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Second passport

V

void

freedom addicted ultra relativist
Pro Member
Oct 3, 2017
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#1
Could anyone share an experience with getting second passport? By investment or any other way?
I'd like to learn more about this "instrument". What does it bring to me? Does it always mean second citizenship? Does it help me to lower tax burden? Will that bring me more freedom? What about my family? Can I always freely use any of my passports and decide which citizenship do I pretend at the given moment?
 
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#2
It's an very interesting topic, I don't believe that the second passport alone will help you "to bring more freedom" but only a second citizenship will. However, most countries today will tax you from worldwide income or where you live. So it's a good idea to do proper research before considering a second passport or citizenship.
 
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#5
First and foremost, most affordable citizenship-for-investment programs (St Kitts, Antigua, Dominica) can no longer be considered a step to "privacy", in my opinion, because very few respected banks (except those in Carribean of course) will open account with this passport presented, moreover they can close your existing accounts if you show them your new passport.
So, the value lies mostly in more travel freedom, 10-year US visa and such, i think.
Now, Malta and Cyprus passports which can be purchased for investment as well are different story (and they are also few times more expensive, we're talking millions here). Latest Malta and Cyprus tax residence programs allow passport-owners to spend minimum (if any) time at their "homeland" and still be deemed tax residents there, legally paying next no zero tax on worldwide income. Needless to say, that EU passports are way more respectable with the banks than Caribbean.
 
#6
I know only one guy who had success in getting a second passport and identity and he got in trouble. The passport control didn't believe him to be native in Switzerland.
chimp.webp
 
#7
Very interesting topic welcome more information and experiences.
I have been asked about this in my home country from foreigners but not possible in my country only long term citezen ship with small quota.every year and the benefit of 2nd passport from my country is none really.
Keep information coming. Please

Although I think there will be no reasonable cost opportunity just big investors for property or industry business or moving and living in a country for a long time.
. Maybe only reasonable way is less legal option available for people with contacts.
 
#8
A good run-down of the options you can find here: Second Passport: How to get dual citizenship | Nomad Capitalist

(not that you do not always need a passport or citizenship sometimes residency will do for opening a bank account and tax purposes)

The cheapest options are below, problem is that is dificult to open bank accounts using those residency/citizenship countries! (So I opted not to go that route)

Paraguay (not really a nice place, relatively criminal/unsafe)
This emerging South American country offers a straightforward permanent residency program that allows you to apply for citizenship after as little as three years, provided you make some form of economic investment in the country. This can be as simple as opening and funding an bank account with as little as $5,000. You can also start a small business and pay yourself a taxable salary, or invest several thousand dollars in Paraguayan stocks. Paraguay is an open place where everyone is welcome, and it is one of the freest countries on earth. (you also need to live there a.f.i.k. for a year orso, but that can be 'fixed'. There is a relative large German community they can and will help you (this will cost you 1.500€, but saves you a lot of waiting time and frustration)(use chrome & googlte translate and search for "paraguay + auswanderen")

Panama (a 'relatively' nice place)
Panama’s Friendly Nations visa program makes it extremely easy for citizens of over forty countries to get residency there with a $5,000 bank deposit and one other “economic tie”, such as ownership in a Panamanian corporation. Once you are legally resident in Panama, you can get citizenship in as little as five years.
 
#10
Milky Moon said:
A good run-down of the options you can find here: Second Passport: How to get dual citizenship | Nomad Capitalist

(not that you do not always need a passport or citizenship sometimes residency will do for opening a bank account and tax purposes)

The cheapest options are below, problem is that is dificult to open bank accounts using those residency/citizenship countries! (So I opted not to go that route)

Paraguay (not really a nice place, relatively criminal/unsafe)
This emerging South American country offers a straightforward permanent residency program that allows you to apply for citizenship after as little as three years, provided you make some form of economic investment in the country. This can be as simple as opening and funding an bank account with as little as $5,000. You can also start a small business and pay yourself a taxable salary, or invest several thousand dollars in Paraguayan stocks. Paraguay is an open place where everyone is welcome, and it is one of the freest countries on earth. (you also need to live there a.f.i.k. for a year orso, but that can be 'fixed'. There is a relative large German community they can and will help you (this will cost you 1.500€, but saves you a lot of waiting time and frustration)(use chrome & googlte translate and search for "paraguay + auswanderen")

Panama (a 'relatively' nice place)
Panama’s Friendly Nations visa program makes it extremely easy for citizens of over forty countries to get residency there with a $5,000 bank deposit and one other “economic tie”, such as ownership in a Panamanian corporation. Once you are legally resident in Panama, you can get citizenship in as little as five years.
Click to expand...
this is you ? seems you know some interesting information about second citizen passport. Is this only available for Panama or is there a better country to get the docs for?
 
#13
I am a longtime lurker posting for the first time to give back to the board. I have experience with obtaining a second citizenship. It can be very useful depending on your particular goals/circumstances. To answer the OP’s questions, second citizenship can provide a ton of freedom in movement globally and can help in reducing tax burdens (whether this applies to you highly depends on your current residence/citizenship). When you have multiple passports you can indeed chose which one to use.

There are many countries where one can obtain citizenship or residence through investment including many EU countries. Which program is best depends on your individual goals. For example, a popular choice is Grenada because it allows visa free travel in the Schengen area and allows citizens to qualify for E-2 visa to start and develop a business in the US without minimum residence requirements (so one can maintain non-residence tax status in the US while managing a business).

I hope this was useful. I’m happy to answer more questions.

niggashit said:
I'm wondering if there are any countries that allow changing name and birthplace on passport beside Canada?
Click to expand...

I have never heard of changing one’s birthplace but most countries allow one to change his/her name when becoming a a citizen of the new country (even the US allows this).
 
#14
@Vivendo Well, if you are here to sell anything or advertise your service I would recommend you to head over to the forum rules before you continue to post here!

The most important rule is: It's not allowed to post hidden advertising, advertise your own services or pretend to help people in the hope they will buy your services! That said read what Mentor Group can offer you.

Important! - What can I do with my Mentor Group subscription?
 
#15
It gives you greater freedom to travel (ie: if you can only stay 6 months/year in a country without visa, then you can potentially remain idefinitly by switching passport mid air. Not sure it is legal but nobody seems to cares).

But I don't think that was the real meaning of your question and on that topic I am also trying to figure it out.
And I believe it can. Banks exchange info based on your passport nationality and residence. So if you reside in Germany and have one passport stating that you are German/German resident but use your second one that claim that you are British/British resident, they'll inform a country that does not care since you don't reside there.

I believe it is different from the Panama solution. You can get residency but initially not a passport. So the bank would know and inform the 'correct' country. Unless you actually move and reside in Panama.
With regard to Panama, one point I am not sure about, is if you actually need to live there (I have read contradictory info)
@milky-moon, do you know about that?
 
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