While many people may have visited the Dominican Republic as a vacation destination, the truth is that it can also be an excellent idea as a second home or even as a second country for those seeking legal residency or even a second passport. In addition, the Dominican Republic does accept and recognize dual citizenship (as does the US as well).
If you are considering relocating to another country or if you are simply seeking out second citizenship options, the truth of the matter is that the Dominican Republic may be one of the last places that comes to mind. However, this not so small Caribbean nation (population about 8.5 Million) located just 3 and ½ hours by plane from New York and 90 minutes from Miami, with plenty of direct international flights to Europe and parts of South America, might be just the destination you have been looking for. There are of course many reasons to consider the Dominican Republic, as a second residence, retirement destination or relocation destination. However, one of the reasons that many people also seek out the Dominican Republic is the quick and uncomplicated process both for legal residency and eventual citizenship as well.
In regards to the idea of the Dominican Republic as a relocation or retirement destination, it certainly is true that the country offers some of the most affordable real estate in the entire Caribbean. This is especially true when you begin investigating the costs for apartments or homes in places such as the Bahamas, Bermuda, St. Martin, Aruba, Turks & Caicos Islands, etc. If seeking a second home close to the beach or a brand new luxury apartment in the modern capital of Santo Domingo, it is not difficult to realistically find either one in the US$120,000 range for something in the upper end real estate category. In comparison, if you have ever attempted to shop for real estate in some of the other Caribbean Islands, you will quickly realize what a bargain this is. Please see homes, condos and business for sale here: Real Estate for Sale
We offer valuable information which includes obtaining a Passport, offshore accounts and company formation
Thursday, June 23, 2011
Wednesday, June 15, 2011
The Many Benefits of a Second Passport
Passports are a relatively modern invention. Until about a century ago, entering one country didn’t generally require official proof of citizenship or nationality in another one.
The rise of nation-states, nationalism, and especially World Wars I and II made it essential for international travelers to present passports when they entered a country.
Today, governments increasingly use passports as instruments of coercion. For instance, U.S. citizens can be denied a passport simply for owing money to the IRS or in child support payments. Even U.S. citizens living abroad must pay tax on their worldwide income. If they fail to do so, the government can decline to renew their passport.
Since governments use passports to enforce coercive laws and regulations, it only makes sense for those with the means to do so to acquire a passport from another country.
Having a second passport has numerous additional benefits.
It can expand your travel possibilities. Even a citizen whose passport usually allows easy international access can find a visa denied due to travel restrictions, trade sanctions, or political disturbances. For instance, the United States forbids U.S. citizens from visiting Cuba without obtaining a “license” from the Treasury Department. No other passport carries such a restriction.
It can reduce your profile to terrorists. For instance, travel in many parts of the world using a U.S. passport can make you an instant target for criminal or terrorist groups. If you travel with a passport issued by a politically neutral country, you’ll present a much lower profile to anyone with an axe to grind against your country.
It gives you greater travel privacy. A U.S. passport is now equipped with biometric identifiers and a radio-frequency identity chip. It can potentially track you everywhere you travel. If you use your U.S. passport to visit a country not favored by U.S. authorities, you may face questioning—or worse—when you re-enter the United States. But, if you use your second passport to enter that country instead, no record exists of your visit in your U.S. passport.
It allows you to travel internationally if your primary passport is lost, stolen, or withdrawn. The first measure many governments take if you come under investigation, or become an “enemy of the state,” is to confiscate your passport. A second passport renders that sanction much less effective.
It gives you the right to reside in other countries. A passport from a member of the European Union, for instance, gives you the right to live or work in any of 27 EU countries. Another example: a passport from a member of the Caribbean Community (e.g., the Commonwealth of Dominica), gives you the right to live or work in most other CARICOM countries.
It can aid in international tax planning. For Americans, a second passport has another benefit: it is an essential prerequisite to expatriation; i.e., giving up U.S. citizenship in order to permanently disconnect from U.S. taxing authority.
