What are the costs involved in having a Plan B in place, or perhaps your future Plan A, in terms of global residencies and citizenships?
Will having multiple passports or residencies only apply to the super-rich? Can you buy a residency or a passport outright, legally? If yes, how and where is this all done? Does your current country allow this type of residency and citizenship purchase?
Why are people in this day and age even considering having a Plan B, or maybe a Plan A, in place for themselves, their family, and future generations?
These are the points we will uncover today in this article, with the accompanying live stream video posted here.
At INGWE, we have successfully helped thousands of families since 2018, from over 55 countries navigate the complex landscape of business and investment immigration. Connect with us for a personalized assessment – click here.
We are not talking about diamond-encrusted Bentleys or private jet airplanes, not at all. We are talking about you and your future with your family. At any time in your life, these are some of the critical points you would be considering:
- Financial freedom.
- Giving your children, and your children’s children, a better future with more options than what you had growing up.
- Beautiful sunny weather or continuous clean air.
- Avoiding the rat race, not necessarily retiring, but taking it easy while working at your own leisure.
- Paying less taxes.
- Family reunification.
- Diversifying your investments into different currencies, geographic regions, or asset groups, meaning mitigating political and geopolitical risk in your investment portfolio.
- Investing in your children and future generation’s options for education abroad and better or more affordable healthcare.
- The freedom to stay as long as you like in the country or destination where you plan to spend time over the coming 10 years.
- An alternative financial footprint abroad with your second or third passport or residency.
Here is the good news: if you have, or can provide, proof of a valid passport and a police check, you may qualify for most of these programs. Even better news is that many of these programs allow your family, maybe your parents, or even a benefactor, to make the investment on your behalf to qualify you. Exceptions may apply, but we will cover them below in this article.
We will cover these points in depth right after we do some myth-busting on global residencies and citizenships.
Is It Legal for Americans or Canadians to Have Multiple Citizenships or Residencies?
Yes, it is legal for Americans and Canadians to have multiple residencies and/or citizenships. This means you could even have 10 passports, and it would be 100% legal.
Do You Need Millions of Dollars to Purchase an Alternative Residency or Passport?
Of course not. Residencies can start at $165,000 and above, and passports from $235,000 and above, depending on your family size.
For the price of a luxury high-end RV, a Cadillac Escalade-V, or similar high-end cars which are not really considered assets in North America or Europe, you can invest in a Plan B for your entire family and future generations. And did I mention that parents can be included too?
Can You Pass on Your Plan B Citizenship to Future Generations or Your Parents?
Yes. Your children, your children’s children, your spouse, your common-law partner, and even your parents can also acquire the residency or citizenship you are investing in.
Will Residency and Citizenship Programs Always Stay Open and Not Change in Price?
Here are a few examples to help you come to your own conclusions:
- The USA administration recently announced its $5 million Gold Card to access the U.S. as a resident and potential future citizenship path. This is quite the leap from the $800,000 EB-5 program, which launched approximately 35 years ago at $500,000 per family.
- The Canadian investment residency program offered by the province of Quebec started at CAD $400,000 back in 1986 when it first launched. Today’s price tag for this program is $1.2 million, with a whole list of new restrictions and conditions attached to it.
- Caribbean citizenship investment programs, also known as CBIs, were approximately $145,000 to $165,000 just before July 2024, and now they are all over $235,000 as of 2025.
- Both the Golden Visas in Portugal and Spain offered real estate options for applicants to invest €500,000 for their residency path. Both countries removed real estate as an option, which in turn pushes investors into a higher-risk asset category such as private equity funds.
- The Canadian Start-Up Visa program used to be cheaper, with a price tag of approximately CAD $100,000 before April 2024. Today’s price is closer to CAD $200,000 due to government policy changes implemented last April, capping the number of startups each designated organization can endorse for permanent residence applications under this specific Start-Up Visa program. This is the only direct PR federal business immigration program left in Canada for prospective overseas investors.
The facts are all out there in the public domain. Does this help you answer whether programs stay the same, cost the same, and remain available without change? We hope so. Just like anything else in life, such as education, healthcare, or becoming a homeowner, nothing becomes cheaper or easier to attain.
Is It Legal to Buy a Citizenship or Passport From Another Country?
Of course it is. Governments around the world have specific programs where you can donate or invest in that country to obtain citizenship and a passport for yourself, your family, your parents, and even siblings who are financially dependent. We will name some of these countries later in this article.
Can Citizenship From These CBI Programs Be Passed on to Multiple Generations?
The answer is yes.
Do You Need to Live and Reside in Countries That Offer Citizenship by Investment?
Not at all. The majority of CBI programs do not require you to visit at all. Only 1 or 2 of the countries we are covering today require a short visit before becoming eligible.
Do You Need to Pay Taxes Twice if You Purchase Citizenship From Another Country?
If you do not reside in that specific country, you are not a tax-paying resident, but rather a citizen living abroad.
Of course, if you live in the country in which you invested to obtain a residency or citizenship, and your source of income is in that same country, while you still maintain American citizenship, then you would have to look into dual tax treaties between the two jurisdictions.
