This article discusses the hottest commodity of the 21st century, i.e., second citizenship. We will also discuss how to get a second citizenship and ways it can add immense value to your life.
Very few people take into account the value of citizenship as a commodity. Most of us think of it as something we have because we were born with it or because we moved to another country and got it in exchange for living there.
Ultra-high-net-worth individuals, on the other hand, have already jumped into the world of global citizenship. They understand that citizenship is indeed a commodity that can be obtained or purchased to ensure a better life and limit risk.At Nomad Capitalist, we’ve helped 1500 clients get citizenship in 28 countries, establish residencies in 38 countries, bank in 48 countries, and move to 31 tax-friendly jurisdictions. We can help you do the same. All you need to do is reach out to us today, and we’ll help you go where you’re treated best.
Why You Should Build a Citizenship Portfolio
Having one passport in an increasingly global world where political and economic dynamics are constantly changing is very dangerous. Getting a second citizenship and having more than one passport to get around can protect you from all kinds of problems at home.
The idea of “problems at home” might make your mind jump to doomsday scenarios. While riots, nuclear wars, famines, or other things in the same category could always potentially happen, they aren’t our main focus at Nomad Capitalist.
Our focus is making sure that you always have the opportunity to go where you’re treated best.
There may come a time when you don’t feel welcome at home. Changes in government regulations might make doing business or living the way you want difficult.
This might seem like a foreign idea, but chances are your ancestors moved from one part of the world to another so that they could build a better life for themselves and their children.
There could come a day when you need to do the same.
The reality of our world is that we never know what’s going to change tomorrow – both at home and abroad. You don’t know which country might stop letting US citizens or Australians enter its borders, but this won’t be a problem if you have a second citizenship.
With two or more citizenships, you have the freedom to travel wherever you like, the freedom to live the way you want, the freedom to escape problems at home, and even the freedom to avoid high tax rates.
Diversifying your life by becoming a global citizen allows you to get visa-free travel to countries you don’t have now.
It can open up the door to new investment opportunities that you don’t have access to at home.
And it can open you to new cultures and ways of thinking that will change how, where, and why you do business.
Living a Nomad Capitalist lifestyle will help you create wealth, lower your taxes, and become a global citizen. Be a Nomad Capitalist today.
How to Get a Second Citizenship
One of the problems that keep people from taking advantage of the world’s most underpriced commodity is that the concept of becoming a citizen of another country seems very complicated.
What people often don’t realize is that it can be as simple as looking at their family tree and filing some paperwork.
Almost every country around the world will give you citizenship if one of your parents is a citizen there. In places like Europe, you can go back even farther. Depending on the country, that could mean that if one of your grandparents or great-grandparents was Irish or Polish, you could become an Irish or Polish citizen as well. This way of acquiring citizenship is called citizenship by descent. Through our exclusive Citizenship by Descent service, we’ve helped many clients reconnect with their roots and get a second passport while they’re at it. If you have family roots that connect you to a foreign country that grants citizenship by descent, get in touch with us today.
If you don’t have that opportunity in your family tree, there are other options open to you. Other countries are looking to attract foreign entrepreneurs and have set up programs where you can get citizenship by investment. If you put money into real estate or a business in the country, they will give you immediate citizenship. If not, they will give you residency and put you on a fast track to citizenship.
All in all, there are five different ways that you can diversify your lifestyle and become a global citizen:
Is there a “best” or “easiest” way to get citizenship anywhere?
It depends on you, your goals, your ancestry, your investments, your lifestyle… And it depends on the country. Some countries might not allow some of these methods. Some programs might be harder than others.
But with the right amount of research and effort, you can create a plan that allows you to go where you’re treated the best.
The Best Second Citizenships
Taking your life offshore and becoming a global citizen can be a demanding and complicated process. But you will make the process much harder, chasing after the “latest offshore trend” that will make everything easy for you.
It’s shiny object syndrome at its worst.
There is no one-size-fits-all solution. There is no one best country or strategy that will allow you to live the lifestyle you’ve always wanted. Each individual situation will require its own personalized plan before it can solve the problems that pushed you to want to get a second citizenship in the first place.
After over a decade of telling people how to lead the Nomad Capitalist lifestyle, we know that the “easy” solution will give you more trouble than you started with and that the “cheap” method will usually get you exactly what you paid for.
But that doesn’t mean you can’t find the best strategy or passport for your situation. It just means it will take more work than a simple search in your web browser.
If you look through our articles or watch our YouTube channel, you’ll find some suggestions. For example, our article on the best citizenship by investment programs will guide you through each country, the process of obtaining citizenship, and the type of individual who will most benefit from that particular citizenship.
You can also find the Nomad Passport Index on our website. This index measures the value of each passport on a specific set of criteria to help you determine how it might fit into your strategy. And we update it each year to reflect changes in the world.
While other indices focus solely on how many countries a passport will allow you to visit visa-free, we’ve expanded our measurements to include the country’s levels of taxation, the personal freedom of the country’s citizens, the global perception of the passport, and any restrictions on dual-citizenship to give you a more accurate representation of how each passport can help you build a personal offshore strategy.
And if you want an example of a successful offshore lifestyle, our Trifecta method has allowed many people to legally reduce their tax burden to basically nothing by restructuring where they live around the world. By acquiring residency and citizenship in different countries and creating “bases” around the world, you can find a way to live how you want at the price you want to pay.
Our website is full of over a decade’s worth of research, mistakes, and lessons in taking advantage of the world’s most underpriced commodity.
The Rising Cost of Citizenship
There’s a trend in the world right now when it comes to the trajectory of the price of citizenship.
Prices are going up.
The New York Times wrote an article in 1993 about how a citizenship by investment program in Peru allowed you to become a Peruvian citizen for $25,000. Not long after that, Belize and Grenada opened programs that would allow you to acquire citizenship for $40,000.
A few years ago, Grenada came back with a program that can be anywhere between $150,000 to $200,000 depending on how you do it.
Meanwhile, countries around the world, like Singapore, are tightening their restrictions. Ten or fifteen years ago, you could have easily become a citizen in Singapore, but now it’s practically off-limits.
There are fewer and fewer good opportunities around the world as the years go by.
If you do acquire that second citizenship, you’ll watch its value go up with the prices. As the world changes, more countries are finding a place on the economic stage. More countries are becoming open to visa-free travel.
That is why we’ve named second citizenship the hot commodity of the 21st century.
The competitive edge that a US, European, or Australian passport has above the rest of the world is no longer as great as it used to be.
This is your chance to look at citizenship as a commodity, as a tool that will help you make sure you’re always safe. To make sure you’re always protected and prosperous.
There are more and more countries every day willing to put their greatest commodity – citizenship – on the market to help you achieve just that.
When it comes to protecting your options by getting a second citizenship or residency, the right time to act is now.
So what are you waiting for? Get in touch with us today to go where you’re treated best.