Your Best Option For Backup Residency Or A Second Passport
Ease of residency and the ability to work in a country are two good reasons to consider obtaining a second passport.
Note that the residency agenda doesn’t need to be immediate. You could be interested in qualifying for residency in another country because you want to live in that country. However, in today’s world, I see a backup residency plan as a priority… a residency visa in your pocket that you can pull out should you ever decide it’s time to bug out.
The best case is a backup residency that can lead to a second passport.
Typically, when this is possible, it takes time. Most countries require at least five years of residency before you are eligible for naturalization.
This is one important reason I like the Dominican Republic as much as I do. The DR offers easy residency options that can lead to citizenship in a very short time. Formally, you need three years of residency; however, you can be allowed to begin your naturalization process after just six months of residency.
A passport from the Dominican Republic doesn’t compete with a German or U.S. passport when it comes to ease of travel. A DR passport gets you across the borders of but 50 or so countries visa-free.
On the other hand, when it comes to planting a second citizenship flag, it doesn’t get quicker unless you are willing to spend upwards of a half-million dollars or more. For the middle-class guy looking for second-passport options, I’d say the DR’s program is the best currently available.
Note that the Dominican Republic allows for dual citizenship, which means you don’t have to give up your previous citizenship. In fact, the DR allows its citizens to hold up to three citizenships, giving you future flexibility.
The Dominican Republic has a great deal going for it. It’s got everything you expect from a Caribbean island—the white sand, the blue water, the waving palm trees…
Plus it’s got history (Santo Domingo was Columbus’ first stop in this part of the world), charm (Las Terrenas is as Euro-chic as it is barefoot Caribbean), and a sizeable expat community.
It’s my top pick right now for a value-based property investment in the Caribbean that positions you for both capital appreciation in the near- and long-term and good yield from rental cash flow.
In addition, though, again, it’s the best option in the world today for quick, easy, and affordable backup residency that can lead to quick, easy, and affordable second citizenship.
Few others in the offshore world have realized this. When they do… and begin touting the opportunity… I predict that establishing residency and gaining second citizenship in this country will become less quick, less easy, and more costly.
If backup residency and second citizenship are agenda items for you, I suggest you take a close look at what the DR has to offer now… before the offer changes.
Lief Simon
