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    Super Cheap

    • Chitré, Panama
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    • Phuket, Thailand
    • Dumaguete, The Philippines

    Cheap

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    • Boquete, Panama
    • Kyrenia, Cyprus
    • Hua Hin, Thailand
    • The Algarve, Portugal

    Affordable

    • Valencia, Spain
    • Cascais, Portugal
    • Las Terrenas, The DR
    • Pisa, Italy
    • La Rochelle, France
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    • Ambergris Caye, Belize
    • Kotor, Montenegro
    • The Panama City Beaches
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    • Home
    • Countries

      Top Destinations:

      Whether you’re looking for fun and sun, a peaceful retirement, or the chance to earn some extra income, you’ve got a real world of opportunity open to you… In short, we’ve done our best to narrow down your best options, but only you can decide the right country for you.

      • Spain
      • Portugal
      • Panama
      • Belize
      • Colombia
      • Cyprus
      • Mexico
      • France
      • Montenegro
      • Browse All Countries

      Best For:

      • The Best Places To Retire
      • Health Care Abroad
      • Cost Of Living
      • Investing in Real Estate
      • Establishing Residency
      • Gun Laws In The World
      • English-Speaking Countries
      • Safest Places For Retirement
      • Best Places In Latin America
    • Budgets

      How Much Will It Cost You To Live Overseas?

      The only honest answer is, we have no idea. And neither does anyone else. The only one who can answer that question is you. Here’s the most important thing to understand about budgeting your new life overseas…

      Super Cheap

      • Chitré, Panama
      • Santa Marta, Colombia
      • Phuket, Thailand
      • Dumaguete, The Philippines

      Cheap

      • Medellin, Colombia
      • Boquete, Panama
      • Kyrenia, Cyprus
      • Hua Hin, Thailand
      • The Algarve, Portugal

      Affordable

      • Valencia, Spain
      • Cascais, Portugal
      • Las Terrenas, The DR
      • Pisa, Italy
      • La Rochelle, France
      • Mazatlán, Mexico

      Luxury

      • Ambergris Caye, Belize
      • Kotor, Montenegro
      • The Panama City Beaches
      • Paris, France
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      Follow Us:

      • Meet Our Experts
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      Join our Weekly Newsletter
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      Sign up for our weekly newsletter to receive expert insights on the best international real estate investment opportunities.






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        • Discover tips and strategies used by global property investing veterans

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        Home Residency

        Best Time To Establish Residency And Get Second Citizenship

        Why Establish A Second Residency Or Citizenship Overseas?

        by Lief Simon
        Sep 10, 2020
        in Residency, Residency/Citizenship
        0 0
        Image Source: iStock/ Maudib

        Image Source: iStock/ Maudib

        I met with a friend recently who is working on his Plan C.

        My friend (I’ll call him Joe) already has a second residency that is leading to a second citizenship. Now he has established residency in a third country to take advantage of the short timeframe that country requires for one to be married to a citizen before he can be naturalized.

        In the course of our conversation, Joe explained why he’s taking this step, and his answer is the same one I’d give—namely, he’s getting this third residency because he can.

        My friend isn’t a paranoid or a conspiracy-theory type. He’s a regular guy taking advantage of options available to him… while they remain available to him. It’s a very smart strategy, because, when it comes to residency and citizenship, the rules are always changing. Options today may be gone tomorrow.

        Taking advantage of opportunities as they present themselves is critical to your success as you work to plant your international flags. Do you need a second residency option if you’re planning on staying where you currently live for the next 10 years? Not necessarily, but establishing that residency as and when you have the chance may be the difference between having it when you need it and not being able to get it at all.

        The same holds true for bank accounts, real estate investments, and citizenship through ancestry.

        Another friend (I’ll call her Mary) has two children for whom she recently obtained formal citizenship and passports from their father’s home country, Britain. The children already had EU passports from Italy (her home country), so Mary had always wondered whether she really needed to take the time and make the effort to get her kids second EU passports… until she started traveling with them more often.

        Start Your New Life Overseas Today!
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        We Value Your Privacy! We will not share your email address with anyone else, period.
        When traveling with her children on their Italian passports, Mary has to carry their birth certificates as well as the death certificate for her late husband to prove she’s really their mother and able to take them across international borders without their father’s permission.

