Nowadays, many people seem to acquire a second passport from a different country. One of the most common ways to acquire a second passport is through citizenship by investment. There are several citizen investment programs that you can apply for through different funding options. Getting dual citizenship using these financing options is easier, faster, and much more convenient for big investors.
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Citizenship by Investment or Economic Citizenship
Citizenship by investment or economic citizenship is a method of getting dual citizenship of a different country in exchange for financing in that country. This is an ideal method to get dual citizenship within a few months. This concept started way back in the 1980s. You can invest in a country by way of buying real estate, state debt, or by donation to the state.
All programs related to economic citizenship are governed by legal CBI regulations to protect the rights of investors. Before a second passport is issued, you and your family members have to clear strict background tests. These tests are established under the CBI regulations.
These regulations may vary in different countries. In some countries, you have to follow strict regulations to acquire a second passport, whereas, in other countries, you can get a second passport without much hassle.
In countries with strict regulations, to comply with CBI programs, you have to satisfy the conditions that will make you a legal citizen of their country, whereas, in other countries with hassle-free CBI programs, you don’t have to be physically present in the country.
CBI programs are known by different names in different countries. In the United States, it is known as economic citizenship, and in Europe, it is known as investor citizenship by the European Commission. It is often referred to as Golden passports by news and media channels.
Some of the biggest CBI programs are Cyprus, Turkey, Malta, Dominica, Jordan. The requirement for a second passport has been increased significantly. It’s beneficial to have a backup option in case things go sideways in your current country. Also, if you are traveling to a particular country more often than having a second passport, it can make traveling easy for you.
Types of Investment Options for Citizenship by Investment
Non-Refundable Donations to State fund
You can easily acquire a second passport by making non-refundable donations to the State fund. This funding option is widely used by investors to get dual citizenship in a second country. This option is easy, fast, and cheap as compared to other options for funding. The minimum donation limit has to be 100K or more in lump sum amount.
Real Estate funding
The next type of investment option for CBI is through investing in real estate. This is also the most popular option selected by many clients to acquire another passport of their desired country. Usually, wealthy investors and clients choose this financing option.
Funding in real estate can fetch good profits from investment yields. If you don’t wish to keep the real estate property, you can also sell it off later to another buyer after 3-5 years of acquisition of the property. You will still have the citizenship and passport of the second country even after selling the real estate property.
Government Bonds and Treasury Securities
You can even invest in government bonds and treasury securities to get a hold of a second passport. However, these investments in government bonds are completely risk-free, and investors and clients get their money refunded after 5 years by the government without any interest.
Business Capital Enterprise Investment
This funding option can be beneficial if you have a business background. If you are a successful businessman and want to expand your business to these countries, then you can choose this plan as your option to start your business and create jobs for residents. In exchange, you will get a second passport of that country for easy traveling related to business concerns.
A bank deposit is the last option for you if you want to acquire a second passport by way of citizenship by investment. You can choose this option only if you are ready to take risks with your liquid cash. The interest rate is very low, and currently, only 2-3 countries are available with this option, including Turkey.
Benefits of Acquiring a Second Passport
Having a second passport is very useful for many people, especially for people who have to travel a lot for business meets. The benefits of acquiring a second passport are mentioned below:
- Having a second passport is like having a second home where you have the opportunity to visit anytime you want without any restrictions. It provides a high level of freedom and mobility to travel between countries.
- Get access to better facilities compared to your current country. Enjoy better infrastructure, healthcare, education, job prospects, etc.
- Not only you, but your future generations can avail citizenship by descent. Provide your children education abroad from international universities.
- Benefits in tax planning, optimize your taxes more efficiently to pay lesser tax.
- Increased stability by having a backup option in case things go unfavorable in your current country. You can move to a different country with your family and have a better living experience.
There are other modes of obtaining a second passport other than CBI. Acquiring a second passport through economic citizenship is much easier and convenient, especially for wealthy clients who are looking to expand their business in other countries or want to acquire a property for living there.
Here is a complete guide on economic investment and what are the types of investment options to obtain a second passport.