Whether you choose a foreign residency or a second passport via citizenship by investment, you’re on the right path. Alternatively, you can deposit $500,000 in a local bank for at least three years. Additionally, if you’re an American citizen, you can take advantage of the Foreign Earned Income Exclusion and receive up to $107,600 in tax-free income in 2020. If you are in this situation, the only way you can completely escape the US tax system is by renouncing your US citizenship. That’s an obvious downside. Citizenship by investment programmes will grant immediate citizenship to applicants and their families. One such option is to pursue a points-based immigration visa. Vanuatu’s Development Support Program requires an all-in cost of $180,000 for a family of four. Do you have a story about your time as an Expat in Iceland? The process of obtaining Icelandic citizenship is tough, but doable. Chile is a very safe county, it’s very modern with lots of opportunities. No single government has exclusive authority over you. In other words, don’t expect to receive your second passport within a week. Real estate requires a $300,000 minimum investment and is limited to high-end branded hotels and resorts and high-end boutique properties. Here at Sovereign Man, we believe that a second passport makes sense for everyone. Instead of a donation, you can also choose to invest either in real estate or government bonds. And if the local real estate market booms, you can do even better. The European Union vs Schengen area vs the Eurozone. You can expect to receive your passport in just 45 days. A few years ago, one ultra-low-cost residency specialist in Paraguay was taken into custody by the local authorities. Transfer funds to account number 0515-26-410424 in the Central Bank of Iceland, Íslandsbanki hf. And while I appreciate all the visitors who stop by our website, I provide special bonuses to our email subscribers… including free premium intelligence reports and other valuable content that I only share with them. Several countries within the EU have introduced the golden visa to beneficial economic effect. Usually foreign citizens of younger than 18 are only granted a residence permit which links to the residence permit of their parent/guardian. This means the prices we can offer for our Total Access members are even lower than what you will see below. In Notes, you will also learn about the latest developments in the field of economic citizenships and citizenships by descent. In return for a $1,000,000 investment into any local real estate, you could get a Turkish passport. Vanuatu is potentially setting itself up to be in the cross-hairs of illicit hackers, Vanuatu’s official citizenship by investment website, Caribbean Citizenship By Investment programs, the easiest European passport options that don't require any investment at all, four ways to get a second passport in this free article, The best value, and cheapest passport overall, head to. However you choose to go about it, budget $10,000 or more in additional fees for the service provider doing the work. A German businessman or woman can travel freely to 162 nations. But none of the programs in the Caribbean (except Grenada) currently allow citizenship to be awarded to a third generation – so your children won’t be able to pass their St. Lucian citizenship to their kids. They’re even being called “pandemic passports.” People have been out of work, and governments are hurting; selling passports is a quick and easy way for them to gain some much-needed money. In 2018, after lack of any substantial interest, Turkey cut the investment minimum from $1,000,000 to just $250,000. For example, if a Canadian citizen moves to Hong Kong, after fulfilling certain obligations before the Canadian Revenue Service, they’ll only be liable to pay taxes in Hong Kong. Each Caribbean citizenship by investment program grants visa-free access to the Schengen (passport-free) area of Europe. A €450,000 investment in Podgorica or in the country’s coastal area. Citizenship by investment is the process of obtaining a second citizenship and passport by investing in the economy of the host country. Having a second passport is something we call the ultimate insurance policy. How do you like this article? In the meantime, if you don’t live in your new home full-time, you can rent out the property for some investment income. If you qualify, you will be able to immigrate to one of these countries. For example, although these programs are collectively referred to as “investments,” in many cases, you won’t actually get your investment amount back. They discovered she had been manufacturing fraudulent visas. 61 out of 198 passports in our passport ranking, Grenada’s official citizenship by investment website, Malta’s official citizenship by investment website, 48 out of 198 passports in our passport ranking, Bulgaria’s official citizenship by investment page, 83 out of 198 passports in our passport ranking, 17 out of 198 passports in our passport ranking, Article 10 (6) of the Austrian Citizenship Act, 97 out of 198 passports in our passport ranking, 136 out of 198 passports in our passport ranking, 86 out of 198 passports in our passport ranking. And for the time being, Caribbean passports are on sale in a big way. But before you renounce your citizenship, you should look at alternative tax reduction strategies. ... Stay Updated with Passport Programs and … We cover a wide range of fields– such as cannabis, AI, developing markets, etc. (Remember – the United States is the only major nation whose citizens are responsible for paying home country taxes no matter where they live. If you want to go this route, the passport payoff is certainly there. (This money is held for five years, then returned to investors without interest.). And it ranks as number 71 out of 198 passports in our passport ranking. If there’s one destination in particular that might turn into an ideal getaway from Covid-19, it’s Iceland. You may need to apply for a visa to be able to visit the US or Canada, for example. This discount of $45,000 is set to expire December 31, 2020. Click one of the stars to add your vote... Other readers gave this article an average rating of 4.8 stars. Many countries in the Caribbean realized they needed a lot of money for rebuilding broken infrastructure. You can get more details on Antigua and Barbuda’s official citizenship by investment website. These governments