If you are a person who has a high net worth, then it is sure that you have thought about a second passport at some point. And the point is that you weren’t wrong to think about this. It makes a lot of sense and is beneficial. For individuals with a high net worth, getting a second passport is an effective way of improving their economic and personal conditions further.
I mean what could be bad about being a dual citizen? It is one of the smartest ways that people adopt to ensure that they have lots of opportunities in almost every regard. For the ones that are doing well in financial terms, it can be a hard task to maintain a healthy balance in the family and work life. Also, what if the conditions of a certain country go down in terms of the economy and therefore your wealth goes down too? What could you do in such a situation? Well, if you only had a second passport in such a situation, you would’ve been able to avoid all the negatives and take advantage of all the positives that the countries that you’re a citizen of, will offer.
What Could Be The Key Benefits Of A Second Passport?
Well, the major benefits of having a second passport are:
- Flexibility in work and personal life.
- Access to more economic and tax benefits.
- More freedom in life.
You need to understand that not all passports are equal in terms of what they offer. Some will require lots of financial investment from you, whereas others will continuously try to take your hard-earned money whether you live there or not. This is why you need to be wise in your decisions regarding a second passport.
Now, in this article, we’re going to talk in detail about getting a second passport and all its essential details too.
Why Do People Have Passports?
First of all, do you people know why we have passports? You don’t? Well, let’s talk about this first. Before WW1, nobody in the world had any passports. Amazing, right? Every person was a citizen of someplace but nobody needed any documentation when they wanted to cross the international borders. However, it’s not like that anymore. The passport that you have is what identifies who you are, and where you belong and it also defines the other places that you can go to, other than the country that you already live in.
Passports are a form of government identification in today’s time. Without your passport, you don’t have any identification. So, as you can see, it will only be beneficial to get a second passport, right? Well, as the demand for second passports is rising with time, countries like Singapore and Switzerland have made it a bit harder to acquire a second passport. The wealthy individuals from the Middle East, Russia and China are interested in expanding their economic activities all around the world. Having a second passport allows for so much more success in financial terms. And of course, the personal life gets improved too.
Ways To Get A Second Passport:
If you want to get a second passport, it all depends on your family history, your finances and the desire you have to live abroad. There are a few different options that you can go for, in order to get second citizenship somewhere. With a variety of options, it is up to you to decide which one is the most beneficial for you in the long term. So, let’s take a look at the most effective ways for getting a second passport.
- Second passport by descent.
Did you know that there are a lot of chances that you are eligible for getting a second passport and you don’t even know about it? Well, there are many countries that offer ancestral citizenship or citizenship by descent to those, whose family has ties to the country somehow. This is one of the best ways through which people get their second passports. Countries like Canada, the UK, Poland, Mexico and New Zealand are some of the many countries that offer a second passport by descent.
So, figure out if this might work for you.
- Second passport by marriage.
Getting second citizenship by marriage is a completely guaranteed method! If you’re getting married to someone from another country, you can think about getting second citizenship! There are many places where you become a citizen at once when you get married. So, this is the second most effective manner of getting a second passport with ease!
- Second passport by investment.
Did you know that there is a very simple way called economic citizenship, which is used to get a second passport with ease if you have the financial resources for it? The process for this method is very easy. A country will give you citizenship if you invest a certain amount in it. This is a quick process and at most, it takes around 6 months to get this done. And most of the countries that offer citizenship by investment don’t even require you to be a resident and at times, you don’t even have to visit them to get your second passport.
But the issue that arises is that this is a very expensive method for getting a second passport. Most people might not be able to afford it and those who can, will surely benefit from this.
Following are some countries that offer economic citizenship!
- Cyprus.
- Turkey.
- Austria.
- St. Kitts and Nevis.
- Malta.
- Montenegro.
- Second passport by naturalization.
This is the common process of getting citizenship in which you spend some time in a country, build a residence there and then apply for citizenship. This process is only suitable for those who are patient. This process can take anywhere from 2 years to more than 30 years!!! It all depends on the country where you’re applying for second citizenship. In this regard, many countries have strict residence rules where you need to stay within the country and then there are also countries where you’ll only be required to visit just once or twice a week!
