Why do people want second citizenship? Which countries are suitable for this? What are investment programs and how much money is needed to purchase a passport? You will find the answers to all these questions and much more in the article below.
Reasons for purchasing a second citizenship
It’s known that some countries offer more favorable business conditions than others. Entrepreneurs are ready to buy the second residency to gain access to low tax rates, new financial instruments, and markets. They are also attracted to governments that friendly host foreigners and keep their activities private. Besides, passport by investment is beneficial financially and much faster than other methods that require a few years to be spent in the country.
Alternatively, you can enjoy other benefits of another country’s citizenship, such as:
- travel without borders and the need to prepare a visa;
- the best conditions for living, receiving medical care, etc.;
- the opportunity to stay for a long time and open a business in the USA;
- free education at the best universities in the world;
- inheritance transfer function.
Different countries offer different conditions, so the list can be supplemented with other features. An important detail is that you also can buy citizenship by investment for the whole family, including children and parents.
The process of obtaining a passport and professional assistance
If you decide to purchase second citizenship, contact specialists for help. Migronis offers about 20 countries in Europe and the Caribbean to choose from. Their people aren’t afraid of difficulties and are focused on success. The company has representatives in all countries where they propose to obtain a passport, which eliminates the need to work with intermediaries. Migronis Citizenship services are described on their website in more detail.
Those wishing to participate in the migration by investment program must meet the requirements. It’s not difficult, because the main thing is to conduct a legitimate business, have no criminal records and sanctions on travel. The process of obtaining residency consists of the following steps:
- Choosing an acceptable investment method. Typically, governments offer several options for contributing to the economy or local real estate.
- Preparation of documents and the application. You and the migration company collect papers, calculate risks and fill out the application form. It’s important to get all the necessary certificates and documents translated into English and notarized.
- Transfer of application, a part of the investment and fees. You aren’t required to pay the entire contribution at the beginning, but only a part together with the necessary amount to carry out a reliability check.
- Waiting for confirmation. This can last from several months to a year or more, depending on the country.
- Payment of the remaining amount of the contribution and obtaining a passport. You get the status of a citizen and all the relevant benefits.
Many countries don’t require your presence when applying for and obtaining a passport. Further residence in the country is also not needed.
Getting a passport in Europe
Malta, Cyprus, Portugal, and Montenegro offer the most attractive conditions for obtaining a residence by investment. After purchasing citizenship, you can move around the EU freely. The minimum cost of a European passport is €300,000 euros for 1 person. Verification deadlines vary by country. For example, the Cypriot government issues passports 2-3 months after filing an application. While Malta requires 14-16 months of waiting.
The Caribbean is considered one of the popular offshore zones. It attracts foreigners not only with profitable business opportunities but also with cheap citizenship programs. Islands such as Dominican Republic, St Lucia, Antigua and Barbuda, Grenada and others require an investment of only $100,000 and higher. The application evaluation period is always about 3 months. Caribbean passport holders always have access to an exotic vacation place.