In this article, we have listed and discussed the 15 Cheapest Countries to Get Second Citizenship. If you want to skip our detailed discussion about dual citizenship, you can go directly to 5 Cheapest Countries to Get Second Citizenship.
Dual citizenship is defined as having citizenship in two countries simultaneously. For example, a person who’s a citizen of both the US and the UK can have one passport from both countries and can enjoy the rights and privileges.
A Growing Demand
The migration and citizenship industries have changed a lot over the years. While 62% of all the countries had a negative approach towards dual citizenship in the '60s, 76% of the countries have now become tolerant towards it, according to research conducted by Maastricht University. The same countries that didn’t allow their citizens to have another country’s citizenship six decades ago have now redone their policies to accommodate citizens wanting to acquire dual citizenship. A lot of this has to do with the growing demand for dual citizenship by people who want to enjoy the best of both worlds — in this case, countries.
The demand for immigration and dual citizenship has always been high in third-world countries where people often look to move to first-world countries for better lifestyles and opportunities. But post-pandemic, the demand for dual citizenship has increased in the first-world countries as well.
In America, the political unrest combined with post-pandemic impacts skyrocketed the demand for dual citizenship among US nationals. As Immigration Canada reports, there was an increase in the number of US nationals becoming permanent residents in Canada during the first 16 months into Joe Biden’s tenure. The numbers increased from an average of 771 every month in Trump's tenure to 1,021 per month in mid-2022. The IRCC data reveals that Canada received a total of 232,120 new permanent residents in the first half of 2023, which was a record-high number.
Note that permanent residency is not the same as citizenship because citizenship has more rights and privileges offered by the country. To be eligible for citizenship through naturalization, one has to become a permanent resident and live in the country for a specified time, which varies as per the country's law. Apart from naturalization, there are different ways of acquiring citizenship such as citizenship by marriage, citizenship by birth, family citizenship, and economic citizenship where one can make a monetary contribution to the country's economy in exchange for the citizenship. So, there are a lot of ways in which people can acquire dual citizenship, and it's safe to say that all these options are being used to their fullest.
According to IBIS World, the revenue of immigration lawyers and attorneys in the US industry reached $8.7 billion in 2023, growing at a CAGR of 5.3%. The number of immigrants is increasing on a global level, too. Astute Analytica reports that the global immigration market will continue to grow at a CAGR of around 5% from 2021 to 2027.
Even well-off entrepreneurs are hopping on the dual citizenship bandwagon. In current times, Henley & Partners, an investment migration consultancy, reveals that America’s millionaires are considering migrating and acquiring dual citizenship. The number of inquiries received from US nationals increased by 447% in 2022 compared to 2019.
Dual Citizenship: The Ups and The Downs
Some countries don’t allow dual citizenship altogether. However, many leading countries like America, Australia, and Canada do. Acquiring second citizenship helps in many ways, such as getting access to a greater number of destinations and having more unique opportunities to experience new markets. A dual citizen has citizen rights in both countries.
Depending on the strength of the passports, dual citizens get some great benefits, such as traveling visa-free and staying for an indefinite time in any of the countries they are citizens of. Moreover, they can work and own property in both countries. Dual citizens also have full political rights, meaning they can vote and even stand in elections in either of the countries.
While a dual citizen enjoys quite a lot of benefits, there are some drawbacks to having dual nationality. Being a dual citizen, you may be obliged to pay taxes in both countries. For example, US citizens with dual citizenship need to pay income tax for income earned anywhere in the world. So, if a US citizen is living in another country with dual residence and earning, they will still have to pay taxes in the US and also the country from which he earns.
Still, many billionaires, CEOs, and famous personalities hold dual citizenship. Peter Thiel, the billionaire and former CEO of PayPal (NASDAQ: PYPL), was a German citizen by birth and became a US citizen by naturalization. Later, in 2011, he secured his New Zealand citizenship. Another former CEO — this time of Google (NASDAQ: GOOG) — Eric Schmidt, is an American national but he also has a second home in the island of Cyprus. Similarly, Elon musk, the billionaire and founder of large companies like SpaceX and Tesla Inc (NASDAQ: TSLA), holds triple citizenship in South Africa, Canada, and America. But how does acquiring multiple citizenship of strong countries helps them?
With strong passports, one can travel to more countries visa-free and do businesses with more ease. Moreover, having dual citizenship in two strong countries will make them eligible for more social benefits, such as medical treatment and quality and affordable education in both countries. But for those who are not billionaires or CEOs, well-off countries do not often give out citizenships easily.
Through naturalization, Portugal is one of the easiest and best countries (See: 15 Best Countries for Dual Citizenship for US Citizens) to offer a second citizenship. The process takes five years of residency in the country and then the interview and Portuguese-language test. With Portugal citizenship, you can travel visa-free to 114 countries. However, Portugal is not the cheapest option and not the sole easiest option either. Here, we have listed the cheapest countries to get second citizenship. Note that the cheapest options are also sometimes the easiest.
Let's now head over to the list of the cheapest countries to get a 2nd citizenship.
15 Cheapest Countries to Get Second Citizenship
Pixabay / Public domain
Our Methodology
For our list of the 15 cheapest countries to get second citizenship, we have utilized data from the CIA’s World Fact Book to see which countries allow dual citizenship. For the pricing, we researched government programs for each country. To compile the list, we shortlisted countries that offered citizenships below €750,000. For countries that had the same citizenship investment costs, we ranked based on cost of living. We also discussed the passport strength and ranking for 2024 as listed by the Passport Index for each country. The list is in descending order, going from the most costly to the least costly country for second citizenship.
