Why buying a Second Passport and what are the best countries

Why buying a Second Passport and what are the best countries 2017-05-20T18:06:12+00:00

Photo gallery: Saint Kitts and Nevis

Multiple passports can be a good option for a quick getaway. But more and more its not spies any longer that are looking for a second passport, but a growing number of High Net Worth Individuals as asset protection Instrument.

Do you want to have peace-of-mind over your life and your assets? Do you want to be sure that you and your family are safe when something goes wrong in your country? That your family and your assets are safe? Then apply for a citizenship-for-investment-program now.

Today, a person of talent and means does not need to limit his or her life and citizenship to only one country. Imagine, the political regime changes in your country and you are forced to leave in a rush. Making an active move with regard to your citizenship gives you more personal and financial freedom. And it guarantees you privacy and security. Caputo & Partners has the experience and expertise necessary to advise and assist clients with regard to these asset protection instruments.

A second passport is a really useful insurance in the event of social unrest, political riots, major lawsuit, economic collapse, etc..

The idea with a second passport is that no government should have the sole power over your life or your assets. If you are the citizen of only one country, as most people are, you are essentially at the mercy of your government. If you live in a politically or economically destabilized area, your government can decide from one day to another to take away your passport and to freeze your assets and take away your business. You cannot leave the country any longer and they can take your money on top of it. In this worst case you risk to become a political refugee without passport. You and your family will be in a position to apply for political asylum.

If they decide to jail you or confiscate your assets, youre without any help and on your own, unless youre the citizen of another country. In this case you have the possibility to travel and transfer your funds elsewhere. So owning a second passport through dual citizenship in another country is an integral part of international risk diversification and asset protection strategy. Not only can you travel visa-free into different countries, but you can also open bank accounts. A good example of how a second passport can save lives and assets is the revolution in Egypt where many rich people wanted to leave. But the only destination they could go where economical unattractive countries such as Syria, due to the origin of their passport. Many Egyptian politicians were sentenced to death because they were unable to escape to another country without a suitable passport. A second passport must be considered as an insurance policy giving peace of mind.

A second passport not only means protection of assets but also a long list of countries to go to if something goes wrong. Also dont wait until something happens before you apply for a second passport. It will be too late to qualify for the citizenship by investment program. An important point here is that those who already have a second passport before the situation turns bad dont have to wait in line. They can get out of the country safely and quickly along with their assets parked aborad.

Caputo & Partners is a global leader in citizenship planning and citizenship-for-investment programs. Our clients are wealthy individuals and families, as well as their entourage worldwide, who rely on our expertise and experience in this specialized area. We advise our clientele on the best options and programs currently available for acquiring alternative citizenship.

Caputo & Partners citizenship expert Enzo Caputo, who helps to advise clients on the best places worldwide to park their money, estimates that every year, several thousand people spend a collective USD 2 billion to add a second, or even third, passport to their collection. Don just spend your money on a new passport. Spend it on the right passport offering real protection and peace of mind.

“Just like you diversify an investment portfolio, you want to diversify your risks” he says. This option is very popular with wealthy Chinese and Russian citizens, as well as for Arab clients.

Countries with low incomes have taken notice. In the past year alone, new programs have been introduced in Antigua and Barbuda, Grenada, Malta, the Netherlands and Spain that either allow direct citizenship if you invest money or offer alternatives and guidelines to new citizenship for wealthy investors. Some of these programs include real estate investment scenarios. You dont just `pay` for you passport. You invest in real estate, which you are not allowed to sell for a certain time, and then resell it to new applicants to the citizenship-program. There are many different possibilities and scenarios.

However, concerns have been raised about transparency and safety. But for now it seems that those with a lot of money to invest are in luck. Half a dozen countries are currently offering a direct citizenship-by-investment route with no residency requirements.

This is not information that you will find on Wikipedia. In fact, there is not much correct information available on how to actually get a dual passport. The industry is full with fake people who claim that they can get you a legal passport in 30 days, as if passports are freely available for anyone.

I will show you options to acquire a second passport, where to apply for it and what you would have to invest to get a passport in order to protect your assets and have peace-of-mind. Find hereafter some of the best options to get a second passport .

Dominica

By far the cheapest deal for citizenship is on the tiny Caribbean island of Dominica. This should be your first option if you dont want to invest too much.
For an investment of USD 100,000 plus various fees, as well as a personal interview on the island, citizenship can be bought.
But be aware that the interview committee only meets once a month. This means that getting a Dominican passport can take between five to 14 months. If you need a quick passport, maybe we can provide other solutions to you.
The positive aspect here is that Dominica is a Commonwealth nation, citizens get special privileges in the UK, and citizens can also travel to 50 countries, including Switzerland, without a visa.

