We are in the period of global closure in the sense that boundaries between individuals, countries and continents have become slim and this has also reflected in the way people would like to travel from one place to the other. The ease of travel now, especially in the pandemic, and all its medical checks and the freedom and flexibility to move from one place to the other have become a force that has insisted on and motivated people to consider second citizenship.
Someone might ask, what is second citizenship? Well, it is simply having the right to enjoy privileges in another country other than your country of origin. While some people are born with second citizenship, this can also be obtained by investing in a country of choice.
In 2020, Andy J. Semotiuk a contributor on the Forbes Web page listed some countries for second citizenship.
St. Kitts and Nevis
It was stated that this country deserved more attention because it is the oldest country to run citizenship by investment program in the world. Citizenship is offered 60 to 90 days from the day of application. Two forms of investments can be made in this country now.
1. An interested party can donate $150,000 U.S. into a Sustainable Growth Fund for an individual or even for a family of up to four, or
2. The applicant can choose to buy a $200,000 U.S. property for seven years, or buy a $400,000 U.S. property for five years, which will give an applicant and any family members full citizenship following the payment of processing fees.
St. Kitts and Nevis passport bearer have visa-free access to 155 countries worldwide, including the European Union, the U.K., Russia, and practically all of South America.
Grenada
Allows the applicant to include siblings, parents and grandparents of the main applicant or their spouse. Below are the two options:
1. A donation of a minimum of $150,000 to the U.S. to be made to Grenada’s National Transformation Fund. For a family of four, the investment by way of a donation would be $200,000 U.S.
2. The second option invests $220,000 U.S. as a co-owner in a local real estate project for five years, which is the best comparison to what other countries want in return for their citizenship.
The Grenada passport allows visa-free or visa-on-arrival access to 143 destinations, including China, Hong Kong, Singapore, Russia and the U.K., as well as Europe’s Schengen Area. Another highly exclusive benefit for a Grenadian passport holder is that it can be a bridge to an American E-2 investor work visa thereby accessing the U.S.A. Also, no physical stay is required.
Portugal
Portugal does not operate citizenship by investment program, but it has a golden visa residence program which can lead to citizenship. When an investment is made, an applicant and dependents are granted five-year residence permits allowing them to live, work and re-enter Portugal freely. Visa-free access to the Schengen Area is another benefit of such a residence permit. To secure the golden visa any one of the following will secure the golden visa:
- The applicant must transfer the capital of at least 1 million euros into an approved account.
- Create 10 new jobs.
- Make a real estate investment varying from a minimum of 280,000 euros for renovation to over 400,000 euros in low-density areas.
- The applicant must choose between contributing 350,000 euros for research, 250,000 euros in art projects, or at least 350,000 euros in a specified investment venture capital fund if opting for the capital investment route.
- Invest 350,000 euros in a Portuguese company creating five permanent jobs for a minimum of three years.
An applicant can apply for Portuguese nationality after 5 years of residence. A Portuguese passport gives access to 185 countries in the world, including the right of free movement within the whole European Union.
New Zealand
Also in reviewing New Zealand, its program includes two categories of investment:
1. Minimum investment NZ$10 million for at least three years
2. Minimum investment NZ$3 million for at least four years
In each case, you get your money back at the end of the term and keep the residence leading to citizenship after five years. New Zealand is a member of the Trans-Tasman agreement with Australia that provides freedom of movement within the borders of this union.
So, one is thinking of acquiring a second citizenship, perhaps, these countries could be it, depending on the resources at hand.
Aside from the list of Andy J. Semotiuk, the last country will be
Austria
According to Reeves, this is a German-speaking E.U. country that is “the gold standard” for passports.
- Its cost is about 2 million euros to 4 million euros ($2.1 million to $4.3 million), depending on how large your family is.
- Also, a person can alternatively invest 10 million euros ($10.7 million) in an approved business. Government and legal fees for acquiring Austrian citizenship can easily top $500,000.
- We the passport one can live and work in any E.U-member state. The passport lets you into 171 countries visa-free, the highest of any citizenship in the world. It is advised to take this option, if you have deep pockets, want to be in the heart of the civilized West, and want to break the protocols of all visa application processes with just the power of a passport.