For Canadians, as long as you become a non-tax-paying resident of Canada, you are not obliged to pay taxes in two jurisdictions. Almost all citizenship-by-investment programs being offered, also known as CBI programs, do not tax their citizens on global income.
We highly advise consulting with your CPA, CA, or tax advisory service provider in your current country of residence. We can also connect you with our tax experts around the world depending on which program you decide to apply to. Planning is everything, and we will show you how.
Is Cryptocurrency Income Taxed Everywhere in the World as Capital Gains?
Of course not. Many countries do not tax personal cryptocurrency trading income, which is why many seasoned crypto traders, or even recent millionaire newbies, become residents of jurisdictions such as Malta in the EU, Panama, Dubai, Estonia, and other jurisdictions with more relaxed taxation regulations, whether for crypto income or any other type of income earned globally.
What If You Invest in an Alternative Residency, Not Citizenship?
If you are an American citizen, no matter where you live or reside outside the USA, you still need to file your taxes with the IRS. You just need to take advantage of any dual taxation treaties between the two countries.
If you are not a tax resident of a specific country, you continue to pay taxes only to the country where you are still a tax resident. In the case of Americans, due to citizenship-based taxation, this means the IRS.
Many countries have dual taxation treaties with Canada, the USA, Europe, and other jurisdictions, allowing you to calculate and plan your tax implications before you become a resident.
As well, most investment residency programs, besides Canada and New Zealand, do not require you to become a tax resident unless you stay in that jurisdiction physically for 183 days in a calendar year. Many Golden Visas or investment residency programs do not even require constant residency to maintain your status, making it easier to mitigate your tax footprint.
Tax planning will require you to involve your current CPA, CA, or tax advisory service provider from your current country of residence, along with our global tax experts, to plan a clear strategy and roadmap to avoid surprises.
Can You Renounce Your Current Citizenship and Obtain a New Citizenship?
This is the multi-million dollar question many Americans ask. The answer is yes.
Of course, you need to have a second passport or citizenship ready when you are renouncing your own, but that is the easy part. We call this step trading in your passport for another passport. Of course, you want to make sure you trade in for equivalent value or a higher-value passport. Otherwise, it would seem like you are downgrading, which nobody likes.
Citizenship renunciation is 100% legal for Americans, although overseas U.S. embassies have a long waiting time for this step, as it is not in their best interest to let you go as a tax-paying citizen.
We always like to use the analogy of trying to cancel an online subscription to a website or platform. It is easy to subscribe, but they may make you jump through a lot of hoops before cancelling your subscription. You can consider yourself a tax subscriber to your current country of citizenship and/or residency.
Other countries may take less time or follow similar processes to complete the renunciation steps, as this is not something governments prioritize when it means losing tax-paying citizens.
Keep in mind that you need to plan your exit strategically with your local CPA, CA, and tax advisors, as there are exit taxes. In other words, calculations on disposing of all your assets at the time of renunciation in order to tax you one more time before you leave for good.
Of course, if you plan ahead correctly before your asset pricing increases, or have trusts and estate planning done correctly, this can be minimized during your renunciation. Proper tax planning with your local advisors and the destination country tax experts within our network will be a key asset in taking that leap.
Can Somebody Else Pay for Your Investment to Obtain Citizenship or Residency?
The answer is yes for many citizenship programs being offered, also known as CBIs, and even residency programs in Central America, Europe, and other regions.
You can have your parents pay, siblings, or anyone who has a vested interest in helping you. The usual exceptions are countries such as Canada, New Zealand, the USA, and Malta. We would be happy to check your eligibility against a portfolio of 20 programs and countries in the world, depending on your specific scenario and financial situation.
Which Citizenships or Passports Can I Buy?
Let’s look at the list of countries where you can buy citizenship or a passport outright, including approximate costs, timelines, and whether you need to reside there before receiving citizenship.
1. Caribbean Citizenship by Investment Programs
The Caribbean CBI programs are the most flexible, with no requirement at all to visit the islands before you obtain your citizenship and passport. The entire process can be completed remotely and can take anywhere from 4 months to 10 months depending on which island you choose.
The costs start at approximately US $235,000 and higher depending on whether you select a donation option, real estate, your family size, and whether you want to include your parents and dependent siblings.
The countries in the Caribbean that offer this are:
- St. Kitts & Nevis
- St. Lucia
- Antigua & Barbuda
- Dominica
- Grenada
The only country in this group that requires you to visit at least once is Antigua & Barbuda. This is only required after you have been granted citizenship and received your first passport, but before passport renewal within the initial 5 years, you are required to complete a short visit.
Another positive point of these programs is that they do not tax you on your global income or inheritance at all, and you can pass citizenship to your children and their children as well, protecting your investment for future generations.
2. Nauru and Vanuatu Citizenship Programs
There are also 2 islands with lower-cost citizenship programs which typically serve a different market and demographic. These are Nauru and Vanuatu, both located in the southwestern Pacific Ocean. Both are tiny islands, or as they call them, microstates.