        Now the kids can travel on their British passports with their mom without this hassle. Italy requires the paperwork; the U.K. doesn’t. When it comes to international travel, less hassle is always a big plus.

        Mary’s children were born in France and have lived in that country the requisite time to be eligible for French citizenship and passports, but Mary has decided that two EU passports are enough for now. If the children continue to live in France (which is the intention), they can always apply for citizenship later, she figures.

        I reminded her, first, that rules and requirements for obtaining residency and citizenship anywhere change all the time… and, second, that France’s citizenship rules for a child who was born in the country but who doesn’t have French parents require that the child (or, I guess, his parents) make decisions by certain ages or lose some options if the child ever moves from the country.

        Timing is everything. Establishing residency in a country today (even one you are not currently living in and maybe have no definite plans ever to live in) can allow you to become naturalized at some future date and obtain a passport for that country.

        Some countries want to see you physically in the country more than others to be eligible for naturalization, but several, including Panama, Belize, and Colombia, have fairly light physical presence requirements. These countries in particular also offer easy and relatively low-cost residency options.

        Whatever your plan or current situation, more options is always preferable to fewer. If you’re in a position to take advantage of any particular residency or citizenship option… do.

        Lief Simon
        Editor, Offshore Living Letter

        Tags: dual citizenshipgetting residency overseassecond citizenshipsecond residency
        Share83Tweet52
        Lief Simon

        Lief Simon

        Lief Simon has lived and worked in 7 countries on 5 continents and traveled to more than 75 countries. His real estate investment career began with a $5,000 down payment on a three-flat building in Chicago. Less than three years later, Lief sold the building for a leveraged return of 3,000%—$150,000 in profit after closing costs and commissions.

        From there, he turned his attention overseas and has bought property in 24 countries including France, Croatia, Portugal, Ireland, Belize, Spain, Argentina, Cyprus, Romania, and beyond. Thanks to his decades-long career as a global property investor, Lief has built a multi-million-dollar portfolio that includes rental properties, significant land holdings, and 7 personal residences.

        Lief has established residency in 3 countries and acquired a second passport from Ireland.

        In 2008 Lief and wife Kathleen Peddicord made the most important investment of their lives—a 215-acre oceanside finca, known as Los Islotes. There, on Panama’s largely undiscovered Veraguas coast, they’ve installed underground electricity, water, and internet and built a forever family home that sits at the heart of their ultimate vision: a gold standard private residential community for those in search of a true safe haven escape.

        Lief’s latest book, “Cowboy Millionaire—The New American Pioneer,” collects all the wisdom he has learned in three decades of living and investing outside America.

        He offers advice on international diversification in his twice-weekly Offshore Living Letter and monthly Simon Letter dispatches. For real estate investment opportunities, check out his monthly Global Property Advisor service.

        If you’d like to meet Lief in person, join him for one of our upcoming in-country conferences. You’ll find further details here.

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          HOME

          Top Countries

          • Spain
          • Portugal
          • Panama
          • Belize
          • Colombia
          • Cyprus
          • Mexico
          • France
          • Montenegro

          Best For:

          • Health Care Abroad
          • Retirement Living
          • Cost Of Living
          • Investing in Real Estate
          • Establishing Residency
          • Gun Ownership
          • English Speakers
          • Safety
          BROWSE ALL COUNTRIES

          Budgets

          How Much Will It Cost
          To Live Overseas?

          Super Cheap

          • Chitré, Panama
          • Santa Marta, Colombia
          • Phuket, Thailand
          • Dumaguete, The Philippines

          Cheap

          • Medellin, Colombia
          • Boquete, Panama
          • Kyrenia, Cyprus
          • Hua Hin, Thailand
          • The Algarve, Portugal

          Affordable

          • Valencia, Spain
          • Cascais, Portugal
          • Las Terrenas, The DR
          • Pisa, Italy
          • La Rochelle, France
          • Mazatlán, Mexico

          Luxury

          • Ambergris Caye, Belize
          • Kotor, Montenegro
          • The Panama City Beaches
          • Paris, France

          Resources

          Global Living

          • Living & Retiring Overseas
          • Raising A Family Abroad
          • Foreign Residency & Citizenship
          • Offshore & Diversification

          Making Money

          • International Real Estate
          • Banking
          • Employment
          • Investing
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          Overseas Property Alert 

           

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          Discover tips and strategies used by global property investing veterans

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