With 1.3 billion people, India is one of the most active members in the investment migration industry. Citizens of India may nowadays travel visa-free to 58 countries. The opportunity to travel without the hassle of applying for and waiting for a travel visa appears to be the primary incentive for seeking a second citizenship or residence.
People thinking about buying a second property or acquiring citizenship are also concerned about the impact such an investment may have on their personal tax status. Because people and citizens in the United States are taxed on their international income, investors commonly opt to relocate to European countries as an alternative.
What are the top five nations for obtaining a second passport?
This article lists the best countries to seek second citizenship for Indians.
St. Kitts and Nevis citizenship
St. Kitts and Nevis has the world’s oldest Citizenship by Investment Program. It grants second citizenship to investors within 60 days of submitting the application. There are currently two investment categories: you can either donate $150,000 to a Sustainable Growth Fund for a person or a family of up to four people, or purchase a property worth $200,000 property for seven years or a $400,000 property for five years, which will grant an applicant and any family members full citizenship after payment of processing costs.
The St. Kitts and Nevis passport is highly regarded on a worldwide scale, granting visa-free travel to 156 countries around the world, including the European Union, the United Kingdom, Russia, and almost all of South America.
Grenada second citizenship
Grenada grants citizenship after three months of filing an application, without the need for a personal visit. The primary applicant’s siblings, parents, and grandparents, as well as their spouse, can be included in the application.
The applicant can opt to contribute at least $150,000 to Grenada’s National Transformation Fund. A contribution of $200,000 would be an investment of $200,000 for a family of four. Another appealing alternative is to invest $220,000 US as a co-owner in a local real estate project for five years, which is comparable to other Citizenship by Investment Programs.
A Grenada passport grants visa-free or visa-on-arrival entry to 143 countries, including China, Hong Kong, Singapore, Russia, and the United Kingdom, as well as the Schengen Area of Europe. Another distinct benefit for holders of a Grenadian passport is that it can serve as a bridge to an American E-2 investor work visa, allowing them to enter the United States.
Malta is a primarily English-speaking country in southern Europe with great economic opportunities and lovely weather. Malta is one of Europe’s most dynamic countries, with a favorable tax policy. While it also provides residency, the major draw is its Citizenship by Investment program. Applicants seeking citizenship must physically live in the nation for at least 12 months. Malta claims that its risk assessment is the most stringent in the world, requiring an examination of the investor’s whole portfolio.
Investors frequently pick Malta because of its image as a secure country with a strong and stable economy that promotes investment and preserves capital. Individual investors seeking Citizenship by Investment must:
- donate 650.000€ to a government national development fund,
- invest 150.000€ in government-approved stocks or bonds, and
- purchase real estate for a minimum of 350.000€ for five years, or enter a five-year rental lease with a rent of at least 16.000€ per year.
New Maltese nationals have unrestricted freedom of movement across the European Union and the Schengen Area, as well as visa-free or on-arrival entry to 184 countries worldwide.
Portugal Golden Visa program
Portugal does not have a citizenship by investment scheme, but their golden visa residency program, which may lead to citizenship, is highly popular. An applicant and their dependents are awarded five-year residence permits after making an investment, allowing them to freely live, work, and re-enter Portugal.
Another advantage of having a residency permit is visa-free entry to the Schengen Area. Residents enjoy a pleasant temperature, a secure environment, and pleasant neighbors. The country also boasts an advanced financial system and a friendly attitude toward the technical industry.
- There are several ways to obtain the golden visa. Any of the following will get you a golden visa: a) Transfer at least 1.000.000€ to an authorized account;
- Make ten new jobs;
- Invest a real estate investment ranging from 280.000€ for renovations to more than 400.000€ in low-density regions;
- If you pick the capital investment path, you can contribute 350.000€ to research, 250.000€ to creative initiatives, or at least 350.000€ to a specific investment venture capital fund; or
- Invest 350.000€ in a Portuguese firm that will create five stable jobs over a three-year period.
The country permits dual citizenship, and thus after 5 years of residency, an individual can apply for Portuguese nationality. A Portuguese passport grants entry to 185 countries across the world, as well as the right of free movement inside the European Union as a whole.
Dominica second citizenship
Citizenship in the Commonwealth of Dominica provides numerous benefits, including the island’s government’s acceptance of dual citizenship and applicant anonymity. Dominica allows dual citizenship, and investors can apply as an individual or as a family, which includes a spouse, biological or adopted children under the age of 30, and parents 55 and older.
Citizenship may be granted within 60 to 120 days, with no residence requirements. Dominica’s Citizenship by Investment Program is also one of the world’s most established economic citizenship schemes. The program provides two investment options: a $100,000 government contribution or a property investment beginning at $200,000. and allows the applicant to include dependent parents over the age of 55 to be added. This passport grants visa-free travel to 118 countries and allows dual nationality. The country has no tax, no curbs on profit repatriation and capital import.
If you are an Indian citizen interested in learning more about the prospects for citizenship by investment, Orience International can help you identify which program is best suited to your needs and assist you through the process.