Everyone is a citizen somewhere, and a passport defines your identity, where you come from, where you can visit, or invest. Dual citizenship is increasing in popularity, especially with the high net worth individuals, who wish to get a second passport to expand their financial options. Getting a second citizenship will substantially increase your lifestyle and financial freedom. It will help you reap all the benefits of protection from controlling government, tax optimization and optimal travel potential. Economic citizenship is the easiest way to get a second passport, where you gain citizenship in exchange for investments or purchase of a real estate in a particular country. Here are three great starts that you can consider when obtaining a second citizenship.
Malta is a charming Mediterranean island that gives people the chance to travel the world and enjoy some liberal financial laws. In November 2013, the Malta government launched the Malta individual investor program to provide high-value investors with an opportunity to make substantial investments in the country. It’s one of Europe’s most popular programs that allow successful participants to travel freely to more than 166 countries without a visa.
How to get Maltese Second Citizenship
The principal applicant should be 18 years and above, with no criminal record, with confirmed financial solvency, due diligence checks, and an insurance policy. You need to apply for the residence permit, a 12 months residency requirement in Malta. After the approval, you get subjected to background and compliance checks. Note that you should make a non-refundable contribution to the National development and social funds.
The principal applicant donates €650,000, €25,000 for your spouse and minor dependents, and €50,000 for the dependent’s kids aged between 18 and 26 or parents over 55 years. As the principal applicant, you invest with at least €150,000 in government bonds and buy a home worth €350,000 or get into a rental contract for at least €16,000 monthly. For due diligence, it’s €7,500 for the primary applicant, € 3,000 for younger dependent up to 18 years, and € 5,000 for your spouse and children above 18 years. During application, you should provide the investment requirements, including insurance and portfolio investment. After fulfilling all the essentials, you get invited to take an oath of allegiance in Malta, and your naturalization certificate follows suit.
Benefits of Malta Citizenship
- You will enjoy the fantastic tax code, including a tax concession for non-domicile individuals.
- It offers an educational opportunity to your children and dependents.
- You will have peace of mind knowing that you operate in a politically stable nation.
- It allows visa-free entry to numerous EU nations.
St. Kittis and Nevis
St. Kitts and Nevis citizenship by investment program is one of the oldest programs of its kind. It was introduced in 1984 to allow individuals to gain legal citizenship in one of the most blissful locations in the Caribbean. After approval, you gain visa-free entry to more than 100 nations in Europe.
Obtaining St. Kittis and Nevis Second Citizenship
To qualify for St. Kittis and Nevis, you need to be outstanding, have no criminal record, have excellent health, and have a high personal net worth. First, decide which investment best suits you and pay the professional and legal fees required. The sustainable growth fund options require a $150,000 donation for a single applicant, $25,000 for a spouse, and $10,000 per additional dependent. For the due diligence fee, you are required to make a $7,500 for the principal applicant, and $ 4,000 for dependents over 16 or financial sponsor. For the real estate option, it requires a minimum investment deposit of $ 200,000. You then submit your application to begin the due diligence process. Once the approval letter gets issued, you will receive a citizenship certificate of registration.
- You will enjoy a free visa entry to numerous EU countries.
- You don’t require residency or visit to St Kitt’s.
- It’s easy to secure second citizenship for your family members.
- You will enjoy some privacy in a small peaceful country.
- It’s a tax-free policy, with no income or wealth tax.
The government of Cyprus has come up with an investment program aimed at attracting foreign investment. It paves the way for investors to get a Cyprus citizenship with their family members by meeting specific criteria which may be personal or through a company.
As the applicant, you must be above 18 years with a clean criminal record. To obtain second citizenship start by registering as a Cyprus resident, this requires residency for at least six months. You should then choose an investment route, and provide relevant documents including birth certificate, marriage certificate, three passport photographs, a CV for the principal applicant, investment documents, and a passport from the country of origin. Once ready, apply for citizenship by investment and pay all the required fees. You are required to make donations worth €75,000 to both the Cyprus Land Development Corporation and the Research and Innovation Fund. You also invest in real estate, infrastructure, and development projects of at least €2 million.
Alternatively, you can spend a similar amount in buying or participating in ventures operating in Cyprus, with at least five Cypriots employees. You can choose to purchase units worth €2 million from an alternative investment fund or financial assets of enterprises or organizations in the form of securities and bonds. You pay different processing fees; €2000 for adults and €80 for a child under 18, €5,000 certificate issuance, €120 passport issuance, and €30 for an ID card. Finally, visit Cyprus embassies to submit your biometric data and take an oath of allegiance, and you will then receive your passport once processed.
- Favorable tax benefits.
- You will enjoy access to various healthcare services across the EU.
- It offers visa-free travel.
- You can enroll in the best schools and universities.
- Equal employment terms and opportunities.
Getting second citizenship is an excellent idea if you wish to work for another country to gain more financial options. You will also have relative freedom of movement between countries. With another nationality, you have another country to fall back to if things get tough in your home state.