Dual citizenship is very common and many of us dream of holding two passports. In fact, as per The Second Citizenship Survey 2017 from CS Global Partners, there are 89% people in U.S who want to have a second passport.
A second passport basically gives you security. You know you can go to another country without any trouble in case things get troublesome for you in your country.
There was a time when people from third world countries looked at getting a second passport, but now even people living in first world countries are learning about eligibility for a passport as they also have understood the importance of a dual nationality.
This was evident from the high number of British citizens applying for a second season after Brexit. If you also want to have a second passport, you need to be aware of requirements and other such factors.
While possessing two passports of the same country is illegal (applicable in specific circumstances), having passports for multiple countries isn’t. However, getting a passport to another country isn’t a walk in the park as there are several eligibility criteria that determine whether you are eligible or not.
Let’s find out more:
Spending A Good Amount Of Time In Another Country
When you spend a considerate amount of time on foreign grounds and prove to be an asset for the country’s economy then you are eligible to apply for immigration.
Many countries abide by this rule and offer citizenship. While some countries may require only 3-4 years to be eligible and apply for citizenship, some countries require as much as 20 years to be eligible.
Here are two of the most famous countries in this regard:
Canada: Canada is one of the fastest evolving countries. Unlike before, now you have to work a job in the country to be eligible for its citizenship. Moreover, you need to have an official residence and then it’s just a matter of 3-4 years until you can apply for permanent residency.
Panama: Getting a residency in Panama costs around $5000. Once you are a legal resident, you can get permanent citizenship in just 5 years.
This is by far the most quickest and easiest way to get a citizenship to most countries. It is often referred to as citizenship by investment.
A country will most likely offer a citizenship to you if you invest a specific amount in the country. This is because all countries require FDI to grow, and investment results in economic growth and other such advantages, including more jobs etc.
However, not all countries are willing to offer economic citizenship programs to foreigners. Here are some that do:
Cyprus: Getting a Cyprus passport is possible for businesspersons who can afford to invest 2,000,000 euros. The other option is to donate at least 5,00,000 euros to aid the Cyprus government in research.
Grenada: To be eligible for a Grenada citizenship you have to invest at least $5,00,000 in real estate. Unlike Cyprus, Grenada requires a newly citizenship awarded person to live there for a year.
For more details, get in touch with a professional.