For most people who consider themselves Nomad Capitalists, not just those who are crypto investors, a second passport is one of the best insurance you can have.
These days having a second passport is one of the weapons that you can have business-wise.
In most legacy brand countries, especially in the United States, their governments are looking for more ways to get more money. May this be through raising taxes or through the confiscation of wealth.
This is prevalent in our current economy, so it’s important to know that you have a backup plan.
We’re not just talking about a different place that you can run to when the economy crashes.
Most crypto investors need an “exit plan” if they need to renounce their citizenship when everything becomes too much.
In this article, we’ll tell you about three ways to obtain the best passports for crypto investors worldwide.
How to Get A Second Passport for Crypto Investors
When it comes to getting the best passports for crypto investors, there are various ways in which crypto investors can go through.
However, there are certain things that you have to consider, like the application procedures, the due diligence process, and the duration of the application period.
As we all know, cryptocurrency, in general, is very temperamental. The crypto market may be skyrocketing today, but it could be hitting a crypto bear market on the very next day.
So one of the things that most crypto investors have to look at is the duration of the process. They need to ask themselves where to get a second passport and how long it will take to be granted citizenship.
Normally, there are multiple ways to obtain second citizenship through various immigration programs around the world. These programs may include Europe’s Golden Visa, Malaysia My Second Home Program, and more.
However, these are immigration programs that might take a while. Plus, these programs may require you to live in the country for a few years before being granted citizenship.
While these are both great programs, this isn’t something that would work for crypto investors who are always on the go.
So which immigration schemes can help crypto investors when it comes to getting a second passport?
Obtaining Citizenship by Descent for Crypto Investors
The most popular immigration process for getting the best passports for crypto investors is none other than a Citizenship by Descent Program.
Around the world, various countries offer this immigration scheme.
Countries like France, Poland, Germany, Spain, Ukraine, and more accept applications from those who can prove their ancestry. While, yes, one of the main criteria that you have to fall under is that you have origin in the country.
Hence, the name.
So if you have a parent, a grandparent, or sometimes a great-grandparent from countries with Citizenship by Descent Programs. Then you can take advantage of that to obtain your second passport.
Although, this isn’t the fastest way to get citizenship.
In some cases, like in Italy, they ask for extensive documentation. Plus, it can take years for you to obtain your second passport.
While this sounds like such a great idea, top crypto investors have to consider the crypto market.
As we’ve said above, the world of cryptocurrency is very temperamental. So if you don’t have two to three years to spare, this isn’t a great fit for you.
However, some countries can grant you your passport in a relatively short while. So it’s best to look at their processing times before going forward with your application.
Obtaining Citizenship by Naturalization for Crypto Investors
Another citizenship scheme that you can apply for to get one of the best passports for crypto investors is the Citizenship by Naturalization Program.
While this is a bit more straightforward than Citizenship by Descent, it can have a bit of an added process. Plus, you’d still need to wait a few years before you’re awarded your citizenship.
Argentina offers its Citizenship by Naturalization Program. However, Argentina isn’t particularly one of the best passports for crypto investors. It isn’t a great country to set up your investments.
Although, various countries in the world allow naturalization to become a citizen. All you have to do is find the right countries.
Not only that, there are countries around the world that offer a fast track to a second citizenship. All it takes is research and a bit of time.
Obtaining Citizenship by Investment for Crypto Investors
If you’re a bit crunched for time, then you ought to look at options for Citizenship by Investment.
Citizenship by Investment is one of the easiest ways to obtain a second citizenship. Not only that, but it’s also one of the more inexpensive ways to do so.
In the Caribbean, this type of immigration scheme is prevalent, popular, and quite successful. Almost all countries in the region have their version of this program.
For some people, they can either donate a certain amount of money to the government, or they can purchase a certain type of real estate property. Naturally, it all depends on your preferred method to get the best passports for crypto investors.
Plus, one of the main upsides to the Caribbean’s Citizenship by Investment Program is that they can award you with your second passport in as little as six months. So this is perfect for those who are in a rush to diversify their second passport portfolio.
Not only that, but most countries in the Caribbean are tax-free, and they can give you a few tax incentives if you opt to make them your tax residence.
Benefits of Getting The Best Passports for Crypto Investors
There are so many great benefits of a second passport, especially for crypto investors.
Not only will you get a great travel document, but you will also get some kind of “insurance.”
So in case, your government proceeds to tax your crypto earnings, or if they try to confiscate your wealth, you have a backup plan.
In our opinion, this is why we think having one of the best passports for crypto investors is a necessity. Having one of the best passports for crypto investors is not just a necessity for people in the industry, but also for everyone who aims to set up their businesses.
Here at Nomad Capitalist, we aim to help each of you legally reduce your taxes and legally go where you’re treated best.
If you want to start diversifying your second passport portfolio, our team of professionals is ready to customize a plan for your needs. Reach out to us now.