World’s Best Countries to Relocate And Obtain a Second Passport

What is the easiest way to get a second passport? If you don’t have the right to citizenship from another country through naturalisation, descent, or marriage, citizenship by investment is the easiest way to get a second passport.

The World is a global village. Gone is the time when people used to be born in one place and would spend their whole lives living there. Now, people are taking the opportunity to relocate to a better place when they get a chance. They are taking the chance to obtain a second passport, which would let them enjoy the best of two countries.

This trend of obtaining a second passport and relocating to a different country is growing with every passing day. If you are also planning to relocate to a place that comes with a cheaper cost of living, gender-neutral environment, and better health standards, here are the best countries you can consider:

1. Dominica

Even though North America is increasingly getting difficult for many people to live in due to the increased cost of living, Dominica is undoubtedly different. This country is one of the most sought-after countries for relocation. Many factors play a part in making it a perfect second passport.

For instance, it offers a tax-friendly environment to the citizens. In addition, the commodities prices are not exorbitant, and living standards are comparatively better than in other North American countries.

To relocate to Dominica and obtain a second passport you can apply for citizenship by investment service provided by NTL Trust. You would need to opt for the process of the Economic Diversification Fund. With a total investment of merely $189,300USD, you would be able to receive your second passport.

Opt for the real estate investment program if you can spend a bit more. In this case, you would get the residency sooner than ever within the cost of merely the price of $249,300USD. The whole system works diligently to grant the living permission only to those who are the most deserving of all!

2. Montenegro

Unlike many states and countries that require you to relinquish your previous passport if you aim to relocate to them, Montenegro doesn’t have such demands. Instead, you can comfortably keep two passports, and no one would bat an eye!

Once you achieve this goal of obtaining a new passport, you will be allowed to visit as many as 170 countries without a visa!

There are numerous investment programs for getting a residency in Montenegro. The simplest one is the Government Fund Donation, where you just need to give an amount of $100000 to the authorities. Apart from this, there is real estate investment, which requires you to pay an amount starting from only € 450 000 to be eligible for the residency.

3. St. Kitts and Nevis

Don’t have the patience to wait for years till you get your second passport and want to relocate ASAP? Then, your best option is St. Kitts and Nevis. This country offers the fastest and easiest relocation roadmap, following which you can get your residency within merely two months of your initial application.

You can either donate around $150000 to the Sustainable growth fund of the country or purchase some property amounting to $200000 and hold it for seven years to get the residency. It is an upper-middle-class economy country, and if you are looking for better employment opportunities and living standards, you should opt for it.

4. Turkey

If you love history and want to move to a country that is rich in it, Turkey is a great option! Located in the middle of the boundary between Asia and Europe, it offers a straightforward permanent residency methodology for those willing to get a passport.

This program doesn’t come with the need for residency. Without spending a specified period in the country, you can quickly get the permit to live here permanently. The two most beneficial sectors of the country are banking and technology.

The Turkish economy has been thriving for many years and offers excellent employment opportunities to the new residents. In addition, once you have the Turkish card issued in your name, you will be able to enjoy unlimited perks and benefits.

5. Granada

Love breathtakingly beautiful views and want to spend the rest of your life cherishing them? Granada is where you can do so! It is undoubtedly one of the most beautiful places in Spain, with a very minimal population. It offers a wide range of choices for accommodation and lets you live in a luxury apartment and a rustic home.

Obtaining a second passport for Granada would require just four months. You can easily qualify for it by showcasing your proof of good character, net worth, absence of a criminal record, and bill of good health.

Once you serve this to the authorities, you would only need to invest in Granada, and soon get your passport!

Final Thoughts

Getting a second passport opens a number of opportunities for an individual. You can have the luxury of visa-free traveling, or your family can relocate due to your permanent residency.

The list for obtaining a second passport does not limit to the countries mentioned, there are a number of countries that offer you a second passport, all you need to do is to do some more research in this area, and you will surely find the country that fits for you.

Why Register a Company in Cyprus?

A company registration number is a unique combination of numbers and, in some cases, letters. The company registration number is used to identify your company and verify the fact that it is a registered entity.

Business nowadays operates in an interconnected world, without any boundaries or limitations to protect brands and companies from the merciless competition.

In our era, due to technological breakthroughs, competition is thriving and multi-attacking companies and brands from various channels of communication; therefore entrepreneurs find themselves in the difficult position of searching and finding the most favourable path to follow, for the achievement of economies of scales.

Currently, many entrepreneurs are in the process of searching various ways on how they can maximise their productivity and enhance their profitability by minimising their operational costs. One of the main scenarios they examine, due to its endless possibilities, is the reincorporation or re domiciliation of their business activities in favourable markets. Even though this practice is very common, entrepreneurs should cautiously consider their options, since this path can be very costly, multifaceted and time consuming.

Consequently, when entrepreneurs decide to pursue this course of action not only do they have to prepare their business plan but they also have to include the nature of activities and purposes of their company and simultaneously proceed with the political, economical, social and technological environment analysis of the target market.

