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October 22, 2021

Which flag to choose?

You’ve decided to get a second passport. Congratulations! Another flag in a foreign country gets you that much closer to a life of freedom. Now, it’s time to pick the passport that works best for you and your family. Picking the right program takes a little bit of research, depending on your list of priorities. Plan B Passports can help you figure out which Citizenship by investment country suits you best.
The process of finding the right program is unique to each case, however, here are a few things you need to look at when looking for the right one.

Tax Regime
All jurisdictions you see at PlanBpassport.com are tax havens, however, the conditions will vary, depending on your residency status in the country. For example, if your main concern is capital gains tax, any Caribbean tax haven will have you covered. However, if income tax is also in play, you might need to be more precise with your choice. Reach out to us to get short tax reports o those jurisdictions to be able to make the right choice.

Visa-Free Travel
This one may or may not be important to you, depending on how powerful your current passport is in terms of visa-free travel. However, some Caribbean passports will open borders to countries you can’t access on your current passport. You know, beautiful countries like Russia, for example =)

Estimated Timeline
Depending on how quickly you need to get it done (maybe you are trying to complete the process by the end of the calendar year) or trying to “time the market”, you might need to reach out to us and ask for updated estimates on the processing time. This is the variability that changes a lot. For example, at the beginning of the pandemic, some islands didn’t accept any mail, therefore, no new applications could be submitted and it led to a backlog. Reach out and ask for an update on what the timeline is on any of the islands.

Dependents
Most jurisdictions will allow you to add your spouse (must have a marriage license), parents 55+, and kids under 25. However, some jurisdictions will allow older kids if you are able to prove their dependency.

Price
If the previous three criteria didn’t really convince you to go with any particular jurisdictions, let’s look at the price. While one jurisdiction may be the most favorable price-wise for single applicants, it could also be the most expensive for a big family. The price will vary with the number of dependents you want to include in your application (spouse, children, parents), as well as the children’s ages. You can request a precise calculation by filling out a form (“GET A QUOTE” button) on the main page of our website.

Disclaimer: This article is written by neither a lawyer nor an accountant, therefore, shouldn’t be taken as legal, financial or tax advice.