Cheapest Countries to Get a Second Passport
Cheapest Countries to Get a Second Passport
Several countries offer citizenship by investment programs, also known as Golden Visas. Citizenship programs work by allowing you to invest a specific amount of money in an approved investment fund or by purchasing real estate in a foreign country. In exchange, you can get a second passport as soon as three months, depending on the country.
However, citizenship investment schemes are usually very costly, but some countries offer more affordable programs to attract new investors.
Cheapest Countries to Get a Second Passport
The countries listed below offer one of the cheapest second passport programs worldwide:
- The Caribbean countries
- Vanuatu
- Turkey
- Malta
The Caribbean Countries
You can find the second cheapest passport in the world in the following Caribbean countries:
St. Lucia. Among the other Caribbean countries with Golden Visas, St. Lucia offers one of the cheapest investment options for the total cost— including the fees. The minimum investment for St. Lucia is USD 100,000, but if you have enough financial resources, you also have the option to invest USD 3.5 million for an enterprise project.
Antigua and Barbuda. Antigua and Barbuda’s cheapest investment option is the National Fund, with a minimum of USD 100,000. But, in comparison to St. Lucia, the processing and application fees are costly, up to USD 30,000 or more.
St. Kitts and Nevis. St. Kitts provides a citizenship program by investment slightly more costly than St. Lucia’s at a minimum of USD 150,000 in an investment fund.
Grenada. With the same amount of the minimum investment as St. Lucia— at USD 150,000— Grenada’s citizenship gets more expensive with the number of applicants you add. Not to mention the high cost of processing fees at a minimum of USD 50,000.
Vanuatu
To receive Vanuatu’s low-cost second passport, you have to invest the minimum amount of USD 130,000 in an investment fund. The donation price increases to USD 180,000 for a family of four. But, keep in mind that the investment amount does not include the processing and due diligence fees.
Turkey
If you can purchase real estate in Turkey priced at USD 250,000, you qualify for its citizenship by investment program. While Turkey’s previous investment amount was USD 1 million, now it’s become one of the most affordable second passports in Europe. Once your investment is finalized, you can receive your new passport in less than a year. After that, you will be the holder of a second European passport.
Malta
Malta’s second passport is more on the pricey side, but compared to other countries in Europe, it’s relatively cheap at USD 750,000. You can even opt for a cheaper option, an investment of USD 600,000, but this option allows you to become a citizen of Malta after three years, while the first option grants you citizenship in one year. Keep in mind that you must make both investments in a national fund.
How Can I Get Citizenship Via Investment?
To get citizenship by investment, you first need to have enough financial resources to make and hold your investment for a few years. Then you can look into how the application process works, which is different from country to country.
Most Caribbean countries will ask you to hire an approved professional agency and an approved legal representative to apply on your behalf and serve as a point of contact between you and the Citizenship by Investment Unit.
Other countries may allow you to apply on your own. In this case, you need to prepare the required documents, submit your investment application, and visit the country to receive your citizenship- if your application is approved.
Benefits of a Second Passport
One of the most incredible benefits of having a second passport is the option of traveling visa-free to more countries than you would with only one passport. But, other benefits also include the following:
The option to gain citizenship in a foreign country within months.
- Access to the EU.
- Low to no tax costs.
- The option to bring your family with you.
- The benefits of having dual citizenship