They have very affordable citizenship-based donation programs starting at US $135,000. The main clientele for these countries are those seeking alternative citizenship to open bank accounts and have financial footprints in various jurisdictions without showing their original citizenships. It is a very niche market.
3. Malta Citizenship Program
Last but not least is Malta, which is a full EU member and was the only EU passport you could purchase outright. The whole process took approximately 14 months, did not require you to live there permanently, but did require 3-4 short trips to the country during this 14-month period.
The cost could start at approximately €1 million in donations, contributions, and administrative fees without legal fees, if you rented a property in Malta, which was a separate cost.
You could also purchase property as part of the citizenship program for Malta, but the total cost would be approximately €1.5 million, including contributions, donations, administrative fees, and the property purchase.
You would receive a full EU passport in approximately 14 months and could reside anywhere in the 27 EU countries as a full-time resident, which is what all EU citizens are allowed to do. You did not technically need to live in Malta. You could purchase the passport, then decide to live as an EU citizen full time in the south of France, Italy, Portugal, Spain, Cyprus, or even Croatia without restrictions on how long you can stay or what you can do in those countries.
Malta also has excellent low-tax regimes and flexibility if your income is sourced from outside the country. Malta is also a very crypto-friendly tax jurisdiction.
🚨 Update — April 29, 2025: The Malta Citizenship-by-Investment program has officially been closed by the European Court of Justice. The Malta Permanent Residence Programme, MPRP, remains open, offering a viable path to residency in Europe.
Are These Programs Easy to Apply For?
Most programs are easy to apply for, and most applicants would qualify. All you need is proof of funds showing that you have enough to invest, a background check, such as a Police Clearance Certificate or FBI report if you are American, a medical check, and a valid passport.
Of course, if you are bringing along your family, you would need marriage and birth certificates as well.
In most of these programs, except the Canadian program, you do not need work experience, proof of language ability, or proof of education. It is simple, and as long as you have the funds to support the process, it is a very straightforward paperwork process that our office and licensed support team can guide you through.
What Do We Mean by Tax-Friendly Jurisdictions or Programs?
Now you can understand a bit of what we mean by tax-friendly jurisdictions or programs.
Perhaps you want to live by the Mediterranean and earn tax-free income from abroad. In that case, residency in any of the EU countries in our portfolio can facilitate this for you.
Perhaps you want your children to have educational options abroad, significantly cheaper than state universities in the USA. Perhaps Canada or the EU would fit the type of programs you are seeking.
Or perhaps you cannot reunify with your family and relatives in a third safe country due to political or other immigration challenges in your current country of residence or citizenship. Obtaining fast and hassle-free residency is easy in jurisdictions such as Panama, Dubai, Portugal, Italy, and Malta, which can allow you, your family, and your relatives to apply and be reunited.
Or perhaps you want to own a property in the Mediterranean, near a beach somewhere in the EU, Vancouver Island, the South Pacific Ocean, or Central America. In that case, you also want the flexibility to stay anytime as long as you wish and not be treated as a tourist or short-term visitor with travel and stay restrictions.
This would be an ideal case for residency that you can purchase or invest in depending on the country you choose. It can either provide you temporary residency for 5 years, renewable, or permanent residency, without the obligation to become a tax resident.
Whether it is for yourself, your family, your business, or your children’s children, you can now appreciate that having alternative residencies and citizenships is like having a life insurance policy. It is there in case you need it, and it makes you and your family feel safe.
It can also be considered like a diversified investment. Have you ever asked your broker or investment advisor to invest in different industries, funds, emerging economies around the world, or different currencies? The reason you do this is to mitigate and balance risk in your investment portfolio and protect your family’s financial future.
In the global residency and citizenship industry, we call this service protection of generational wealth. It is easy, fast, and does not cost more than a high-end electric SUV. It is considered an asset, not a liability with depreciating cost and monthly installments.
Unlock Global Residency Opportunities in 2025
If you are ready to put your Plan B into action, for yourself, your family, or perhaps your clients, you can reach out to us here. Join our online live stream every Thursday at 11am EST, or 8am PST, to share your feedback, post your questions, and engage with others who are also exploring these opportunities through our YouTube channel.
Ready to explore exciting residency programs across Central and North America, Europe, New Zealand, and the Caribbean Islands?
Get a Personalized Assessment
If you are thinking about immigrating, whether permanently or temporarily, you are at the right place. Our team speaks over 10 languages, and we help applicants from over 55 different countries during their immigration process. To contact us, click here.
Don’t Miss Out on Essential Updates
Laws and requirements for residency programs can change, and staying ahead of these changes is crucial. By staying informed, you ensure your application process is smooth, fast, and up to date.
Subscribe and Connect With Us
We are here to help you navigate global mobility opportunities. Be the first to know about program updates, expert tips, and news by following us on social media and subscribing to our YouTube channel. Get access to exclusive content, real-time program updates, and expert advice that will help you take the next step in your global residency journey.
- Our YouTube channel
- Our Instagram
- Our LinkedIn
- Our Facebook
Let us guide you through your residency or passport journey. Start today, and stay informed for your next step.
