Firstly, it’s important to note that when it comes to obtaining the best second passport, a great solution for one person may not be such a great fit for another. One mistake we see people often make is for residents from emerging markets to request second passports that are not the best fit.
While countries like Paraguay are a suitable option for anyone who qualifies (current residents of the United States, Canada, and much of Western Europe), a second residency in Paraguay is not a very good (or even possible) option for residents of the Middle East, Asia, and Africa.
While many people from these emerging markets may be interested in a second passport option that is low-cost and relatively easy to attain, the chances of them qualifying for citizenship are slim to none.
Another option people commonly express interest in is a second passport in a more advanced Asian country, say Malaysia. While Malaysia is a free and open country in many ways, when it comes to second passports, like most of Asia, it’s an extremely arduous process for anyone to get one.
Before selecting the country you want your second passport in, it’s important to clarify why you want a second passport in the first place.
Is it for tax reasons?
Would you like the ability to travel to more places visa-free?
Or are you seeking a place to live with better opportunities for your children and with greater political stability than your home?
While other firms specialize in just a few countries and one size fits all services, Nomad Capitalist is unmatched. Our global experts and extensive team create and implement bespoke international strategies on a daily basis.
Our focus is not simply on obtaining a new passport that serves no real purpose. Instead, our priority is to help you build a portfolio that perfectly aligns with your personal needs and values through tailor-made action plans.
While there are many benefits for Westerners to get second passports in emerging markets, actual residents from emerging markets could stand to gain something from citizenship in a more developed country (or at least one that provides better access to them, as many Eastern European have as members of the EU).
With these considerations in mind, we have put together a list of countries for a second residency or citizenship for non-Western individuals based on the most common requests we get.
A passport from Malta gives you visa-free access to the Schengen area, the UK, and the United States. Not only that, the country is an excellent option for tax purposes as it only taxes income and capital gains originating from Malta.
However, the passport is not cheap, with investment programs costing between €700,000 and €1,460,000 for Maltese Citizenship.
Latvia is one of the easiest European countries to attain a second residency in, and, as an EU state, it will give you access to the entire Schengen area.
Almost all applicants to Latvia’s investor visa program are Russian, Kazakh, or Chinese. You can get a second residency in Latvia by depositing money in a Latvian bank account, buying Latvian real estate, or starting a Latvian company. You don’t even need to live there to be a part of the program.
While this option will be extremely expensive, costing $1.33 million, it’s possible to attain British citizenship by investment and thus have one of the best passports in the world.
If you want to get citizenship without the price tag, consider the Channel Islands (self-governing Crown Dependencies of the UK), which cost $750,000 through investment, which gives you a residence permit, and after six years, you may have the option to apply for citizenship.
Bulgaria offers excellent healthcare and education, and a second residency there provides access to the EU. While it may not be as attractive as some of the Baltic countries or Mediterranean islands, it’s also an excellent and relatively inexpensive way to access Europe.
The Bulgaria Immigrant Investor Program’s primary goal is to entice foreign investors and entrepreneurs to the country and requires a minimum investment of €512,000. The Bulgarian option is notably less expensive than obtaining citizenship in other European Union nations, which require a greater investment of both your time and money.
Dominica has one of, if not the cheapest, citizenship by investment programs in the world. For a low investment starting at $100,000 (plus fees), obtaining Dominican citizenship in less than one year is possible. As a Commonwealth nation, Dominican citizenship will allow you to travel to over 140 other countries.
When considering a second citizenship, it is not advisable to focus solely on the price, and Dominica’s citizenship program has many advantages, including no global income taxation for non-residents. There is also no need for history or language exams and no interview requirement for obtaining a Dominican passport.
Mauritius has long been a haven for Africans and Asians and — as one of the best places in Africa for investment — is an excellent option for offshore bank accounts, web hosting, and companies. A Mauritius passport, while not as strong as others on the list, does offer visa-free travel to the Schengen area.
Foreigners are allowed to own and develop property on the island and automatically qualify for permanent residency if they invest more than $500,000.
Are you among the residents from emerging markets looking for a second passport?
If you are a high net-worth individual and would like to learn more about one of these countries to get your second residency, apply to become a client, and we will help you determine your best option.