The grass is always greener on the other side, so they say.
But in addition to the wanderlust that afflicts us so, the power of the Philippine passport may be seen as middling at best when compared to those from other countries. This is why citizenship through investment programs—and buying a second passport—is a thing.
Like any other asset, this undertaking comes at a cost— with minimum financial requirements, approved real estate or funds, and other needed documents to quality.
Take a look at these five countries where you can buy a second passport, along with its minimum costs and other requirements.
The first European country on the list, interested expats need to apply to Portugal’s Golden Visa Program where you’re required to invest in approved business pursuits, real estate, or donate to its art and culture. Plus, passing the country’s history test is a must.
But that’s not all. Per Henley Passport Index, applicants can apply for Portuguese citizenship through capital transfer, property acquisition, and start a business that can generate over 10 new jobs or €500,000 (P28.1 million) per starting capital.
Processing time takes over six months since you also need to register your qualifying investments, submit original documents, and go through Portugal’s legal process.
St. Kitts and Nevis
According to the Henley Passport Index, St. Kitts and Nevis is ranked as having the 25th strongest passport in the world.
Per Henley, interested applicants are required to make a “significant economic contribution” to the country and should be above 18 years old. They can either make a non-refundable contribution of $150,000 (P7.9 million) to the country’s Sustainable Growth Fund or buy real estate worth $200,000 (P10.6 million) that can be sold after seven years or state-approved real estate worth $400,000 (P21.2 million).
An additional fee of $25,000 (P1.3 million), $20,000 (P1.06 million), or $10,000 (P530,000) is a must upon applying for qualified dependents.
The application process takes three to six months and dual citizenship is allowed. To add, there’s no minimum stay required once your second passport has been approved.
Planning to become a Spanish resident through investment? Well, you need to go through the country’s 20-day consideration period, live in the country for about two years, and maintain a minimum investment first.
Interested applicants can get their second passport by buying a property worth €500,000 (P28.1 million), starting a business project recognized as “general interest,” having government bonds investment with a minimum value of €2,000,000 (P112.5 million), or owning bank deposits worth €1,000,000 (P56.2 million) in Spanish institutions.
If you’re willing to go through four to six months of the application process, the picturesque Caribbean island nation of Dominica might be the country for you.
Per the country’s citizenship by investment program, applicants must be at least 18 years of age and qualify through Dominica’s background check and review of financial investments, government funds, and owned real estate.
Applicants must also be financially capable in order to settle the non-refundable contributions to Dominica’s Economic Diversification Fund worth $100,000 (P5.3 million). However, the following contributions should be made if you’re applying with dependents:
- Applicant and spouse - $150,000 (P7.9 million)
- Applicant, spouse, and up to two children - $175,000 (P9.2 million)
On the other hand, additional costs include the following:
- Additional dependents - $25,000 (P1.3 million) each
- Eligible siblings who are 18 to 25 years old - $50,000 (P2.6 million) each
Know more details about Dominica’s citizenship by investment program on its official website.
A small country located in the Caribbean Sea, Grenada is a quaint country dubbed as the "Spice Isle."
Per Business Insider, applicants can secure citizenship through a direct minimum contribution to Grenada’s National Transformation Fund worth $150,000 (P7.9 million) or by buying approved real estate worth $350,000 (P18.5 million). To add, each additional dependent includes an additional cost of $25,000 (P1.3 million).
Make sure to register your processing fees and contribution fees to the country’s authentication site before submitting an application. The overall process takes two months, then you can apply for citizenship after. Don’t fret, you don’t have to renounce your original citizenship.