Obtaining a second passport opens many doors. Options like traveling, investing, living, and establishing your own business in another country are pretty affordable. One way of securing dual citizenship is by investment. It offers many benefits, so you need to consider which citizenship to invest in.
Most people consider that dual citizenship by investment is only available for rich people and those with significant financial assets. However, the reality is different. Some countries offer the program of becoming their citizen for quite a reasonable price.
Nevertheless, you need to conduct proper research and gather as much information as possible before applying to any program. In the following, we will discuss the best countries to obtain a second passport and the benefits of each.
St. Kitts and Nevis
St. Kitts and Nevis’s citizenship by investment program has been around 35 years and is the oldest program of such type in the world. There are several categories for which the citizens can apply:
- Buying a property in the country and owning it for seven years with the price of $150K
- Buying a property worth $400K and holding it for five years
- Investment in hotel resorts or touristic lands and established projects
- Donation to the SGF – Sustainable Growth Fund of $150K for up to a family of four members
St. Kitts golden visa allows you to travel visa-free to 156 destinations, including Russia, South America, the Schengen Area countries, the U.K., Ireland, Switzerland, and many more. The best part about this program is that investors will get their citizenship within 60 days of being the application submitted.
Dependent individuals up to the age of 30 can also apply as part of the main application process. There are Government Professional fees that need to be covered as well.
Grenada
Grenada’s citizenship by investment program grants the passport within three months of application. There is no personal visit required for the program, and there are two options to apply for it:
- You will need to invest an amount of $220K in a real estate project and own it for at least five years
- Make a donation of $150K to the National Transformation Fund. If you are applying as a family of four, the amount would be $200K
Grenada’s passport benefits you greatly. You will have a visa-free entry to 143 destinations, Hong Kong, Russia, Singapore, China, and the U.K, among others. It can also benefit you if you decide to apply for an American E-2 investor visa for work. It’s an excellent opportunity for anybody considering access and entry to the US.
Vanuatu
Citizenship by investment program in Vanuatu is another great opportunity for obtaining a second passport. As a matter of fact, it’s the only program of this type in the Asian-Pacific Hemisphere. It allows investors a fast and reliable process of obtaining citizenship by investment.
Vanuatu is a part of the Commonwealth region and consists of 80 islands. Once you obtain the Vanuatu passport, there is no wealth tax, income tax, or inheritance tax. The application process includes a couple of options:
- Investment of $130K for a single applicant
- Investment of $150K for a couple
The Vanuatu passport opens the doors to 148 countries worldwide, and there is no language requirement to obtain it. One of the perks is the fast processing time.
St. Lucia
The St. Lucia citizenship by investment program was launched in 2016. The program offers several ways of becoming a citizen:
- Via real estate investments of $300K
- Donating $100K
- Investing in Government-based projects
One of the key benefits is the low-cost program which is obtained via a donation to the NCF – National Economic Fund. The fee for a single applicant is $100K, for a family of four is $190K and for a couple is $165K. There might be additional processing fees and due diligence fees. The fees will vary on the size and age of the family or applicants.
Regarding the government-based projects, the investor must provide $300K plus additional processing fees. The investor must own the property for at least five years period.
St. Lucia implemented a temporary relief bond which offers the applicants the option to get their capital back with 0% interest, after which the holding period of five years has passed. This option will expire in December 2022.
The overall application process takes up to 4 months, and the forms can be filled out online. Once you’ve been successfully granted citizenship, you are free to explore 157 countries visa-free!
Why Should You Go For It?
At the end of the day, having dual citizenship broadens your horizons and options to live in a stable destination and benefit in multiple areas.
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