With the increase in government instability and various travel restrictions, many people want to opt for second citizenship or residency options. If we talk about residency and citizenship options via investment, then it can be divided into three categories: uncomplicated and quick, cheap and easy to maintain. Different countries have different requirements for these programs as per what is the intention or the motive of the nation behind these schemes. The first category that is the uncomplicated one is those which have an easy application process, less processing time, fewer formalities, and short waiting time. The second category aims for those schemes whose cost is less. Basically, the investment amount is low or no investment required, and easy to maintain programs are those that do not have strict procedures, and less or no mandatory physical presence requirement. It also includes those permanent residency programs which have high validity and are not to be renewed every year.
It totally depends on an individual’s choice and needs, what type of programs people will opt for. But it is always recommended to start the application as soon as possible as the rules and regulations may change.
If an individual is already having a strong passport that allows them to travel to a lot of countries, for example, a person holding a German passport can travel to more than 190 countries then, it does not make sense for them to apply to those countries on the basis of visa-free travel. Although people with such strong passports can increase their freedom of travel if they apply to the countries whose passports are strongest as compared to the passport they hold. According to the passport index, a passport ranked less than 10 should opt for a second passport on the basis of economic and travel freedom. But we also should keep in mind that some countries like India do not allow dual citizenship and you have to give up another passport if you want to be a citizen of another country. Countries like Switzerland and Singapore have strict regulations regarding second passports as the demand is too high.
Apart from freedom of travel, there are also several other factors that an individual should consider before choosing a country. According to an official UN report, the parameters they consider to come to a conclusion that which countries are best to live in are equality among genders, literacy rate, average life expectancy, and financial stability. But these can not be the only factors to consider as the choice of countries varies from person to person. If we consider residency via an investment program, then Canada, New Zealand, and Monaco seem to be quite appealing. According to Henley global, Canada has a high standard of living, a clean environment, and a low crime rate. The processing time is comparatively less and one can apply for citizenship after 3 years of physical presence in the country. Canada also has a high-quality education system, a great place to start a business as it has great access to the entire American market. New Zealand is one of the most stable countries and one of the most attractive destinations to start a business according to the world bank. The country has been ranked as the top 10 countries whose laws are in favor of investors and a lot of relaxations if anybody wants to start a business. Along with it New Zealand also has a high standard of living, political and economic stability, strong tax treaty network with a large number of counterparties. Monaco is an attractive destination for investors due to its stable real estate market, infrastructure, and no income or capital gains tax. If we talk about Citizenship via Naturalization, Argentina is the easiest according to the Where can I live website. Argentina has the shortest processing time. There are also many other countries that provide citizenship pretty quickly via naturalization like Canada, Ecuador, Paraguay, and Serbia.