We live in a globalized world with a globalized economy. Because of this, businessmen and entrepreneurs, especially those that conduct business internationally, are often required to travel on a regular basis. Traveling requires a lot of organization, booking of flights, hotels, transportation and, in the middle of all of this, life happens.

If on top of this you add the visa requirement processes, then the situation gets even more complicated. Moreover, visa procedures are not something that you can delegate to someone because it requires your presence during interviews, taking of pictures, filling of applications, etc.

This will depend, of course, on your nationality. If you hold an Argentinian passport, for example, you have to require a visa for the USA but you can travel visa free to major important business, touristic and entertainment centers like Europe, Russia and of course all Latin America.

This is not the case for everybody, though. When I was living in Russia, I had a friend who needed to travel to Helsinki on business. It takes only a seven-hour bus ride to go from Saint Petersburg to the Finnish capital but things weren´t so simple for my friend.

As a Russian citizen he needs a Schengen visa to enter Finland so my friend had to go to his hometown two times, spend a lot of money and time on different procedures, fees, train tickets, accommodation and, after three months he finally got the visa. But guess what? They gave him a visa only for seven days, which was the exact length of his trip. If he should need to travel again to Finland or any other European country, then he would have to start all over again.

This is a perfectly good reason why a second passport for Russians, especially those that conduct business, is a must. 

An excellent choice for Russian citizens would be acquiring European citizenship. With a European passport, you will no longer require visa to Europe.

Malta, for example, is an excellent country which does not require a visa for the United States and is one of the few European countries to offer a citizenship by investment program.

Malta´s program

With a Maltese passport you can practically travel visa free through the whole world including the US, Canada, and Australia.

In order to apply to the Maltese passport, it is necessary to make a series of investments:

● Contribution of 650,000 euros to the national development and Social Fund. 

● Invest in stocks or other financial vehicles for a minimum of 150,000 euros.

Acquire a real estate property for a minimum value of 350,000 euros. The property has to be kept for a minimum period of 5 years. 

Lease a residential property in the country for a 5-year period with an annual rent of at least 16,000 euros. 

Hire a global insurance coverage of at least 50,000 euros for the applicant and each dependent. 

With the fastest growing economy in Europe, the Maltese passport is a great second passport for Russians. This is a country that provides great business opportunities, being the first country to regulate blockchain related services and with a diversified economy.

Moreover, this unique country presents a convenient tax regime with no wealth taxes. The tax system is based on domicile, not on citizenship. This means that, even if you have a Maltese passport this doesn’t automatically make you a tax resident. The citizens who don’t reside in the country are only taxed on their Malta-sourced income.

For those that really see Malta as a place where to develop their business, Malta offers 70 double taxation treaties, which can help entrepreneurs and businessmen to optimize their taxes and grow their business. 

But this passport not only opens financial and business opportunities, but all kinds of opportunities. With a Maltese passport, you and your family can freely live, travel, study and invest across the EU and Switzerland. 

For detailed information about Malta´s CBI program, we invite you to visit our article on our citizenship section. 

Cyprus´s program 

Another excellent jurisdiction for those who want to be European citizens is Cyprus.

In Cyprus, you can acquire citizenship through the following investments:

● Investment in real estate: You can obtain citizenship by acquiring a property of at least 500,000 EUR.

● Investment in government bonds

● Investment in the alternative investment fund

The applicant can acquire citizenship by combining any of these investment options. If the investment only contains residential properties, then it should amount to 2 million euros. If the investment involves any other of these options, then it should add up to 2,500,000 euros. The investment package can include investment in government bonds in a maximum amount of 500,000 euros.

If you meet these conditions and if you can prove to be a reputable person with clean criminal record and with a reliable source of income, then you and your family can acquire a Cypriot passport. Russians and not only who wish to apply to Cyprus citizenship, they can do it with their family including their spouse and children up to 28 years old (if the children are between 18 and 28 years old then they must prove to be students or financially dependent on the main applicant).

For more information about the Cyprus program, please visit our country focus. 

Although the Cyprus program is more expensive than others of its kind, it has undoubtable advantages as it provides a EU passport in a very reputable jurisdiction. The country has terrific alternative investment fund options, a thriving shipping business, and an ever-growing real estate and tourism market.

The applicants are not required to live in Cyprus before or after the citizenship approval, and the wealth disclosure requirements are minimum. This process is mostly carried out by the banks and not the authorities.

If you are truly looking for more than a financial center, but for a new home, then you could not find a better place. Cyprus natural and historical beauty is well known everywhere, with some of the most beautiful beaches in Europe and with a nice warm weather. It also offers great quality of living as 70% of the population speak English and are well educated. You will find on this beautiful island many entertainment activities, great infrastructure, and a vibrant nightlife. 

You can live and invest in some of Europe´s best jurisdictions and benefit from the travel and living options they offer.

If you want to know more about Cyprus and Malta passports, or any of the citizenship programs we offer, please contact us. Our experts will guide and support you throughout the whole journey. 

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