Traveling without a visa is not available to all entrepreneurs, but they can get this opportunity.
For this, it will be necessary to invest in the country you are interested in and obtain a second passport.
Dual citizenship is allowed for nations, so you will not have to give up the one you already have.
Programs for investors are extremely attractive. The peculiarity of the offers consists of what will happen after receiving them. It is possible to obtain second citizenship in simple ways.
They guarantee access to numerous privileges. It concerns both business development and living conditions.
Interest on the part of investors does not fade, so the specialists of the Passportivity agency share important information.
Advantages And Disadvantages Of Dual Citizenship
The first thing that deserves attention is the differences between dual and second citizenship. Passport holders enjoy different rights and obligations.
Choosing the right goal will help to consider the details of the options. Dual citizenship is having a passport from another country with a contract with your home state.
Second citizenship means that both countries treat the individual as a legal resident.
A foreigner with a passport can choose more favorable conditions for residence and activities (paying taxes).
The obligations an immigrant must fulfill are dictated by the country where he is currently staying.
The possibility of obtaining one of the multiple passport attracts interest due to the following advantages:
- free movement between countries, including during border closures;
- use of a new taxation system that differs from previously known requirements;
- improved standard of living due to moving to a more developed country.
As for the disadvantages, some countries restrict holders of several passports in choosing the sphere of activity.
For example, they may be denied employment in government agencies in any country.
Main Ways And Requirements To Obtain A Second Citizenship
There are several ways to obtain a second passport. Countries issue citizenship status to people who have lived in the country for more than 5 years.
This way is called naturalization, but the requirement to live permanently within the state creates some problems.
The most favorable way to obtain citizenship is the investment route. The foreigner is required to invest in the chosen country and then can become a permanent resident.
In this case, immigrants fulfill other requirements:
- prove trustworthiness (legal capital, no criminal record);
- confirm the absence of serious illnesses;
- contribute capital according to one of the proposed options.
The term of processing the application depends on the peculiarities of a particular state. After meeting the basic requirements, the foreigner receives a residence permit and then – second citizenship.
Best Dual Citizenship Countries
It helps to choose the best program from the available ones by briefly reviewing the country specifics.
In addition, it is worth consulting a certified agent for more details. But before that, you can study the advantages and disadvantages of the passport of several popular countries.
Two passports are allowed here, so renunciation of citizenship is not provided. Also, the state attracts the attention of investors for the following reasons:
- low cost of participation in the program (from 160 thousand dollars);
- favorable economic environment;
- the opportunity to open a business in the tourism sector.
The disadvantage of the offer is that the applicant must reside in Malta for 12 months for a favorable decision on the application. The minimum cost of dual citizenship is a non-refundable fee not returned to foreigners.
St Kitts and Nevis
Unlike the offer to obtain Malta citizenship, St. Kitts and Nevis offers more favorable conditions for immigrants.
A non-refundable fee of 150 thousand dollars will allow you to get a passport within 2-4 months. There are no requirements for permanent residence on the island, and the application can be made remotely.
The oldest investment program wins over competitors’ proposals but has disadvantages. So, residents of the country travel visa-free only to 156 countries.
The applicant includes his close relatives and his second half in the application. Only 50 thousand dollars increase the cost of participation. In addition, getting dual citizenship allows you to:
- avoid double taxation;
- get an E-2 visa to visit the States;
- become a co-owner of real estate in Grenada.
Such conditions are rare, so interest in the program does not fade. The application processing speed also looks optimistic: the decision is made within three months without the obligatory visit to the island.
It is challenging to choose a suitable program without help. In addition, it is often only possible to apply with a specialized agent.
For this reason, it is worth using the professionals’ services who provide support and legal advice.