As a frequent traveler, having a second passport will come in handy. It will serve as an additional legal travel document that can give you quick and easy access to popular business and holiday destinations.
Additionally, by having dual citizenship, you will have access to more investment opportunities and the other benefits and services provided by the awarding country.
However, not all passports are the same. Some are more powerful and have added benefits that you may find extremely useful and valuable.
Some passports are easier, faster, and more affordable to obtain as well. Because of these reasons, it is vital that you do your homework before you choose which country to obtain your second citizenship.
To help you narrow down your list of prospective countries to get your second passport from, consider these factors in your final decision:
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The process
When applying for a second passport, certain countries have easier and faster routes. An excellent way to narrow down your options is to study the application processes of the nations that offer the best dual citizenship programs.
The Antigua and Barbuda passport application process, for instance, is quite straightforward. You have three options to choose from to gain dual citizenship.
These options are:
- Donating at least US$ 100,000 to the government
- Buying a government-approved real estate property worth at least US$ 200,000
- Investing in a government-approved business with a minimum amount of US$ 400,000
Once your application is approved in principle and you have paid any remaining fees, you will get your second passport from Antigua and Barbuda.
As a benefit of getting an Antigua and Barbuda passport, you will be able to reside in the country legally. If you choose to invest in real estate or a business in Antigua and Barbuda, you will have a potential additional source of income as well.
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Your purpose
Before applying for your second passport, you need to identify the reasons why you need one.
If you need another passport for ease of overseas travel, you have to choose one of the most powerful passports in the world. By doing so, you will be able to enter more countries without needing a visa or applying for one before your trip. This will save you a lot of time and money.
In case you are applying for dual citizenship because you have plans of settling in another country to retire or start your own business, you need to consider other key factors that will impact your way of living.
These include each prospective country’s:
- Business environment
- Climate
- Language
- Facilities and services (health, educational, social services, etc.)
- Quality of living
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Processing time
The faster you can get your second passport, the quicker you can take advantage of the benefits. As such, before applying, you will do well to check the typical processing time and requirements you need to submit.
The processing time depends on the country offering the dual citizenship program. Caribbean countries have the shortest waiting periods; most countries in this region can issue a passport within four to six months.
European dual citizenship programs, on the other hand, have longer processing times, which can take six to twelve months.
Your ability to meet all requirements and submit the necessary documents will also help expedite the whole process.
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Your budget
Regardless of the second citizenship program you choose, you have to be ready to shell out a substantial amount of money. Because of this, you need to ensure your finances will see you through the whole process and all the investments you have to make.
Additionally, you have to be sure that you can live comfortably once you reside in your chosen country. This means that you should have enough money to sustain your living expenses until your business becomes profitable or you start getting your pension.
The upside is that if you choose to invest in real estate or business to acquire second citizenship, you can recoup your initial outlay and even receive satisfactory, long-term profit.
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Your family
Finally, if you have a family, you need to consider them in your decision as well. By selecting the right program, your dependents can apply at the same time as you for their second passport.
There are also provisions that will allow you to add your other dependents within a specified number of years upon getting your citizenship.
When your dependents apply, you will need to pay for additional application fees. You may also be asked to make another investment to support their application.
The program and cost implications of including dependents in your application will be different. It is, therefore, crucial that you know beforehand whom you will include in your application. Find out if they will be permitted to apply and how much additional investment you will have to make.
In seriously considering acquiring a second passport, be sure to keep the above points in mind to ensure you get the most benefits (in the long term) from the time, effort and money you will invest into it.