By Harvey Law Group
You’ve probably heard of the benefits of having a second passport or a Golden Passport. You may have friends or relatives who have started the application process. You may even have colleagues who are already golden passport holders and are enjoying the perks of having dual citizenship.
But what does it really take to have one? More importantly, how much does it cost? Keep in mind that the cost of a second passport application will depend on several factors, including:
- Chosen country
- Chosen investment option
- The number of eligible dependents that you want to include (i.e. children, spouse, parents). In Grenada, applicants can include their siblings as dependents.
- Age of dependents
- Type of consultant/agent or law firm that you hire
- Professional fees of the consultant/agent or law firm
Here are some of the countries that currently offer Citizenship-By-Investment programs and a simple projection of the expenses involved. Consider this as your overview and reference so you can make informed decisions when you apply for a second passport for you and your family.
There are 3 investments streams that you need to make if you’re going for Malta’s Individual Investor Program:
- A non-refundable contribution of at least €650,000 to the National Development and Social Fund (NDSF)
- A property investment in one of the following:
- investment of at least €350,000 in a real estate property (to be held at least 5 years); or
- leasing a property with a minimum annual rental of at least €16,000 (for a minimum of 5 years)
- An investment in government approved financial products of at least €150,000 (to be maintained for a minimum of 5 years)
While Malta isn’t really the most budget-friendly of all second passport application options and the mere donation of EUR650,000 is usually enough to deter most investors to go for this program. If you really wish to proceed with the Maltese Citizenship, expect to spend somewhere between EUR 1.2M and EUR1.6M.
Cyprus recently enhanced their program, though pricier, here are the investment options for you to get a second passport in Cyprus.
- An investment of at least €2 million in a single residential property used as a permanent residence; or
- Where the residential units have been previously used for Citizenship by Investment Program (CIP), the minimum investment amount increases to €2.5 million
- An investment of at least €2 million in multiple residential properties, including at least one property with a minimum value of €500,000 as a permanent residence; or
- An investment of at least €2 million in commercial or mixed properties, plus at least one property with a minimum value of €500,000 as a permanent residence; and
- A donation of €75,000 to the Research and Innovation Foundation and €75,000 to the Cyprus Land Development Corporation
- Dependent parents must also hold one property with a minimum value of €500,000 as a permanent residence, or hold a share of a permanent residence with a minimum value of €500,000
- The investment properties may be rented out to provide an income for the investor
The investment in real estate is still set at EUR 2M but now, it requires the applicant to hold it for at least 5 years instead of 3. The adjustments also include that the applicant makes 2 mandatory donations to designated funds of EUR 75,000.00 each.
When you add up the taxes, government fees, and all real-estate related transactions fees, you need to have at a budget of at least EUR 2.6M to move forward.
There are 2 investment options for those who want to get their golden passports from Grenada:
- You can make a donation starting at USD 150,000.00 towards the direct advancement of Grenada’s economy and infrastructure.
- You can invest in approved real estate projects starting at USD 220,000.00.
While Grenada is becoming increasingly trendy due to its new flights from the US and UK and fleet of celebrity flocking, the hospitality industry has also been booming in the past years.
Known as the Caribbean’s Spice Island, Grenada welcomed 528,077 stayover visitors in 2018 alone. This represents an impressive 12.90% increase in tourists from 2017 figures.
If you choose the real estate option, which is an investment into the new Six Senses Resorts & Spas Grenada, you can take your family with you. For example, if a family of four is making the leap, the expected costs are somewhere near USD 305,000.00 plus the professional fees.
If you choose the donation option and you’re taking the entire family with you, the cost of getting a second passport in Grenada is about USD 229,000.00 plus professional fees.
Commonwealth of Dominica
Compared to other Caribbean islands, Dominica is also more secluded and less crowded and you’ll enjoy its peaceful vibe. But that doesn’t mean there are no luxury resorts here. Dominica is dubbed as the Nature Island and if you want that luxury island life, this is perfect for you. That’s why the Commonwealth of Dominica has several options for those who want to get a second passport here.
There are two investment options here:
- You can make a donation starting at USD 100,000.00.
- You can invest in real estate starting at USD 218,000.00. One of the most popular is the exclusive and already operational Secret Bay Resort.
Let’s say you’re applying for a family for 4, the donation option would probably cost around USD 220,000 while the luxury resort investment would cost around USD 280,000.00 excluding the professional fees.
Antigua & Barbuda
If you’re looking for the most affordable option to get a second passport, Antigua & Barbuda’s Citizenship-by-Investment program is your bet. Here are 3 opportunities:
- You can make a donation to the National Development Fund starting at USD 100,000.
- You can make an investment of USD 200,000 in one of the government-approved real estate projects.
A family of four can get a second passport and therefore new citizenships for approximately USD 142,000.00 plus professional fees via the donation option. The real estate option in Antigua is considered a prime investment and you will need about USD 575,000.00.
A Second Passport Is The Investment Of A Lifetime
Quite literally, if you’re getting new citizenship, you really are making an investment of a lifetime. There are myriads of reasons why investing in a second passport could be beneficial for an applicant and his/her family.
If you’re ready to take the first step, talk to your Harvey Law Group representative today.
Mr. Samuel Harvey
Harvey Law Group
Edits: Kath C. Eustaquio-Derla
About Harvey Law Group
HLG is a leading multinational law firm specializing in corporate law and investment immigration with a worldwide reputation for representing high-profile clients and corporations, with over 19 offices worldwide. As the top immigration law firm, HLG offers the most comprehensive residency and citizenship programs available to date. HLG was awarded for Immigration Law Firm of the Year at the 13th and 16th annual Macallan ALB Hong Kong Law Awards 2014 and 2017.