applicants and their children by qualifying them for domestic rather than international tuition fees.
Which Countries offer Citizenship by Investment Programs?
Many countries offer citizenship by investment programs. The number of these programs is constantly increasing as more and more countries realize the economic advantages of opening their doors to immigrant investors.
MCCS is pleased to assist our Client with securing a second passport. Below we have indicated a list of countries ( non exhaustive) in which you can secure a second passport.
|Flag||Country||Time to Citizenship||Min. Investment|
|Antigua & Barbuda||3-4 months||US$100,000|
|Saint Lucia||4-6 months||US$100,000|
|St. Kitts & Nevis||4-6 months||US$150,000|
If you would a detailed comparison of the Jurisdictions where a second passport can be obtained please feel free to contact us.
MCCS is a market leader in the procurement of second passports and dual citizenship for high net worth individuals from the business and investment world. Each year more and more business people whose passport restricts their commercial opportunities turn to MCCS for their expertise and hands-on assistance in achieving the dreams of second citizenship and economic freedom.
Our experts at MCCS will be able to guide you through the A-Z of securing a second passport for you and your family. Please feel free to contact us today!