usually spend this money on education, healthcare or infrastructure. And of course, you may be eligible for citizenship by descent, as described earlier. Bulgaria’s passport allows visa-free travel to 150 countries, including Australia, several countries in Southeast Asia, Japan, most of South America and Canada… but not the US. You can get more details on Saint Lucia’s official citizenship by investment website. (Potentially you can renounce first and become stateless, but that’s not something we recommend.). Dominica has been known to accept clients with less-than-pristine reputations, people whom other countries refuse to work with. This brings us to the next point: an overview of where to buy a passport, and which countries offer citizenship by investment… one of which may stand out as the right one for you and your family. With Chilean passport, you’ll be able to access 157 countries visa-free including Canada, USA, and EU. It offers several ways to obtain a Jordanian passport, but none of them are cheap. For investors who chose to invest in other Crypriot assets, the real estate purchase of €500,000 was added to their €2,000,000 investment. Chapter 2 (previously Act 22) allows individuals living in Puerto Rico to generate unlimited investment income, subject to a few simple rules, and pay zero tax on it. However, Jordan’s citizenship by investment program is by far the worst in the world today. You’ll also have to invest at least €150,000 in government-approved financial instruments – stocks, bonds, etc while keeping your investment for at least five years. Citizenship by investment is exactly what it sounds like: foreigners invest a certain sum of money in a country in exchange for citizenship and a passport. But, if you’re not careful, you could become liable for more taxes. European Countries – Real Estate Golden Visas. That means qualification for a second passport and hence their incredible popularity amongst our clients for the international travel possibilities they present. St. Lucia now gives Antigua and Barbuda a run for its money when it comes to family applications: All total, government fees included, a family of four will pay a total of $167,500 for St. Lucian passports. It ranks as number 86 out of 198 passports in our passport ranking. We don’t find this option to be especially compelling. The immigration through investment in real estate option usually requires a large purchase of local real estate, plus a hefty government application fee ranging from $25,000 to $50,000… or more. The Caribbean Islands of St.Lucia, Dominica, Grenada and Antigua & Barbuda process Citizenship/Passport by Investment requests within 6 months of receiving an application. Unfortunately, there’s no shortage of websites claiming to have “expert information” about international diversification. The country is rated as having one of the world’s highest levels of economic freedom. Here’s a rundown of where to purchase a passport in the Caribbean: (Best-Value Donation Option for Single Applicants) NOW ON COVID-19 SALE. Citizens of countries like these have usually lived through some catastrophic events in their country’s history and remember them well. After a 35 year-long history of leading the field of economic citizenships, St. Kitts’ program has earned a stellar reputation. But in 2020, families of up to four can get St. Kitts and Nevis passports for the entire family, for the same price: $150,000 plus $11,500 in fees (if your children are younger than 16). St. Lucia reduced its price for a single applicant to $100,000 (plus fees) and is now, in our opinion, the best value out there. Our intelligence reports cover all four ways to get a second passport & citizenship in detail. Instant citizenship is possible when you invest in a government fund, local real estate property, an approved business, or in government bonds. The downside is that you’re often investing in an overpriced, government-approved luxurious real estate development or hotel project. But, for countries like Antigua and Turkey, that allow investments in businesses, you’ve got a few options across industries to potentially generate a return. Despite popular belief there are very few European countries that offer residency through investment in real estate. All currently available citizenship-by-investment programs. For more details or to contact an advisor please complete your details. Only once you are clear on why you want a second passport, can you determine how much it is worth to you and decide whether you want to go the investment route. In exchange for a safe, state-guaranteed and fully refundable investment of 1,024,000 EUR, applicants of all nationalities can obtain Bulgarian citizenship and passport. It provides access to 122 destinations, including the countries in Europe’s Schengen Area as well as Turkey and Russia. These programs are known as Golden Visas. (The rules and details change frequently, especially in times of crisis.). In short, we recommend you stay away from Jordan. They decided that the way to attract more capital was to slash the prices of their citizenship by investment programs. In St. Lucia, for example, you used to have to pay an extra $25,000 to obtain citizenship for your newborn child, even if you became a citizen a while ago. Montenegro is home to a brand-new CBI program. Think about it: thanks to the lockdowns, freedom is at a premium. +44 207 060 1475. Thankfully, that fee was just reduced to $500. The program formally opened in November 2019, but shortly after was put on a four-month hold. This is still a very competitive price tag for EU citizenship and the best value in the EU. Is Iceland likely to offer a route to residency and citizenship through an investor visa? Visa requirements for Icelandic citizens are administrative entry restrictions by the authorities of other states placed on citizens of Iceland. Right now, in the COVID-19 era, is the best time in years to buy a second passport, because several Caribbean citizenship by investment programs are ON SALE. (We’ll list those second passport sale prices below in this article.). Three to six months is a realistic period. And our citizenship-by-investment deal is only one of the many benefits Total Access offers. There are lots of options for business, so it doesn’t shock why many business people seek for residency in this country. Iceland is great country to live in. 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