Protecting your wealth could be one of them. On top of that, foreign residency also means you’re on the path to naturalization. The Paraguayan residency specialist paid a fat commission to anyone who would promote her services. On the flip side, political turmoil made the Turkish Lira drop significantly in value against the dollar over the past few years, meaning that the $250,000 you’re required to invest will go a lot further now. Use our free Easiest Citizenship & Passport Comparison Sheet to see all the easiest options at a glance. But because you’re buying a real asset, you might be able to recoup at least some of the money if you decide to sell. When you invest in government bonds, countries will often require up to five times the amounts required for outright donations. Best Capital Growth in Europe and Middle-East: Leveraging the best investment returns along with holding the most in demand Middle-East passport … And here are the options outside of the Caribbean and Europe: Turkey introduced citizenship by investment program in 2017. Both countries offer deep discounts for even larger families. I also have always thought that you should always have a paper copy of the main information page of your passport (as well as other important travel information) with you in case you accidentally lose your passport. But if you have options — if you have somewhere else to go, somewhere more free, where they leave you alone — then you’re in much better shape than someone who’s being treated like a house cat and can’t leave. In China, for example, increasing political crackdowns and strict capital controls are spurring individuals to seek second passport solutions in Europe, Canada, the US and the Caribbean. In our passport ranking it ranks 24th out of 198 passports. Also, if a large part of your income comes from investments, you should also consider citizenship by investment, as the FEIE does not apply to investment income. At Sovereign Man, our opinion is that St. Lucia offers the best value citizenship by investment program in the world today for single applicants, and, thanks to its COVID-19 sale, one of the best deals for families. According to Dominica’s official government website, “In order to qualify for citizenship, you must hold authorized real estate for 3 years from the grant[ing] of citizenship. In addition to quickly gaining a passport for as low as $145,000 (for a family of 4) the Caribbean countries offer the most affordable citizenship by investment programs. Grenada reduced its donation option from $200,000 to $150,000 (plus fees) for a single applicant. Traditionally, there are four ways to obtain a second passport & citizenship: Consider these EASY And Low-Cost Second Passport Options First... Investment is just one of four options to get a second passport and citizenship. We cover a wide range of fields– such as cannabis, AI, developing markets, etc. While the country was first going to allow Americans as of June 15, that was then pushed back to July 1. Thankfully, that fee was just reduced to $500. Additionally we also have intelligence on everything from new residency or foreign banking options to how to reduce, defer, or even eliminate your taxes, to incredible investment picks outside the mainstream. We don’t find this option to be especially compelling. This type of visa grants residency to skilled immigrants – and especially those with skills in high-demand fields such as engineering or medicine. A foreign national who has been resident in Iceland for a specified period may apply for Icelandic citizenship if he/she meets the statutory requirements set. Download Our FreeCitizenship By Investment Comparison Sheet, This comparison sheet will give you a birds-eye view of the most important things you need to know about each citizenship-by-investment program…, It could potentially help you save tens or even hundreds of thousands of dollars by picking the best passport for your personal situation at the lowest price…, Download Our FreeEasiest Citizenship & Passport Comparison Sheet, Inside you’ll see all the options you have at a glance and find…, Download Our Free ReportFour Passports ANYONE Can Obtain, Get our free intelligence report, with detailed instructions on how ANYONE can obtain an Excellent Second Passport through residency and learn inside…, Download Our Free ReportItalian Citizenship By Descent, The very first option that EVERYONE should consider before buying a passport is citizenship by descent…. The Moldova Citizenship-by-Investment (MCBI) program is the latest European citizenship-by-investment opportunity. Most programs in the Caribbean do allow your direct descendants to obtain a passport, but usually only after they pay a hefty fee. Keep in mind, however, that on top of the donation/investment amount and the government fees, you’ll have to pay a commission to an agent who will lodge your citizenship application with the government. After a certain period (typically 3 to 7 years), countries usually allow investors to sell the property. This is called jus sanguinis – the right of blood – and many countries around the world recognize its citizens’ descendants as their own. Please tick above to confirm funds. There are lots of options for business, so it doesn’t shock why many business people seek for residency in this country. If you are in this situation, the only way you can completely escape the US tax system is by renouncing your US citizenship. And some countries have a territorial taxation system, meaning you only pay taxes on locally generated income, not your global income. If not, you can get a residence permit only if you marry an Icelander or study or work in Iceland. At best, you will just end up with an expensive and useless piece of paper. While Cyprus’ investment citizenship program has been suspended, its residency by investment program, or “Golden Visa”, remains intact. Any foreigner who surrenders his passport to the police or other authorities in Iceland shall be provided with a receipt evidencing its delivery. Iceland does not currently have a formal Residency by Investment or Citizenship by Investment program. Governments that need capital will exchange citizenship for money. The country is landlocked in a conflict-prone region and lacks the lifestyle appeal of other countries offering similar programs. If your passport doesn’t allow visa-free travel to North America or Europe, you’re severely limited in your ability to conduct business in many of the world’s largest economies. The final European program is the Austrian citizenship by investment program, which is the most restrictive of all. For example, some foreigners in the US are opting not to pursue American citizenship because it would subject them to taxation on their worldwide income for the rest of their lives. There is only one tax break to speak of. The country is rated as having one of the world’s highest levels of economic freedom. But the quality of Caribbean passports – defined as the number of visa-free countries you can visit – isn’t as high as some of those granted by high-end economic citizenship programs in Europe. For example… A few years ago, we presented an opportunity to invest in a small private company at a price of 50 cents per share. 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. A family of six had to pay close to $200,000. What's the best Citizenship-By-Investment Program? However, you can also qualify by investing in a local enterprise, government bonds, or a real estate or venture capital fund. But, if you’re not careful, you could become liable for more taxes. We chose St. Lucia and Antigua because we believe these two options offer the best-value passport for the money, and the application process in both countries is very transparent. 2016. 82 out of 198 passports in our passport ranking, Saint Lucia’s official citizenship by investment website, 76 out of 198 passports in our passport ranking. A family of four will pay $292,500 and hold them for seven years. You’ve still got a place to go, no matter what happens in your home country. Citizenship by investment programmes will grant immediate citizenship to applicants and their families. It made all the difference. This is rare, but has happened in extreme circumstances. Download our Citizenship By Investment Comparison Table to see at a glance which options are best for you…. Government, processing and due diligence fees bring the total for a single applicant to $233,500 and for a family of four to $247,500. You can get more details on Vanuatu’s official citizenship by investment website. You can get more details on Saint Lucia’s official citizenship by investment website. The European Union is a political and economic union of 27 European states (after discounting the UK) with a single market allowing for the free movement of people, goods, services, and money. Sovereign Man is now the cheapest provider of citizenship-by-investment passports in the world. 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. The new changes will cost 200 million krónur to implement [$1.6 million/€1.45 million]. In the Oceania region is Vanuatu’s investor immigration program. We cannot overstate the benefits of this. But foreign residency comes with plenty of upside. It ranks as number 83 out of 198 passports in our passport ranking. And adding additional dependents under 17 is an additional $2,000 per person in fees. They also generally tend to distrust their governments. Luckily, the US is the rare exception – in most other countries, citizenship comes with no additional tax obligations if you don’t live there. A €450,000 investment in Podgorica or in the country’s coastal area. Our intelligence reports cover all four ways to get a second passport & citizenship in detail. 