It might seem excessive or greedy – why does anyone need two passports? However, there are a slew of benefits that await those with the financial means and patience to apply for a second citizenship. While it doesn’t always have to be a pricey or tedious affair, it is the aim of the wealthy to obtain more than one citizenship. If not to flaunt their wealth with holiday homes outside of their primary country, it is to provide themselves with greater choice and freedom, which brings us to the first point:
It provides freedom
And not just the freedom to travel visa-free, but also the freedom to invest in foreign real estate that was not an option previously. You can bank offshore, and reside in a different country for unlimited amounts of time. However, many of the wealthy in China have opted for Carribean passports or try to aim for an European one, as Chinese passports are extremely restrictive. Having one in either one of the latter countries will allow them to travel much freely. Surprisingly, there has been a massive drop in interest over the American passport. While it remains desirable to many, Americans themselves are forfeiting their American citizenship due to the amount of paperwork in taxes.
Your children will be able to reap the benefits
Having a second residency is not only beneficial to you, but it can span over multiple generations. Those with European descent who are living abroad are welcomed to citizenship in the land they can trace their lineage back to, so if you had a great-grandfather who is Italian, you might want to obtain the proper documents and retrieve your birthright: an EU passport. However, if you do not have a drop of European blood, you can still obtain a second residency quite easily. The cheapest citizenship to buy doesn’t actually cost you money and is found in one of the football nations of Europe. If you can prove that you earn 1,200 Euros per month, you qualify to apply for a residency in Portugal. There are investment options for those with much more to spend in Greece, Cyprus, Latvia, Malta, Montenegro and Spain. By purchasing a piece of land, you will receive a passport along with it.
Retirement plans for the rich
Having a second passport will, as previously mentioned, allow you to stay in a country for an indefinite amount of time. This is especially attractive to those who do not plan to retire in their current country and look towards exotic locations such as Fiji ($125,000 investment for residency) or Dominica ($200,000 investment for residency) – one of the more popular choices as a Dominican passport will give the holder visa-free travel to over 100 countries. The Bahamas is another popular choice, with the price of residency standing at $500,000 firm. The half a million price tag is shared by America and Mauritius. But those three countries are not the most expensive: the most expensive passport belongs to Cyprus, which requires a $2.4 million investment, followed by Italy at $1.2 million.