Getting a second passport is an attractive idea for many people. However, it is not always so simple to achieve that. However, there are some countries that are known for making it easier for people from all over the world to become their citizens.
Some of the most popular options in recent years are Caribbean countries like Grenada, Saint Kits and Nevis, Dominica, and Saint Lucia. The best part is that you can get Caribbean citizenship by donating a certain amount of money or investing in real estate.
The requirements are quite similar in all these countries. However, you should check out the details before making a choice. For example, a minimum donation for St Kitts and Nevis is $150k, while it is cheaper for Dominica, where you can get a passport by donating $100k.
The real estate investment is the same for these two countries, at $200k. Another important deal is the duration, which is ten years for these two, while you will need to renew the passport of Grenada after five years.
There are many benefits of making this choice. These Caribbean countries are progressing very fast. However, there are also some misconception related to this option. In this article, we will introduce you to some tips about getting a second passport, but also present some common myths.
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More About the Process
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As we already mentioned, there are some requirements that you must follow if you want to get a second passport. There are two options available, which are by donating to the government or buying real estate.
The process should last up to six months. The first step is to apply for due diligence. As you can see, the application is not available to anyone, especially those with a criminal past, which is often a misconception.
The officials will check your background before you can continue with the procedure. The next step is to start gathering all required documentation. Since this can be a complicated task, the best solution is to hire a lawyer that will help you get all papers on time.
Also, remember that missing a single one can lead to rejection, and you will have to go through the whole process all over again. After you provide the papers, the officials will check them and then notify you if you pass the criteria.
Main Benefits
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People unfamiliar with these countries or the process of getting second citizenship often imagine them as places where you can avoid taxes and deal with money laundering. However, that is only a myth. In reality, Caribbean countries are working on improvements in many areas, especially regarding infrastructure and the implementation of new technologies. That is the core reason why they are promoting this option. Investors from abroad will bring even more investments and stability.
When it comes to the political situation, all of these places are peaceful, without any significant disturbance. Therefore, moving there with your family can be a great choice. Also, we have to add that these places represent some of the most popular tourist destinations in the world.
The position of St Kitts and Nevis, Grenada, and other islands is great, and they have excellent relations with many countries. For instance, you can travel without a visa to the UK, EU, China, Russia, and many other places. It can be a great opportunity for people from developing countries to move there with families.
You will be able to send your kids to some of the best schools in the UK, Canada, and Australia. Also, you can expand your business worldwide. The reason why it is so popular for companies to open their residencies there is that they have highly friendly taxation rules. In most cases, there is no income tax included at all. Another great benefit is that you can have a dual citizenship, which means that you don’t need to move there permanently.
Most Common Myths
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The first and most common myth is that the whole point of this feature is that big companies can avoid taxes by opening offices in the Caribbean. Keep in mind that the “no tax.” feature promoted by these islands serves to improve their economies and their position. There are other misconceptions, such as getting a golden passport online without any legal procedure. This is only a myth that people spread, and there is no way to simply buy it.
On the other side, you don’t need to live there for a determined period as well. This is another huge advantage. The myth is that you must visit the country more often. There are agencies that you can contact and complete the whole process without having to travel there multiple times.
We also have to mention the misconception that people charged for various criminal activities can simply apply for this passport and move there to avoid jail. As we stated before, there is a strict process where officials will check your background.
Some people also think that the minimum of $200k is very high, considering that these are still developing countries. However, with the great improvements in different areas, you can expect many benefits from this investment. First, your property will gain value over time, and you can also rent it all the time due to high demand from tourists.
The Bottom Line
The most important thing is to never rely on any source you find online. If you want to learn more about this option, be sure to check well-known agencies and official websites of these countries. The key is to know that there are no hidden features, and that there is no chance to hide criminal activities.
For Caribbean countries, this represents a great way to promote their countries to other areas apart from tourism, and bring even more investments. That is the best way for development. Since they all have great relation with other countries, and not facing any issues, getting a second passport there can only provide benefits.
