You can buy residency in many countries.
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9 countries where you can buy a second passport — and what it will cost you to secure it
Taylor Borden
14-18 minutes
MarinaDa/ShutterstockWith a minimum $US2 million investment, Cyprus is the most expensive ‘Citizenship by Investment’ program on this list.
- The Henley Passport Index, an annual ranking of the most “powerful” passports in the world (based on how many destinations the passport holder can enter without a visa), was just released.
- A handful of those passports can be purchased – several countries in the Caribbean and a couple in Europe have programs where citizenship is awarded in exchange for a significant investment.
- Business Insider rounded up a list of the countries where you can secure dual citizenship, how much it will cost to do so, how long the process will take, and how powerful the passport is.
- Visit Business Insider’s homepage for more stories.
Lavish superyachts and
flashy timepieces were once the bonafide status symbols of the wealthy. Now, the rich are prioritising more intangible concepts – as Business Insider’s Hillary Hoffower reported in March, “luxury goods are out, and
luxury lifestyles are in.“
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One way to signify such a lifestyle? A second passport.
A number of countries in the Caribbean and Europe offer
“Citizenship by Investment” programs, where the elite can invest in a country in exchange for citizenship. That investment varies from country to country, but can range from a donation to a developmental fund to a real-estate purchase in a government-approved area.
The
reasons for securing dual citizenship and a second passport are many – but one frontrunner is the extraordinary ease of travel it can provide. For example, the US passport allows visa-free access to
184 destinations, while the Grenada passport provides access to only
142 destinations – but the value of holding both is in the variety. The Grenada passport allows holders to
enter China without a visa, completely bypassing the time consuming visa process necessary for someone who only holds a US passport.
Henley & Partners, a citizenship planning firm, recently released their
annual ranking of the most powerful passports in the world, based on how many destinations a passport holder can visit without a visa. Among that ranking are a handful countries with “Citizenship by Investment” programs, where you can secure a second passport in exchange for a significant investment. We’ve rounded up 9 countries with such programs below, along with the minimum cost, the expected timeframe for the process, and how powerful the passport is.
If you hold a US passport, you are
generally eligible to seek dual nationality. All of the countries below do not require you to renounce your prior citizenship. They are ranked in order from smallest minimum investment to largest, with alphabetical order implemented in the event of ties.
Antigua and Barbuda — $US100,000 minimum investment
Olga S Andreeva/ShutterstockThe Caribbean island is a hotspot for billionaires and their superyachts during the holiday season.
There are
three different avenues for securing citizenship in
Antigua and Barbuda:
Each avenue listed above is the cost for a single applicant or a family of up to four. The fifth and any other additional dependents increase the cost of any application by at least $US15,000 per person. It is also important to note that additional government processing fees can total $US60,000.
- Total minimum cost for a family of four choosing the most economical option: $US160,000 toward the National Development Fund, including fees.
The process is estimated to take between
three and four months from the initial submission of the application to receipt of the passport. Antigua allows dual citizenship and does not require you to renounce your previous citizenship. The Antigua passport allows visa-free access to 150 countries and is ranked the
30th strongest passport in the world by the Henley Passport Index.
Dominica — $US100,000 minimum investment
Joseph Thomas Photography/ShutterstockThe Caribbean island nation of Dominica has a mountainous landscape; not to be confused with the Dominican Republic.
There are
two different avenues for securing citizenship in
Dominica:
Each avenue listed above shows the cost for a single applicant. The cost increases by at least $US75,000 for a spouse or family of up to four for the Economic Diversification Fund option or by $US35,000 for a spouse or family of up to four for the real-estate option. It is also important to note that additional government processing fees can total $US15,000.
- Total minimum cost for a family of four choosing the most economical option: $US190,000 toward the Economic Diversification Fund, including fees.
The process is estimated to take
three months from the initial submission of the application to receipt of the passport. Dominica allows dual citizenship and does not require you to renounce your previous citizenship
. The Dominica passport allows visa-free access to 139 countries and is ranked the
37th strongest passport in the world by the Henley Passport Index.
St. Lucia — $US100,000 minimum investment
Benus C Mathurin / ShutterstockSt. Lucia is yet another small Caribbean island.
There are
four different avenues for securing citizenship in
St. Lucia:
Each avenue listed above shows the cost for a single applicant. The cost
increases by at least $US25,000 per additional dependent and avenue chosen. It is also important to note that additional government processing fees vary between avenues but can surpass $US50,000.
- Total minimum cost for a family of four choosing the most economical option:$US207,500 toward the National Economic Fund, including fees.
The process is estimated to take
three months from the initial submission of the application to issuance of citizenship. Then, you can apply for a passport, which will take
two weeks and can be expedited. St. Lucia allows dual citizenship and does not require you to renounce your previous citizenship. The St. Lucia passport allows visa-free access to 145 countries and is ranked the
33rd strongest passport in the world by the Henley Passport Index.
