Bulgaria- one of the best second passport and citizenship by investment program for 2016
The investment citizenship sector has undergone many changes over the last year.
Here’s all you need to know to buy the best second passport in 2016.
How to evaluate a second passport
Let’s talk first about how to evaluate a second passport. The best second passport is the one you can afford (b) which allows you to travel without a visa in most countries. The smaller the number, the less desirable the countries, the less you have to pay.
For example, a second Austrian passport is the fourth most valuable travel document in the world and the second most valuable passport you can buy. Indeed, it gives you visa-free access to 171 countries.
In other words, a second Austrian passport is a Group 4 travel document. A Group 1 passport allows you to travel without a visa in 174 countries. Group 1 passports are those issued by the United States, the United Kingdom, and Germany. Group 2 offers trips to 173 countries, including Canada. Group 3 gives you access to 172 countries and is a passport to Belgium and the Netherlands.
Because an Austrian passport gives you visa-free access to 171 countries, it’s a 4th level passport and the best second choice passport you can buy … if money is not an object. In comparison, Dominica allows you to travel without a visa in 91 countries and ranks 41st.
A second passport from an EU country (Bulgaria, Hungary, Malta, Cyprus or Austria) also gives you the right to live and work anywhere in the European Union.
Finally, the number of visa-free travel countries tells you how your new passport will be received by global banks. A European passport will allow you to open an account anywhere in the world. A Saint Kitts passport will have fewer options but generally accepted. I expect it to be almost impossible to open an account abroad with a Comoros passport.
A word of advice to US citizens on the second passport
If you are a US citizen, note that having a second passport does not change your tax return or your US tax obligations. As long as you are an American citizen, you must pay taxes on your worldwide income. In addition, offshore banks will continue to report to the IRS under FATCA.
A second passport will allow you to travel and invest with more privacy. It is also the first step to give up your American citizenship. You must have a new passport in hand before emptying your blue travel document.
You may be thinking of yourself, how will the bank know that I am American? What happens if all my documents come from, for example, Saint Kitts? What will bring me back to the United States? What happens if I change my name to further frustrate the search for documents?
Uncle Sam and the IRS are ahead of you. All second passports now show your country of birth. If you are born in the United States, the bank will see it on your second passport and tell you that you are an American until you provide evidence that you have renounced your citizenship.
This was a big problem in 2014. Countries started blocking the entrance of Saint Kitts citizens on the grounds that the passport could be used to facilitate terrorism. Of course, it was at the request of the United States who was trying to apply its FATCA system.
As a result, Saint Kitts was forced to recall all passports issued from January 2012 to July 2014 … perhaps up to 16,000 documents. He republished them with the holder’s birthplace and any other name under which he was known.
A second passport has many benefits, but it does not allow you to cut Uncle Sam.
Best Passports for Sale
Russia, in 4th position, is a unique opportunity. Citizenship requires that you establish or invest in an active business in the country. Due to the weakness of the ruble against the dollar, Russia is currently a value proposition.
I note that Bulgaria No. 1 is the second best passport available because it is one of two programs where the investor is likely to review his investment- check this site https://offshorecitizen.net/citizenship-by-investment/bulgaria-citizenship-by-investment-program/. This offer allows you to invest € 512,000 in government bonds in exchange for a residence. Then, after one year, invest another € 512,000 to win citizenship. There are also investment options for companies. It’s about $ 1.2 million.
The program of Bulgaria binds your money for 5 years without interest. True, government bonds do not pay interest. It will take you two years to get your passport and you will have to go to Bulgaria twice. The residence is granted with acceptance and treatment of your background check.