9 countries where you can buy a second passport - and what it'll cost you to secure it
- The Henley Passport Index, an annual ranking of the most "powerful" passports in the world (based on how many destinations the passport holder can enter without a visa), was just released.
- A handful of those passports can be purchased - several countries in the Caribbean and a couple in Europe have programs where citizenship is awarded in exchange for a significant investment.
- Business Insider rounded up a list of the countries where you can secure dual citizenship, how much it'll cost to do so, how long the process will take, and how powerful the passport is.
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Lavish superyachts and flashy timepieces were once the bonafide status symbols of the wealthy. Now, the rich are prioritizing more intangible concepts - as Business Insider's Hillary Hoffower reported in March, "luxury goods are out, and luxury lifestyles are in."
One way to signify such a lifestyle? A second passport.
A number of countries in the Caribbean and Europe offer "Citizenship by Investment" programs, where the elite can invest in a country in exchange for citizenship. That investment varies from country to country, but can range from a donation to a developmental fund to a real-estate purchase in a government-approved area.
The reasons for securing dual citizenship and a second passport are many - but one frontrunner is the extraordinary ease of travel it can provide. For example, the US passport allows visa-free access to 184 destinations, while the Grenada passport provides access to only 142 destinations - but the value of holding both is in the variety. The Grenada passport allows holders to enter China without a visa, completely bypassing the time consuming visa process necessary for someone who only holds a US passport.
Henley & Partners, a citizenship planning firm, recently released their annual ranking of the most powerful passports in the world, based on how many destinations a passport holder can visit without a visa. Among that ranking are a handful countries with "Citizenship by Investment" programs, where you can secure a second passport in exchange for a significant investment. We've rounded up 9 countries with such programs below, along with the minimum cost, the expected timeframe for the process, and how powerful the passport is.
If you hold a US passport, you are generally eligible to seek dual nationality. All of the countries below do not require you to renounce your prior citizenship. They are ranked in order from smallest minimum investment to largest, with alphabetical order implemented in the event of ties.