There are several reasons why an economic citizenship program is a popular choice when acquiring a second passport. A second citizenship from a reputable country can offer several benefits such as visa free international travel to many first world countries, increased security while traveling, and act as an insurance in times of political, personal or economical turmoil.
A second citizenship can also offer significant tax advantages, as well as lead to increased protection and privy of your assets.
The normal way of acquiring a second passport is by applying for a citizenship in another country. If your parents or grandparents are citizens of another country you may qualify for citizenship, or you may qualify by marrying a national of that country. If you don’t qualify in any way most often the only way to acquire citizenship is by going through a period of naturalization, which often requires several years of residence in the country.
Citizenship by Investment
There’s a quicker way though for those who don’t what to wait, which is where economic citizenship programmes comes into the picture. Citizenship by investment is not as common now as it were a decade or two ago, and there are only a few countries left who offers this kind of program. The way these programs work is that Governments of those countries can grant citizenship to individuals who make a substantial investment in the country. Often a range of choices are given, from investing in real estate to contributing to a development fund.
Instead of having to wait for several years before being able to apply for citizenship, through an economic citizenship program you can receive your new citizenship and second passport within months. Be prepared to go through a criminal background check when you participate in such a program, because there’s no such thing as under the counter passports these days and these countries does not grant citizenship to criminals no matter how much money is offered.
As mentioned earlier, very few countries offer economic citizenship programmes, and those who do require a substantial fee if you want to participate. The only two official and legal economic citizenship programmes today can be found in the countries of St. Kitts & Nevis and the Commonwealth of Dominica. St. Kitts & Nevis is likely the most famous country, and require a minimum $350,000 investment OR you can choose to donate $200,000 to the Sugar Industry Diversification Foundation.
EU Economic Citizenship
While Austria don’t officially have an active Economic Citizenship programme, it is possible to acquire a second citizenship if you invest substantially in the country. A few cases are approved each year so if you’ve got the cash and would like an EU passport it can be worth looking into(expect to invest at least a few million US$ to qualify).
Certain lesser known European countries also offers a fast track to EU citizenship through real estate investment programs. You can learn more about that and other Economic Citizenship programmes if you sign up for the free newsletter Sovereign Man: Notes From The Field below.
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