Before 1984 if you wanted to get a second passport, you probably had to wait for some honorary citizenship or even more rigorous and less likely options.
People looking to secure their future and protect their wealth were left with difficult options. In 1984, St Kitts and Nevis launched the first citizenship by investment program. Since then dozens of other countries have followed suit.
This program is geared toward giving people who could afford it a second passport while getting some form of investment or donation.
The citizenship by investment program has become so popular among the rich, especially those living in countries with unstable economies and security situations or those looking for favorable taxation for their wealth.
Whichever category you fall into, you’ll agree it has become extremely difficult to choose the right program/country to get your second passport. In this article, you’ll see exactly how to find out which citizenship by investment program is best for you.
Factors to Consider Before Choosing a Program
These factors will make it easier to find the best program for you.
1. The Number of Visa-Free Countries
One of the major reasons people seek a second passport is to travel to many countries visa-free. With a strong passport, you get to save time for vigorous visa applications.
You will want to see the number of countries you can enter visa-free with that second passport. Be careful though as this metric may be misleading. A visa-free entry into Montenegro does not have the same value as a visa-free entry into the UK.
Some countries have a higher value so you will want to check if the countries you will most likely be visiting can be visited visa-free.
2. Tax Relief
A huge percentage of people looking for a second passport do this solely for more favorable taxation on their income. If this is you, then this should probably top the list of things to check out first.
Nevertheless, the tax structure of your intending country is important. You want to get the best deal possible. While some countries offer minimal taxation, others go a step further by being tax-free for personal income and various other categories.
3. Living Condition
If you’re planning to relocate to your new country or at least visit frequently, you want to make sure the living condition in that country is very good.
Are commodities priced fairly? What about the basic amenities? What would it feel like to live here? Would it be conducive?
This will give you an idea of the living condition of the country before you apply for their citizenship by investment program.
Not everyone has unlimited cash and this is where the different prices of citizenship by investment programs come in. you want to get the best deal.
The amount of investment or donation needed varies from country to country with the investment amount somewhat lower for some programs.
At the moment, St Kitts and Nevis is the cheapest second passport to obtain.
5. Speed of Processing
Do you have to do a lot of traveling soon? Or are you looking to relocate to another country soonest? Whichever is the case, you need fast citizenship by investment program.
A program that can complete the application and issue your second in the shortest possible time. In your situation time is of the essence and wasting time should be eliminated.
At the moment, the fastest passport you can get is the Vanuatu passport. Your passport can be ready in just two months from the date of application assuming you pass the application process.
Is privacy a thing for you? Or maybe you’re a public figure and you need a country with a bit of privacy away from all the paparazzi. Where you can go to unwind and live a quiet life.
A more remote country is needed. The more popular and populated a country is the less privacy you’ll get.
At the moment the country with the most privacy is Vanuatu. It is known for its almost deserted beaches and calm islands.
Which Citizenship by Investment Program is the Best?
I can easily say this program or that program is the best, but I won’t. This is because “best” is relative and you need to find your peculiar situation and what you’re looking for in a second passport.
The listed factors will serve as a guide to the best citizenship by investment program for you.