The increase started around the pandemic, but uncertainty over political tension and a rise in antisemitism have led application numbers to continually grow, a spokesperson for the firm told Business Insider.
While most people wouldn’t decline a backup option in another country, the process of obtaining a secondary passport can be quite complicated — and expensive.
Business Insider spoke to Judi Galst, who manages Henley & Partners’ New York office, about the general steps required to get a secondary passport.
The specific requirements vary by country, Galst said. Here’s what you should keep in mind.
Finding the right place
Galst said it’s important to consider how fast you need the passport.
If you’re planning ahead for a retirement home, you might be OK with waiting a few years. But, for example, if you’re concerned about the presidential election turnout, you might want a more immediate backup option.
“The Caribbean is going to be your fastest path,” Galst said. “Right now, we usually see approvals in a country like Antigua somewhere between four to six months after we submit the application.”
Other programs, like Portugal, have a backlog of applicants and could take up to two years.
Galst said another important consideration is the applicant’s intention. Those looking for full access to country benefits and lifelong natural rights would want citizenship. If not, a residency could work. Residencies allow you to live in the country of residence up to 12 months a year. But it usually comes with conditions or requirements to maintain the residence and it has to be renewed.
Countries like Spain are slow for citizenship approval, but have a relatively quick path to residence through investment, Galst said. Applications for Spain residence by investment are approved in about 20 business days after submission, she said.
Lots and lots of paperwork
Galst said many programs will require that the client open a bank account in the country where they are applying for residence. You may also have to obtain a tax ID number, which can be a complex process, she said.
Clients may also need to provide FBI and police reports, birth certificates, marriage certificates, bank statements, a copy of Social Security cards, driver’s licenses, passports, bank reference letters, professional reference letters, or résumés. The requirements vary depending on the country.
Galst said certain documents also require an apostille, which is a specific type of certification that permits a document created in one country to be used in another country.
Once you complete the paperwork, Galst said applicants sometimes have to provide medical records, do HIV testing, and go through an interview.
Be prepared to pay a high price
Galst programs generally have three categories of investments: real estate, financial instruments, and nonrefundable contributions.
To apply for a Portugal golden visa, one qualifying option is to make a nonrefundable contribution to an approved cultural organization, Galst said.
In the Caribbean, you can make a contribution toward funds the government designed to help invest in varying sectors, like infrastructure. Some Caribbean countries also allow you to qualify for citizenship by purchasing real estate, Galst said.
Galst said the cost range also varies depending on different countries. The Caribbean has the lowest cost, and it requires a $200,000 contribution or $300,000 investment in real estate per application.
“Whether a dependent child can be included is going to vary depending upon are they in full time school, what their age is, what the age cutoff is for the program,” Galst explained.
Galst said a popular but pricey option is Malta’s Citizenship by Naturalisation by direct investment, which requires a 750,000 Euro nonrefundable contribution to the Maltese economy. Applicants must pay 50,000 Euros for each qualifying dependent, lease or purchase a property in Malta for about six years, and donate 10,000 Euros to a Maltese charity.
“So a couple can be at a million plus,” Galst said.
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