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Most Affordable Destinations to Obtain Second Passport for Investment

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In the last year alone, citizenship by investment programs became increasingly popular among investors.  There are many reasons to obtain a second passport, from tax optimization, living as a digital nomad, and working remotely to financial stability and security from owning a property in a foreign country. 

Likewise, you can become a citizen of a specific country if you invest a particular amount in real estate, governmental funds, and government-established projects or make a donation.

Citizenship by investment is very popular nowadays because it allows one to become a citizen of a particular country by investing. The market can be competitive with countries offering significant benefits to those who invest, such as visa-free travel to more than a hundred destinations, depending on their residency.

This article will explore the terms like citizenship by investment, real estate acquisition, donation, and capital transfer. And once you determine the type of investment you’ll make, the application process can be initialized.

St. Kitts and Nevis

St. Kitts and Nevis have one of the oldest citizenship by investment programs globally, established in 1984. It grants the applicant citizenship via real estate investments or a donation to the Sustainable Growth Fund. The amount needed for investment needs to be a minimum of $150K to the SGF or $400K in real estate. 

There are no capital or overseas income fees and taxes. In the application process, codependents like children up to the age of 30 can participate and obtain citizenship. Adults and parents of the principal applicant can also be part of the process. 

The St. Kitts citizenship cost is quite affordable, so you can choose the area where to invest your assets and secure your passport. Single applicants can contribute with an amount of $150K, while a family of four people needs to deposit $195K. There is an option for the family members to get a discount of $45K.

Two methods for obtaining a St.Kitts passport can be implemented:

  • You can make a non-refundable donation of $250K to the Sugar Industry Diversification Foundation, which is a public charity
  • Or you can invest in real estate, a minimum of $400K

This program is ideal for people who need a second passport for traveling and establishing a business overseas. And also for those who want to develop investments in other economic growth programs. Additionally, you’ll have visa-free access or visa-on-arrival in 165 destinations.

Monthly Costs

The monthly costs differ from one location to another. However, life as a digital nomad in St.Kitts is quite affordable. Costs like housing range from $130 per square foot to $300 – if you are considering a construction option. Utilities like laundry, wi-fi, electric bills, and TV can cost somewhere between $250-$400 per month.

The transportation is somewhat cheaper and costs less than $15 for a taxi drive, while the public transport is between $10-$12. If you are considering obtaining a driver’s license, it can cost $80-$90. The food cost per month is $200-$300.The average living cost in St. Kitts and Nevis is $2000-$3000.

Cheapest Places to Live In

Some of the cheapest places to live in St. Kitts and Nevis are Basseterre, Sandy Point Town, Charlestown, or the village of Bath. This small village is an enchanting destination, situated near volcanic hot springs.

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Dominica

Dominica is another country with the lowest cost for obtaining a second citizenship. It was established in 1993 and had been offering its legal services since. It has an impressive international reputation, and there are no restrictions on holding more than one passport. 

In addition to having no mandatory interview, there is no requirement for residency in the country. Dominica enjoys one of the highest living standards in the Caribbean and favors one of the lowest crime rates in the region. Let’s not forget the breathtaking nature and mesmerizing landscapes. It’s a true paradise on Earth for those who want to own a property in this land of opportunities.

The country is located on a tiny Caribbean island, and it’s perfect for nature-lovers. Dominica is a Commonwealth country, which means that if you get a dual passport, you’ll enjoy the benefits and privileges of the UK and travel to 50 countries visa-free.

A drawback when applying for citizenship by investment in Dominica is the long processing time. The Dominican passport can take up to 14 months since the interview committee only assembles a meeting once per month.

The latest update about the citizenship by investment program is the increase of 75% of the cost due to the Covid-19 pandemic. However, prices could change due to unstable economic circumstances.

Monthly Costs

The monthly expenses for a family of four are estimated to be $3000+, without rent. And a single person can have $2300 of monthly costs, also without rent. The rent is from $600-$1000.

Food and transport cost somewhere between $460-$480, while utilities are $200-$300. Dominica is ranked in the 68th place as one of the best countries to live in.

Cheapest Places to Live In

Most expats live in Sosua, Puerto Plata, Santo Domingo, or Cabarete. They prefer staying in gated housing. The Dominican scenery offers perfect getaways for weekend trips, so if you are living as a digital nomad, this is the country for you!

