The Shrinking World of Second Passports
We just learned from our sources on the ground that Panama is not granting US citizens second passports after those people have fulfilled the residency requirement. Is this the beginning of something new trend? Will other Americans be denied second passports wherever the US has a cozy relationship with the issuing government?
Many countries like Panama have residency requirements which take 5 years to get a passport. The problem is, as many US citizens have recently found out the hard way, anything can happen during those years leading up to passport eligibility. The solution, an expedited passport.
If there was ever was a need for another citizenship and passport, it is now. The idea that US citizens need to become a citizen of some other country simply to invest or bank abroad is unbelievable, and yet that is exactly where we are at the moment. In addition, matters will only get worse. The financially stressed US government will chase money and revenue from wherever it can.
The goal of FATCA is to identify US citizens with undeclared assets hidden in overseas bank accounts. In terms of banking or investing abroad, it is the bank or financial institution turning US clients away - not because it would be illegal in that jurisdiction to open an account for a foreigner (or American specifically) but rather to avoid any hassle or aggravation in dealing with the US government. The result is to get another citizenship and passport, or as the banks are increasing stating, "take your funds elsewhere."
Now that you understand some of 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.
The least expensive option is to obtain citizenship and a second passport from the Dominican Republic. There are numerous promoters and facilitators which offer this service, but only one can procure citizenship and passport in 6 months. For a total cost of $25,000 and the required documentation, plus three trips into the country, you can be a citizen with passport in 6 months. Please contact us below if you would like to learn more about this program.
Under Dominica's (not the Dominican Republic) program, you may acquire citizenship and passport in return for a cash contribution in 2 months. 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. It will take about 3 months. Alternatively, you may purchase qualifying property worth a minimum of $395,000. 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.
With a second citizenship and passport you can potentially structure your life to pay near zero in taxes, divorce your government (expatriate) if you desire, or at the least have some semblance of financial privacy. The sooner you start the process, the sooner you'll receive citizenship. Please contact us below to obtain the Dominican Republic citizenship and passport.
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