A second passport, in other words, can be your key to a new world of free movement, greater flexibility, and legal tax reduction. In most cases, if you qualify for a second passport, your spouse and minor children will also qualify.
Now that you understand the benefits of a second passport, how can you acquire one?
Almost every country has a program offering citizenship or passports to individuals with a family history in that nation. In Ireland, persons with at least one Irish-born grandparent qualify for Irish citizenship and passport.
Many countries allow spouses of citizens to apply for citizenship and passport, usually after a specified period of residence. In Austria, the ordinary 10-year period of residence necessary to qualify for a passport and citizenship is reduced to six years if you’re married to an Austrian citizen.
Your religion may also be a viable route to alternative citizenship. For instance, Jews who immigrate to Israel under the “Law of Return” are entitled to Israeli citizenship and passport.
If you don’t qualify based on these factors, in most countries, you can acquire citizenship following a period of prolonged residence. Among other countries, Australia, Canada, Hong Kong, New Zealand, the United Kingdom, and the United States exchange residence rights for domestic investment. Eligibility also depends on your age, education, life skills, health, and other criteria. Your spouse and minor children can often accompany you, although in some cases they may be subject to a separate qualification process.
A handful of countries offer “instant” citizenship in return for an economic contribution. The Commonwealth of Dominica and the Federation of St. Kitts & Nevis are the only countries with an official, legally mandated, economic citizenship program.
The least expensive option is to obtain economic citizenship from Dominica. Under this country’s program, you may acquire citizenship and passport in return for a cash contribution. Total costs including all fees for a single applicant come to about $105,000. Add $25,000 if you need a passport for your spouse and up to two children under 18. Dominican passport holders can travel without a visa, or obtain a visa upon entry, to nearly 100 countries and territories. You can also live or work in most members of the Caribbean Community (CARICOM), including Antigua & Barbuda, Barbados, Belize, Grenada, Guyana, St. Kitts & Nevis, St. Lucia, St. Vincent & the Grenadines, Suriname, and Trinidad & Tobago.
In the Federation of St. Kitts & Nevis, there are two ways to obtain economic citizenship. The most practical strategy is to make a direct contribution. Total costs including all fees for a single applicant under this option come to about $225,000 or $275,000 for an applicant with up to three dependents. Alternatively, you may purchase qualifying property worth a minimum of $350,000. However, fees and taxes under this option are much higher than if you make a direct contribution. St. Kitts & Nevis passport holders can travel without a visa, or obtain a visa upon entry, to more than 130 countries, including nearly all of the 27 member countries of the European Union. You can also live or work in most CARICOM countries.
Many countries have in their citizenship laws provisions allowing the government to offer citizenship and passport to individuals who provide a significant benefit to that country. These countries do not offer “economic citizenship” as such. Rather, individuals with a genuine interest in that country and who are prepared to provide an outstanding service to it (including an investment) may be rewarded with citizenship and passport without requiring a period of prolonged residence or proof of fluency in the official language. Two countries in the European Union offer such an opportunity on an ongoing basis, with total costs starting at a minimum of $600,000. Holders of an EU passport can live and work in any of the 27 members of the European Union. In all cases, applicants must pass a strict vetting process that includes a comprehensive criminal background check.
By far the least expensive passport comes from the Dominican Republic. For about $20,000 per individual one can enter the naturalization process and become a citizen in about 30 months. You'll have residency status in 6 months. This passport has visa free travel to many countries and is a low-cost alternative.
An Internet search will reveal many companies offering to sell passports from countries that don’t legally sanctioned economic citizenship programs. In recent years, passports from Costa Rica, Nicaragua, the Dominican Republic, Ireland, Lithuania, and other countries have been offered. All these offers are either scams or involve illegally purchased or stolen documents. Securing a passport on this basis, through fraudulent misrepresentation, either directly or through an agent is clearly illegal.