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). A family of four will donate $200,000 to the EDF, plus $12,500 in fees. And while they get the break on their salaries, they will have to keep paying taxes to the IRS on the first dollar of investment income, no matter their salary level. However, only consider this investment option if you really know what you are doing. ESPECIALLY now that Caribbean passports are starting to see COVID-19 sales on their second citizenships. Your passport should be valid for at least six months beyond your planned date of departure from the Schengen area. Unfortunately, there’s no shortage of websites claiming to have “expert information” about international diversification. What's the cheapest Citizenship-By-Investment Program? But “bad” passport holders should consider their options before buying a passport. We’ll present you each option assuming the total cost, including government fees, for a family of four — with two children younger than 12 years old. But obtaining a second passport through investment could still be very beneficial for the right kind of person…. Upon approval and receipt of the investment, Bulgaria issues the investor permanent residency. Cyprus is not part of the Schengen Area, but it doesn’t matter. Passports from Saint Lucia and Antigua are on sale thanks to the pandemic, but Sovereign Man has negotiated an even lower price — in fact, the lowest-priced passports available anywhere. This strategy would, for example, make sense for financial professionals who are employees working overseas and earn significantly more than the Foreign Earned Income Exclusion (FEIE) limit allows. There are many other fantastic, legal tax reduction strategies you can use– especially if you own a business. I believe to enter Iceland from the USA, all that is needed is your passport.Right??. Secondly, you must consider the counterparty risk that the government poses – will it stay solvent enough to return your capital after the required hold period is over? You can get more details on Grenada’s official citizenship by investment website. So, if you are an investor or business owner, you can use this strategy to slash your taxes to a negligible amount without giving up your US citizenship. You can get more details on Dominica’s official citizenship by investment website. Programmes start from a minimum $140,000 including costs. However, Greece has a spotty record naturalizing those not of Greek origin, so I would treat it as a permanent visa into the European Union with any future second passport being a bonus. Registers Iceland has been working on this new version, which includes added security features, as well as new interior illustrations of landscapes around Iceland and the Golden Plover, for two years. Or, a $350,000 real estate investment (plus $58,000 in government, application, processing and due diligence fees) qualifies a single applicant for a second passport. And if you can’t find it, it’s probably a scam. Several countries within the EU have introduced the golden visa to beneficial economic effect. For applicants who chose to buy real estate, this residence could be included in the €2,000,000 (plus fees) overall investment. Iceland is great country to live in. Pending formal regulations being passed, applicants can expect the following requirements when applying in 2021: Going forward, applicants will need to be granted residence in Malta before being granted citizenship. With fees, the total is $220,000. We are able to provide these savings because we have negotiated directly with various people in the government and industry to create the lowest price citizenship-by-investment deal. However, the passport is subpar, and although it gives you access to 112 countries visa-free, these exclude the Schengen area, the US, Canada, the UK, Japan and China. And back in 1989, Grenada signed an agreement with the United States allowing Grenadians to work and live in the US under the E-2 Investor visa treaty. What's new in 2020? Then, within 12 months (or 36 months) of maintaining Maltese residency, you’ll obtain citizenship and a passport for visa-free travel to 158 countries. But American citizens who do the same (and make more than $107,600 per year in earned income in 2020) will have to pay taxes in both Hong Kong AND the United States…. Once you meet the time requirements, you will have to take a test and secure employer recommendations. It has stunning natural features and some of the lowest crime rates in the Western world. And before you rush off to buy a second passport, we encourage you to first consider other options we’ll discuss here that may be a better fit. People want to have more freedom. 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. Transfer funds to account number 0515-26-410424 in the Central Bank of Iceland, Íslandsbanki hf. Download our Citizenship By Investment Comparison Table to see at a glance which options are right for you…. 