Citizenship by investment – the second passport opportunity
There are many good reasons to consider obtaining a second passport. The international markets offer several citizenship-by-investment programs, available for wealthy foreigners from nearly each and any origin. They base on a capital contribution to the government or a substantial property investment in a foreign country, combined with a fast-tracked application process to grant citizenship or at least permanent residence.
The advantages of an additional passport are plentiful. Above others, it facilitates, as the case may be, visa-free traveling, land acquisitions, business activities and bank account openings. Besides, a second citizenship provides a secure place to escape in case things go south in the home country.
Different jurisdictions have different requirements and offer different opportunities. Nationality, age, income situation, education, police records, language skills and health certificates are just some of the requirements. Duration of the application process, residency requirements and the inclusion of spouse, children, and parents in the benefits are other criteria.
Second passport and economic citizenship programs are aggressively marketed by passport agents and local authorities. Risks and disadvantages are regularly concealed. Whether the requested investment amount covers hidden payments is often questionable and the agent may just share the money with a greedy passport officer instead of starting the official application procedure.
PUGNATORIUS advises and assists international individuals as the independent and experienced advisor through the whole process. This covers, above all,
- the selection of the best location for the second home residence,
- the monitoring of the whole application preparation and process as pretended by the passport agent,
- illustration of concealed options and cost reduction opportunities,
- cross-border and local tax implications and tax planning opportunities, as well as
advice on reasonable proceedings concerning the governmental authorities and revenue department in the home country.
The acquisition of a second passport is a crucial project which needs independent advice. Interested parties may ask PUGNATORIUS for a specific consulting and support agreement.