How Much Should You Spend on Second Citizenship?
How much should you spend on second citizenship: how much should it really cost you, and what will you get for your money?
What if you spent hundreds of thousands of dollars when you didn’t need to?
Second citizenship by investment represents an amazing opportunity to explore new countries and access a range of travel benefits. However, most of the people interested in this process have no idea how much it should cost.
With our guide you can enjoy second citizenship by investment without ever spending too much for the privilege.
What Is Second Citizenship?
Our guide will make sure you get the dual citizenship you need without spending too much. First, though, we need to define what second citizenship actually is.
As the name implies, someone with multiple citizenships is a citizen of multiple nations. This is typically referred to as “dual citizenship” or “second citizenship,” though you could be a citizen of more than two countries if you wanted.
However, pursuing dual citizenship through traditional means can be a long and frustrating process. And most people going through it have a simple question: “is it possible to speed things up?”
Thanks to second citizenship by investment, the answer is “yes.”
How Does Second Citizenship By Investment Work?
In most other countries, you can establish citizenship by living there for at least five years. If you do not want to wait (or cannot wait) that long, though, it’s possible to speed up the process by making a significant investment in that country.
Different countries have different rules and methods for establishing citizenship by investment. Some of them require you to make donations to the government whereas others require that you invest in real estate. And some countries may require a little bit of both.
After making the investment and completing the paperwork, you become a full citizen of that country. And this grants you many benefits without any real downside besides the cost of the investment.
Will This Affect My U.S. Citizenship?
Becoming a citizen of a foreign nation is a romantic idea that plenty of people have had since they were young. As adults, though, you may be held back by an important question: how is this going to affect your United States Citizenship?
The short answer is that it won’t really affect your U.S. citizenship in any significant way. Current U.S. laws do not place any restrictions on pursuing citizenship in other countries. That means you can become a citizen of another nation without risking your American citizenship.
Current U.S. laws do not place any restrictions on pursuing citizenship in other countries.
Keep in mind that being a citizen of multiple countries goes “both ways.” You will now be subject to the laws of multiple countries and will be legally liable for violating any of these laws.
Even after you gain dual citizenship, though, you’ll need to hang on to that passport. It is necessary for you to leave and return to the United States.
The Benefits of Dual Citizenship
We’ve explored what dual citizenship is and how citizenship by investment works. If you’re still on the fence, though, you probably need to know more about the benefits. Why do people pursue second citizenship to begin with?
The most obvious benefit is enhanced travel access. A dual citizenship allows you to travel to more places than a passport (basically, you can travel to any countries that allow travelers from your new country). And those travel benefits are more important than ever with the increasing decline of the passport.
On a related note, many affluent people like the idea of having a permanent home in their favorite countries. Why limit yourself to a season in somewhere like the Caribbean when you can spend as much time there as you want?
Finally, many enjoy dual citizenship because it gives them a safe place to live at virtually anytime. If they worry about political, cultural, and socioeconomic instabilities in the United States, being able to live somewhere far away can provide great peace of mind.
How Much Should It Cost?
All of that brings us to the big question: how much should you pay for dual citizenship? The honest answer is that it depends on the country. And that is because each country that offers citizenship by investment establishes their own minimum investment amounts.
The nation of St. Kitt’s and Nevis, for example, lets you live in an island paradise for a minimum of $195.000. The real estate investment minimum for this nation is similar, clocking in at $200,000. These amounts allow you to establish citizenship for up to 4 people.
St. Lucia, meanwhile, allows couples to purchase citizenship for $165,000. The amount for a family of four is higher, coming in at $190,000.
In Antigua and Barbuda, you can purchase citizenship for up to 6 people for $185,000. If you want to be a citizen of Grenada, you can do so by making a $150,000 donation to their National Transformation Fund or buying at least $350,000 of real estate as approved by the country.
Some second citizenships are much pricier. It takes a little over a million dollars in investments to become a citizen of Malta, and about $2.5 million to become a citizen of Cyprus.
Becoming a citizen of New Zealand costs about $2 million. And to become a citizen of Austria, you’ll need to pay a whopping $3.5 million!
Getting Professional Assistance
As you can tell, second citizenship by investment is a very complex topic. And while having dual citizenship is very rewarding, it can be very difficult to take care of everything on your own.
That’s why it’s worth your time to seek out professional assistance. Citizenship specialists can help you obtain the passports and dual citizenship that you’ve been dreaming of.
Such specialists can take care of the most complex paperwork. And as an added bonus, they can help make sure that you don’t pay too much money for your citizenship by investment.
So How Much Should You Spend on Second Citizenship?
Now you know all about second citizenship by investment. But do you know who can help make your citizenship dreams come true?
We specialize in helping people just like you claim the freedom they deserve. To see how we can help you obtain dual citizenship, contact us today!