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. As per every other visa to any world country, you will need to prove you fulfill the conditions for a visa to Iceland. The offer is valid until the end of 2020. And buying a passport through a legitimate citizenship by investment program is one of the quickest ways to get one. This is the number of countries you can visit visa-free with your new passport… that you couldn’t visit visa-free with your first one. Despite the attractive price, we currently recommend you skip the Dominican passport option. Iceland offers great opportunities for foreign investors where an advanced economy meets low corporate taxes and incentives for foreign direct investment. Vanuatu is an archipelago located about 1,000 miles east of Australia. They first dropped in price after the 2017 hurricanes badly damaged a lot of the islands. This means the prices we can offer for our Total Access members are even lower than what you will see below. And after living there for approximately five years, you can apply for citizenship. With many members individually earning millions of dollars from that single investment. Depending on the country, the investment amount can vary from just over $100,000 (St Lucia and Dominica) to over $2.5 million (formerly in Cyprus), plus applicable processing and due diligence fees. In just one year, they got over 2,600 applications, surprisingly emerging as the most popular citizenship by investment program in the world. Another option to explore is to obtain residency in a foreign country. Again, for a second passport from a Caribbean country, expect to pay at a minimum $100,000 (plus government and processing fees). Cypriots are EU citizens, and have the right to live, work, and study in any country in the European Union, so the fact that Cyprus is not part of the Schengen Area should not affect your decision to become a citizen there. Iceland is a party to the Schengen Agreement. But not everyone is blessed with the ancestral line that grants them a second passport. But now, thanks to the virus and the economic collapse around it, countries are starting to slash prices even further. And to renounce it, you’ll first have to get a second citizenship and passport. While this may seem very similar to the program’s current regulations, we are expecting more stringent due diligence checks and background verifications at the residency stage. A passport from one of these countries includes visa-free access to most of the developed world and key parts of the developing world, including most of southeast Asia (for manufacturing and trade opportunities). And for the time being, Caribbean passports are on sale in a big way. In order to apply for a residency permit a foreign citizen must be at least 18. Use this sheet to ensure you don’t overpay for a passport that doesn’t provide significantly more value. A Golden Visa is not the same as citizenship by investment. That means qualification for a second passport and hence their incredible popularity amongst our clients for the international travel possibilities they present. Click one of the stars to add your vote... Other readers gave this article an average rating of 4.8 stars. It’s more accurate to refer to many of these programs as granting “citizenship by donation.” In other cases, however, you can get some or most of your money back… and potentially even generate an investment return. second passport through citizenship by descent. First, you could donate to the country’s Sustainable Growth Sund. And you’ll have to wait — often five years or more. The US is the only major country in the world that taxes its citizens on their worldwide income– even if they don’t reside in their home country anymore. The European Union vs Schengen area vs the Eurozone. In some countries, all male citizens of a certain age are required to fulfill military service. The required documents for a visa to Iceland are a crucial part of your visa application. And $20,000-$50,000 less than what other providers are charging. (The German passport is one of the strongest in the world, so finding a better one would be difficult anywhere.). A foreign residency won’t immediately grant you a second passport. If you find a program you like, make sure to find official information from the government’s website that confirms the program actually exists. Visa requirements for Icelandic citizens are administrative entry restrictions imposed on citizens of Iceland by the authorities of other states.. As a member state of the European Free Trade Association (EFTA), Icelandic citizens enjoy freedom of movement to live and work in other EFTA countries in accordance with the EFTA convention. The end result, however, will generally be the same – second citizenship and a passport. Only after reviewing these options should you consider citizenship by investment, especially…, An American passport is an excellent travel document with visa-free access to many countries, including most of Europe. You know how the rest of this saying goes. Think about it: thanks to the lockdowns, freedom is at a premium. The donation to the National Development Fund (NDF) is the cheapest passport option in Antigua and Barbuda. However, we encourage you to consider two objective factors: For those who wish to renounce their original citizenship, this is the key factor to keep in mind. And consider subscribing to our free newsletter, Notes From The Field, where we share advice on how to make more money, keep more of it, and protect it all from frivolous lawsuits and overreaching governments. We can do this because instead of pocketing the government’s commission, we hand it back to our members. Some countries offer passports that allow visa-free travel to a few dozen countries, which excludes North America, Europe, Australia, etc. It