When it comes to traveling abroad, one of the essential documents you need is a passport. A passport is an official document that identifies you as a citizen of a particular country and allows you to travel internationally. And obtaining citizenship in another country can provide a variety of benefits, from better access to education and healthcare to increased global mobility. 5,000 people get a second passport every year — 30% of all dollar millionaires in the world.
One popular way to obtain citizenship is through investment in the country’s economy. However, the cost of obtaining a passport can vary significantly from country to country. In this article, we will explore the top 10 cheapest passports to buy.
Dominica
Located in the Caribbean, Dominica offers the cheapest second citizenship passport in the world. For a minimum investment of $100,000 USD in an approved real estate development or $200,000 USD in a government fund, investors and their families can obtain citizenship in Dominica. This investment must be held for at least three years. The country also has no income or wealth tax, making it an attractive destination for investors.
St. Lucia
Another Caribbean country, St. Lucia offers citizenship by investment for a minimum investment of $100,000 USD in an approved real estate development or $250,000 USD in a government fund. This investment must be held for at least five years. Investors can also choose to donate $500,000 USD to the country’s National Economic Fund.
Turkey
Turkey offers a fast-track citizenship program for investors who purchase property in the country. For a minimum investment of $250,000 USD in Turkish real estate, investors and their families can obtain Turkish citizenship within six months. The country also has a favorable tax regime, with no tax on foreign-sourced income for the first five years.
Grenada
Citizenship by investment in Grenada requires a minimum investment of $150,000 USD in an approved real estate development or $200,000 USD in a government fund. The investment must be held for at least three years. Grenada also has visa-free access to over 140 countries, including China and the UK.
Montenegro
Montenegro, located in southeastern Europe, offers a cheap second passport program for a minimum investment of €250,000 EUR in an approved real estate development in the country’s undeveloped areas. The investment must be held for at least five years. Montenegro also has a low corporate tax rate of 9%, making it an attractive destination for businesses.
Vanuatu
Vanuatu, a Pacific island nation, offers citizenship by investment for a minimum donation of $130,000 USD to the country’s Development Support Program. Investors can also choose to invest $250,000 USD in real estate or $400,000 USD in a local business. Vanuatu also has no income or wealth tax.
Malta
Malta, an island country in the Mediterranean, offers one of the most affordable government programs for a minimum investment of €900,000 EUR in government bonds or €700,000 EUR in real estate. Investors must also make a contribution of €10,000 EUR to a local charity. Malta is a member of the European Union, allowing its citizens to travel and work freely in any EU country.
Cyprus
Cyprus offers the cheapest second citizenship passport for a minimum investment of €2 million EUR in real estate, businesses, or government bonds. The investment must be held for at least three years. Cyprus also has a favorable tax regime, with no inheritance tax or withholding tax on dividends. One of the advantages of Cyprus’ CBI program is that it offers fast-track processing, with citizenship being granted within six months of the application being submitted. In addition, Cyprus offers visa-free travel to 173 countries, including the EU, the United States, and Canada.
Greece
The program requires a minimum investment of €400,000 in real estate in Greece, which must be held for a minimum of five years. In addition to the investment, applicants must also pass a background check and meet certain language requirements. One of the unique features of Greece’s CBI program is that it allows for co-investment, meaning that multiple investors can combine their investments to reach the minimum investment threshold.
How to Get the Cheapest Second Passport?
It is important to note that each country has different requirements and regulations for obtaining citizenship by investment. It is advisable to consult with a reputable immigration lawyer or consultant before making any investment decisions. Additionally, obtaining citizenship by investment does not guarantee automatic approval for visas or entry into other countries.
These top 10 countries to get the cheapest second citizenship passport offer a range of options for those looking to obtain a second passport. From Caribbean nations to European countries and Turkey, investors can choose a program that best fits their needs and budget. However, it is crucial to conduct thorough research and seek professional advice before making any investment decisions.