Why Should You Obtain Second Passport?

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second-passport by investment
second-passport by investment

 

The title of this article may sound somewhat too direct and upfront, but the truth is you really need to know why you must invest your hard earned money in obtaining dual nationalities! The usual path to utilize money for better returns generally goes through investing in some business projects, bonds, real estate etc. But obtaining a second passport is something we hardly ever think about. Even if we chart out the course, we just don’t act on it.

The truth is, obtaining the second passport is basically obtaining a little book from anywhere between US$ 45000 to US$ 100,000 for just one person. Honestly, it’s just not an easy amount to pull out of the pocket for most! That has been the case for most of our clients for far too long before they finally chose their path! Even if you do, not everyone will advise you to get a second passport. Instead, you are most likely being advised to rather invest your money in real estate instead of a nationality. Obtaining a second passport may not be immediately a productive step than acquiring an actual land site in the exotic location. But the truth is, a passport gives you a lot of freedom, and that comes at a cost!

Let’s Come to the Point!

In the fast transforming world being a global citizen hurt no one ever! Moreover, acquiring dual citizenship is quite crucial to ensure social security now more than any point in history for the political chaos our generation is witnessing. Having insured citizenship in any other relatively secure country could be just the right option against any potential problems, including financial security. In spite of all of that, only a small number of people take a step to do all it takes to get the process finalized.

Does it sound like we are actually dishing out reasons why you should rather avoid getting other nationalities? But the truth is far from that. The reason for telling all this is that whoever is surfing our site, has at any point of time been struggling with similar thoughts. Thankfully due to the “been-there-done-that” syndrome, we have acquired an edge and a good bit of sound knowledge to provide you with some insight into the ins and outs of investing in second passport programs.

Why Obtaining a Passport could be Your Savior?

People indeed have different reasons to invest such huge lumps of money in a new passport. Sometimes it’s employment or business opportunities, sometimes it’s social security, financial restrictions, tax situation, or any country you need to travel but cannot because of the odd visa restrictions policies, making your plans dull!

One more crucial point is that if you have to pay taxes on your worldwide income worth US $ 50,000 or more, the prudent choice is to shift your nationality to a country where the taxes are easy on the pocket. Or, simply abandon the nationality of the place you don’t live in and yet pay taxes to. Or, in few cases, your dual passport gives more fluidity and freedom in terms of financial and social security. In any such case scenario, you should not be willing to wait for a certain number of years to get another passport and freedom it brings about. A onetime investment in such cases is much wiser to justify the expenses.

We come across many such people who had to turn down lucrative job offers simply because they could either not obtain the visa to travel to a certain country. Or because the processing time is far too long for the employer to hang on!

That’s why obtaining a passport is better than actually waiting to get one through naturalization after a residency of anywhere ranging between 2, 3, 5, 10 or 12 years. That’s how economic citizenship comes to rescue you, whatever be your situation or the problem, a quick exchange of passport via citizenship by investment can deliver you from the problem.

The Whys and the Buts!

Given below are some pointers to guide you further-

  • First of all, you should know why you need to obtain a citizenship through investment. Your reason combined with time you have can be the deciding factors for you. Economic citizenship will definitely help in such a situation while Naturalization after residency certainly will not help!
  • The visa-free travel! It’s one of the major reasons many people go for obtaining a fast second passport. But be aware that even the best of the passport have certain policies or restrictions regarding some countries. For example, none of the EU passports will allow you to go to Russia on a tourist visa nor will a US passport!
  • The countries selling citizenship to interested investors definitely do make their offer worth the money they seek, making the offers equally appreciated and coveted. For example, the Commonwealth of Dominica is selling its passport at quite an expensive price. But then, Dominica is among the fastest and cheapest to give you your new passport within hardly 60 to 90 days approximately!
  • Many of the countries that use a citizenship by investment program to attract investors don’t really care how much money the investor makes worldwide, as long as he/she is willing to the pay for their economic citizenship program. Hence, it exempts you from bleeding money in the name of taxes for every possible reason!
  • Most importantly, many of the countries that offer economic citizenship seek the fixed fees in the name of ‘donations‘, which is perfectly legal. Other payment options being- investing in public development projects, real estate or establishing any approved businesses. The latter options leave enough room for the investor’s capital being optimized for solid returns. A winning situation!

Last but not least, unfortunately, there are many websites which are eager to exploit you with glittery taglines and substantial offers and discounts and blah-blah! It’s best to do some credibility check before going on board any website claiming to get you a new citizenship.

 

If you are still wondering how to apply for economic citizenship, feel free to keep reading our blog to collect all the knowledge and guidance you need to shape up your ideas and chalk out the best plan for a secure future!

We are waiting for a word from you. The comment section is all yours.

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