HOW TO GET A SECOND PASSPORT...AND WHY YOU NEED ONE • Why should I get a second passport? • Second citizenship and passport through ancestry, residence, marriage, or “back doors” • Popular residence-based passports for retirees • Second citizenship and passport through donation or investment • Commonwealth of Dominica • Federation of St. Kitts & Nevis • Grey market and black market passports • Due diligence in second passports Copyright (c) 2013 by Mark Nestmann Live & Invest Overseas Retire Overseas Conference – San Antonio, TX September 4-6 , 2013 The Nestmann Group, Ltd. Wealth Preservation Solutions WHY SHOULD I GET A SECOND PASSPORT? • Allows you to travel internationally if your primary passport is lost, stolen—or confiscated • Gives you the right to reside in other countries • Protects your identity if you need to keep your nationality a secret • Expanded travel to “forbidden countries” • For U.S. citizens, a prerequisite for “expatriation” Copyright (c) 2013 by Mark Nestmann Live & Invest Overseas Retire Overseas Conference – San Antonio, TX September 4-6 , 2013 The Nestmann Group, Ltd. Wealth Preservation Solutions SECOND PASSPORT THROUGH ANCESTRY, RESIDENCE, MARRIAGE, OR “BACK DOORS” • Ancestry: parents born in that country (many countries) or grandparents (e.g., Ireland and Italy) • Residence: extended continuous legal residence of one to 10 years or more. • Marriage / adoption: A citizen’s non-citizen spouse or child may obtain residence and eventual citizenship • “Back doors:” Some countries give preference for immigration and subsequent naturalization to residents of colonies or citizens of former colonies. Copyright (c) 2013 by Mark Nestmann Live & Invest Overseas Retire Overseas Conference – San Antonio, TX September 4-6 , 2013 The Nestmann Group, Ltd. Wealth Preservation Solutions POPULAR RESIDENCE BASED PASSPORTS FOR RETIREES • • • • • • • • • Belgium. 3 years permanent residence (PR) Belize: 5 years PR (no qualified retirees) Canada. 3 years PR Chile: 5 years PR Costa Rica. 5-7 years PR Mexico. 5 years PR Panama. 5 years PR (no pensionados) Singapore. 2 years PR Uruguay. 3-5 years PR Copyright (c) 2013 by Mark Nestmann Live & Invest Overseas Retire Overseas Conference – San Antonio, TX September 4-6 , 2013 The Nestmann Group, Ltd. Wealth Preservation Solutions SECOND CITIZENSHIP AND PASSPORT THROUGH DONATION OR INVESTMENT • Commonwealth of Dominica • Federation of St. Kitts & Nevis • Some countries award citizenship and passport to individuals that make an “outstanding contribution” (e.g., Austria, Slovakia) • Discontinued economic citizenship programs (Belize, Grenada) • New economic citizenship programs on the horizon • Beware: passport without citizenship (Panama, Uruguay) Copyright (c) 2013 by Mark Nestmann Live & Invest Overseas Retire Overseas Conference – San Antonio, TX September 4-6 , 2013 The Nestmann Group, Ltd. Wealth Preservation Solutions ECONOMIC CITIZENSHIP IN THE COMMONWEALTH OF DOMINICA • Independent Caribbean jurisdiction • Travel to approximately 100 countries visa free or with minimal visa formalities • Required contribution: $100,000 (single) or $175,000 (applicant and spouse) • Additional costs: $30,000 + • Must travel to Dominica for interview • Can live in most “Caricom” jurisdictions visa-free • No further obligations unless you live in Dominica Copyright (c) 2013 by Mark Nestmann Live & Invest Overseas Retire Overseas Conference – San Antonio, TX September 4-6 , 2013 The Nestmann Group, Ltd. Wealth Preservation Solutions ECONOMIC CITIZENSHIP IN THE FEDERATION OF ST. KITTS & NEVIS • Independent Caribbean jurisdiction • Visa-free access to more than 130 countries, including the EU and Canada • Option 1: qualifying real estate $400,000 + • Option 2: contribution of $250,000+ • Additional costs: $20,000+ • No interview necessary • Can live in most “Caricom” jurisdictions visa-free • No further obligations unless you live in Federation Copyright (c) 2013 by Mark Nestmann Live & Invest Overseas Retire Overseas Conference – San Antonio, TX September 4-6 , 2013 The Nestmann Group, Ltd. Wealth Preservation Solutions GREY MARKET PASSPORTS • A passport where not all the criteria ordinarily necessary for its issuance are enforced • Passport is genuine and officially issued, but in an unofficial and unauthorized manner • A certificate of naturalization may or may not accompany the passport. • Examples: Belize, Bulgaria, Costa Rica, Greece, Guyana, Lithuania, Mexico, Nicaragua, Paraguay, Portugal, Romania Copyright (c) 2013 by Mark Nestmann Live & Invest Overseas Retire Overseas Conference – San Antonio, TX September 4-6 , 2013 The Nestmann Group, Ltd. Wealth Preservation Solutions BLACK MARKET PASSPORTS • A passport counterfeited or manufactured from lost or stolen blanks • Passport is not genuine, nor is it officially issued • A certificate of naturalization almost never accompanies the passport • National intelligence agencies, organized crime families, and terrorist groups all trade in black market passports • Examples: Belgium, Canada, Suriname, and the UK Copyright (c) 2013 by Mark Nestmann Live & Invest Overseas Retire Overseas Conference – San Antonio, TX September 4-6 , 2013 The Nestmann Group, Ltd. Wealth Preservation Solutions RISKS OF GREY MARKET AND BLACK MARKET PASSPORTS • Interpol-daily updates of blacklisted passport numbers • Subject to cancellation anytime • Generally not possible to renew • Acquisition and use may trigger civil and criminal sanctions • Avoid grey market and black market passports! Copyright (c) 2013 by Mark Nestmann Live & Invest Overseas Retire Overseas Conference – San Antonio, TX September 4-6 , 2013 The Nestmann Group, Ltd. Wealth Preservation Solutions DUE DILIGENCE IN SECOND PASSPORTS • Too cheap. Anything under $100,000 is suspect. • Too easy. Requires substantial due diligence. • Too fast. Requires at least 2-3 months. • Too anonymous. No legitimate passport is anonymous. • Too limited. Must come with naturalization. • Too good to be true. Example: diplomatic passports • Too late. Example: Grenada and Belize. Copyright (c) 2013 by Mark Nestmann Live & Invest Overseas Retire Overseas Conference – San Antonio, TX September 4-6 , 2013 The Nestmann Group, Ltd. Wealth Preservation Solutions FOR MORE INFORMATION… The Nestmann Group, Ltd. 2303 N. 44th St. #14-1025 Phoenix, AZ 85008 USA Tel./Fax: +1 (602) 604-1524 E-mail: [email protected] Web: http://www.nestmann.com E-mail [email protected] for a copy of this presentation. Copyright (c) 2013 by Mark Nestmann Live & Invest Overseas Retire Overseas Conference – San Antonio, TX September 4-6 , 2013 The Nestmann Group, Ltd. Wealth Preservation Solutions
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