The Best Passports for Crypto Investors Worldwide

The Best Passports for Crypto Investors Worldwide

ver heard of buying citizenship with cryptocurrency? With the era of technical advancements, a lot of investors are showing interest in having a second passport through crypto investing. This trend is widely considered among crypto investors because of the surge of government restrictions and the possible confiscation of crypto earning
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Ever heard of buying citizenship with cryptocurrency? With the era of technical advancements, a lot of investors are showing interest in having a second passport through crypto investing. This trend is widely considered among crypto investors because of the surge of government restrictions and the possible confiscation of crypto earnings. Having a second residence is considered by many as an offshore strategy that offers amazing perks. So, let’s get started with the ways on how to properly acquire a second passport via cryptocurrency.

How to get a second passport for crypto investors?

There are a handful of ways for crypto investors to obtain a passport. But before you dive into this, it’s important to know all the ins and outs. These include the application guidelines, due diligence process, and application period. To kick off the matter, you have to understand how temperamental cryptocurrency is. In general, cryptocurrency widely fluctuates because it flourishes on speculation. Crypto investors earn profit by making bets on prices, either an increase or a decrease. As a result, the value of crypto can suddenly go up and down, depending on the appetite of the investors.

With this pivotal factor at hand, you have to go through the duration process of earning a second passport. Make sure you learn everything about the procedures, including the location on where to get a passport as well as the timeline of passport application and citizenship acquisition. There are plenty of international immigration programs that offer ways on how to attain second citizenship. Some of the best options are Europe’s Golden Visa, Malaysia My Second Home Program, and such. Unfortunately, most of the immigration programs have lengthy processes, hence may take a while to be completed. On top of that, some require you to reside in the country for a couple of years before you are granted citizenship. Therefore, you need to reconsider your options before you make a decision.

What are the different methods of obtaining a passport?

There are three major options at hand―by descent, by naturalization, or by investment. To help you understand each method, let’s discuss them one by one.

By descent

One of the most popular ways for crypto investors to earn a passport is by availing of the descent program. This immigration scheme is offered by various countries, including France, Germany, Poland, Spain, Ukraine, and the like. An essential factor is to prove your ancestry in the country you’re applying for. To verify your claims, you need to establish the origin of your citizenship, which could be from your parents, grandparents, or great-grandparents.

There are other countries, like Italy, that may require extensive documentation. Hence, you need to do your research in advance so you have enough time to accomplish the requirements. In general, the duration of this method may take at least two to three years, depending on the country.  Aside from the length of application, you also need to take into account the crypto market as a whole. And considering the volatility of cryptocurrency, pursuing this method may not be the best choice if you want to obtain your passport quickly.

By naturalization

If the first one does not fit your current standing, try to weigh the second option. Earning a passport via a naturalization program is another option available. The duration is pretty much the same as the initial method by descent. However, this may be more extensive as you have to comply with the naturalization process. Plus, there may be added requirements depending on the country.

One of the countries that offer citizenship by naturalization program is Argentina. Whilst this could be a nice possibility, the country itself is not deemed practical by many crypto investors. On the bright side, there are other nations that offer a fast-track program to obtain second citizenship through naturalization. All you have to do is read up on various references, sort out your options, and pick the most appropriate one.

By investment

The last method for crypto investors to acquire a passport is by investment. This is definitely the best option, especially if you are pressed for time. Citizenship via investment is much easier and even cheaper compared to the previous two choices because you won’t have to prove your citizenship or complete the necessary requirements for a couple of years.

One of the most credited regions in terms of gaining a passport via cryptocurrency is the Caribbean. If not all, a handful of countries in the region offer this type of immigration program. Unlike other countries, the Caribbean’s citizenship by investment encompasses a shorter duration of earning your second passport. Instead of years, you may be able to obtain your passport within six months. Moreover, the Caribbean immigration scheme via investment is tax-free. They even offer some tax incentives to those who make the Caribbean country their tax residence. So, if you plan to diversify your passport portfolio easily and quickly, this is highly recommended. For this particular scheme, you may be required to complete a donation to the government or buy a certain real estate property. 

What are the benefits of getting a second passport?

Businesswise, having a second password is a great way to expand your investments. And with the likelihood of the government taxing crypto earnings, this serves as a significant tool to keep your wealth intact. Your second passport generally serves as a backup plan in case there are modifications within the crypto domain that may largely affect your investments. Another key benefit is for those who are running an active business. Instead of paying hefty taxes for having a crypto business, you can maximize your second passport and create a more efficient offshore strategy.

After all, it’s better to be ready than sorry, right? So, if you want to diversify your portfolio and back up your earnings, this might be the right time to get into the process. Go over the three ways mentioned earlier and pick the option that fits your needs. Once you’ve chosen your preferred method, start doing your research and gather all the requirements in advance. This way, you will have enough time to accomplish everything within your timetable and eventually obtain your second passport  via cryptocurrency in no time. 

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