It isn’t a coincidence that most informative pieces regarding how to acquire second residencies are amongst the most clicked content within the digital world. The popularity of this kind of information trespasses all kinds of barriers, from those who gather lots of knowledge and capital to those who are just beginning their path towards financial freedom.
For that reason, it’s not a surprise that most Centurion Capitalists, either beginners or well-versed investors, are eager to find out as much as they can on how to possess the benefits of having two residencies; and how to do it quick, smooth and through the fewest amounts of bureaucratic requirements possible.
A second residency will provide you with such a number of unparalleled opportunities that it will be naïve to oversee at least some of the current programs out there offering them. To begin with, you’ll have access to a new array of capital markets that are probably out of your reach, expanding the way in which you create wealth while maximizing the range of your portfolio.
On top of that, and what we consider at Centurion Capital to be the most attractive feature of this kind of program, you’ll be able to faithfully escape from the burden of unfair taxation systems.
As you likely already know, some of the greatest entrepreneurs of our time have more than one fiscal address, aiming towards a full detachment from toxic taxation systems. Therefore, underestimating the necessity of at least trying to acquire a second residency would be to miss out on one of the most popular financial trends amongst successful businessmen throughout the world.
Let’s cut to the chase: if you keep reading this article, you’ll be one step closer to that financial independence that all Centurion Capitalists desire. For that to be accomplished, we are offering information in the following regards:
- What are the fundamental elements of an “easy-to-get” second residency;
- Which countries out there are currently offering accessible second residencies to foreigners and;
- Details to be settled before you go on and request a second residency.
FUNDAMENTAL ELEMENTS OF AN EASY-TO-GET SECOND RESIDENCY
One thing needs to be clarified: what can be easy for some might be extremely difficult for others. Therefore, we should start by defining exactly how an easy process looks like before jumping into the best options out there to acquire a second residency.
When we say “easy-to-get” it’s because, in comparison with other second residency programs, there are some out there that enforce fewer requirements on solicitants or rather ask for a shorter capital amount to be invested. However, none of these options are effortless, as by easy we mean they are achievable through simple means rather than by an act of financial magic.
That being said, the first thing you should keep in mind is that legwork is going to be a condition in most of the following options for a second residency. You are going to have to actually visit the country and begin a bureaucratic process. Our work here is to present to you those opportunities with the fewer amount of requirements possible, which accounts for our definition of “easy-to-get”.
If you don’t mind undergoing through bureaucratic processes, and your main concern is the money you’ll need to access a certain second residency, we also have you covered.
For example, for those Centurion capitalists that have just started in this world, maybe a $200,000 investment is off the table. For others, that kind of capital might be available, but it is within their principles to not make put all of their eggs into one basket.
In those cases, we highly recommend taking a look at the South-American countries listed below, as countries like Paraguay, Ecuador and Nicaragua are amongst those “cheap” options that will still grant you most – if not all – of the benefits you are looking for when applying to these programs.
Another thing to consider when defining “easy-to-get” residencies is that of low-maintenance ones. For example, you might don’t care about the money but rather the amount of time needed to preserve these benefits. Therefore, if your aim is to avoid having to spend half a year in a country you don’t know much of, you’ll also find a couple of attractive options.
The key element for you when picking one of the options is to settle which are the most relevant conditions to meet when acquiring a second residency. We’ve covered the most important ones, so it’s time to go deeper into which countries could suit such expectations.
COUNTRIES WITH EASY SECOND RESIDENCY PROGRAMS: FROM LATVIA TO PANAMA
If you are reading this section, we hope you have already settled your expectations regarding which kind of second residency program suits you the best. After considering the time you have available for starting this process, the amount of capital at hand, among other things, you are ready to sit down and analyze each option closely.
The following list is thought to be more a reference than a conclusive list. That means that even when we consider these to be the most accessible second residency options out there; you’ll still have to do some more research before picking one of them.
