How to ‘Buy’ a Second Passport

Whether you’re a full-time traveler who wants to avoid length restrictions on visitor visas or a retiree looking to settle in a different country, getting a second citizenship can be tricky. Every country has different regulations on how you can gain citizenship, and some countries essentially allow you to “buy” a second citizenship by investing in real estate or other programs. We spoke with Mehdi Malla, director of private clients at Henley & Partners, a global leader in residence and citizenship by investment, to get expert insight on how these programs work and what Americans need to know about the process.

What to Know About Citizenship by Investment

“Citizenship by investment (CBI) is a program where individuals can obtain a second citizenship or passport by making a significant financial investment in another country,” explains Malla. It’s an attractive option for individuals with substantial amounts of money and the country itself, as these people can help boost economic growth.

The sector in which the applicant would invest depends on the program but could include business ventures, government bonds, or real estate.

Benefits of Getting a Second Passport

The benefits of getting a second passport are endless. Malla says, “This option is popular with high-net-worth individuals (HNWIs) and ultra-high-net-worth individuals (UHNWIs) who want enhanced global mobility, improved access to healthcare and education, and greater security for themselves and their families.”

It also allows people to diversify their assets, which is a big draw for these individuals. It can also be helpful for tax purposes. Depending on which country you are coming from, a second passport might remove travel restrictions, allow safe havens amongst political instability, or allow children to access better educational opportunities.

Countries That Offer Citizenship by Investment — and How Much It Costs

There are several countries that offer residence and citizenship through investment, but the minimum investment varies substantially. “Some of the most popular [countries] are St. Kitts and Nevis, Antigua and Barbuda, Malta, and Portugal,” says Malla. “The investment amounts vary, typically ranging from $100,000 to over $1 million.”

Countries With Citizenship by Investment Programs

• Antigua and Barbuda: $230,000
• Austria: “Substantial contribution”
• Cambodia: $245,000
• Dominica: $200,000
• Egypt: $250,000
• Grenada: $235,000
• Jordan: $750,000
• Malta: €600,000
• North Macedonia: €200,000
• St. Kitts and Nevis: $250,000
• St. Lucia: $240,000
• Turkey: $400,000
• Vanuatu: $130,000

This range of options puts you all over the map and could give you a foothold in the Caribbean, Europe, or Asia.

Other countries, like Portugal, offer residence by investment. In Portugal’s case, you can invest a minimum contribution of 250,000 euros to gain a five-year residency permit; after that, you’re eligible to apply for citizenship.

If you’re after a second passport, this route can take much longer. However, a visa accomplishes many of the same goals — being able to live in a destination, access high-quality healthcare, and more. Note that not all residence by investment programs offer a path to citizenship.

Countries With Residence by Investment Programs

• Costa Rica: $150,000
• Cyprus: €300,000
• Greece: €250,000
• Hong Kong: ~$3,860,000
• Hungary: €250,000
• Italy: €250,000
• Jersey: ~$2,270,000 and $325,000 in annual taxes
• Latvia: €60,000
• Luxembourg: €500,000
• Malaysia: $212,000
• Malta: €175,000
• Mauritius: $375,000
• Montenegro: Real estate acquisition and legal entity registration
• New Zealand: ~$3,000,000
• Panama: $100,000
• Portugal: €250,000
• Singapore: ~$7,570,000
• Spain: €500,000
• Switzerland: ~$289,000
• Thailand: $1,500 to $25,000
• United Arab Emirates: $550,000
• United Kingdom: Innovative, scaling business

Clearly, residency by investment includes many more options but still requires a substantial investment.

Process for Obtaining a Second Passport

Although each country will have special requirements, you can generally expect to follow the same basic process. It typically involves selecting the country and program you wish to pursue, making the required investment, and submitting an application. “This includes providing documents like proof of wealth, clean criminal records, and health certificates,” says Malla. “Once the application is submitted, the government conducts due diligence before granting citizenship and issuing the passport.”

Before this starts, you’ll want to contact an agency with experience going through this process so they can help you with your case. The amount of time it takes from contacting the agency to holding your passport will depend on the country and program you apply for.

“Some Caribbean nations, like St. Kitts and Nevis, can complete the process in as little as three to six months,” says Malla. “European countries such as Malta or Portugal may take longer — between 12 and 24 months — due to more thorough vetting and higher investment levels.”

Risks and Challenges

As you’d expect, it’s not going to be easy to gain citizenship in another country, so using a firm that specializes in helping U.S. citizens go through this process will make navigating it much simpler.

“Some programs involve rigorous due diligence, and applicants may be rejected if there are any legal or financial concerns,” says Malla. “Geopolitical changes can also affect the future strength of a passport in terms of travel flexibility.”

Luckily, you don’t have to give up your U.S. citizenship when participating in most of these programs. Since the U.S. allows for dual citizenship, you can have two passports simultaneously without an issue.

One of the biggest challenges is coming up with that much money, which is nearly impossible for the average person. You’ll also need to understand your responsibilities as a citizen of a new country — there could be “problematic legal, tax, or even military service requirements,” explains Henley & Partners.

Overall, citizenship or residence by investment can be a viable option if you can afford it, and with some of the programs, you could be holding your new passport in 2025. Whichever option you choose, ensure you fully understand what you’re getting into before starting.