Even self-styled global citizens need a Plan B, and a second passport has become another trophy for the ultra-wealthy. For some people, a passport is a portal to the world. For others, it is a barrier to the travel freedom they seek. A second passport can be particularly helpful if your business requires frequent trips around the world and your primary passport restricts you from visa-free travel. It is also a big asset in situations where you cannot renew your primary passport in time for a planned trip, or if your home country faces political instability.
Having a second or third passport is the latest status symbol among the super-rich.
While many nations, the United States included, allow legal residents the chance to apply for citizenship after meeting certain criteria, only 10 countries permit outsiders to acquire citizenship outright. Most require payment in the form of a direct investment, typically in property or a local business.
Eight of these countries happen to be classified as offshore financial centers by the IMF. However, stability and safety, rather than tax avoidance, is what motivates most millionaires to buy a second passport. How much does citizenship cost? As the chart below shows, each country has its own minimum investment requirements.
Caribbean states offer the most competitive prices relative to other countries’ CBI programs.
Aside from cost, here are some additional that make Caribbean Citizenship-by-Investment (CBI) programs extremely attractive to would-be citizens:
- Grenada: A member of the Commonwealth of Nations, Grenada’s citizens have visa-free access to 141 countries, including China.
- St. Kitts and Nevis: Offers an expedited program where applicants can get a passport in under 60 days.
- Saint Lucia: New citizens aren’t required to live there or even visit.
- Dominica: Cheapest route to a passport is through a $100,000 contribution to the island’s Economic Diversification Fund.
- Antigua and Barbuda: Personal income tax was abolished in the country in 2016.
Here are some resources on this topic:
If you’re interested in St Lucia’s CBI program, check out Leukos Ventures for help. Leukos Ventures specializes in investment immigration to Saint Lucia. The company’s experienced consultants will guide you through each step of Saint Lucia’s CBI program and ensure that your entire application process is completed in the fastest time possible.
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