Featured image by Rene Bonilla
Today, obtaining second citizenship has become a favored trend among investors, entrepreneurs, and travel fans. This is not surprising as it is hard to overestimate the numerous opportunities a second passport and a new home country can offer.
What’s more, the number of countries with double nationality programs is increasing. Therefore, it may be challenging to choose the right one.
For example, with a Republic of Dominica citizenship, a foreigner can get visa-free trips worldwide, investment and employment options, residency in a safe and stable government, and more.
RELATED ARTICLE: BUSINESS ACROSS BORDERS: 3 WAYS TO GO GLOBAL
The most common ways to attain dual nationality in this country are:
- Through the naturalization program
- Through marriage to a citizen or resident
- By the right of birth and descent
- For special merits
- By investments
Below is a list of five countries considered to be among the most favored nations where you can obtain a second citizenship.
The Benefits of Obtaining a Second Citizenship in Ireland
If we are talking about the best countries for obtaining dual citizenship in Europe, it is worth mentioning Ireland. One of the chief reasons is because in 2021, the IMF and the World Bank recognized this state as one of the richest in the world.
High living standards and a stable economy make it one of the best places to immigrate and invest.
Additionally, it offers excellent citizenship chances for foreigners with Irish roots. Everyone whose grandparents were Irish citizens born on Ireland’s island is entitled to free Irish citizenship.
For others, however, the country does not have a Citizenship for Investment Program. Therefore, investors can gain only permanent residency by investing in Ireland. The amount of investment starts at €400,000. Later, it is possible to apply for naturalization under general conditions.
An Irish passport grants its bearers plenty of incentives. For example:
- Health care and education in Europe
- Transfer to any EU country by a simplified procedure
- Visa-free travel to 187 countries, including Schengen, Great Britain, the US, Canada, Japan, and Australia
- Picturesque nature and an abundance of attractions
How to Gain Dual Citizenship in Malta
The Maltese passport has almost the same advantages as the Irish one, but the conditions for obtaining it differ. For example, a citizenship of Malta by investment is one of the most popular ways to get a Maltese passport.
Applicants must first obtain a residence permit. For this, they invest €160,000 or more. They can do this by:
- Buying or renting property
- Paying the state fee
- Making a charitable donation
After one to three years of having a residence permit, they can apply for citizenship. According to the Malta CBI program, €690,000 is the minimum sum foreigners must invest in Malta for citizenship.
It is also essential to consider that following the EU Anti-Money Laundering Directive, everyone applying for a Malta passport by investment will be subject to thorough due diligence.
Also, note that you can’t apply for citizenship yourself. According to Maltese law, you will need the services of authorized officials with a license. However, despite all the difficulties, many businesspeople worldwide seek to obtain a Malta passport by investment.
The Relative Leniency of Turkey’s Requirements
Turkey offers far less stringent requirements for obtaining a second citizenship. For example, in 2018, the Turkish government lowered the investment threshold from US$1,000,000 to only $250,000. As a result, it significantly increased the popularity of its citizenship by investment program.
Applicants for a Turkish passport can consider several options. For example, these include:
- Buying property worth $250,000 or more
- Depositing at least $500,000 in a Turkish bank for three years
- Investing $500,000 in fixed assets
- Purchasing government bonds in the amount of $500,000
- Creating 50 jobs in Turkey
The application process takes from six to eight months.
A great advantage is that foreigners can pass all procedures remotely without visiting Turkey. This includes investing, applying, and obtaining a passport. Also, there is no need to take language and history exams. Furthermore, investors are exempt from сompulsory military service.
Among the advantages of having a Turkish passport are the following:
- It allows travel visa-free to 110 countries, including Japan, South Korea, and Singapore
- You have a right to a five-year Schengen visa
- There is an opportunity to obtain a long-term tourist visa B-1/B-2 in the United States or move with the family to the US on a business visa E-2
A Caribbean Passport by Way of the Republic of Dominica
At the same time, many investors are interested in a Caribbean passport today. What’s more, according to Immigrant Invest expert Zlata Erlach, dual citizenship in Dominica is one of the most inexpensive in the Caribbean and the world.
There are two ways to get a Dominican passport:
- One is that an expatriate can invest US$100,000 in a special government fund. If the applicant acquires citizenship in Dominica for a family of four, the price goes up to $200,000.
- The second way is to invest in local real estate with a value of no less than $200,000 for at least five years.
As a rule, investors buy shares in large hotels and leave the project after five to seven years.
You can get citizenship in Dominica remotely and confidentially. Dominican citizens can enjoy many benefits:
- There are more than 140 countries for visa-free traveling, including the EU, Great Britain, Singapore, and Hongkong
- Investors with a Dominica passport get a B1/B2 visa in the US for ten years
- Dominican tax residents do not pay taxes on dividends, interest, and royalties from abroad
- The investor’s children can study in some schools and universities in the UK on preferential terms
- Dominica’s passport makes it easy to open accounts in European banks
RELATED ARTICLE: BUSINESS TRANSLATION: THE KEY TO INTERNATIONAL EXPANSION
Acquiring Dual Citizenship from Saint Kitts and Nevis
Saint Kitts and Nevis was one of the first countries in the world to start issuing citizenship in return for investment. In fact, its citizenship program has been in effect since 1984 and is considered the oldest.
There are several ways to become a Saint Kitts and Nevis citizen.
You can contribute funds to the Sugar Industry Diversification Foundation of US$250,000 for one applicant. Additional dependents require a further $25,000 per person.
Another way is to make a nonrefundable economic contribution to the Sustainable Growth Fund of US$150,000 for one person or $195,000 for a family of four.
Also, there is a possibility of investing in one of the government-approved real estate projects, such as a stake in a hotel, a land plot, or something similar.
The minimum investment amount depends on the ownership length. This can be US$200,000 dollars for seven years or $400,000 for five years.
Investors do not have to take language or history exams. There is no residence requirement, either. Applicants do not need to come to the country before or after obtaining a passport. Moreover, the citizenship of Saint Kitts and Nevis is inherited.
Saint Kitts and Nevis citizens can visit 157 countries without a visa. They can also get a long-term US visa for business and personal travel.
People with dual citizenship in Saint Kitts and Nevis have the right to register a company in this country. So if you are thinking of expanding your business, remember that it helps to work with overseas partners.
RELATED ARTICLE: TIPS TO START A BUSINESS IN ITALY WITH DUAL CITIZENSHIP