5 Great Destinations for a Second Citizenship or Residency
There are many great benefits of obtaining citizenship and or permanent residency status in another country, which you can then call your second home. One of the main benefits is freedom of movement and travel with visa free or visa-on-landing access to many countries and easy visa application procedures for when such facilities are unavailable. Another significant benefit is tax efficiency; you can learn more about all the extensive benefits of a Second Citizenship or Residency here <Link to article>.
In this article we’ll look at 5 of the most popular countries to choose as your second home country. This list is based on the preferences expressed by our clients and other factors such as cost, range of benefits, ease of application, degree of travel freedom and others.
Applicants for any of these countries will need to have no criminal record, be financially independent and be in generally good health. Should you be interested in any of these countries or require further information, please contact our advisors.
Here are the 5 most popular countries for a second home, in no particular order:
Grenada is a picturesque island nation in the Caribbean that offers citizenship by investment. A Grenada passport will allow you visa-free travel to over 125 countries including the UK, EU Schengen Area and China. Grenadian citizens are also entitled to apply for the USA E2 treaty investor visa, which allows individuals to have substantial business interests and reside in the United States. Grenada is also a low tax (zero tax in many cases) jurisdiction, which allows for efficient tax planning.
There is presently no requirement for an interview or travel to Grenada to complete the application process and the minimum investment required is either a USD 150,000 donation towards the Government fund of Grenada or a USD 220,000 investment in a Government approved real estate project.
St. Kitts and Nevis
Another exotic Caribbean island paradise, St. Kitts and Nevis offers an easy route to citizenship through an investment programme. A St. Kitts and Nevis passport will allow you visa free travel to over 125 countries including the EU Schengen area, the UK, Ireland, Switzerland and many more. Citizens are also not taxed on any income derived overseas.
There is presently no requirement for an interview or travel to St.Kitts and Nevis to complete the application process and the minimum investment required is either a USD 150,000 donation for a single applicant to the Government of St. Kitts and Nevis or a USD 220,000 investment in a Government approved real estate project.
St. Lucia is yet another beautiful Caribbean island that offers an attractive Citizenship by Investment programme. A St. Lucia passport will allow you to enjoy visa free access to more than 100 countries including the Schengen Area, the UK, Hong Kong and many more. The country also provides for plenty of tax efficiencies.
There is presently no requirement for an interview or travel to St. Lucia to complete the application process and the minimum investment required is either a USD 100,000 donation for a single applicant to the Government of St. Lucia or a USD 300,000 investment in a Government approved real estate project.
The Mediterranean island of Cyprus is a full member of the European Union and a low tax jurisdiction. The country offers Europe’s fastest and most efficient citizenship by investment programme. Through Cypriot citizenship, you will enjoy the freedom to live, work and study anywhere within the EU, including countries such as the UK, France and Germany. Cypriot citizens are also entitled to visa free travel to all countries where EU citizens are granted such privileges.
However, all this comes at a considerable price, which totals to about 2.15 million Euros with a 2 million Euro investment in property and a 75,000 Euro donation each to the Government Research and Development fund and the Land Development Organization. However, this investment can be reduced down to just 500,000 Euros after 5 years of receiving citizenship. The price is worth it, though, as it ensures EU citizenship within 6 months of application.
An Alternative Path: Cyprus also offers a permanent residency programme for investors, which is much more accessible at an investment of just 300,000 Euros in property. Permanent residency is granted within two months and includes the parents, spouse and dependent children of the primary applicant up to age 25. The permit is valid for life and can be passed down to dependents and spouse.
Cyprus also offers many advantages in the form of access to education with many UK universities operating campuses on the island and, if you obtain citizenship, the freedom to study anywhere in the EU. Cyprus is also geographically advantageous, being located at the main crossroads between Africa, Asia and Europe. Residency requirements are also very flexible, requiring just one visit to Cyprus by all permanent residents every two years.
Portugal is another full EU and Schengen member country that offers accessible citizenship and residency via an investment program with flexible residency requirements of just two weeks, every two years. The advantage of this program is that it does not require the investor to permanently reside in Portugal.
While it is not possible to obtain citizenship directly by investment, temporary residence permits are obtainable through an investment. Naturalization (citizenship) or permanent residency is possible after 5 years of temporary residence status. With the temporary residence card you can travel, work and live in the Schengen zone. One could also benefit from the public education and healthcare system through the Golden Investor Visa Programme.
The Portuguese passport is the 4th strongest passport in world similar to the UK and US. Portuguese passports do not require a visa to the US, UK and many other countries.
To obtain residency, investors are required to invest a minimum of 500,000 Euros in real estate and maintain the investment for a period of 5 years. However, exceptions can be made with necessary approval for properties that require renovation. In the event such an investment is approved, the minimum investment can be reduced to 350,000 Euros (renovation cost is included) or 280,000 Euros in low-density areas of Portugal.
A Final Word
There are many advantages to obtaining a second passport and or alternative residency through an investment. Each jurisdiction that allows investors the opportunity to do so comes with its own significant advantages.
A second passport or residency can be your ticket to a truly exclusive, global lifestyle. Speak to one of our advisors to learn more about all the options open to you.
The figures quoted in this article are for one main applicant only. Applications with spouse and or additional applicants will be subject to a different fee structure. Processing and legal fees will also be applicable based on your application.