If you’ve come this far, it’s because you’re concerned about living in Europe or perhaps you were thinking of moving there, but you realized that the old continent is in decline. In the last 3 years, since the pandemic, Europe has been in conflict with Russia on its borders.
In other borders, the situation is becoming increasingly tense, with the hot conflict between Israel and Palestine south of Cyprus. And if we talk about migration problems, don’t even get me started.
Not only that, as many will know and have noticed in their pockets, Europe is becoming increasingly unaffordable. Inflation keeps rising, and, well, the situation can become a bit depressing for some. Of course, Europe is still a good place to live compared to other countries, but so was Venezuela three decades ago.
The economy is cyclical, and what is up today may be down tomorrow; that’s a reality. That’s why today we bring you this blog in which we will explore powerful countries in Latin America for Europeans and Latin Americans to obtain a second passport.
And maybe you’re thinking, “A second passport in Latin America? Aren’t there more conflict-ridden regions in the world? Why would you consider choosing the best passports in Latin America?
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Why Choose to Have One of the Best Passports in Latin America?
Well, as you know, in Latin America, there are unstable governments and problems with crime and migration, more evident than in Europe. However, Latin America retains something that Europe left behind long ago: natural resources.
It is one of the richest regions in the world in this regard, and if developing countries know how to invest in infrastructure, combat crime, and eradicate poverty, they have enormous growth potential.
In addition, Latin America has a great competitive advantage over many other countries. It has a series of passports that are relatively easy to obtain. In some cases, it may require spending a couple of years to get the passport, while, in others, with an investment, you can expedite the process. It all depends on your citizenship, your purchasing power, and your willingness to take the step.
And as you well know, nomad, having a second passport today is a guarantee for the future. In a world of rapid changes, knowing that you can reside on the other side of the globe just by having a passport not only facilitates your life but also that of your families.
So, without further ado, let’s explore country by country to discover which are the best passports and some of the requirements to obtain them.
But before that, we want to let you know that if you want us to restructure the fiscal situation of your business, schedule a call. We can also guide you on investments and how to get a second passport.
How to Get a Second Passport in Honduras?
Central American passports are popular options as second citizenships, as they offer greater travel freedom for holders.
Acquiring a Central American passport also gives you the opportunity to diversify your passport portfolio and legally reduce your taxes.
The Republic of Honduras is a Central American country, bordered by El Salvador, Nicaragua, and Guatemala. The Caribbean Sea is to the north, while the Pacific Ocean is to the south of Honduras.
And although the country in some areas can be conflictive, in many others it is a true paradise like in its Caribbean islands where tourists from all over the world come to practice diving and other water sports.Roatan is a paradise destination for tourists worldwide.
Honduras does not offer significant tax benefits if you are going to do business in the country. However, non-residents are only taxed on their income from Honduras, which can be useful when creating a tax strategy for some people.
A Honduran passport grants you visa-free access to 129 countries, including the European Union, the United Kingdom, and most of Latin America.
And Honduran citizenship can be acquired in the following ways:
- By Birth
- By Descent
- By Naturalization
And it is Honduran citizenship by naturalization that we are going to focus on since it can be granted to:
- A Central American citizen who has resided in Honduras for one year.
- A Spanish or Ibero-American citizen who has resided in Honduras for at least two years.
- A foreign citizen who has resided in Honduras for at least three years.
- A foreign citizen married to a Honduran citizen by birth.
- A foreign citizen appointed/backed by the National Congress of Honduras for exceptional services to the nation.
- A foreign citizen authorized/sponsored by the Honduran government to participate in scientific, agricultural, or industrial programs and who has also resided in the country for at least one year.
Honduras dual nationality If you are looking for guidance on where to get your second passport, we invite you to schedule a call HERE. Now, we must take into account,
Does Honduras Allow Dual Citizenship?
In general, naturalized Honduran citizens cannot have dual nationality, except in the situation established in Article 24 of the Honduran constitution, related to dual nationality treaties. Honduras has signed dual nationality treaties with several countries.