- Second passport through fast-track naturalization.
This type of second citizenship is offered at once but this depends on the head of the country. In the Middle East, athletes that will play for a country are mostly offered citizenship at once. Asia also offers this fast-track naturalization to those people who are very talented in arts and other skills. So, even though this is an option, it won’t work for the majority and therefore it is better not to consider it.
Countries Where You Can Get A Second Passport By Naturalization, Quickly!
While there are many countries that won’t offer you second citizenship no matter how much time you spend there, there are some countries that will make you a citizen very quickly! So, let’s take a look at the countries that will offer you a second passport by naturalization, very quickly.
- Brazil.
One of the best travel documents is offered by Brazil, in South America. Brazil is a wonderful country to live in as it offers an amazing lifestyle. You’ll be able to become a citizen of Brazil in around 4 years if you are willing to make an investment of around $75,000 or start a business there.
- Canada.
If you get a job in Canada and then get an official residence there, you can easily apply for citizenship after a time of 4 years! Canada is one of the best countries in the world and offers one of the best lifestyles that people can wish for!
- Uruguay.
Among the most well-developed countries is Uruguay, which offers a high standard lifestyle to all the people! You can apply for citizenship in Uruguay in 3 years if you are married and if you are single, then you can apply after a period of 5 years. Also, you need to live in Uruguay for a year before you can think about getting citizenship there.
- Panama.
The Friendly Nations visa program of Panama makes it very easy for people to get citizenship there with a deposit of $5,000 and another economic tie to the country such as ownership in the Panamanian corporation. Once you become a legal resident of Panama, getting citizenship will take as little as 5 years!
- Paraguay.
If you make some sort of economic investment in Paraguay, you’ll be able to apply for citizenship after a time period of 3 years. This country also offers one of the most impressive lifestyles and also economic opportunities for all the people who are looking for expanding their business.
Portfolio Of Second Passport:
Investors always create a portfolio of their investments to make sure that they are able to maximize the gains and reduce the risks. Similarly, a person who makes a portfolio for passports will always look for multiple citizenship. Having more than one passport is very beneficial in so many regards. One passport could offer you the best opportunities for travel, whereas the other one might allow you to expand your business and grow in financial terms.
Therefore, it is always wise to go for second citizenship.
Avoid The Passport Scams!
There are lots of scams and myths about second passports and you need to watch out for such scams and misinformation peddlers that are present all around us. Keep an eye out for these passport scams:
- Diplomatic Passports: There’s just one thing that you need to know and it is that no country in the world is going to offer you a diplomatic passport! Certainly not for a small sum such as $8,000 as most people will tell you so! Avoid this scam!
- Cancelled Economic Citizenship: If someone offers you the opportunity to get into an economic citizenship program for a second passport, make sure that you check whether that country offers such a program or not. Because there are many countries that do not offer economic citizenship anymore and this creates the chances of scams. So, be smart!
- Camouflage Passports: These passports were offered to some people in the countries that no longer exist. However, there are many scam websites that will tell you that you can get one of these passports. It’s a scam! Avoid it.
- Passports From “Gray Markets”: These are the passports that people claim to give you through their contacts. These types of passports don’t work and you should always avoid such offers from those who offer them.
As you can see, there are many people who will offer you lots of scams. You should avoid all such offers and make sure that you do everything in the right way, from the right sources, so that everything always goes well for you. So, always be wise in such matters!
Concluding Remarks:
With time, it is becoming harder to get second passports. The naturalization time periods are becoming longer in most countries and the procedures and processes are becoming tougher as well. Most countries also require you to take different tests such as the history, culture and language tests, which can be really hard to pass. And in terms of the citizenship by investment programs, the investment amounts are increasing too, which a majority of people won’t be able to afford with ease.
With such complex processes and procedures, you will surely require professional help and that’s where we come in! If you’re looking for an effective and easy way to get a second passport, we’ll be able to offer you all the help that you need!