Additionally, they should examine important economical parameters of the targeted country such as the taxation regime scheme, processing time of company formation or domiciliation and the terms and conditions of the exchange regulations, as well as, the transaction flexier company registration number is a unique combination of numbers and, in some cases, letters. The company registration number is used to identify your company and verify the fact that it is an entity registered, assets, personal information protection and requirements for opening corporate bank accounts etc.

In summary, entrepreneurs should thoroughly assess the business law frame work under which their company will operate.

Even though various countries are renowned for their favourable tax regime scheme, Cyprus is considered to be one of the most reputable and strongest jurisdictions for many types of company formation, incorporation, trusts and investment offering one of the lowest corporate tax rates in Europe.

Cyprus is a country island situated in the Eastern Mediterranean area, at the heart of three continents; Europe, Africa and Asia thus rendering it a favourable choice.

It is a full member of the European Community and completely aligned with the EU regulations. Its currency is Euro and the official language is Greek while English is spoken by almost everyone and Russian by a significant percentage of the population.

In addition, Cyprus has one of the lowest crime rates in the world. It has an excellent transportation structure and infrastructure that support the entire spectrum of business activities which take place on the island. It has a trustworthy and advanced private banking and medical system. Cypriot people are well mannered and are famous for their hospitality.

The Legal System of Cyprus is based on Common Law. Its economy operates based upon an open, market driven principle, with favourable tax regimes for the incorporation of companies and investments. Moreover, Cyprus is characterised by a high per capita income and renowned as a European Union centre for foreign investments, offshore businesses and activities.

Also, it is important to note that the Government authorities of Cyprus are promoting heavily the incorporation and foreign investments, as well as, allowing the purchase/ownership of property under favourable conditions.

Consequently, Cyprus Government authorities engage in non – stop negotiations for forming double taxation treaties with non European countries, in order for the Cypriot active companies to enjoy an important competitive advantage. Currently, Cyprus is an affiliate to more than 50 double taxation treaties based on the OECD including the European Union, China, India, Kuwait, Russia, Singapore, Thailand, United States, Azerbaijan, Lebanon, United Arab Emirates, Georgia and other important hub countries.

Furthermore, other important advantages of Cyprus are the low corporation tax rate, the very short time frame for company registration, as well as, the low annual maintenance fees of corporations. Cyprus offers one of the lowest corporation tax rates in the EU, which is 12.5%. The time frame for the registration of a new company is very short, approximately 7-9 days.

Hence, Cyprus allows the use of nominee Directors, Secretary and Shareholders therefore there is no obligation of exposure of the Ultimate Beneficial Owner in the public Company Registrar Record. Anonymity rights are fully safeguarded and there is no need for the owner to be present during the process of the incorporation or opening of a corporate bank account. Bank accounts can open between 2 – 5 working days with full online electronic banking and digital pass as well as a debit card.

Cyprus is considered to be the most well-known EU country for offshore company formation and Trusts. The Cyprus International Trusts are exempted from income tax, capital gains tax, special contribution or any other taxes. Additionally, there is no estate duty or inheritance tax in Cyprus, there is flexibility for relocation, there is no exchange control regulation and trusts can operate internationally with no disposal tax of securities. Thus, there are no withholding taxes on dividend payments, interest or royalties to non residents.

In addition, the profits from the sale of shares in the stock exchange are tax free, whereas, the losses of a company can be carried forward opposed to future profits for an indefinite period. Besides those very important advantages, Cyprus is also offering the Group relief option, whereby the loss of one company can be covered by the profits of another since both of them are under the Cyprus residential tax scheme.

Moreover, Cyprus Permanent Residence and Citizenship Schemes are considered to be one of the strongest in the world since they provide several significant benefits to the investors, as well as, an advantageous flexibility towards the investors that are reside in non EU member states, which includes, their family members under18 years old as well.

To sum up, Cyprus tax law is characterised by its simplicity, straight forward approach and effectiveness. Subsequently, entrepreneurs should consider Cyprus as a favourable market for incorporation or re -domiciliation of their business activities, since their companies will enjoy instantly, among other important advantages, low corporate taxation rates and annual maintenance corporation costs.

In addition, entrepreneurs will have the option of forming an offshore company or a trust so as to protect their assets, companies’ strategies and personal information by enjoying a very beneficial taxation regime with no exchange control regulation that would limit international operation.

Justifiably, Cyprus is considered to be an EU Tax Heaven island country. Cyprus companies enjoy safety, stability and flexibility, as well as, overall low tax rates while having the opportunity to trade not only in the EU but in other countries by enjoying the advantages of over 50 double taxation treaties.

Cyprus is globally an ideal investment and incorporation gateway, offering to the investors a market right of entry to more than 500 million EU citizens, the Middle East and China.

Turkish Citizenship by Investment

Citizenship by Investment is a method of obtaining citizenship of a country through investments in specific industries approved by the government. This includes real estate and economic contribution through donation.

