If you are looking for a second passport, citizenship by investment is by far the fastest way to get one.
Citizenship by investment is exactly what it sounds like: foreigners invest a certain sum of money in a country in exchange for citizenship and a passport.
Depending on the country, the investment amount can vary from just over $100,000 (St Lucia and Dominica) to over $2.5 million (Cyprus), plus applicable processing and due diligence fees.
However, you’ve got to be careful– some of these shortcuts are MUCH better than others.
Whether you’re parting with a couple hundred thousand or a couple million dollars, you need to know exactly what you’re getting into.
For example, although these programs are collectively referred to as “investments”, in many cases you will not actually get your investment amount back.
It’s more accurate to refer to these programs as “citizenship by donation.” In other cases, however, you can get some or most of your money back and potentially even generate an investment return.
Some countries offer passports that allow visa-free travel to a few dozen countries, which excludes North America, Europe, Australia, etc.
But others are good for visa-free travel to over 150 countries and include nearly all of the developed nations, ranking them among the highest quality passports in the world.
However, if you are in a rush, citizenship by investment is by far the fastest ways to obtain a second passport.
Often times, you can get one in less than six months.
In the Caribbean for example, you can obtain a passport from St. Lucia in five months in exchange for a one-time donation of $119,600 – which makes it one of the best options out there for single applicants.
For families, Antigua & Barbuda will grant a second passport to an entire family of four in five months, for a donation of $151,200 – making it one of the best value options for families looking for a fast second passport.
Both of these are decent passports and rank 82 and 76 respectively on the Sovereign Man Passport Index.
If you have substantially more funds to invest, you could take a look at citizenship by investment programs in Europe. They offer some of the best passports in the world.
The fastest citizenship by investment program in Europe is that of Cyprus, which will grant you citizenship in exchange for a $2.4M investment (most of which you can actually get back).
It is one of the most popular programs in the world and will award applicants who meet their requirements a new passport in just 8 months (including 6 months of residency in the country).
A Cypriote passport is a good passport that gives you access to Schengen, Canada and the UK – but not the US.
However, if you have a little more time on your hands, we think Malta offers a much better value passport.
In exchange for a $982,000 donation (of which you will get roughly $165,000 back), Malta will grant you citizenship after 15 months.
A Maltese passport gives you unfettered access to all of the European Union and is one of the best in the world. It ranks 24 on the Sovereign Man Passport Index.
On top of that Malta, along with St. Lucia and Antigua, do not require that you spend any significant time in the country. You will simply need to visit the country to pick up your passport (and on certain occasions, process your application).