How To Get A Second Passport, And Why You Should
Our citizenship by investment experts share their insights into dual citizenship
Global mobility is once again a primary focus for high net worth individuals, with economic and social shifts throughout the world sparking legitimate concerns regarding safety, financial stability and generational security. Even Americans have started to consider dual citizenship through second passport and citizenship by investment programs.
Investor concerns are well-founded. The 2020 US election, coupled with uncertainty in global markets has made second passports an attractive option for individuals and families looking to access new investment opportunities and more secure societies.
Our second citizenship experts have taken a deep dive into the world of dual citizenship and second passports, and provided insight into how and why you should take advantage of this key asset.
Benefits of a Second Passport
While it may seem like interest in second passports is purely a financial or business decision, the truth is that high net worth individuals have increasing concerns about safety in their home country. As political and social unrest simmer throughout the globe, investors are seeking pathways to a more secure environment, both socially and economically.
The greatest benefits of a second passport include:
An Exit Plan
Should you or your family need to leave your home country, either for emergent purposes or just for extended periods of time, a second passport gives you the freedom and mobility to reside elsewhere. It’s a guarantee that you have another place to go if you ever need to leave. And, because you will hold citizenship in that country, you enjoy all of the rights and benefits of a natural born citizen.
Freedom to Travel
Depending on the country you received your second passport from, you will unlock the freedom to travel throughout the world without the need for a visa. For example, citizenship in Grenada unlocks visa-free travel privileges to over 130 countries including China, Schengen Territories, the UK and Russia.
Depending on the country you receive your dual citizenship from, you can receive incredible tax advantages. We’ll again use Grenada as an example. In Grenada, there is no tax on foreign income, wealth, inheritance, capital gains or gifts.
There are also numerous corporate tax incentives, and duty-free trading in the Caribbean. Other countries also offer key tax advantages, which make having a second passport extremely valuable for investors seeking new business opportunities.
How to Get A Second Passport
Traditional routes to a second passport include generational inheritance or ancestry privileges, citizenship by marriage, and naturalization (wherein individuals who reside in another country apply for citizenship after a certain period of time). These routes are unreliable, and for most people, unachievable.
The most reliable and fastest pathway to a second passport is through a citizenship by investment program. Citizenship by investment, also called economic citizenship, is a program that allows a foreign investor to make a financial contribution to an approved real estate project that is sponsored by the government.
In return, the government grants citizenship to the investor and in some cases the investor’s immediate family. The amount of investment required varies from country to country, with the most accessible and affordable programs currently being offered throughout the Caribbean.
The process is fairly straightforward.
Step 1. Consider the countries you would want to invest and potentially reside in.
A second passport is only advantageous if you have financial and social reasons to enter your desired country. If you had to move to another country, you would want it to be a place that you can see yourself being happy to live in. Consider the needs of your spouse, children and family. Does the country have a good education system? Ample job opportunities? Do you have an opportunity to open a business?
These are all key considerations when deciding which countries you would want to pursue.
Step 2. Consider your budget.
The cost of a second passport varies greatly by country. European and North American countries tend to cost an incredible amount of money, and are not affordable to most investors. Caribbean nations, on the other hand, are much more affordable and accessible to investors who wish to spend less than $300,000.
You will want to consult an immigration attorney and financial advisor to evaluate your investment goals, so that you can properly assess your budget and opportunities.
Step 3. Contact a citizenship by investment advisor
Citizenship by investment programs are developed by a country’s government, who partners with developers and firms to execute on real estate projects. Range Developments is the leading developer of citizenship by investment programs in the Caribbean, and the only developer to have successfully delivered two luxury hotel projects under CBI programs.
Choosing a trusted and proven citizenship by investment firm is the most important task you must undertake in the process of pursuing a second passport. Range is the only CBI developer who has completed two 5-star luxury resorts. Range is fully committed to the success of its projects.
Investors are overwhelmingly pursuing Grenada citizenship by investment over other options because of its unique advantage: Grenada unlocks the pathway for individuals and their families to work and reside in the US through the E2 investor visa.
Contact a Range Developments citizenship by investment advisor for personalized advice. We can help you choose the right second passport.
Grenada’s E2 Visa Gives You Access to the US
Few countries can offer the excellent advantages extended by the Grenadian government, the most important of which is their relationship with the United States. Grenada holds a treaty of trade and commerce with the US, which opens pathways to the US E-2 visa.
Grenada citizens have the privilege of being eligible to apply for the E2 visa. The E2 investor visa allows an individual, his spouse and qualified children under 21 to work, reside and go to school in the US. In order to be eligible for the visa, an individual must open an approved US business and meet other criteria outlined by the US government.
The advantages of the E2 visa, and the affordable cost of Grenada’s citizenship by investment program, make this island nation one of the hottest and most sought after destinations for high net worth individuals around the world.
To learn more about opportunities in Grenada, contact our citizenship by investment advisors.