Please note that for some countries with investment figures in Euros, their figures have been mentioned just like that instead in USD to factor-out the effects of fluctuations in the currency exchange.
By the way, Insider Monkey is an investing website that uses a consensus approach to identify the best stock picks of more than 900 hedge funds investing in US stocks. The website tracks the movement of corporate insiders and hedge funds. Our top 10 consensus stock picks of hedge funds outperformed the S&P 500 stock index by more than 140 percentage points over the last 10 years (see the details here). So, if you are looking for the best stock picks to buy, you can benefit from the wisdom of hedge funds and corporate insiders.
15 Cheapest Countries to Get Second Citizenship
15. Malta
Citizenship Cost: €750,000
Getting citizenship in Malta is more on the pricier side. However, compared to other countries in Europe, it's relatively cheaper at €750,000, and you can become a citizen after a year. You could also opt for a less expensive offer, which is an investment of €600,000; this allows you to become a citizen of Malta in three years. A Maltese passport will enable you to have a free visa for 129 countries, and it is ranked 7th on the passport index. Malta is famous for its architectural sites and festivals, and it has a stable economy driven by tourism, real estate, and manufacturing.
14. Turkey
Citizenship Cost: $400,000
You can become a Turkish citizen by investing in real estate for $400,000. Turkey used to require an expenditure of $1 million for citizenship but has now become one of Europe's cheapest second citizenship options. Turkey’s passport will take up to a year to arrive after the investment is made. With a Turkish passport, you can travel to 77 countries with a free visa, and it is ranked 35th on the passport index. Turkey is a developed country and is considered one of the best countries to live in.
13. Cyprus
Citizenship Cost: €300,000
Cyprus offers citizenship through investment in real estate, which requires a minimum of €300,000. You must also pay around €200,000 before applying for this program. This allows you to purchase up to 2 housing units there, including shops and offices. The Cypriot passport is ranked 9th globally and has a good reputation. Cyprus is known for its thriving tourism sector, which is excellent for those looking to start businesses there. It also provides access to the Mediterranean lifestyle, which is quite relaxing.
12.Bulgaria
Citizenship Cost: €255,000
Next, we have Bulgarian citizenship and a passport, which can cost about $276,514. This process requires an initial investment of €255,000, and the applicant must maintain the investment for five years before applying for Bulgarian citizenship. Bulgaria's passport is ranked 9th in the world and allows you to travel to 121 countries visa-free. Its diverse economy includes industries like technology, agriculture, and tourism.
11. Saint Kitts and Nevis
Citizenship Cost: $250,000
You'll need to invest $250,000 for a single applicant in the state fund in Saint Kitts and Nevis for citizenship. For married couples, it’ll cost $300,000, and a further $50,000 for one or two dependent dependents. The cost of living is considered moderate in Saint Kitts and Nevis; for a single person, it's about $1100 without rent.
Their passport ranks 22nd, and you can travel to 106 countries without a visa, and 39 countries will require a visa on arrival. The residency requirement for naturalization in Saint Kitts and Nevis is 14 years, per the CIA. The country offers vibrant coral reefs and majestic mountains. It is a high-income country where English is the primary language.
10. Egypt
Citizenship Cost: $250,000
Egypt is famous for its pyramids and majestic sandy deserts, but also for its skyscrapers, highways, and hotels. You can get a second citizenship in Egypt by paying $250,000, which goes to the country's plunging treasury and can be paid annually. However, the Egyptian passport ranks 77th worldwide, and you can only travel to 22 countries visa-free. The naturalization process takes around ten years to complete in Egypt. The three primary industries in Egypt are agriculture, trade, and wind power. Note that the average living cost in Egypt for a single person is only around $450, without rent.
9. Greece
Citizenship Cost: €250,000
Greece has a golden visa program that allows you to obtain Greek residency through real estate investment. This requires you to invest in property with at least a €250,000 minimum. After the residency permit is obtained and a person has lived in the country for ten years, they can apply for naturalization to become a citizen. Greece is known for its rich history and incredible architecture. Their diverse economy has a thriving tourism sector, and agriculture is their leading industry. They export agricultural goods like cheese, olives, and cotton. The Greek passport is a strong one, ranking 4th on the Global Passport Index for 2024.
8. Cambodia
Citizenship Cost: $245,000
Cambodian citizenship can be acquired using any of the two routes, one is the citizenship-by-investment plan, where investors need to invest $305,000, and another route is donating $245,000 to the Royal Government of Cambodia. In the investment plan, the investment must be made in a government-approved project, and there are additional fees. This plan may take at least four months to process. The Cambodian passport ranks 74 globally, allowing you to travel to 25 countries visa-free. Agriculture, textiles, and tourism are the main sectors contributing to Cambodia's economy. The country also offers a rich cultural experience for those interested in the Southeast Asian lifestyle.
7. North Macedonia
Citizenship Cost: €200,000
Seventh on our list of cheapest countries for second citizenship is North Macedonia. You can obtain North Macedonian citizenship by donating €200,000 to a government-approved fund or investing in businesses there. The North Macedonian passport is ranked 35th among global passports, allowing visa-free travel to 83 countries. North Macedonia is a beautiful destination where sectors like technology and manufacturing contribute significantly to the GDP.
6. Grenada
Citizenship Cost: $150,000
Grenada is known as the spice island and is famous for its long history of spice production. The minimum fee for citizenship is $150,000, and you may also need to pay a $50,000 processing fee. Their passport ranks 30th in the world, allowing you to travel visa-free to 99 countries. The leading industries on this island country are textiles, agriculture, and brewing. Grenada has low crime rates and is considered a safe, relaxing place to live.
