Second Passport: The Most Popular Countries the Rich Americans Are Seeking as ‘Plan B’
The American Dream: for decades the idea of “The American Dream” has defined happiness and success. But in an ever-changing world, some high-net-worth individuals from the US are turning to second citizenship programs for that extra bit of security and diversification—a “Plan B.” So which countries do these affluent Americans turn to for a plan B? Let’s get right into the list of the most attractive destinations and the reason behind their appeal.
The American Dream is the national ethos of the United States, that every person has the freedom and opportunity to succeed and attain a better life.
Top Destinations for US Investors Seeking a Second Passport
Caribbean Islands
The Caribbean is a favorite for those who seek a second passport by investment. It has the most beautiful beaches, laid-back lifestyles, and access to the Schengen zone, visa-free, which includes Europe and a much lower investment. Countries such as Grenada, Dominica, and St. Lucia are home to second citizenship programs that are becoming more and more popular but still have a low minimum investment threshold with a starting point of USD100,000 (which is doubling up to USD200,000) from July 2024.
Portugal
For those who want a foothold in Europe, Portugal’s Golden Visa initially offers residency in return for investment in real estate starting at €350,000. Portugal’s Golden Visa can lead to citizenship in 5 years. Portugal offers a high quality of life, it has excellent healthcare, and it’s a member of the European Union.
Greece
Like Portugal, Greece also offers the possibility of citizenship under the Golden Visa program. By investing at least €250,000 in real estate you can get residency, which in 7 years will lead to citizenship. Greece’s appeal lies in its picturesque beaches and its rich history. Greece is also a strategically perfect crossroad between Europe and Asia.
Malta
The Malta Individual Investor Programme is a very prestigious program, with a much higher entry threshold starting from €600,000, but in return, it offers fast-track citizenship, where you obtain citizenship in 12-16 months. Malta is a European Union member, meaning it has all the travel benefits of visa-free travel throughout the zone.
Key Details for US Investors
A second citizenship is not just about sightseeing and enjoying cultural heritage. For a US citizen who wants to acquire citizenship by investment, it is necessary to keep in mind the following key details:
Tax Implications: The US taxes citizens on worldwide income, irrespective of residency. It is recommended to consult with relevant professionals to better understand the tax implications of a second citizenship.
Due Diligence: Also relevant in this context is research into the reputation and stability of the CBI program and the host country. Working with reputable legal and immigration advisors is highly recommended.
Investment Requirements: Different programs have vastly different minimum investment amounts. Make sure you review the investment options closely and understand how they align with your financial goals.
FAQs
Q: Would I lose my US citizenship if I get a second citizenship?
A: No, you won’t. The US Allows Dual Citizenship. However, you will have to look into the tax implications of this endeavor.
Q: What is the fastest way to get a second passport?
A: Some programs, like Dominica CBI, offer expedited citizenship processing times – within 60 to 90 days.
The world is becoming smaller by the day, and basic political and economic uncertainties still exist. Second citizenship, not only becomes a useful safeguard but also a tool for effective portfolio diversification, mobility, and potential tax reduction and great savings for affluent Americans. US investors could therefore navigate the CBI landscape and obtain that second passport through the selection of a program that best serves his or her needs.