Don’t want to do the research? Say no more and contact us, we will not only provide all the exhaustive information but even give a personalized set of recommendations considering your situation.
Paraguay is one of the easiest countries in the Americas to obtain a second free citizenship by naturalization; the process takes as little as three years and is available to almost anyone. Citizenship entitles you to reside in Paraguay indefinitely and work and provides a passport that allows visa-free travel privileges or visas on arrival in most of Europe, making it an attractive travel document.
Eligibility requires maintaining $5,000 in a Paraguayan account; contributing to the nation through a profession, trade or art; and, having a good record of conduct.
One of the greatest advantages of having a Paraguayan residency is that all income generated outside the territory will be exempted from taxation. That means that 100% of your profits from abroad will remain yours.
The key to acquiring a Paraguayan passport, however, will depend on your ability to find a great lawyer. He will likely aid you in surpassing all the limitations inherent to South American bureaucracy. But if made properly, you’ll have one of the most attractive second residencies in the Americas.
For more information about residence permits in Paraguay, you can visit the website of the “Chamber for International Trade & Industry of Paraguay” and contact them.
One of the greatest options to acquire not only a second residency, but a European residency, is through Montenegro. This beautiful Balkan country offers foreigners an easy residency program through a more-than-cheap real estate investment, which ultimately will prove to be a great investment considering how this country is amongst the most developed ones in Eastern Europe.
At Centurion Capital, after gathering on-the-field opinions of current residents, we can say that applying and getting this benefit is simpler than it appears to be. The main thing to do is to purchase a habitable property to then request a 1-year long residency permit.
This permit can be renewable and the process for it is quite straightforward, as Montenegrin authorities are known for offering international investors quick ways to extend their stay in the country.
On top of that, there is something that explains why Montenegro is amongst the greatest opportunities for second residencies: there is no minimum investment when it comes to the real estate purchase you are enforced to do. You just have to find – and it’s quite easy to achieve such a finding – a decent apartment. On average, the price for one of them won’t go as far as $25,000.
However, if your desire is to acquire a Montenegrin passport, things do change a bit. The cost of the investment increases to $300,000. But if you are looking for an extra residency, Montenegro still appears to be one of the smartest options out there.
For those Centurion Capitalists that are looking for a country with cheap living standards, Nicaragua is probably on the top of the list. You’ll be able to have a more than luxurious life in Nicaragua for under $3,000 per month, allowing you to direct all that extra income into a savings account or rather into other types of investment at the same time.
Moreover, Nicaragua is one of those magical countries with a local tax system – also called a territorial tax system – in which you’ll be able to pursue the global tax strategy we strongly recommend.
Bureaucratic procedures to acquire Nicaraguan residency are also amongst the easiest ones in the whole world. The only thing you’ll need to prove to migration authorities is that you earn more than $750 per month.
On top of that, current residents assure us that Nicaraguan officials are more than delighted to help you to become a resident, as they are interested in foreign capital entering the country.
However, frequent travelers might want to look to other options, as one of the conditions to preserve Nicaraguan residency is to stay in the country for at least 6 months a year. If that is not a problem, then Nicaragua portrays itself as an ideal place to grow your business.
A Russian favorite, Latvia is quietly but steadily becoming one of the most popular options for investors to gain European residency. Russian nationals more than often consider this country due to its cultural bonds with it, as for example, many banks in Latvia have Russian desks prepared to offer them great financial opportunities that take into account their country of origin.
This residency, also called Golden Visa, is not a cheap option. To become eligible, you’ll have to invest at least €500,000 and pay €25,000 in bureaucratic fees. However, after doing so, the process is amongst the most simple ones in the entire world (of course, the amount of capital invested would guarantee that, wouldn’t it?)
The upside is that your presence in Latvia will no longer be required. You’ll have all the legal benefits of a European citizen including visa-free access to all the Schengen international areas.
Moreover, 10 years after these benefits are granted, you’ll automatically become eligible for the Latvian citizenship program. And as you might assume, such citizenship being a European one is virtually the single best thing that could happen to a foreign investor.