Article 24 establishes that when there is a dual nationality treaty, the foreigner seeking Honduran nationality is not required to renounce his (previous) citizenship.
Therefore, if your country meets this requirement, a Honduran passport can significantly increase your travel freedoms.
How to Get a Second Passport in Panama?
Panama, located between Costa Rica and Colombia, is known for its famous canal and economic growth. Panama has a relatively easy and straightforward process to become a resident.
This beautiful country in Central America is known for its excellent passport and banking opportunities. Some famous world rankings categorize it as one of the freest countries in the world.
Second passport in Panama offers one of the strongest passports in Latin America. This powerful passport will allow you to travel throughout Europe.
If you are not Spanish or from a Latin American country, after obtaining permanent residency, eligible after 2 years of provisional residence, you have the right to live and work in Panama for life, And of course, you can also obtain Panamanian citizenship!
Now, if you are from Spain or Latin America, this process changes as with only 2 years of residence, you can obtain this magnificent passport.
The requirements we will see below to apply for Panamanian citizenship are for friendly nations. If you are not a citizen of a Non-Friendly Nation, keep in mind that the minimum investment to obtain permanent residence is $500,000
To start your first residence, you will need to make a US$5,000 Bank Deposit and open a company in Panama. This passport will allow you to visit most European countries.
Keep in mind that you will not need to live in the country to maintain residence, which is a great advantage.
Second nationality in Panama Obtaining a dual passport in Panama can have multiple advantages Keep in mind that income from abroad IS NOT TAXED in Panama, I know you don’t like to be taken advantage of when it comes to paying taxes.
Panama also offers residence through visas, two of the most important being:
- Retirement Visa for retirees or those with life pensions.
- Reforestation Visa Program: an investment of $40,000 leading to citizenship. And as if that were not enough, dual citizenship is Allowed, you do not need to renounce your current citizenship!
How to Get a Second Passport in Paraguay?
Paraguay, located in the heart of South America, offers a warm climate and diverse landscapes for over 7 million inhabitants. Besides being a stunning destination, Paraguay provides an exceptional quality of life, low costs, and a welcoming culture.
Some advantages of this residence include:
- Minimum physical presence requirements.
- Citizenship after three years of permanent residence.
- Simple tax system and attractive rates.
In addition, Paraguay offers exciting opportunities in agriculture, real estate, and manufacturing. Obtaining a second residence here could be key to unlocking untapped potential in your investment portfolio.
Paraguay is a magnificent option to obtain a second passport. We won’t go into an extensive explanation of residence in Paraguay since we saw it recently in another blog, but, in summary, Paraguay offers permanent residence after two years.
But if you don’t like waiting, another option is the investment program to obtain permanent residence through the purchase of land or properties, or the opening of a company with a minimum investment of $70,000. With this visa, you can get the permit in just 20 days!
Paraguay provides tax benefits to its residents, with a 10% rate on capital gains, investment income, and personal income. And just like in the two previous countries, capital gains are exempt from taxes.
The decision to obtain a second residence in Paraguay can change your life, offering an incredible quality of life, attractive tax benefits, and exciting investment opportunities. It’s a secure, affordable option with a territorial tax system!
If you want more expert advice on global residencies, citizenship, and investments, contact us at Nomad Tax!
How to Get a Second Passport in Argentina?
Argentina is the second-largest country in South America and the eighth-largest in the world.
From bustling cities to serene fields, from extensive thick forests to miles of oceanic coast, you will never run out of places to explore in Argentina.
Curious to learn more about the country and how to obtain citizenship and residency in Argentina? Let’s get right to it.
Argentina Offers Something for Everyone. Whether you are an Argentine citizen or a foreigner, Argentina will never cease to captivate you with its diversity.
In fact, diversity is precisely what attracts millions of people to Argentina annually. Some visit to experience the gaucho lifestyle, while others move to spend their golden years in a country that offers something for everyone.
Ssecond passport in argentina Getting a second passport in Argentina is a powerful tool. If you want to live in a Europeanized country of high quality without ruining your finances, Argentina will win your heart.