Moldova — $US100,000 minimum investment
tcacidima/Shutterstock
There is
one avenue for securing citizenship in
Moldova:
The avenue listed above shows the cost for a single applicant. For a couple, the contribution would be €115,000 ($US128,000) and for a family of four the contribution would be €145,000 ($US161,000). It is also important to note that additional pre-approval government processing fees can total $US15,000 ($US17,000).Furthermore, secondary post-approval fees of €35,000 ($US39,000) per application will apply.
- Total minimum cost for a family of four:€195,000 ($US216,000) toward the Public Investment Fund, including fees.
The process is estimated to take no more than
three months from the initial submission of the application to receipt of the passport. Moldova
allows dual citizenship and does not require you to renounce your previous citizenship. The Moldovan passport allows visa-free access to 120 countries and is ranked the
49th strongest passport in the world by the Henley Passport Index.
Grenada — $US150,000 minimum investment
EQRoy / Shutterstock
There are
two different avenues for securing citizenship in
Grenada:
A $US150,000 contribution to the National Transformation Fund covers the cost for a single applicant; a contribution of $US200,000 covers the cost for a family of up to four, with each additional dependent incurring a cost of $US25,000. A $US350,000 real-estate investment covers the cost for a family of up to four members, with each additional dependent incurring a cost of $US25,000. It is also important to note that additional government processing fees start at $US8,000 and can total $US70,000.
- Total minimum cost for a family of four choosing the most economical option:$US222,000 toward the National Transformation Fund, including fees.
The process is estimated to take
two months from the initial submission to approval of citizenship. You can then apply for a passport, which is typically issued within days of the request. Grenada allows dual citizenship and does not require you to renounce your previous citizenship. The passport allows visa-free access to 142 countries and is ranked the
35th strongest passport in the world by the Henley Passport Index.
St. Kitts and Nevis — $US150,000 minimum investment
By CKP1001 / Shuttersock
There are
two different avenues for securing citizenship in
St. Kitts and Nevis:
A $US150,000 contribution to the Sustainable Growth Fund covers the cost for a single applicant; A contribution of $US195,000 covers the cost for a family of up to four, with each additional dependent incurring a cost of $US10,000. A $US200,000 real-estate investment covers the cost for a family, with each member incurring extra processing fees. It is important to note that additional government processing
fees start at $US7,500 but can surpass $US19,500. There is also a post-approval fee for the real-estate track, which varies based on the number of dependents but starts at $US35,050.
- Total minimum cost for a family of four choosing the most economical option:$US214,500 toward the Sustainable Growth Fund, including fees.
The process is estimated to take
two months from the initial submission of the application to receipt of passport. St. Kitts allows dual citizenship and does not require you to renounce your previous citizenship. The St. Kitts passport allows visa-free access to 154 countries and is ranked the
27th strongest passport in the world by the Henley Passport Index.
Turkey — $US250,000 minimum investment
TAMVISUT/Shutterstock
There are
multiple avenues for securing citizenship in
Turkey:
Each avenue listed above is the cost for primary applicant, their spouse, and any children under the age of 18.
The process is estimated to take
two to three months from the initial submission of the application to receipt of the passport. Turkey allows dual citizenship and does not require you to renounce your previous citizenship. The Turkey passport allows visa-free access to 111 countries and is ranked the
55th strongest passport in the world by the Henley Passport Index.
Malta — $US900,000 minimum investment
fokke baarssen/ShutterstockMaltese citizenship doesn’t just cover a family; it can also be passed on to future generations.
There is only
one avenue for securing citizenship in Malta and it includes
three financial requirements:
Each requirement listed above amounts to the cost for a single applicant. Any additional dependents increase the the contribution to the development of Malta by €25,000 ($US28,000) per person. It will also increase additional government processing fees. For one person, it is important to note, those fees hover around €100,000 ($US112,000).
The Maltese process is different in that it
requires applicants to be residents of Malta for a full 12 months before being granted citizenship. The citizenship by investment application process, which can happen simultaneously, takes around eight months. All in all, the process, from submission of application to receipt of passport, takes somewhere between
12 and 18 months. Malta allows dual citizenship and does not require you to renounce your previous citizenship. The Malta passport allows visa-free access to 183 destinations and is ranked the
9th strongest passport in the world by the Henley Passport Index.
Cyprus — $US2 million minimum investment
MarinaDa/Shutterstock
There are
two requirements for securing citizenship in Cyprus:
Then, in addition to those initial donations, applicants must choose one of the following options:
Each avenue listed above is the cost for a primary applicant and all additional family members.
- Total minimum cost for a family of four choosing the most economical option: €2.15 million ($US2.4 million)
The process is estimated to take
six to eight months from the initial submission of the application to receipt of the passport. Cyprus allows dual citizenship and does not require you to renounce your previous citizenship. The Cyrus passport allows visa free access to 174 countries and is ranked the
16th strongest passport in the world by the Henley Passport Index.