It has been said that money can’t buy everything, but one thing it can buy you is dual citizenship. Over the past several years, there have been many changes in the dual citizenship industry and a growing number of businesses and individuals have been racing to obtain their second passport.
Known in the industry as Citizenship by Investment, a lot of benefits come with investing in a second passport. Not only does it give you greater access for travelling, but also it can exponentially increase your investment opportunities. If you are new to this industry and are looking at your passport options, we have put together a quick guide for valuing and purchasing your second passport.
Not All Second Passports Hold the Same Value
Those working in the second passport industry will tell you that the value of your passport is measured first by whether or not you can afford it, and secondly by how much visa-free travel you are able to get from it. The lower the price and the fewer desirable countries you are able to enter, the less you should expect to pay.
For example, let’s say that you are interested in a second passport from Austria. This is considered to be the fourth most valuable second passport for travelling today, and is the most valuable you can purchase. This is because this passport provides you with visa-free access to over 170 countries. Because Austria is part of the European Union, you are also then given the right to live and work within the EU. Dominica, in comparison, gives you visa-free access to only 91 countries and so is less valuable.
Beware of Scammers
If you are considering purchasing a second passport, you will need to do your research and carefully vet each company which you are considering using. From the get-go, avoid second passport companies which promise:
- Inexpensive passports
- Banking passports
- Diplomatic passports
- Passports in less than 3 months
This industry is a multi-billion dollar industry with a demand which outstrips the supply. No one in this space is struggling financially, and so those interested in second passports should expect to pay a fair price for the passport and to need to wait at least 3 months to receive one.
Carefully Evaluate Your Needs
Ask anyone which second passport is the most valuable and they will all likely have different answers. Some will say that a Russian passport is the best option today because there is a greater value proposition. Many others will say that Bulgaria is the most valuable because second passport holders are able to invest two instalments of half a million Euros in government bonds to gain citizenship. Others will state that St. Kitts and Nevis is the way to go, as individuals can simply make a donation to obtain a secondary passport and the tax breaks are massive.
The rules and the benefits are constantly changing, which is why most individuals who are interested in purchasing a second passport will enlist the help of a professional company which specializes in the acquisition of dual citizenship. Sit down with each company and discuss your needs and explore what global programs they have available before making a decision.