Many recent events are shaping our world. Some are political, while others are health-related issues. Therefore, many people are motivated now more than ever to look for a “back-up” plan in case things go sour in their country. Consequently, gaining another citizenship and a second passport to travel the world becomes vital.
Each person’s profile and motives are very different. Someone might be an investor coming from a developed country with a great passport ranking. However, he/she is looking to minimize their tax payments.
On the other hand, usually individuals looking for an alternative citizenship come from developing countries. These are mainly looking to secure better life opportunities and a safe retirement elsewhere.
Also, their new citizenship allows them to utilize world class healthcare facilities and better overall quality of life. Correspondingly, the newly acquired passport will accelerate the ease of travel. Not to mention that it removes all bureaucratic restrictions that comes with a developing country passport.
Without further ado, below you can choose the easiest citizenship and the fastest method to acquire a second passport from around the world. Moreover, all of these 7 countries allow dual citizenship, unless otherwise indicated. This means you can retain your original passport and the newly acquired one, thus having two nationalities. Hence, there is no need to renounce the former passport for dual citizenship countries.
7. Ireland
Ireland’s passport is very easy to acquire if you happen to have an Irish ancestry. As many Americans tend to have much European DNA, you might be lucky enough to have an Irish great grandparent. All you have to do is dig up your family tree and book a ticket to Ireland.
To acquire the Irish citizenship through heritage, you need to present all the required documents to the relevant Irish authorities, pay the fees and wait for a period of 6 to 12 months.
However, if you are not lucky enough to make it to the heritage pool, then there are other ways to become Irish. The most common is naturalization. All what is required is to live for 5 years reckonable residence during the last 9 years. Additionally, the year in which you apply, you have to be living 365 days or the whole year, completely in Ireland. Find all the detailed info here.
6. Cyprus
This is another European island that is worth your consideration. As a former British colony, English is one of the two official languages of Cyprus. Greek is the other medium used for official documentation. This is a strong plus for people looking to invest or gain citizenship, to avoid the hassle of translating all the communications. Not to mention that investing and citizenship can be done simultaneously here, but let’s not get ahead of ourselves.
Cyprus is a relaxing island glittering in the sunshine and pristine beaches of the Eastern Mediterranean. Therefore, if you’re looking to gain residency there and you are not in a rush, then there are multiple ways to do that. However, it is worth mentioning that residency is the first step to gain citizenship, not only in Cyprus but worldwide.
One of the common ways to gain residency in Cyprus is through purchasing a property worth of EUR 300,000 plus VAT. The property has to be new and you are the first person to directly receive it from the developer.
This way secures you a permanent residency in the country. After 7 years of continuous residency, you can apply for citizenship and get the Cypriot passport which allows travel freedom in the European Union. Moreover, Cyprus offers great staycation experiences in the resort town of Ayia Napa and the modern city of Limassol.
In case you have deeper pockets, then there is the fast route. If you can invest EUR 2 Million plus VAT in addition to another EUR 75,000 to the Cyprus Land and Development Corporation and a further EUR 75,000 to the Research Promotion Foundation, then you are set for an immediate passport delivery.
5. Dominican Republic
Island nations are taking over this article by now. Eventhough the Dominican Republic shares border with Haiti to form Hispaniola, the charming island.
The investment seems minimal in comparison to its European counterparts. With an amount of USD 100,000, you will ultimately hold its passport. Moreover, the process is straight forward and fast. However, it is best to sharpen your Spanish language skills, as citizenship interviews are conducted in this language.
On the other hand, retirees can soak up the sun of the Caribbean while enjoying their new home. The person has to show an income of USD 1,500 as a minimum received in their bank account monthly. This money can come from a retirement fund or a contribution that pays the retiree this sum of money.
However, if you are young, don’t be discouraged, as there is a way as well, especially for digital nomads. Just show the authorities that you receive USD 2,000 per month and it is as sweet as it sounds. You will get the residency and ultimately the citizenship, while bursting your creativity for your startup.
You can gain permanent residency in the Dominican Republic for 2 years. Afterwards, if you still comply with the conditions, you receive the citizenship and the passport.
4. Monaco
We agree that this is an upper end residency investment in one the finest financial centers in the world. With a sum of EUR 500,000, you will gain residency in Monaco and keep more of your income by saving income tax and other wealth taxes payments.
Benjamin Franklin once said, “The only two things certain in life: death and taxes”. Well, Monaco seems to challenge it. This is especially true for the taxes part, where this jurisdiction allows you to save much of the traditional taxes.
However, when it comes to death, Monaco does not have the magical life “Elixir”, nonetheless it can delay it as much as possible. How? Well you will age nicely next to the Côte d’Azur, the famous French Riviera. Just imagine what the views and the fresh air and food can do for your well-being…
3. Portugal
With plenty of sunshine, great culture and amazing foods, many expats love to call Portugal home. The country has a citizenship by investment option which resembles that of Cyprus and Malta.
The program’s title is Golden Visa Portugal with an investment starting at EUR 350,000. You can pave your way to residency and ultimately citizenship. Likewise, similar to other programs, the larger the investment, the quicker the path to acquiring the Portuguese citizenship and passport.
Moreover, to maintain the residency, all you need to do is spend at least 2 weeks in the country every 2 years. We are sure you will spend much more than that while enjoying this amazing country. After all, this is the birthplace of the legend Cristiano Ronaldo…
2. Turkey
New amendments for the Turkish citizenship by investment allow you to gain the passport after investing USD 250,000 in real estate. You will receive it within 6 months.
Moreover, you can inject an investment in the country and keep it for 3 years for the amount of USD 500,000. A good option is to start your own business, if you have this sum, instead of keeping the money idle in a bank account.
While in Turkey, make sure to visit all of the beautiful places in Istanbul, the former capital of the Byzantine Empire under the name of Constantinople. Additionally, their Iskender Kebap will surely add a lot of flavour to your stay in the country.
1. Saint Kits and Nevis
Contributing to the economy through investing USD 150,000 in the form of a donation or buying real estate for USD 200,000 will land you a passport in this country. Saint Kits and Nevis citizenship law is very flexible and allows extensible perks of tax reductions on your income. Moreover, it provides travel freedom to more than 100 countries including the EU and the UK. The time frame to acquire it is 6 months.
As most people assume that buying a real estate investment is much better than injecting money into the country, they are often mistaken. Since buying real estate does not end with the USD 200K investment, but additional taxes and maintenance fees to the property will follow.
Moreover, later it will be extremely difficult to find a buyer for your second-hand real estate asset, as these purchasers will be looking for new developments to go through the same path as yours. As a result, extensive research combined with suitable consultancies are the best resort for these challenges.
Finally, there is no right or wrong in these options, as there is no one program that fits all people. Therefore, to avoid making a costly mistake with these programs, it is always recommended to contact a professional services company like Henley & Partners. Such company has been at the top of their game for many years now. Consequently, they’ve got the exact know-how to customize each individual’s needs to a tailored citizenship.