Your passport could be revoked at any time and you could be subject to arrest and/or deportation.
Banker Trust can assist individuals seeking a second passport. Please contact us at BankerTrust@gmail.com
Thursday, June 9, 2011
How To Obtain A Second Passport
Many globetrotters, business people and retirees seek the benefits of a second nationality, also known as dual citizenship. Carrying a second passport opens up a world of opportunities, particularly if your existing passport limits your right to travel or do business because of government restrictions, visa requirements and so on, or - worse still - makes you a target of discrimination or even hatred abroad.
Your new passport can be a route to business in other countries, a way of improving banking secrecy... or simply an 'insurance policy' that helps you sleep better at night, knowing that the documentation is in place if you should ever need to make a move.
So-called economic citizenship programs are few and far between these days. There are only two countries in the world that still offer the chance to 'buy' a passport legally. They are St Kitts and Nevis, and the Commonwealth of Dominica. You will find an article about these programs here in earlier blogs.
For those who don't want to spend so much money but have time on their side, there is a way to obtain a similar result for just a fraction of the cost. That is through conventional naturalization - acquiring citizenship of a foreign country by developing lasting ties with that country, usually through residence or family connections. Many would argue that obtaining a second passport by naturalization is really much better than holding a passport from one of those two small nations that are known worldwide for 'selling' passports.
The logical solution is to look for countries which have the most attractive conditions for residency, and liberal naturalization/citizenship requirements. I can suggest two to start with: the Dominican Republic, and to a lesser extent the Republic of Paraguay. These two nations share three major advantages if you are seeking naturalization, or even just tax advantages:
Both of these countries allow foreigners to qualify for residence relatively easily. One or two visits to the country, common documents like your existing passport and birth certificates, a simple medical test and a fee usually suffice.
Note that here, I'm talking about residence on paper. Once you have qualified as a resident in one of these two countries, it gives you the right to live there but not the obligation to do so. This is very important to many of my clients. After all, the whole name of the game is increasing freedom, not being tied down to spending a certain number of days in a particular place. A Paraguay residence permit, once issued, is valid for life, automatically, by default.
Many countries also seek to tax you on your worldwide income, from the day you obtain your resident card. Not so with Dominican Republic or Paraguay. Dominican Republic does not tax any income earned outside the country, while Paraguay simply has no income taxes at all, period. If your original citizenship does not tax non-residents (the USA is the only country in the world that taxes its non-resident citizens) then the moment you can flash your residence card from Dominican Republic or Paraguay, you might well benefit from substantial tax advantages! Even Americans, when non-resident, qualify for a complete exemption from income taxes on their first $80,000 of earned income each year.
Both countries allow you to apply for citizenship after as little as two years. Whilst in practice Latin American bureaucracy may well drag this out to three, four or even five years, it's still a good deal. If you get your foot in the door now, those years will speed by and before you know it, you could be a citizen of Paraguay or the Dominican Republic.
Of course, there is a little more to it than that. There is some work involved. You are expected to speak a minimum of Spanish, and learn something about the history, culture and civics of the new homeland. However, in our experience the naturalization process in these two countries is significantly easier than in others, and learning a modicum of Spanish can help you in many other ways too!
Beyond that, each country has its plus and minus points that you may wish to consider, depending on your individual circumstances, interests and requirements. Paraguay benefits from visa-free travel to more countries than the Dominican Republic. The Dominican Republic is just an hour or two from the major east coast cities of the US - some clients will consider this a benefit, while for others it is a disadvantage. Remote farmland in Paraguay, and Caribbean beachfront lots in the Dominican Republic are both good investments, but will appeal to different tastes.
There are other countries in South America you may wish to consider, too. Brazil, Uruguay and Argentina are all attractive options, as are Peru and Ecuador. All these more complicated in terms of the actual process of acquiring a second citizenship.
