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Best Second Citizenship
& Residency Programs
By Robert E. Bauman, JD
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| Having a
second passport and dual citizenship can bring you greater travel safety,
faster access to living abroad, and may even lead to potential tax free
existence in another country. And it all can be done legally.
If you’re in a hurry and
want a second citizenship in a matter of months, there are only two nations
that offer this quick service, but for a price. They call it “economic
citizenship” but it’s really citizenship for sale. The two nations are
the Commonwealth of Dominica and St. Christopher & Nevis, both in the
Caribbean area.
Several other nations,
including the U.S. and Canada, offer immediate residence in return for
substantial investments in a job-producing business, but not immediate
citizenship. That usually requires several years of actual presence.
Single Investment Delivers
Potential Profits, Dual Citizenship, and Visa-Free Travel
The Commonwealth of Dominica
is located at the northern end of the Windward Chain of the Lesser Antilles
in the Caribbean Sea.
Dominica’s
economic citizenship program is first rate. Since its inception in 1991,
it has operated successfully. A single investor may acquire Dominican citizenship
via a direct cash contribution of US$100,000 to government and private
projects; the sum is raised to US$150,000 for a family of up to four persons.
A new citizen of
Dominica has
the right to live and work there at any time, but living there is not required.
Holders of a Dominica passport can travel without a visa to more than 100
countries and territories, including the U.K., Switzerland, Sweden, and
Hong Kong.
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| For citizenship
information and assistance, contact Henley & Partners, Inc., Haus zum
Engel, Kirchgasse 24, 8001 Zurich, Switzerland; Tel.: +(41) 1-267-6090;
Fax: +(41) 1-267-6091; E-mail: Zurich-office@henleyglobal.com; Website:
http://www.henley-partner.com/dominica. |
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Economic
Citizenship in a Paradise with Splendid Beaches and Balmy Weather - St.
Christopher & Nevis is the older of the two economic citizenship programs
and it, too, has an established history of successful operation.
Applicants
must invest US$250,000 in an “approved investment project.” Government
registration fees are now US$35,000 for a main applicant and US$15,000
for each spouse and dependent child under 18. Young adult family members
over 18 must pay US$35,000 each. In addition, professional fees are US$15,000
for the main applicant and US$5,000 for each additional family member.
St. Kitts (as
it is called) and Nevis (say “knee-vis”) is in the Leeward Islands in the
eastern Caribbean, 225 miles east of Puerto Rico, 1,200 miles south of
Miami. Each tropical island is a volcanic mountain rising about 1,000 meters
above the sea, with about 75% of the total population living on St. Kitts.
The islands’ balmy, virtually unchanging weather and splendid beaches and
accommodations have made them popular vacation spots, offering a wide range
of recreational amenities. |
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 The
Sovereign Society, headquartered in Waterford, Ireland, was founded in
1998 to provide proven legal strategies for individuals to protect their
wealth and privacy, lower their taxes and to help improve their personal
freedom and liberty. |
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Society's highly qualified contacts recommend only carefully chosen banks
and investment advisors as well as financial and legal professionals located
in select tax and asset haven jurisdictions around the world. The Society
provides advice concerning the establishement and operation of offshore
bank accounts, asset protection trusts, international business corporations
(IBCs), private foundations, second citizenships and foreign residency,
as well as practical safeguards for financial, Internet and personal privacy. |
| The
Sovereign Society stands alone in fulfilling this singular, international
offshore service role for its members. To learn more about our organization
and how you too can become a member, please click
here. |
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Nevis, which
has its own Island Assembly, is a recognized tax and asset haven. It has
a no-nonsense banking and business privacy law that even the U.S. government
can’t crack unless crime is involved. Its pro-offshore laws have existed
for over two decades—so there is plenty of experience and precedent in
the local courts—and the legislative assembly keeps the applicable laws
current. There are well-established service companies that can manage an
offshore business, establish a foreign trust, etc., and some have convenient
U.S. offices.
