Most investors consider the price of a second passport when purchasing second citizenship. Even though the investments in the countries that provide this type of service are quite significant, some countries offer citizenship at reasonable prices. For instance, St. Kitts and Nevis have the oldest CBI program in the world and a requirement for at least $150,000 in investments.
According to Insider’s research of the cheapest countries to buy a second passport or residency, ten countries satisfy the requirements of business investors for investing in a foreign country.
Eligible foreign investors can buy a passport in more than 30 countries in the world. These countries provide national citizenship in exchange for an investment in the local economy. Check out the countries below to learn more about dual citizenship.
Dominica’s citizenship by investment program allows investors to purchase a second passport for a minimum of $100,000. The program was launched in 1993, and investors can include close family members in the application process.
It’s one of the cheapest citizenship by investment programs in the world. There are several ways to qualify for Dominica’s passport:
- A purchase of at least $200,000 in real estate approved by the government;
- A minimum of $100,000 investment in the Economic Development Fund;
Dominica’s passport allows visa-free traveling to 145 countries, including Hong Kong, the UK, Singapore, and the Schengen Area. it’s also convenient for those investors who’d like to obtain a 10-year B-1 or B-2 visa to the USA and spend up to 180 days in the country.
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St. Lucia is a paradise on Earth and one of the cheapest countries in the world to obtain dual citizenship. It’s a volcanic island in the eastern Caribbean
It offers four different investment options:
- At least $100,000 in the National Economic Fund;
- At least $300,000 investment in real estate;
- A minimum of $3.5 million in an enterprise project;
- Minimum of $500,000 in government bonds;
St. Kitts and Nevis
St. Kitts and Nevis fosters the oldest and most affordable Citizenship by Investment Programs in the world. It was the first country worldwide that offered citizenship to foreign investors for a particular investment. The purpose of this program was to encourage migration and boost the local economy’s funds.
It’s also one of the most popular and cheapest CBI programs in the world and comes with a vast majority of benefits. This includes tax optimization, traveling to more than 150 countries in the world without a visa, or with a visa on arrival, and it’s a crypto tax haven.
The investment options include:
- Minimum of $400,000 investment in private homes;
- A $150,000 investment in the Sustainable Growth Fund; or if the applicant has co-dependents in the application process, the sum would be $175,000 for a family of four;
- Minimum of $200,000 in government-approved real estate – the investors can resell the property after seven years;
- Minimum of $400,000 in government-approved real estate – the investors must keep the property for at least five years;
This Caribbean country is also a haven for crypto investors since the cryptocurrency earnings are not taxed. There are also Bitcoin ATMs throughout the area.
Latvia offers a golden visa for a minimum of 60,000 euros. Various investment options are available to investors; however, since January 2022, the real estate investment option was suspended.
The investment options include:
- At least 50,000 euros in the equity capital of a Latvian company and additional 10,000 euros to the state budget;
- Investment of at least 280,000 in the subordinated capital of a Latvian bank for at least five years;
- At least 250,000 euros in interest-free bonds and additional 38,000 euros in the state budget;
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Panama is positioned between South and Central America, being the global center for international banking. It’s the backbone of seaborne trade due to the Panama Canal connecting the Pacific and Atlantic Oceans.
Panama requires at least a $40,000 investment from investors to obtain dual citizenship and enjoy their benefits.
It offers several visa investment options:
- At least $500,000 in the stock exchange;
- Purchasing real estate of a minimum of $300,000;
- A fixed-term bank deposit of $750,000;
The processing time is 30 days for the qualified investor route and up to six months for the Friendly Nations and Forestry Investor routes.
Obtaining second citizenship might not be as cheap as you’d expect. However, it’s a lifetime investment that will grant you a lot of benefits. If you want to learn more about the requirements, the passport application process, or the investment options in-depth, make sure you reach out to an authorized agency and get the latest news.