Wealthy individuals are showing a growing interest in acquiring second citizenship. This shift is motivated by both strategic considerations and personal goals. Securing a second passport through citizenship by investment (CBI) programs opens up a range of advantages.

These benefits include increased travel freedom, economic stability, improved quality of life, tax advantages, and enhanced security. Albert Ioffe, Legal and Compliance Officer at Immigrant Invest, shared why and how to obtain citizenship by investment.

5 Top Reasons to Obtain a Second Passport

1. Global mobility. A second passport can significantly increase travel freedom. HNWIs can access more countries without needing a visa, visa upon arrival or electronic visa. This is especially useful for business travel and international opportunities. For instance, a Malta passport provides visa-free or visa-on-arrival access to over 160 countries.

2. Economic stability. Many HNWIs look for financial stability. Placing your investment in a country with a stable economy can serve as a financial safeguard. Additionally, it opens the door to a variety of profitable investment avenues. For example, Turkey's economy and access to the Middle East market make it a desirable option.

3. Quality of life. Access to better healthcare, education, and a safer environment are important factors. Many countries with CBI programs offer high living standards and quality services. For example, Malta’s top-tier healthcare and education systems make it a highly appealing choice for families seeking quality living standards.

4. Tax benefits. Some countries offer favourable tax regimes. This can include no tax on foreign income, inheritance, or capital gains. HNWIs can legally reduce their tax liabilities through CBI. For instance, St Kitts and Nevis has no personal income tax, making it a prime choice for those seeking tax relief.

5. Security and privacy. Dual citizenship by investment offers a secure refuge during periods of political unrest. It also safeguards personal privacy and keeps sensitive information protected. For example, having a second passport can provide an escape route during political turmoil or civil unrest in one’s home country.

How to Obtain Citizenship by Investment

Investment options. Countries offering CBI programs usually provide several investment routes. These can include:

• real estate purchase;
• starting a business;
• government bonds purchase;
• donations to national funds.

The investment amount varies by country and program. For example, in Antigua and Barbuda, applicants can invest in real estate or contribute to the National Development Fund.

Application process. The process involves several steps. Applicants must undergo due diligence checks and provide documentation. This can include:

1. Proof of funds.
2. Clean criminal record.
3. Health clearance.

The process can take from a few months to over a year. Each country has its own specific requirements and timelines.

Costs involved. Besides the investment, there are additional costs: processing, due diligence and legal fees. Ensure you’re fully aware of all associated costs before beginning the process.

Learn what countries are among the best countries to get a second passport.

Caribbean Countries with Second Citizenship by Investment Programs

Antigua and Barbuda. The country offers a CBI program starting at $230,000. Investors can choose between a national development fund donation or real estate investment. The program provides visa-free access to many countries, and the opportunity to get a 10-year B‑1/B‑2 Visitor Visa to the USA.

Grenada. The CBI program starts at $235,000. Investors can donate to a government fund or invest in approved real estate. Grenada stands out by offering an exclusive advantage through its E-2 visa treaty with the USA, which provides investors the opportunity to establish residency and conduct business in the United States.

Dominica. Dominica’s CBI program is one of the most affordable, starting at $200,000 for both options: non-refundable contribution and real estate purchase. The country is known for its natural beauty and eco-tourism. Dominica’s passport provides an opportunity to get a 10-year B‑1/B‑2 visa to the USA.

St Kitts and Nevis. The oldest CBI program, starting in 1984. It requires a minimum investment of $250,000. Investors can choose between a sustainable growth fund donation or real estate investment. The program offers one of the strongest passports in the Caribbean region.

St Lucia. Offers a CBI program starting at $240,000. Options include a donation to the national economic fund or investment in real estate. St Lucia’s passport increased investor’s global mobility.

Second Citizenship in Europe and Middle East

Malta. Malta citizenship by naturalisation for exceptional services by direct investment requires a significant investment, starting at €690,000. It includes:

1. A contribution to the national development fund.
2. Real estate investment.
3. A charitable donation.

Malta is a popular choice for those seeking a stable and prosperous environment for travelling, living, working or studying in Europe.

Turkey. Turkey’s CBI program starts at $400,000. Investors must purchase real estate. The program offers quick processing times and a strong passport. Turkish citizenship grants access to over 120 countries without the need for a visa or with visa-on-arrival, and its location bridges Europe and Asia, making it an ideal hub for expanding business operations.

Also, Turkey's booming real estate market makes it an attractive investment opportunity.

Egypt. Egypt’s CBI program starts at $250,000. Options include bank deposits, real estate investment, non-refundable contribution and business investment.

Egypt's geographic position, bridging Africa, Europe, and the Middle East, offers additional advantages for those looking to establish or expand their international business footprint.

Conclusion

High-net-worth individuals invest in dual citizenship by investment for global mobility, economic stability, quality of life, tax benefits, and security. Citizenship by investment programs provide a strategic route to securing these advantages. With diverse options available in the Caribbean, Europe, and the Middle East, these regions present compelling opportunities for acquiring a second passport.