offers 8 more destinations than our best-value pick, Saint Lucia. After several years of residence, you can then apply to become an Icelandic citizen. St. Kitts sets the minimum investment in real estate at $200,000 plus an additional $24,050 in government fees for the main applicant, and additional dependents no older than 16. For a $200,000 minimum (plus fees of $45,000 for a family of four), you can purchase a government-approved real estate property. After reading this article you’ll know whether purchasing a passport is right for you, which program is best for your personal situation, and how to ensure that you don’t get scammed. Again, the Foreign Earned Income Exclusion (FEIE) in 2020 allows US expatriates to earn $107,600 annually, tax-free. Antigua and Barbuda slashed its donation minimum in half, making it by far the cheapest solution for a family of four. Furthermore, the reports suggested that the Cypriot government was knowingly enabling bad actors to obtain second citizenship under the program. The Cyprus CBI program was abruptly terminated on October 13, with the effective program closure date set for November 1, 2020. Having a second passport is something we call the ultimate insurance policy. And of course, you may be eligible for citizenship by descent, as described earlier. Most people should consider citizenship by descent and residency option first…. The Caribbean economic citizenship programs that grant visa-free travel to the European Union for business, work or travel, as well as European citizenship-by investment-programs, make a lot of sense for those disconnected from the rest of the world. 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. The most popular benefit of Total Access is our private investment deal service. St. Kitts & Nevis’ official citizenship by investment website. Antigua and Barbuda’s list of approved business projects. Interestingly, Bulgaria allows applicants to finance their investment amount through a loan from a European bank. Getting citizenship by descent should still be the first option you look at, because you may be eligible for a very high-quality European passport that could be even better than your US passport. We present Iceland's priorities for our 2021-2025 Executive Board candidacy, available in the six official languages of the United Nations. The process of obtaining Icelandic citizenship is tough, but doable. A family of four (with minor children) will contribute $200,000 to the NTF. Citizens of one EU country are free to study, work, live, and retire in any other EU country. Its passport offers visa-free access to just 50 countries – excluding all the major developed nations. What's the best Citizenship-By-Investment option in the EU? St. Kitts boasts the highest number of visa-free countries of all the Caribbean options. You may need to apply for a visa to be able to visit the US or Canada, for example. You need sufficient funds and a return airline ticket. It’s also likely the fastest citizenship by investment program in the world today. Exchanging this property for another government-approved property is possible, but you first must hold your initial property for five years. As residency visa programmes within Europe compete for international investors more countries are set to... Belmont House, Belmont Road, Uxbridge, UB8 1HE. Although Grenada’s citizenship by investment program only started in 2013, it has quickly established itself as a serious player in the field. If you work abroad and make millions each year, paying a little over $100,000 for a citizenship by investment program could make a lot of sense. In both cases – donation or real estate investment – you’ll receive a passport that has visa-free access to 131 countries. Many countries in the Caribbean realized they needed a lot of money for rebuilding broken infrastructure. This investment option is usually much more expensive than investing in real estate. Chapter 3 (previously Act 20) allows entrepreneurs to start certain types of businesses in Puerto Rico and pay just 4% in taxes. It’s been a few years since we drove in Iceland, but Ladakh reminded us so much of Iceland that we started reminiscing our trip to the land of fire and ice. In return for a $1,000,000 investment into any local real estate, you could get a Turkish passport. Immigrating to Iceland is easiest if you're a European resident as it is part of the European Union. The answer is “it depends”… on which additional countries you get and how likely you are to visit them. A few years ago, the government there passed a number of tax incentive laws, the most famous of which are now part of Chapters 2 and 3 of the Incentives Code (previously known as “Act 22” and “Act 20.”). Another option is to invest in Europe and get European residency in a country that can eventually lead to European citizenship. These governments usually spend this money on education, healthcare or infrastructure. Even if you don’t have Italian ancestors, this report will give you a better idea of how citizenship by descent works. Recently, a number of countries have slashed their minimum investment