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| For citizenship
information and assistance, contact Henley & Partners, Inc., Haus zum
Engel, Kirchgasse 24, 8001 Zurich, Switzerland; Tel.: +(41) 1-267-6090;
Fax: +(41) 1-267-6091; E-mail: Zurich-office@henleyglobal.com; Website:
http://www.henley-partner.com/stkittsnevis2.htm. |
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Visa Programs
Make This the Leading Destination for Foreign Retirees - Everyone knows
about The Republic of Panama and its famous Canal, but Panama is also one
of the world’s leading destinations for foreign retirees. That’s because
it has numerous resident visa programs that welcome you with immediate
residency status. Perhaps the best known of these resident visas is the
turista pensionado visa. Anyone entering the country as a qualified pensionado
is guaranteed to retain that legal status so long as they choose to stay
in Panama. (The word pensionado does NOT mean you must be retired to qualify.)
Under the pensionado program, the applicant must show proof of personal
entitlement to a monthly income from an official foreign program (Social
Security, disability, military retirement, government pension) or a private
corporate pension plan, in the amount of at least US$500, plus an additional
US$100 each for a spouse and other dependants.
Panama truly
does offer probably the best residence deal in the world today. For this
comparatively small price, the benefits are incomparable, including exemption
from taxes, tax-free importation of your automobile and household goods,
and discounts on a host of goods and services. The visa application process
for Panama’s basic pensionado program is simple; a onetime application
and no renewals or additional fees. Getting your permit takes as little
as 30 to 60 days. It’s fast, affordable and easy. But you need an attorney
to do all this.
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Contact: Christoph
Zollinger, Mossfon Group, Mossack & Fonseca Co., Arango-Orillac Building,
54th Street, P.O.
Box 0832-0886,
W.T.C., Panama, Republic of Panama; Tel.: +(507)263-8899; E-mail: Zollinger@mossfon.com;
Website: http://www.mossfon.com. This firm offers a wide array of visa
and other legal services in Panama and around the world. |
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Significant
Tax Incentives for Retirees
Although Belize’s
economic citizenship program ended in 1991, the country still offers significant
tax incentives to retirees and other foreigners. You can become a permanent
resident if you have a US$2,000 minimum monthly income from non-Belize
sources.
Belize is
the only English-speaking country in Central America. Its mixed population
of 280,000 includes descendants of native Mayans, Chinese, East Indians,
and Caucasians. Independent since 1981, its language came from its colonial
days when it was called British Honduras. Situated south of Mexico and
to the east of Guatemala, Belize is on the Caribbean seaboard.
In 1998, the
Retired Persons Incentives Act was enacted to attract foreign citizens
and foreign currency. The law established a residency program for Qualified
Retired Persons (QRPs), offering them significant tax incentives to become
permanent residents (but not citizens) of Belize. A QRP is exempted from
all taxes on income from sources outside Belize. QRPs can own and operate
their own international business based in Belize exempt from local taxes.
There is no minimum time that must be spent in Belize and QRPs can maintain
that status so long as they maintain a permanent local residence. To qualify
for the QRP program, the applicant must be 45 years of age or older and
prove personal financial ability to support oneself and any dependants.
A spouse and dependants (18 years and younger) qualify along with the head
of household. Initial fees for the program are US$700 for the qualified
retiree and US$350 for each dependant, plus US$100 for an ID card upon
application approval. .
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| Contact: The
Belize Tourist Board, New Central Bank Building, Level 2, Gabourel Lane,
P.O. Box 325, Belize City, Belize; Tel.: +(501) 223-1913; Fax: +(501) 223-1943;
Toll free: 1-800-624-0686; E-mail: info@travelbelize.org; Website: http://www.travelbelize.org/. |
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| Robert
Bauman is Legal Counsel for The Sovereign Society and editor of The Sovereign
Society Offshore A-Letter. A former member of the U.S. House of Representatives
from Maryland, he is a graduate of the Georgetown University Law Center
(1964) and the School of Foreign Service (1959). |
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