Second passport for Russians: Popular programs in the EU and the Caribbean
Currently, there are more than 20 official residence permit/permanent residence/citizenship by investment programs in the world.
In the EU, the most popular programs are those of Cyprus and Malta, in the Caribbean - Antigua and Barbuda, St. Kitts and Nevis. Benefits of a European passport
- EU citizenship. Holders of a passport from an EU member state can live permanently, work, and receive education in other European countries.
- Visa-free travel. Citizens of European countries can cross the borders of 150+ countries without visas.
- Business Development Perspective . The legislation of European countries is focused on business development. For example, Cyprus has the lowest income tax in the EU - 12.5%.
- High quality of life . The investor and all members of his family who have issued passports for investments receive access to highly qualified medicine, quality education, and the European legal system.
Cost and terms of obtaining a European passport
Maltese citizenship can be obtained for investments in the amount of 888.2 thousand euros (for rental property). The registration period is 12–14 months.
Cypriot citizenship can be obtained for an investment of €2 million or more. The period for obtaining a second passport is 3–6 months.
Benefits of a Caribbean passport
- Travel without visas . Caribbean passport holders can visit 100+ countries around the world without visas.
- Citizenship for the whole family . Together with the main investor, a spouse, children and parents can obtain citizenship.
- Remote registration . Specialized agents handle the submission of investor documents. There is no requirement to fly to the Caribbean before or after receiving your passport. The exception is Antigua and Barbuda. According to the program requirements, new economic citizens are required to visit the islands for 5 days within the first 5 years from receiving their passport.
- Favorable tax system . In the Caribbean, capital gains, wealth, inheritance, and global profits are not subject to taxation.
- Fast registration . You can obtain citizenship in just 3–5 months.
Cost of a Caribbean passport
The minimum investment amount for obtaining one passport of Antigua and Barbuda is $100 thousand, St. Kitts and Nevis - $150 thousand. When applying for citizenship for a family (spouse, two children) - $100 thousand in Antigua and $195 thousand in St. Kitts. Additional fees and charges apply.
Why get a second citizenship
- Freedom of movement
Visa-free travel around the world is one of the main advantages that attracts immigrants from Russia and the CIS countries, China and the Middle East. The more countries “open” a second passport, the more interesting the Citizenship by Investment program is on the international market.
- Freedom of residence
The second passport allows you to immigrate to the chosen state at any time (“alternate airfield” - this is how journalists dubbed this option), although it does not oblige you to do so. Moreover, citizenship of an EU country gives you the opportunity to live and work anywhere in the Union. For example, many become Cypriots or Maltese and spend most of the year in mainland Europe.
- Tax planning
A second passport does not automatically make a foreigner a tax resident of the new country, but it does simplify the tax planning process.
- Access to all social infrastructure
Holders of investment passports receive the same rights as all other citizens. The most valuable thing for investors, as a rule, is simplified access to international education for children and quality medicine. All prohibitions that may be imposed on foreigners on running a business or purchasing real estate are also lifted.
Citizenship by investment programs
Cyprus Citizenship of Cyprus upon purchase of real estate Deadlines for obtaining: 6 months. Expenses from 2,150,000 €
Saint Kitts and Nevis Citizenship of Saint Kitts and Nevis by investment Duration of receipt: 2 months. Expenses from 150,000 €
Malta Maltese citizenship by investment Duration of obtaining: 15 months. Expenses from 1,000,000 €
Montenegro Citizenship of Montenegro upon purchase of real estate Duration of receipt: 3 months. Expenses from 350,000 €
Vanuatu Citizenship of Vanuatu by investment Duration of receipt: 1 month. Expenses from $130,000
Saint Lucia Citizenship of Saint Lucia by investment Duration of receipt: 3 months. Expenses from $100,000
Bulgaria Bulgarian citizenship by investment Duration of receipt: 24 months. Expenses from 512,000 €
Antigua and Barbuda Citizenship of Antigua and Barbuda by investment Duration of receipt: 3 months. Expenses from $100,000
Turkey Turkish citizenship upon purchase of real estate Deadlines for obtaining: 3 months. Expenses from $250,000
Cyprus Cypriot citizenship by investment Duration of obtaining: 6 months. Expenses from 2,650,000 €
Dominica Dominica citizenship by investment Duration of obtaining: 2 months. Expenses from $100,000
Grenada Citizenship of Grenada by investment Duration of receipt: 4 months. Expenses from $150,000
There are not so many Citizenship by Investment programs in the world. Many more countries offer to obtain a residence permit first. Read more about economic residence permits here.
Austria
European Union, Schengen area
Austria is the first European country to regulate investment immigration back in 1985. Then the Citizenship Law came into force, allowing the federal government to award foreigners with passports for outstanding achievements, including those of an economic nature.
The disadvantage of the Austrian program is its opacity. The law does not stipulate anywhere the conditions that an investor must fulfill; each case is considered individually. Judging by the experience of immigration consultants, a minimum investment is required - €2.5 million as a charitable contribution and €8 million in business. Priority is given to socially significant projects that create jobs and develop the regional economy.
Pros: in 12-18 months you can get a passport from one of the most prosperous countries in Europe. In addition, investors, as an exception, do not have to renounce their first citizenship and are not required to study the German language and the history of Austria. Read more here.
