In terms of second citizenship there are mainly two options. Official citizenship program such as those offered by St Kitts and Nevis, Commonwealth of Dominica and for example for a European Union citizenship Bulgaria. Then there are those citizenship which are called discretionary such as those that may be obtained in Central America. Do not hesitate to contact me if you have more questions on this matter at [email protected]
What is a discretionary citizenship?
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It is simply a citizenship which is obtained in a country that does not have an official second citizenship program. Those citizenships are obtained through local connection and are not subjected to an investment requirement.
Official Citizenship Program Vs Discretionary Citizenship
Faced with the choice between an official program citizenship and a discretionary citizenship which one should you chose.
If you can afford an official program citizenship then you should go this road. For example St Kitts is the Rolls Royce of second citizenship (for non-European citizenship). As to Bulgaria it is the best option for a European fast tracked citizenship.
Why do people choose Discretionary Citizenship?
There are various reasons why someone would chose to apply for a discretionary second citizenship.
Firstly because the process is quicker, it can be obtained within 2 months and half against 6 months (St Kitts, Commonwealth of Dominica) to one year (Bulgaria being specified that you become a permanent resident immediately but citizenship itself takes a year)
Secondly because the formalities are easier to handle: Documents requirements are minimal by comparison to documents requirements in St Kitts.
Thirdly it is cheaper because there are no actual investment requirements. In St Kitts the investment requirement is for one person 250,000 USD (if donation), 400,000 USD if real estate (for five years), in Commonwealth of Dominica the donation is of 100,000 USD. In Bulgaria you need to invest 1,022,000 Euros over a five years period (but you get European passport). A discretionary citizenship costs start at 55 500 Euros all included (payable in four installment according to progress)
Fourthly Commonwealth of Dominica, St Kitts or Bulgaria all have list of countries which nationals are not allowed participating into the programs. Discretionary Citizenship countries do not.
Discretionary Passport as a banking passport?
Not all of those who apply for a discretionary citizenship do it for travel purpose. For example you are a citizen from a country which nationals have difficulties to open foreign bank accounts or that are jettisoned and are seeing their accounts closed by most banks.
You may consider a second citizenship for banking purpose. In this context a discretionary passport is an ideal tool. It is cheaper, quicker and does not require investment. Besides it has features that official program citizenship do not offer and that make its ideal for this purpose.
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Do not hesitate to contact me if you have more questions on this matter at [email protected]