The Regulation of Implementation of the Turkish Citizenship Law has been amended by Presidential Decree No:106 effective from the date of publishing which is 19.09.2018. In accordance with the Turkish Citizenship Law No:5901.

Regulation enables foreign investors to acquire Turkish Citizenship exceptionally by investment ways as below:

  1. to make fixed capital investment worth minimum 500.000 USD, equivalent foreign currency or equivalent amount of TL, to undertake not to transfer the company for following three years and to have the investment determined by the Ministry of Industry and Technology,
  2. to purchase real estate worth minimum 250.000 USD, equivalent foreign currency or equivalent amount of TL, to put an annotation onto the title deed stating that property shall not be sold in the following three years and to have the investment determined by the Ministry of Environment and Urbanism,
  3. to sign preliminary sales contract intended for the real estate, which has construction servitude or condominium registration, worth minimum 250.000 USD, equivalent foreign currency or equivalent amount of TL and to make the such payment in advance, to put an annotation states that preliminary sales contract shall not be transferred or abandoned for following three years onto the title deed and to have the investment determined by the Ministry of Environment and Urbanism,
  4. to employ minimum fifty employees and have such employment determined by the Ministry of Family, Labor and Social Services,
  5. to deposit minimum USD 500.000 USD, equivalent foreign currency or the equivalent amount of TL in banks operating in Turkey and to undertake not to withdraw the deposit for the following three years and to have such barred deposit determined by the Banking Regulation and Supervision Agency,
  6. to purchase public borrowing instruments worth minimum USD 500.000 USD, equivalent foreign currency or the equivalent amount of TL and to undertake keeping the instruments for following three years and to have the investment determined by the Ministry of Treasury and Finance,
  7. to purchase real estate investment trust or venture capital fund shares worth minimum 500.000 USD, equivalent foreign currency or the equivalent amount of TL and to undertake keeping the instruments for following three years and to have the investment determined by the Ministry of Treasury and Finance.

Ministry of Interior, General Directorate of Civil Registration and Citizenship has published Instruction of Procedures and Principles Regarding Acquisition of Turkish Citizenship by Foreign Investors which regulates the process of the application.

The Instruction foresees that exclusive / joint offices shall be established in Ankara and Istanbul. Officers of General Directorate of Civil Registration and Citizenship, General Directorate of Migration Management and Determination Institutions shall provide the services in conjunction.

  • Applicants completed the investment according the Regulation, shall apply for Certificate of Conformity to the Determination Institutions. Obtaining the Certificate of Conformity allows the applicants apply for citizenship and residency permit referred to in article 31/j of the Law on Foreigners and International Protection No:6458 with joint documents. Application for citizenship shall be made to the Exclusive/Joint Offices with granted residency permit and required documents for citizenship. Required documents are as follows:
  • Applicant’s passport as translated and notarised.
  • In case of statelessness, documents which certifies statelessness
  • Birth Certificate or any official document covers applicant’s birth date/birth place/parents’ name information such as identity register copy.
  • In the event of lack of birth date information; signed declaration to recognise Turkish Civil Registry Services Act’s authorisation
  • Certificate states applicant’s civil status such as married, divorced or widowed: Marriage Certificate, Divorce Certificate, Death Certificate.
  • If applicant is married; identity register copy or similar document proves the family bond of spouse and children
  • If the child is in the guardianship of one parent; document states consent of the other parent as translated and notarised / certified by the authorised officer in Turkey, or document states consent of the other parent admitted from foreign representative offices / authorised institutions as translated, notarised and authorised by the Turkish Consulate/Apostille
  • Criminal record
  • 6 biometric photos
  • Receipt of Application Fee
  • Health Insurance
  • The Certificate of Conformity

Certificate of Conformity granted by the pertinent Authority is required to complete the application file as a determination of the investment. In acquisition of Turkish Citizenship through real estate purchase procedure, an application to authorised Directorate of Land Registry which is related to Ministry of Environment and Urbanisation, shall be made to obtain a Certificate of Conformity.

This document purports to indicate that the monetary value of the real estate purchase has exceeded the threshold figure of 250.000USD, and a record has been entered into land registry record stating that the ownership status shall not change for a period of three years.

In acquisition of Turkish Citizenship through bank deposit, an application to Department of Financial Consumer Relations of the Banking Regulatory Authority, shall be made to obtain a Certificate of Conformity purports to indicate that, 500.000 USD or equivalent amount of other currencies have already been deposited at a bank operating in Turkey and a record has been entered into the bank account inhibiting the withdrawal of the money for a period of three years.

Foreign investors who had been granted with the Turkish Citizenship should meet abovementioned requirements for the duration which has stated in the Regulation.

In case the investor fails to maintain such requirements, determination institutions would notify General Directorate of Civil Registration and Citizenship and General Directorate of Migration Management. Subsequently, citizenship status shall be revoked in accordance with article 31 of the Law.