Portugal

Portugal is another country on the list that has citizenship by investment program. It was launched in 2012 and is one of the most popular residency programs in Europe. Even if your country is not in the European Union, you can still apply for citizenship by investment program and secure your second passport.

There are several qualifying requirements when applying for the program:

  • A minimum investment of 500K euros in property;
  • Creation of at least ten full-time positions in a company;
  • A minimum investment of 500K euros in the Venture Capital Fund;
  • Donation of at least 250K euros to cultural, art, or heritage projects;
  • Investment of 500K euros to technological and scientific research centers in the country;

While many citizenships by investment programs require the applicants to spend the majority of the time in the country, Portugal grants the investors the freedom to not move to the country. The NHR – Non-Habitual Tax Regime allows investors to enjoy tax redemptions and reductions for ten years. 

Portugal’s economy has been one of the most promising lately, and it’s an excellent destination for investors and financial competitors. You can even get a return on your funds for real estate in cities like Porto and Lisbon.

If you become a Portuguese citizen, you’ll enjoy many benefits, among which include: social security and unemployment benefits, maternity and pension benefits, access to free health care, etc.

Monthly Costs

The average living cost, per month in Portugal is $1100 to $1300. This includes food, transportation, utilities, and rent. While prices are fluctuating in different areas, you can rent your house for $600 – Note: It depends on the area you are living in!

Electricity costs around $80, water utilities $25, gas – $7 per gallon, groceries – $60, Internet – $40, etc. Keep in mind that these prices might be different in certain locations.

To get around in Portugal, you’ll need to organize your transport. The railway systems in Porto and Lisbon are extensive, so you can have a one-way ticket for $1.90 or a taxi driver for $25. In case you decide to purchase a second-hand car, the price can range from $1800 to $2500.

Cheapest Places to Live In

The top cheapest places to live in Portugal are so many that it’s impossible to include all. However, the top choices are Viseu, Braganca, Braga, Evora, Faro, and Portimao. These cities are pretty affordable and offer high safety, reliable public transportation, and good quality of life.

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Antigua and Barbuda

Antigua and Barbuda citizenship by investment program is one of the most affordable options. Specific qualifications can put you on the pedestal of earning an Antiguan passport. Among those characteristics and qualifications are:

  • No criminal record;
  • High personal net worth;
  • Reside in the country for at least five days within five years;
  • Have great health;

The country’s economic program allows citizens to travel visa-free to more than a hundred destinations. The best part is that Antigua and Barbuda recognize dual citizenship, which means you don’t have to renounce your homeland citizenship. 

Some of the benefits of owning a passport from this country are:

  • Fast processing time for up to four months
  • Siblings, spouses, and parents can apply as codependents
  • Financially-codependent children up to the age of 30 can also apply
  • No need to travel and stay in Antigua during the application process; you can do it afterward at your convenience
  • No tax on foreign income
  • Physically and mentally disabled children can also apply and be supported by the main applicant.

The investment options for Antigua and Barbuda include several options like an amount of $125K of the National Development Fund or a contribution to a charity organization, real estate investment of a minimum of $400K in a development area, investment of $1.5 million in a business or $150K for a family of six.

All of these options offer a variety of perks like the opportunity to study in top schools and universities, access to better health care, and enjoying tourist destinations like Half Moon Bay, a residential community and resort in the Caribbean. 

Those applicants who prefer the option of investing in real estate will have the chance to own property in this wonderful country for at least five years. What’s better than knowing you own a piece of land in this tropical and majestic Caribbean territory?

Monthly Costs

Antigua and Barbuda is a pretty exciting destination to live in, but how about the costs? According to statistics, the cost of living in this country is 25% lower than in most of the countries in North America. 

LivingCost has assembled an analysis that portrays the real monthly expenses. As a single person, you can manage to reduce your costs by up to $1500-$1600. This includes food expenses, rent, education, utilities, and transport.

Food and transport alone can cost $550+, while the rent can be from $800 to $1000. And the average salary after tax is more than enough to live in Antigua and Barbuda.

Cheapest Places to Live In

This nation that grows its black pineapple, has a warm and welcoming culture, so you’ll feel at home, at all times. However, on our list of cheapest places to live in Antigua are Codrington, Bolands, Long Island, and Falmouth. Carlisle, etc.

Do You Need Dual Citizenship?

Based on our experience so far and testimonies from investors worldwide, owning a second passport grants you the freedom of living financially independent, enjoying tax optimization, and owning properties. 

For more information on similar topics, please feel free to check our blog.

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