The Argentine passport allows visa-free travel to 161 countries, making it an excellent choice for foreigners with weaker passports or US citizens looking to renounce their citizenship.
With all the travel freedom that Argentine citizens enjoy, Argentine citizenship would be an excellent choice for any digital nomad seeking a foreign passport.
And now you may be wondering… How to obtain citizenship and residency in Argentina?
If you are from the United States, the United Kingdom, or the European Union, you do not need a visa to enter and stay in Argentina for up to ninety days for tourism or business. Everything you need is a valid passport that doesn’t expire in the next six months.
Any foreigner who wishes to stay in Argentina for more than ninety days must obtain a residence permit. Whether you are a student, employee, retiree, or investor, you must apply for a residence permit that best suits your reason for staying long-term in the country.
You should also note that you can only obtain Argentine citizenship by birthright, descent, or naturalization.
Argentine passport The Argentine passport will allow you to travel to more than 161 countries. If you need guidance on which passport is best for you, consult us HERE. As mentioned earlier, obtaining Argentine citizenship by naturalization is one of the fastest in the world.
You can obtain Argentine citizenship by naturalization if you meet the following conditions:
- You must be over eighteen years old.
- You must have resided in Argentina for two continuous years as a resident, temporary or permanent, according to the current migratory regulatory framework.
- You must appear before a federal judge and express your willingness to be an Argentine citizen.
- With just two years of residence, Argentine naturalization is one of the fastest paths to obtaining an Argentine passport.
- Foreigners who have Argentine spouses or children do not need to meet the 2-year residency requirement to apply for citizenship.
- Argentina recognizes the right to dual citizenship, meaning you won’t have to renounce your citizenship to become an Argentine citizen.
The interesting thing about Argentine nationality is that it cannot be renounced. Many countries that do not allow dual citizenship may make exceptions in cases where renunciation is impossible.
Well, Nomad, that’s all for today. Let me know which country has caught your attention the most and why you would like to move there.
Frequently Asked Questions
Why consider having a second passport in Latin America?
In Latin America, despite challenges like unstable governments and crime issues, the region retains valuable natural resources. If countries properly manage these resources, they have great growth potential. Additionally, some countries offer passports that are relatively easy to obtain, which can be an advantage.
What are the benefits of having a second passport in Honduras?
Honduras offers a passport that provides visa-free access to 129 countries, including the European Union, the United Kingdom, and most of Latin America. Honduran citizens can acquire citizenship by birth, descent, naturalization, among other ways, with specific requirements for each case.
Is dual citizenship allowed in Honduras?
In general, naturalized Honduran citizens cannot have dual nationality, except in situations established in Article 24 of the Honduran constitution, related to dual nationality treaties. Honduras has signed dual nationality treaties with several countries.
How to obtain a second passport in Panama and what are its benefits?
Panama offers one of the strongest passports in Latin America, allowing travel throughout Europe. After obtaining permanent residence, which is eligible after 2 years of provisional residence, you have the right to live and work in Panama for life. Additionally, foreign income is not taxed in Panama.
Is dual citizenship allowed in Panama?
Yes, dual citizenship is allowed in Panama, meaning you do not need to renounce your current citizenship to obtain Panamanian citizenship.
How to obtain a second passport in Paraguay and what are its advantages?
Paraguay offers permanent residence after two years, and there is also an investment program to obtain it more quickly through the purchase of land or properties. The country provides tax benefits to its residents, with a 10% rate on capital gains, investment income, and personal income.
Is dual citizenship allowed in Paraguay?
Yes, Paraguay allows dual citizenship, offering flexibility to those who obtain Paraguayan citizenship.
How to obtain a second passport in Argentina and what are its advantages?
Argentina offers a passport that allows visa-free travel to 161 countries. Argentine citizenship can be obtained by birthright, descent, or naturalization. Argentine naturalization is fast, with requirements such as residing in Argentina for two continuous years.
Is dual citizenship allowed in Argentina?
Yes, Argentina recognizes the right to possess dual citizenship, meaning you do not need to renounce your current citizenship to become an Argentine citizen.