Antigua and Barbuda
Caribbean, visa-free access to 140+ countries
The Caribbean is a leader in investment immigration. Five countries in the region regularly replenish their budgets at the expense of foreigners and, in exchange, issue them passports. The Antigua and Barbuda program has been in effect since 2013 and offers several options: non-refundable contribution to the state fund (from $100 thousand), purchase of real estate (from $400 thousand), investment in business (from $1.5 million). You will find more information in this article.
The main advantage of the program is the low entry threshold. For just $100 thousand, the investor and up to three members of his family receive passports. Many are also attracted by the speed of obtaining citizenship – 3-6 months. The downside of this program is that a Caribbean passport is essentially just a travel document. It provides visa-free access to more than 140 countries, including Schengen states, but does not allow permanent residence in Europe (which is possible, for example, with Austrian citizenship).
In the language of numbers: how many Russians have already issued second passports?
The World Wealth Report 2021 study published by Knight Frank states that 58% of millionaires from Russia and the CIS countries have already obtained a second citizenship.
In 2021, 500 Russians received a Maltese passport (the total number of approved applications in 2021 was 1,495). Overall, in 2021, demand for a Maltese passport increased by 131%. In the same year, 4,660 people received a Cypriot passport. 25% of them are Russian citizens. Russians were no less active in Bulgaria in 2021. Among new economic citizens, 30% are applicants from the Russian Federation.
According to the official report, from 2013 to June 2021, forty-nine Russians successfully obtained Antigua and Barbuda passports. Other Caribbean countries, unfortunately, do not provide such detailed reports on citizenship by investment as Antigua and Barbuda.
Vanuatu passport by investment as an alternative to European and Caribbean programs
When choosing a passport program, investors pay attention not only to the amount of the required investment, but also to other features.
- A European passport costs much more and takes longer to obtain.
- Citizenship offices in Caribbean jurisdictions share information on applicants, including data on investors who have been rejected.
- Authorities in European and Caribbean countries require confirmation of the source of income.
Vanuatu's passport program wins on the following points:
- Speed . Registration of a passport takes about 3 weeks. It is faster than obtaining a Schengen visa.
- Simplicity . The list of required documents is smaller, and the Due Diligence procedure is more flexible.
- Payment with cryptocurrency . Payment with bitcoins or other cryptocurrencies is currently only available within the Vanuatu program.
- Guaranteed results through an escrow agent . This payment scheme, which fully protects the applicant, is valid only in Vanuatu and Cyprus.
Cheapest citizenship for money in 2021: additional costs
When applying for Maltese citizenship for money, in addition to a grant to the NDSF, you also need to fulfill the following financial obligations:
- Five-year investment in securities amounting to €150,000.
- Investing in the Maltese property market : you can buy Malta property for €350,000 with the right to exit the investment after five years, or rent Malta property for a five-year period, spending €16,000 annually on rent.
To obtain a second passport for Cyprus citizenship for money, in addition to subsidies to the R&D Fund and HDF, you also need to fulfill the following financial obligations:
- Lifetime investment in Cyprus real estate for your own residence in the amount of € 500,000.
- Five-year return investment in residential property in Cyprus totaling €1,500,000 OR in securities and/or business and/or commercial property in Cyprus totaling €2,000,000.
When applying for Montenegrin citizenship for money, in addition to a donation to the fund, it is also necessary to fulfill the following financial obligations:
- Five-year returnable investment in government-approved resort properties in Montenegro worth €250,000 in the center of the country, excluding the capital, or in the north.
- Five-year returnable investment in government-approved resort property in Montenegro worth €350,000 in the capital or on the coast.
In addition, candidates must pay additional fees:
- Government fees (for personal due diligence and checking the legality of income, for processing an application, for issuing a passport).
- Agent's fee (the laws of all countries listed above allow applying for citizenship for money only through a licensed immigration agent).
On the issue of dual citizenship
Is it allowed to have dual citizenship in Russia? Yes, but Russians can only apply for dual citizenship in those countries with which Russia has special agreements (Tajikistan and Armenia). When applying for a passport from a jurisdiction with which the Russian Federation does not have a corresponding agreement, citizenship will not be dual, but second.
Second citizenship is not prohibited, but when receiving a second passport, Russian citizens are required to notify government authorities about this. When applying for Cypriot or European citizenship under the citizenship by investment program, you can be sure that the information will not be transferred to third parties or to the country of your first citizenship.
There are a total of 5 citizenship by investment programs in the Caribbean. At first glance, they offer similar conditions for obtaining a passport. However, they have significant differences.
- The Grenada program is often chosen to obtain an E-2 visa to the United States and visa-free travel with China. This is the only program in the Caribbean that offers these opportunities to its passport holders.
- Applying for an Antigua and Barbuda passport will be beneficial for investors with a family. This island state offers to issue a passport for 4 people (including the investor himself) for only $100 thousand. However, it is worth remembering that the program requires visiting the island and staying there for 5 days during the first 5 years.
- Saint Lucian passports are gaining popularity among investors. Because this program gives investors 5 investment options (not only in real estate or donation to the state). In May 2021, a new option appeared - the purchase of government bonds of the COVID-19 Relief Bond series with maturities in 5, 6 and 7 years. Read more here.
