Best Second Citizenship for Americans: Opinion by a Legal Expert from Immigrant Invest

Published 10:10 am Monday, May 27, 2024

US citizens may face various issues, such as tax burdens, safety concerns, or business barriers. A second passport can be a solution. By obtaining citizenship abroad, Americans can significantly reduce their annual tax payments, create a safe haven for their family, and expand business opportunities.

American citizens can obtain a foreign passport by investing in the Caribbean or Europe, sometimes in as little as 3 to 6 months, with a minimum contribution of $100,000.

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Immigrant Invest is an international consulting company with 18 years of experience in the field. In an interview, Albert Ioffe, its legal and compliance officer, reveals where Americans can acquire second citizenship without hassle.

What countries offer the best second citizenship for Americans?

The common way for foreigners to acquire a new passport is by naturalization, which involves securing a residence permit, gaining permanent status, and then applying for citizenship. This process usually takes at least 5 years.

The fastest method to obtain citizenship is through investment, with the process typically starting at three months. Citizenship By Investment (CBI) programs require a financial contribution but demand less time. Generally, American citizens are not required to reside in the new country to obtain citizenship.

In the Caribbean, citizenship by investment programs are available in:

  • Dominica, with a minimum investment of $100,000;
  • Antigua and Barbuda — $100,000;
  • St Lucia — $100,000;
  • Grenada — $150,000;
  • St Kitts and Nevis — $250,000.

Once a foreigner meets the investment requirement, they receive a naturalization certificate, which leads to passport issuance.

In Europe, investors may apply for Maltese citizenship for exceptiona l services by direct investment, with a minimum investment of €690,000 (about $742,000). Depending on the contribution amount, naturalization occurs within 1 to 3 years. This option offers a Mediterranean climate, tranquility, and the opportunity to manage a business in Europe.

Why do citizens of the USA acquire second citizenship?

For Americans, second citizenship offers various opportunities. First, it serves as a safe haven, providing an option to relocate or find refuge in the event of a black swan scenario.

Second, a second passport helps alleviate the tax burden since the US taxes its citizens on worldwide income. Wealthy Americans may seek efficient ways to manage this burden without violating legal obligations.

Obtaining second citizenship allows one to diversify finances through access to foreign banking and investment opportunities, such as being a shareholder in an international luxury resort with an annual passive income of 3–5%.

Third, new citizenship offers better retirement prospects. Depending on the country, pensioners can enjoy better healthcare, a favorable climate, and, often, a lower cost of living. For instance, consumer prices in Valletta, the capital of Malta, are 19% cheaper than in Miami, Florida, and rent prices are 50% lower.

What are the requirements for US investors?

To apply for second citizenship, a US investor must:

  • be over 18;
  • have no criminal record or pending prosecution;
  • have no serious illnesses;
  • confirm the legality of income.

It is permissible to include a spouse and underage children in the application; sometimes, children over 18 and dependent parents may also be included.

American laws allow a citizen to obtain a second passport, meaning it is not necessary to renounce US citizenship to acquire another.

How does Immigrant Invest help obtain second citizenship?

Immigrant Invest offers personalized assistance in obtaining a second passport, tailoring solutions to your specific needs. Our experienced lawyers provide comprehensive support, from document preparation to passing rigorous Due Diligence checks, ensuring a 99% client approval rate.

With 18 years of experience and necessary government licenses in the European Union and the Caribbean, we have successfully helped over 5,000 families gain second citizenship or residency, enabling visa-free travel and a more secure future.

Considering the complexities of obtaining a second citizenship, consulting with a knowledgeable lawyer can provide significant advantages. Contact us today for expert legal consultancy to navigate this process effectively.