If you’re a citizen of India, the best deal for a second residency and a second passport is Nicaragua. This program was specifically designed for citizens of Indian and gives you residency with a path to a second passport at the lowest cost possible. Here’s how to value a second passport and how to get residency and citizenship at a low cost from India.
The two groups most active in the second passport and second residency markets are citizens of China and citizens of India. These two groups make up about 90% of the US EB-5 investor visa market and the vast majority of second passports and residencies sold around the world.
India & China
Indians and Chinese purchase second residency and second passports because their passports don’t offer access to many countries. Chinese and Indian citizens must get a visa to just about anywhere they wish to travel because their passports don’t offer many visa-free countries.
More specifically, holders of a Chinese passport can travel visa-free to only 51 countries and territories, ranking the Chinese passport 85th in the world (tied with the Bhutanese, Chadian, Malian and Rwandan passports). Even worse, Indian citizens get visa-free access to 49 countries and territories, ranking the Indian passport 87th in terms of travel freedom (tied with Guinea-Bissau and Turkmen passports).
In contrast, US citizens purchase second residencies and second passports to avoid paying US tax or to hold in their back pockets in case they need an “escape route” should the economy move in a direction they don’t like.
The US taxes its citizens on their worldwide income. So long as you hold a US passport, the IRS wants its cut. India taxes residents on their worldwide income. But, if you move abroad, you pay no tax in India. Thus, it’s possible for an Indian citizen to move abroad, get residency in a foreign country, and pay zero tax.
As a result, Indian citizens are looking to upgrade their passports and move abroad. Where US citizens buy second passports to improve privacy and escape the IRS (after giving up their US citizenship), Indian’s are looking to upgrade their travel document… to increase the number of countries they can access without a visa.
Visa-Free Access to Quality Countries
When valuing a second passport or second residency program as an Indian citizen, the most important factor will be visa-free access to quality countries. A passport that’s within your budget and offers the most visa-free travel options is usually the best option.
Thus, the most valuable and expensive second passport and residency programs are those that give you the most visa-free options. For example, Malta comes with visa-free travel to 167 countries and territories, ranking it 10th in the world for travel freedom. Malta is the best passport you can acquire by investment or purchase.
The passport from Malta is in high demand and is very expensive. The minimum investment is $1.2 million and legal fees will be well over $100,000. For more on this program, see A Second Passport from Malta.
If you don’t have an extra $1.3 million lying around, Indian citizens can purchase a passport from the Caribbean island of Dominica for $130,000. Dominica citizens get visa-free or visa on arrival access to 119 countries and territories, ranking their passport 40th in terms of travel freedom and a major upgrade over an Indian passport.
Most importantly, a passport from Dominica gets you visa-free access to the Schengen Region of the European Union. You can spend 180 days in the EU and 90 days in any one country without a visa.
The Schengen Region includes just about every country in Europe you want to visit. It covers Austria, Belgium, France, Germany, Italy, Switzerland, and 26 countries in all.
The major difference between Malta and Dominica is that Malta includes visa-free access to the United States, where Dominica does not. Malta is the only second passport that offers visa-free access to the United States.
So, Malta is the best passport for purchase at any price and Dominica is the lowest cost second passport for purchase for Indian citizens. When you buy a passport, you’ll get your travel document in about 90 days and instantly become a citizen of that country.
If you can’t afford $130,000 for a single applicant, then you will need to earn your passport over time. Indian citizens can start with a second residency and earn citizenship by spending time in the country and becoming a part of the community.
The best second residency program open to Indian citizens that leads to citizenship and a second passport is Nicaragua. There are many such programs for US citizens, and there are many residency programs open to Indian nationals that don’t lead to citizenship. Nicaragua is the best and only second residency program open to Indian citizens that offers a second passport.
Citizens of India can qualify for residency in Nicaragua with an investment of $35,000. This gets you a visa to live and operate a business from Nicaragua. After 5 years, you can apply for citizenship and a second passport.
The purpose of this program is to bring quality individuals into Nicaragua. You should plan to become a part of the community and spend a minimum of 180 days a year there.
A passport from Nicaragua gets you visa-free or visa on arrival access to 112 countries and territories, ranking it 46th in terms of travel freedom. Nicaragua includes visa-free access to the Schengen Region of the EU, and the United Kingdom, just like Dominica and Malta.
Difference Between Nicaragua passport and one from Dominica
I suggest a passport from Nicaragua is just as valuable as one from Dominica. The extra 7 countries included with Dominica are in the Caribbean and probably not important to you.
The difference between Dominica and Nicaragua is that you buy a passport from Dominica while you can earn one from Nicaragua. Invest only $35,000, move to Nicaragua, and have a passport in 5 years.
And this investment amount covers you and your immediate family. That is, it covers you, your spouse, and your dependent children under 18 years of age. The purchase price of $130,000 for a passport from Dominica is for a single applicant. Families often exceed $200,000.
For all of these reasons, a residency from Nicaragua is the lowest cost and most efficient path to a second passport for citizens of India. If you can put in the time, and become a productive member of the community, you and your family can significantly upgrade your passports.
I hope you’ve found this article on why Nicaragua is the best second residency and best second passport program open to citizens of India to be helpful. Here is the Ultimate Guide For Going Offshore. You will find everything you need in this amazing guide.