Things to consider when buying a second passport
We all know that buying second citizenship is not an easy decision to make. You probably did lots and lots of research before taking any action.
There is lots of data out there about this topic, however, some of it is outdated and not valid anymore. Some of it is straight lies or scam. That’s why you have to be super careful and thoughtful when considering such an investment.
There is so much to cover when speaking about this topic.
Here are some of the most important things to keep in mind when buying a second passport.
Beware of potential overcharge
There are tons of agencies, companies, lawyers, etc. out there that are involved in citizenship by investment programs.
For lots of them, this is quick and easy money to make.
Basically, lots of these people don’t add any value to the whole process. They only act as the middle man and they get their share (more than generous share). Lots of these people don’t even know what they’re doing that well. They will refer you to someone, who will then refer you to someone, and so on. It will take you a lifetime to get what you really want, and you will pay lots of unnecessary fees in the process. We are not saying that you shouldn’t use an agency- you only have to be aware that there are lots of bad ones out there. Right one will get you what you want/need in a reasonable amount of time, for reasonable fees.
Make sure that what you are offered is the best for you
This leads us to my next point. Lot’s of agencies out there promote their own stuff, which is not necessarily the best solution for you. For example, if someone is promoting only citizenship by investment in Malta you might want to look into more options before making a decision. Remember, in this situation, there is not ‘’one size fits all’’. It’s simply impossible. You need somebody that will look at your situation from all angles and then make a decision based on what’s best for you.
Some people are very excited about certain offers that seem appealing to them, but the thing is those offers might not be what’s best for their situation. What worked for someone else, might not work for you. Make sure to think about all the possible options, look at your situation and then make a decision.
Lots of banks are aware of such programs, and will not open you bank accounts
Imagine this situation: You purchased Vanuatu passport and you proceed to open a bank account in Switzerland. Chances are that they will turn you down and ask you about your original passport. Why is this the case? Banks are extremely concerned about tax evasion and money laundering. Some of these passports that you can buy in citizenship by investment program are in their ‘’beware list’’ and they don’t want to take any chances.
However, some of these passports are still fine and you will be able to bank normally.
Lesser known citizenship by investment programs will generally mean less trouble when it comes to banking.
Visa-free access, costs, bureaucracy
You must have a reason for wanting to get a second passport. If it’s for travel purposes then probably the most important thing to consider is how many countries will you be able to travel visa-free with your new passport.
Currently, the best ones for visa-free travel would be Cyprus and Malta. However, those are members of the EU and therefore the most expensive ones. Bulgarian passport also gives you some decent traveling options.
Besides this, you will want to consider the costs of getting a new passport. How much does this program cost? What are other fees included? Depending on the country these prices vary drastically. In our articles where we wrote about each country that offers this program, we mention prices for each country.
Also, you need to know what is involved in getting your new passport besides investing money. Do you need to pass the language test? Do you have to learn about the history of a country? Which documents do you need to provide? What is bureaucracy like? All those are covered in our articles.
Is the program that you were considering offering passports to your entire family or only to you? If you are single this doesn’t matter that much, but if you are married and if you have a family this is something that you will have to consider.
Some countries will offer passports to the entire family, some will not. I mean, they will if you make an investment for each family member which can be super expensive. You have to check what is involved and covered until the main applicant’s investment.
What is life like in a country where you are buying a second passport
If you are planning to actually relocate to the country where you’re buying a passport you need to make sure you do your research about life in that country.
Visiting it and spending some time there before buying citizenship might be a good idea. Some of these countries might have different life and culture from your country of origin. In order to avoid the cultural shock, you need to prepare yourself.