One of the lifelong goals of the working class is to retire peacefully and enjoy the remainder of their days in bliss. This may translate to retiring to another country for many people. Enjoying sunny days, sandy beaches, and lush greenery, coupled with fabulous healthcare and lower cost of living, make the option of retirement in another country more appealing. Along with easy travel to other countries and the ability to live, vote, and own property in the new country without restrictions, retiring in another country enriches your life by exposing you to different cultures and ways of living. Today, retirees increasingly seeking the option of second citizenship for retirement to enjoy such benefits.
Obtaining citizenship in another country may be cumbersome and challenging due to the many laws and expenses involved. However, the advent of Citizenship by Investment (CBI) programmes has made it easier than ever to procure a second passport. People from almost any part of the world can apply to these programmes and obtain dual citizenship. Today, many countries worldwide provide citizenship with visa-free travel to over 140 countries, allowing people to access a better standard of life, business, education, healthcare, and other opportunities.
Here we take a look at the top five countries that offer straightforward citizenship for retirement:
Known for its white sandy beaches, clear blue waters, and warm hospitality, the Caribbean island of Grenada is a great place to retire. The country has a low cost of living, an excellent healthcare system with top-class hospitals and health centres, and a favourable tax policy with zero capital gains, inheritance tax or wealth tax on international income or assets. If you have resided in Grenada for seven years, you can apply for citizenship by naturalisation. You can also obtain citizenship within five to six months by investing a minimum of $220,000 in qualifying real estate.
Also called the “Nature Isle of the Caribbean” for its pristine beaches, gorgeous mountainous rainforests and abundance of flora and fauna, Dominica is one of the best countries to apply for citizenship for retirement. The island nation is known for its laid-back lifestyle, eco-tourism and attractive tax policies, among other benefits. Procuring a passport from Dominica allows citizens to enjoy visa-free travel to 143 countries and territories and zero tax on foreign income, capital gains and inheritance.
The entire family can obtain dual citizenship, and retirees can also procure citizenship in Dominica in a reasonably short period of four months. Investment under the CBI programme is as low as $100,000, making the country one of the most affordable options for citizenship for retirement.
Malta is a part of the European Union (EU) and is home to a beautiful climate, hospitable people, high quality of life, and a significantly low crime rate. Although citizenship in Malta is primarily based upon the principle of jus sanguinis (right of blood), citizenship can be obtained through naturalisation if the applicant proves that they lived in Malta for five years preceding the date of application. Citizenship can also be procured by marriage to a Maltese citizen after at least five years of marriage. Since 2000, the country has also allowed dual citizenship without restriction.
Maltese citizens enjoy visa-free travel to more than 180 countries worldwide, including the USA, Canada, the EU and the UK. Malta also has one of the best healthcare systems and the lowest tax rates in Europe.
Turkey, which lies on the cross borders of Europe and Asia, is known for its lively culture and architectural beauty that includes ancient cities, fortresses and bazaars, and shopping malls. It also boasts several national parks, nature reserves, canyons, waterfalls, lakes and rivers, where you can immerse yourself in the country’s rich and abundant natural beauty. A blend of influences from the Mediterranean, the Middle East, Central Asia and the Balkans defines the country’s cultural landscape, making it a melting pot of cultures.
If you wish to retire in Turkey, you can apply for its citizenship by investment programme. Applicants are required to invest a minimum of $250,000 in real estate. You can get your Turkish passport within six months of submitting the application. You can also bring along your family under this programme. As a Turkish citizen, you can gain access to free education and healthcare, and you are also allowed visa-free travel to over 111 countries.
Situated in the eastern Caribbean Sea, St Lucia is a volcanic island mostly covered in rainforests. Known for its twin peaks — the Pitons — and its immaculate beaches, St. Lucia offers the CBI programme with a minimum contribution of $100,000. The processing time for citizenship is three to four months. On approval, retirees and their families are granted full citizenship and visa-free travel to 146 destinations, including Hong Kong, Singapore, the UK, and Europe’s Schengen Area.
Holding second citizenship is one of the best modern-day insurance policies, allowing you and your family the ability to travel visa-free or relocate immediately, especially in times of social, political or economic uncertainty in your home country. With over 100 years of combined industry experience, Latitude World is here to help you achieve global mobility and future security through Citizenship by Investment.