You might feel discouraged to invest a high percentage of your capital into a country just to acquire a second residency. Even when there will be some Centurion Capitalists out there willing to do so, we know not all of you are there yet. In that sense, Ecuador is an unparalleled opportunity.
You’ll only have to invest less than $30,000 in Ecuadorian real estate or any type of local industry to be eligible for its residency program. A bargain!
Also, applying for a pensioner residence permit is quite easy, as you’ll only have to demonstrate that your earnings exceed $800 a month. Therefore, and considering the beauty of this South American country, Ecuador poses itself as an excellent country for both medium-capital investors as well as for those looking to retire in a beautiful land.
Panama is undoubtedly one of the best destinations in terms of economic development, especially in its capital, Panama City. Here, an excellent and modern infrastructure and a cosmopolitan lifestyle coexist, resulting in a great quality of life.
To be a Panamanian resident, fortunately, there are numerous visas available for foreigners from any part of the world; although, thanks to the visa of friendly countries, certain citizens have more advantages than others.
With this tool, citizens of the 50 friendly countries can have the best second residence in less than a year and only by demonstrating economic solvency ($5,000) and proof of their economic activities (proof of work, for example).
It is also possible to become a permanent resident thanks to the pensioner visa, aimed at all those who have a monthly pension of at least $1,000, regardless of age (they must be over 18 years old, of course).
Other less known but equally effective visas are the specialist professional visa, the reforestation visa and the business visa.
The main benefits of being a Panamanian resident are economic stability (the U.S. dollar is the official means of payment), exemption from taxes on international transactions, reliability and efficiency in one of the best banking systems in the world, and practically the same benefits of a Panamanian citizen.
As for citizenship, it can be obtained after five years as a permanent resident of the country.
Georgia is often underrated, but amongst the staff of Centurion Capital, is one of our favorite options to consider. It intertwines both a great financial market along with great real estate opportunities, which makes this country one of the most attractive nations for investors around the world.
Virtually anybody can process a year-long tourist permit to stay in Georgia. Such a permit is extendable and can be upgraded to a residence permit through the creation of a local company. If you are not willing to commit so heavily to this nation, you could just invest around $35,000 in any local real estate, which again, is full of great opportunities at good prices.
Afterward, and after 6-year long preservation of the permit, a passport is on the table along with all the benefits attached to it. An amazing and easygoing process that shouldn’t be overlooked!
Your financial strategy should always be a priority when choosing one of the aforementioned options. We recommend that tax benefits and the potential for quick citizenship to be at the top of the list, but each investor will likely have their own list of conditions.
That being said, we strongly recommend for you to perform an overall background check on the country you are picking, as elements such as political and economic stability become highly relevant when it comes to being a resident of any nation.
In case you are not willing to move to the country, residency through investment is probably the smartest call. In those cases, the needed research is pivoted towards tax-related benefits. If your desire is to construct a great global tax strategy that is able to guarantee you keeping most of your income, don’t hesitate to contact our team of experts at Centurion Capital.
Moreover, if you are eager to find out even more about what these, or any country in the world, can offer you in terms of financial thrive, give us a call or send us an email regarding your entrepreneurial objectives and we will be more than happy to provide you with a fact-based pathway towards a wealthy life.
Warning: The content of this article does not constitute legal or tax advice. It is provided for general informational purposes only and not for the purpose of offering any warranty or guarantee. As laws change frequently, personalized professional advice is absolutely necessary.
Article written by: Fabrice Barra is a cosmopolitan entrepreneur, lawyer, fiduciary and author, one of the world’s leading experts on offshore strategies, corporate haven, international investments and global mindset lifestyles. He is the personal trusted advisor of well-known entrepreneurs, UHNWI, Forbes Global 2000 companies, professional sportsmen, aristocrats, celebrities, investors, people with a net wealth of 7- to 8- or more figures, and he has access to a network of influential people around the world.