It would take you at least 20 best places to invest in real estate 2016 to get citizenship here in Andorra. Here, where residency rules are relatively straightforward, naturalization is extremely tough to come by. In fact, it’s one of the most grueling naturalization timelines on earth, behind only San Marino and Liechtenstein. Spain, where I’ve been spending the month, isn’t much better at 10 years, plus four more for bureaucracy.
For those who want a fast second passport, there are only two options: be lucky enough to have certain European lineage, or fork over some cash. Citizenship by investment is a process whereby wealthy individuals can obtain a second citizenship extremely quickly in exchange for an investment or donation. US citizens who wish to quickly renounce their citizenship. Pragmatically, renunciation requires a second passport, and if you’re a high-earner, the cost of an economic citizenship might be far less than the tax and compliance costs of remaining American.
Chinese and Arab citizens are the largest investors in citizenship by investment programs. The wealthy in these and other countries can afford the cost in exchange for the greatly increased travel benefits. I’m seeing a lot more South Africans looking at these programs as the rand plummets and wealth grabs near. There are also nationalities that are restricted from doing business in certain countries and would benefit from a quick passport for business opportunities. Israelis, who are banned from about a dozen countries, are an example of this.