Buying a second passport

country. Plus,if you hold dual citizenship – or have resident status in one and citizenship in another – it is possible that you will have to pay taxes to two nations. One way around this tax trap,according to some experts,is leaving your ‘second home’ country regularly and reapplying for a tourist visa.

However,that is not without its own issues,and raises the matter of whether you are permitted to work in your new foreign home.

Needless to say,you just have to talk with lawyers,tax advisors (and sometimes other experts) in both countries before making a final decision.

So,if you are interested in a developed country,the five shown below are ones in which establishing permanent residency is fairly easy.

Belgium

Living in Belgium for five years on the trot whilst also being a Swiss national or citizen of an EU/EEA country,will automatically grant you permanent resident status. If you aren’t a citizen of one of those nations,you will have to apply to be a resident. The advantages of this is that it affords you the many of the privileges and rights of a Belgian citizen,such as voting,open access to employment,social programs (including welfare) and education.

Becoming a citizen also adds the ability to leave the country for more than two years at a time,but the requirements for this are much more rigorous.

Brazil

The fantastic beauty and climate of Brazil makes it a good option for many,though the cost of living is greater than you might think and the high crime rate is another thing that may make you consider again. Getting permanent residency if you are greater than 60 years of age is easy if you have a verifiable income of $2,000 per month for the retiree and up to two dependents. Additional dependents require another $1,000 per month. If you plan to invest $50,000 or more in a business or real estate,you should apply for an Investor’s Visa.

Becoming a citizen of Brazil is not as easy though,unless you marry a Brazilian citizen. Otherwise you have to have resided in the country continuously for 10 to 15 years. However foreign spouses may apply after one year of permanent residency.

France

If you like the idea of living in France this another great selection. You can establish permanent residency or apply for citizenship just by staying in the country for 5 years straight. Permanent residency has to be renewed after 10 years,this also allowing you the right to education,healthcare and worker’s rights at jobs. You won’t be able to vote though. Obtaining citizenship also makes you a citizen of the EU,with its many benefits.

Panama

This country was ranked the world’s greatest retirement place for 2019 by International Living.

It has an easy immigration system,a nice climate and a reasonable cost of living,all of which make Panama an attractive option. All you have to do is request access to the Pensioned Tourist Program and prove you have at least $1,000 or more per couple per month coming in from an approved source. You do not get a Panamanian passport on this visa,but you do get to establish permanent residency.

If you’re not old enough for retirement and you are a citizen of one of 50 “friendly” countries – which include many EU countries,Canada and the US – then you can request a Panama’s “Friendly Nations” Visa. This visa was created to attract a useful workers to Panama. However,you have to establish a business within the country or have a job offer from a business in Panama.

Panama also welcomes those who have the money to put into deforestation programs. Citizenship is however a little more difficult to get,often only being obtained after five continuous years of residency (three years for foreign spouses of Panamanian citizens).

Singapore

Singapore is one of the easiest nations in the World to establish permanent residency. The ways in are to apply for an employment pass,be the spouse or child of a Singapore citizen,or just decide to make an investment in the nation. Becoming a citizen of the country is also reasonably simple,the criteria being that you just have to be a permanent resident of Singapore for two or more years.

To sum up

The rules of every nation normally mean that a permanent residency visa will solve most of the day-to-day issues any expat faces. However,taking the next step of becoming a citizen of another country,especially if it means giving up your own,rather than taking on dual nationality – is a huge step,with lots of implications for yourself and for your family.

You have to consider that even if your own country permits dual nationality,your new home country may not,so full detailed advice and research is essential.

Please see https://www.citizenshipsbyinvestment.com for more help.

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