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Having two passports is without doubt a good idea. The main benefits of a second citizenship is due to visa free travel.
You can use your second passport for visa-free travel to countries that would require you to get a visa. For US Americans is a little more tricky as they can travel pretty freely but for political reasons Amercans can experience issues in some countries. Lets say in the Middle East and can mean you get to pass through the (usually much quicker) “Citizens Only” line at immigration.
Another, bigger-picture benefit of a second citizenship is that it means you have another country where you could live (if you wanted) without worrying about obtaining a residency permit. Same goes for working, if that’s something you’re interested in. Hold a passport for any member nation of the EU, and you have no-visa-required residency and employment access to 28 countries.
If you aren’t lucky enough to have been born the right to a second citizenship, then you have two options for obtaining a second passport—through naturalization or by buying one. The kind of passports you pay for don’t come cheap. Economic citizenship programs, as they’re called, cost US$500,000 or more when you take into account both the investment amount required and the government fees. Naturalization is less expensive but takes time, usually five years or longer.
If you want a Panamanian passport, you must be a permanent resident of Panama for five years before you can apply. Again, this must be through some residency program other than pensionado. The downside to being naturalized in Panama is that the country requires you to give up all previous citizenships when you are naturalized. Currently, they don’t require proof that you have renounced your previous citizenships (as Singapore and Nicaragua do).
That said, holding permanent residency in Panama isn’t a bad back-up plan. You need but visit the country once every two years to maintain your residency status.>Belize is another good choice for backup residency… if you have a pension or other qualifying income. The Belize QRP program provides easy residency; however, like Panama’s pensionado program, it doesn’t lead to citizenship.
Unlike Panama’s low-key physical-presence requirement of once every two years, Belize requires you to spend 30 days a year in the country. Having to hang out at the beach for a month each year isn’t exactly a burden, and the 30 days don’t have to be consecutive.
Repubic of Guyana
There are other countries which offer 2nd citizenship options and just to name 2 of them: Guyana is the only English-speaking country in South America which makes it easy for an english speaking immigrant to blend in. Its pretty cost-effective too the Guyana citizenship are only US $18,700.
Suriname is a well developed country with good conditions for business, developed democracy. Surinamese are welcome to all four continents something to be considered. It is a lower price opportunity and has flexible payment terms. The total cost is $17,400. 50% of which must be paid in advance.click here to go to read more about it.
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