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How to Handle Your Economic Citizenship Paperwork

Applying for a second passport through economic citizenship can be confusing, but with this go-to guide, you won’t have to feel overwhelmed. It is completely legal to have a second passport, and having one can offer a lot of benefits.

 

Why should you get a second passport?

 

Many people get a second passport to pursue financial or family freedom. It can also ease or allow for business growth, travel and the ability to pursue an education, safer and/or better quality of life. Second passports can be the ticket to your dream life. It can help you celebrate and advance the level of success you’ve achieved already by giving you the control to choose where and how to live your life. Additionally, a second passport can allow you to travel visa-free, giving you majorly increased mobility without going through a time-consuming visa application process.

 

Living abroad with a second passport can open up a whole new world for you and your family.

 

economic citizenship imageHowever, applying is a tricky and confusing process that can be overwhelming. Few governments make it easy to immigrate permanently to their country, but many have options for high net worth individuals. Permanent residency or an option called Economic citizenship, (also known as Citizenship by Investment) can open the door for the future you want. Economic citizenship, (obtaining secondary citizenship by making a substantial economic contribution to another country), is the easiest way to get a second passport. That is, if you can effectively navigate the complicated and dense application process. If you need help, you’ve come to the right place. Thankfully, we at Interpass are here to help you figure out which country is right for you. We went through it too, after all.

 

Getting a second passport legally:

 

You can obtain a second passport completely legally from a number of countries. Each country has a different application process and offers different benefits. Also, applying for Economic citizenship in these countries vary financially: by cost, taxes, and speed with which you can earn new wealth. Many of these countries are so willing to work with high net worth individuals because these immigrants will boost the local economy, providing mutually appealing benefits.

 

The following eleven countries are our recommendations for investment-for-visa programs. These choices are based on many factors, one of the biggest being security: you will get back your investment money should anything go wrong.

 

  1. Antigua & Barbuda
  2. Bulgaria
  3. Canada (Quebec)
  4. Cyprus
  5. Dominica
  6. Grenada
  7. Hungary
  8. Portugal
  9. Lucia
  10. Kitts & Nevis
  11. The United Kingdom

 

What is your priority in applying for Economic citizenship?

 

The process of applying for a second passport/Economic citizenship usually goes something like this:

 

  • Choose the country’s program based on your goals, financial status, etc.
  • Fill out the visa application and investment paperwork. (This is the hardest part. Many applications require such documents as police reports, sources of funds in addition to basic identity documents).
  • The country’s immigration department reviews your application and ideally approves it.
  • You now have an approved visa and have made your financial investment, so the next step is beginning the process towards citizenship. Some countries require you to enter the country at this point, some do not.
  • After completion of the citizenship process, in many cases including a short waiting period, you declare yourself on the land of that country.
  • Finally, receive your second passport and citizenship papers!

 

Fast processing time is a concern for many applicants. Cost is also a major factor when choosing which country to obtain your second passport from. Ease of application is another thing to consider. Benefits of the country are very important and vastly different between countries.

 

Check out these 3 popular choices:

 

The following countries offer economic citizenship programs with excellent advantages.

 

Dominica Citizenship

 

  • Good for: fast processing time, cost, and ease of application.
  • Obtaining a second passport from Dominica is an easy, low-priced option.
  • It is also one of the fastest. The entire process only takes about 2-3 months.
  • They also offer a real estate investment program, but know that it can be overpriced compared to the bargain of getting a second passport, (like many similar programs).
  • Cost of investment is as follows:
  • US$100,000: Single applicant
  • US$175,000: Applicant + spouse
  • US$200,000: Applicant + spouse + 2 children under 18 years
  • US$350,000: Applicant + spouse + 3 children under 18 years
  • US$50,000 is required for each additional child under 18 years

 

Quebec

 

  • Good for: benefits.
  • Quebec, Canada is one of the most steadily top-rated countries in the world for quality of life. It is very safe, has a great education system. and is environmentally wealthy.
  • Quebec also offers a world-class health care system.
  • A second passport from Quebec is so desirable because it is one of the most valued passports for international travel.
  • This is not the fastest or least costly of all options, it can take about 41 months, but if Quebec fits your needs, it can be well worth the time and investment.
  • Applicants choosing this option of full investment are required a minimum of CA $800,000 and a net worth of CA $1.6 million. The investment is returned after five years.
  • They also offer a financed investment option: a loan over a 62-month term from a chartered bank.

 

St. Kitts & Nevis

 

  • Good for: fast processing time and cost.
  • This is actually the original economic passport program. It has been around a long time and has been very successful.
  • Donation to the government’s Sugar Industry Diversification Foundation is one way to gain economic citizenship, or they also offer a real estate investment program. However, as we said above, these programs should be thoroughly investigated because they can sometimes end up costing you more.
  • St. Kitts & Nevis offers fast processing, most applications complete within 4 months.
  • Uniquely, St. Kitts & Nevis does not require you to travel to the country when applying or require physical residency to obtain a second passport.
  • No tax on worldwide income.
  • Cost of investment is as follows:
    • US$250,000: Single applicant
    • US$300,000: Family with up to 3 dependents (spouse + 2 children under 18 years)
    • US$350,000: Family with up to 5 dependents (spouse + 4 children under 18 years)
    • US$450,000: Family with up to 7 dependents (spouse + 6 children under 18 years)
    • US$50,000: Additional per person above 7 dependents

 

You can have it all.

 

We hope you feel more informed about the economic citizenship application process and options. Want some more advice? Having questions is a good thing, this is a big life decision and you’re smart for researching it thoroughly.