One thing you should be aware of are the number of unwritten rules. You will need to prepare for a certain amount of uncertainty. What you read on the internet may well not always be true. You will find you get different answers depending who you ask, and indeed depending how you ask. That's where Banker Trust comes in. We can help you secure a second passport economically and efficiently.
Your new passport can be a route to business in other countries, a way of improving banking secrecy... or simply an 'insurance policy' that helps you sleep better at night, knowing that the documentation is in place if you should ever need to make a move.
So-called economic citizenship programs are few and far between these days. There are only two countries in the world that still offer the chance to 'buy' a passport legally. They are St Kitts and Nevis, and the Commonwealth of Dominica. You will find an article about these programs here in earlier blogs.
For those who don't want to spend so much money but have time on their side, there is a way to obtain a similar result for just a fraction of the cost. That is through conventional naturalization - acquiring citizenship of a foreign country by developing lasting ties with that country, usually through residence or family connections. Many would argue that obtaining a second passport by naturalization is really much better than holding a passport from one of those two small nations that are known worldwide for 'selling' passports.
The logical solution is to look for countries which have the most attractive conditions for residency, and liberal naturalization/citizenship requirements. I can suggest two to start with: the Dominican Republic, and to a lesser extent the Republic of Paraguay. These two nations share three major advantages if you are seeking naturalization, or even just tax advantages:
Both of these countries allow foreigners to qualify for residence relatively easily. One or two visits to the country, common documents like your existing passport and birth certificates, a simple medical test and a fee usually suffice.
Note that here, I'm talking about residence on paper. Once you have qualified as a resident in one of these two countries, it gives you the right to live there but not the obligation to do so. This is very important to many of my clients. After all, the whole name of the game is increasing freedom, not being tied down to spending a certain number of days in a particular place. A Paraguay residence permit, once issued, is valid for life, automatically, by default.
Many countries also seek to tax you on your worldwide income, from the day you obtain your resident card. Not so with Dominican Republic or Paraguay. Dominican Republic does not tax any income earned outside the country, while Paraguay simply has no income taxes at all, period. If your original citizenship does not tax non-residents (the USA is the only country in the world that taxes its non-resident citizens) then the moment you can flash your residence card from Dominican Republic or Paraguay, you might well benefit from substantial tax advantages! Even Americans, when non-resident, qualify for a complete exemption from income taxes on their first $80,000 of earned income each year.
Both countries allow you to apply for citizenship after as little as two years. Whilst in practice Latin American bureaucracy may well drag this out to three, four or even five years, it's still a good deal. If you get your foot in the door now, those years will speed by and before you know it, you could be a citizen of Paraguay or the Dominican Republic.
Of course, there is a little more to it than that. There is some work involved. You are expected to speak a minimum of Spanish, and learn something about the history, culture and civics of the new homeland. However, in our experience the naturalization process in these two countries is significantly easier than in others, and learning a modicum of Spanish can help you in many other ways too!
Beyond that, each country has its plus and minus points that you may wish to consider, depending on your individual circumstances, interests and requirements. Paraguay benefits from visa-free travel to more countries than the Dominican Republic. The Dominican Republic is just an hour or two from the major east coast cities of the US - some clients will consider this a benefit, while for others it is a disadvantage. Remote farmland in Paraguay, and Caribbean beachfront lots in the Dominican Republic are both good investments, but will appeal to different tastes.
There are other countries in South America you may wish to consider, too. Brazil, Uruguay and Argentina are all attractive options, as are Peru and Ecuador. All these more complicated in terms of the actual process of acquiring a second citizenship.
One thing you should be aware of are the number of unwritten rules. You will need to prepare for a certain amount of uncertainty. What you read on the internet may well not always be true. You will find you get different answers depending who you ask, and indeed depending how you ask. That's where Banker Trust comes in. We can help you secure a second passport economically and efficiently.
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