Number of Wealthy Families Interested in Buying a Second Passport Skyrockets

Buying a second passport is a trend that caught on in the 1990s when multiple countries started offering Citizenship Through Investment Programmes. It's important to pay attention to the specifics of different programmes as each country has different requirements. Some countries only offer such programmes for residency and don't offer citizenship. In that case, it's important to question the value of the passport.

One of the main reasons cited by wealthy families for buying second passports is that they consider them insurance policies. They want to have something to fall back on in case of some major catastrophe in their original country of residence. For example, in the United States, the number of wealthy families seeking second passports increased by 300% between 2019 and 2021 when the coronavirus pandemic hit.

But which countries offer these "golden passports?" Let's take a look at some of the best ones:

Portugal Citizenship Through Investment

Portugal is developing quite a reputation for itself. Some have even started calling it the next California. There is a lot of talent and wealth moving there. The minimum investment required is around €500,000 and you will have to stay there at least seven days in the year. Once the permit expires, you will be able to apply for citizenship as well which will take around three additional years.

Malta Citizenship Through Investment

The Malta global residence programme is a far more lucrative option for those who want to enjoy all the benefits of EU citizenship without having to spend over half a million euros. Under this programme, you will need to purchase property that costs between €275,000 and €220,000 depending on where it is located or rent property between €9,600 and €8,750 for a period of 12 months. The entire application can easily be completed at less than half the price.

Cyprus Citizenship Through Investment

Many consider Cyprus to be the most customisable option. The minimum investment amount required here is €2,000,000 and you will need to hold the investments you make for a minimum of five years. First, you will be given permanent residency for six months after which you will be given citizenship. There is no time in the country requirements under this programme so you will not even have to visit in order to maintain your status. That is the main reason why Cyprus is such a popular option.

Grenada Citizenship Through Investment

Grenada is an independent, stable country with ties to the British monarchy. It is a popular destination for cruise ships and tourism is one of the biggest contributors to its economy. You will need a real estate investment of at least $350,000 or you could make a donation of $250,000 to the NTF (National Transformation Fund). With the real estate investment, you get citizenship for your family no matter the size. With the NTF donation, you will only get citizenship for four members of your family.

Montenegro Citizenship Through Investment

Montenegro doesn't allow dual citizenship but there is a special exception for citizenship through investment. You will need to make an investment of €100,000 to the government and a €450,000-€250,000 investment in real estate depending on location. Remember, that you will not be able to sell this investment for at least five years. This programme was initially meant to end on 31st December 2021, but the country decided to extend it to 31st December 2022. So, act quickly.

Vanuatu Citizenship Through Investment

Most people may not have even heard of this country. It is an archipelago of islands near Australia. The programme in this country offers instant citizenship for a family to a place that has no taxes on income, inheritance, or wealth. There is only a donation option here, however. You'll need to make a donation of $130,000 for an individual, $150,000 for a couple, $165,000 for a couple and a child, or $180,000 for a couple with two children. For every additional family member, you'll need to make an additional donation of $25,000. It takes around a month for approval after everything has been submitted which gives this programme the unique record of being the fastest path to citizenship through investment.

If you have the money, there are quite a few options to get a second passport. Given the uncertainty in the global economy today, a second passport may seem like something that can come in handy at some point. During the peak of the pandemic, many American nationals were not allowed to enter the EU. This problem could easily have been solved if they had an EU passport. Who knows what will happen tomorrow – the future is uncertain. It seems as though getting the assurance of a second passport is a logical step for anyone who has the means.

(Devdiscourse's journalists were not involved in the production of this article. The facts and opinions appearing in the article do not reflect the views of Devdiscourse and Devdiscourse does not claim any responsibility for the same.)