St Kitts and Nevis

The Caribbean islands of St Kitts and Nevis have the oldest citizenship-by-investment program (CIP) in the world, which was founded in 1984.

There are two methods to obtain citizenship. The cheapest option is a USD 250,000 non-refundable donation to the “St Kitts and Nevis Sugar Industry Diversification Foundation. The second option involves a minimum USD 400,000 investment in real estate in the country.
The program has recently been investigated by the US Treasury Department. They dont want that Iranian nationals can obtain passports and then use them to travel to the US or make investments. This would violate US sanctions. Now this program is closed to Iranians. However, Enzo Caputo, says that even if the program has its issues, “St Kitts is relatively well run – it’s in a way a model for other programs. When I was on site to accomplish my due diligence on the program I have noticed that you are even allowed to legally change your name in case of need.”
He adds that Caribbean locations are good for interim passports for “global citizens” who are looking to eventually establish themselves via investments in other “economic citizenship” programs like those in Portugal or Singapore.

Antigua and Barbuda

Antigua and Barbuda introduced its CIP program in late 2013, with similar procedures to the St Kitts model: a USD 400,000 real estate investment or a USD 200,000 donation to a state owned foundation.
In a official speech, the countries Prime Minister Baldwin Spencer said that the country have introduced CIPs because of the economic slowdown and “the virtual disappearance of traditional funding sources”.
He cited both the St Kitts example as well as the United States, which allows foreigners to obtain a green card under the EB-5 visa if they invest USD 500,000 in a company and create 10 jobs.
However, Mr Spencer also affirmed that The Antigua and Barbuda Citizenship by Investment Program is not a magic door for everyone to receive a new passport. Ask Enzo Caputo if you want additional information on how to obtain your new Antigua and Barbuda passport or any other passport from this list.

Malta

The tiny nation of Malta recently was heavily criticized when it announced new plans to allow wealthy foreigners to obtain a passport for a EUR 650,000 investment with no residency requirement. This would have made it the cheapest European Union nation to buy a citizenship.
Prime Minister Joseph Muscat estimated about 45 people would apply in the first year, resulting in EUR 30 in additional revenues.
After pressure from EU officials, Malta changed the rules. Now potential passport holders need to reside in Malta for a year and they have to invest about EUR 1.15 million.

Cyprus

Cyprus is the other EU nation to offer a direct citizenship-by-investment option.
The cost of this program however, was slashed to EUR 2 million this March. The reason behind this was to reimburse Russian investors who lost a lot of money when Cyprus was forced to accept strict EU sanctions against Russia. To give them something in return, new EU passports were issued.
Here, the conditions are not so interesting and more expensive then for the other countries. But you always have to consider that you get a EU passport in return. The EUR 2 million investment has to be part of a collective investment coming from a larger group of investors whose collective investments should total more than EUR 12.5 million. This should include an investment of EUR 5 million in real estate or banks. But Mr Caputo advises against a Cypriot investment, insisting that the program initially cost EUR 28 million, then EUR 10 million, then only EUR 5million..
“It’s a good example of how not to do it – you bring a product to market and totally misprice it and it gets cheaper every six months. It is ridiculous,” he says.
Your investment would lose in value every year. They next one can maybe get it for free.

Failed Programs

I have seen more programs fail than succeed, Caputo says. Belize passports became synonymous for illegal passports all over the world. The Belize program was therefore suspended in 2002. It is important to select passports accepted by Swiss banks for account opening.

Other examples include Ireland that closed in citizenship-for-investment program in 2001, Grenada in 2001, and Montenegro in 2010. Grenada just reopened the program last year, in 2014. Be aware of your options and dont fall for the wrong passport. Get professional advice where and how to apply to have peace-of-mind about your life and your assets.

A second passport is a really useful insurance in the event of social unrest, political turmoil, major lawsuit, economic collapse, etc. Need help with getting one?

If you need tailor-made legal advice, on how to apply for a citizenship-for-investment program, call now. Enzo Caputo, Swiss banking lawyer and ex-lawyer of UBS will assist you with all your questions and provide you with the best legal advice. As a client of Caputo & Partners you receive integrated solutions rather than isolated advice. By working closely together as a team, our specialists use their knowledge and experience so that the specific details of each client’s case are considered from all relevant perspectives. Not only do you have a large number of experts at your disposal, you also have various specialists who will ensure the continuity of strategy of our services.

Caputo & Partners have the expertise to offer you real options with a sound legal basis. There are only a limited number of countries, which offer citizenship programs that provide a direct route to citizenship based on investment.

For each of our clients we analyze the individual situation carefully, present the available options, develop a plan of action and make it happen. Our extensive expertise and experience empowers us to deal with government procedures quickly and efficiently on your behalf.

Before you spend money for a second passport, please give me a call +41 44 212 44 04

I will advise you on the best programs available on the market covering your specific needs and expectations.


 

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