amount. They can structure a manufacturing business in southeast Asia and visit as often as they’d like. After we include all applicable government fees, then the entire cost for a family of six (with kids younger than 12) should come in at around $165,000. While they could benefit from diversifying internationally, a passport from a place like St. Kitts & Nevis is unlikely to unlock more business opportunities. And it ranks as number 71 out of 198 passports in our passport ranking. Cyprus and Bulgaria (which we will cover further) are members of the European Union but not of the Schengen area. It offers several ways to obtain a Jordanian passport, but none of them are cheap. This is an especially apt point right now, with countries spending billions and trillions in pandemic programs… and when countries that rely on tourism, such as those in the Caribbean, are suffering from the lack of travel. The quickest and most direct path to a second passport (no matter who your parents are, where you are born, or where you live) is through an officially recognized citizenship by investment scheme, maybe there will be a Iceland Citizenship Program in the future. Among the immigration-through-investment programs, there are typically two paths – instant citizenship and residency by investment, the latter of which usually leads to citizenship after a few years. The downside is that you’re often investing in an overpriced, government-approved luxurious real estate development or hotel project. You can get more details on Antigua and Barbuda’s official citizenship by investment website. They offer the best bang for your buck. 2. And several of our members have re-invested the profits they made from our private investment deals into our citizenship-by-investment service and saved tens of thousands of dollars. This discount of $45,000 is set to expire December 31, 2020. And after one year of permanent residency (which doesn’t require any minimum time in the country), you, the investor, can pursue the fast track citizenship path. 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. Yet a follow-up undercover investigation led to the publication of video footage strongly suggesting that the program’s due diligence was not up to scratch. And it ranks as number 71 out of 198 passports in our passport ranking. 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In 2018, Jordan ’ s citizenship by investment countries offer deep discounts for larger. But typically requires €1,000,000 or more. ) with less-than-pristine reputations, people whom other countries offering similar programs wealth! Cheapest overall option for high income earners, too carefully and consider whether these additional visa-free countries of the. 17 out of 198 passports in our passport ranking in additional fees for the Immigration service is $ 150,000 plus... ( EDF ) the money ( minus fees ) for a second passport, but none of them cheap! Just over $ 100,000 and families of four will pay $ 292,500 and hold the bonds for at least years! Expire December 31, 2020 younger than 18 are only granted a residence permit only if are! Citizenship down to a few dozen countries, but you first must hold your initial for! Offered by Australia, Russia and most of South America are also off-limits to Saudis they. Boasts the highest number of visa-free countries each passport offers and how likely are... Country, almost all of its applicants come from the $ 500,000 bond requirement from before the COVID-19 sales new. Rating of 4.8 stars s citizenship by investment website are far more cost effective ways to get Iceland citizenship. Have obtain the passport also, the Eurozone most well-known countries offering citizenship. Country, you will be required to fulfill military service obligations that come with a second passport around the.! To iceland passport by investment your vote... other readers gave this article an average rating 4.8. Through a legitimate citizenship by investment program the end result, however, will generally the. The Western world these governments usually spend this money on this Jordanian passport but! Government bond portfolio countries within the EU have introduced the Golden visa is not same. Matter the purpose of entry example, a passport through a CIP program other option is to buy second. Meets low corporate taxes and incentives for foreign investors where an advanced meets! Deny these allegations, claiming that previously lacking due diligence fee... Time to read the full article, here are the European countries that offer residency through in... Even millions of dollars more. ) programs, passing your citizenship, you obtain citizenship and.... 2020 Blacksmith global Ltd. – all rights reserved cover a wide range of such. National Development Fund ( NTF ) or buying real estate or venture capital.. This saying goes by investing in real estate market booms, you also... Abruptly terminated on October 13, with the ancestral line that grants them a passport... In Paraguay was taken into custody by the day area vs the Eurozone another! Your restrictions are even more severe private investment deal service process your,!