As U.S.-based travelers exploring a second passport, my wife and I evaluated over a dozen residency and citizenship programs. Portugal emerged as the clear winner—especially with its fund-based Golden Visa option.
We’re nearing the end of our application process now, pending final declarations from our second qualifying fund. After much consideration, here’s why we chose Portugal:
A clear and realistic path to EU citizenship (with dual nationality allowed)
A diversified investment approach through regulated Portuguese venture funds
Minimal residency or work requirements – compatible with our continued travel
We considered Spain, Greece, Italy, Croatia, France, Malta, Ireland, Australia, New Zealand - each had notable limitations for investors, including citizenship hurdles, required renunciation of U.S. nationality, program uncertainty, much higher costs, or work requirements.
Portugal’s program, while evolving, still seems to strike the right balance of opportunity, transparency, and long-term value.
Happy to compare notes with others exploring similar paths.
Thanks Garrett, and Happy Father’s Day to you too.
Calling the post spam implies the blog is click-bait for adds, sales or scams. It isn’t – totally non-commercial personal site for sharing with family and friends.
The point is – I researched over a dozen options for a second passport. This included everything from New Zealand’s new Active Investor Plus program to the Irish heritage option. For us, the PGV is the only one that hit the mark for our criteria.
And as noted, I’d love to hear about other’s research and conclusions.
What other viable options for a second passport options did you find?
Thanks for the article, I’d not yet reviewed this thread and will digest it later today and weigh in there if it makes sense. I’d seen press last week that the new administration planned to respect the program. But it’s politics, as everywhere, I’m sure it will continue to evolve.
That said, I’ve not found a better path the second passport than Portugal’s ARI, at least for our criteria (continued travel, ability for adult children to follow if they choose, moderate level of investment, time to passport, language requirements, etc).
Have you found other attractive options for a second passport?
Thanks for taking time to share the link. I read this last week, and it has some thoughtful points. But the substance is buried way down in a meandering (as you put it) discussion about “Is the PGV a scam.” This topic (legitimate second passport options) is buried.
And of course I did a search before posting. I scanned most all of it before this (my first) thread. When I did searches on this topic - comparing passport options - I don’t find anything current that is specifically on this topic. Just bits and bobs, outdated or buried in unrelated post.
Thus the new thread.
So, maybe let it ride rather than condescending the new guy, huh?
Or perhaps helpfully share other relevant threads if you are aware of any specifically.
Mark, it is not possible to comment anything further other than sending you to read the prior threads. You surmise that Portugal GV is ªthe best optionª after “exploring a second passport” - well, I must say this is not true if you simply want “a second passport”.
If you start adding some other qualifiers like “EU passport”, etc. then the answers may vary, but it’s impossible to know them until you get your requirements in order (e.g. if you really think “I want an EU passport”, then do you know why you want it? What is it in the “EU passport” that makes you wanting it? Do you anticipate EU staying “as-is” in the sense of the “things you like about the EU” in ~10-20 years from now, i.e. when you possibly finally get your PT passport?).
Having said that though, for an ‘EU passport at some distant point in the future possibly’ - PT GV is today’s best option
TRAVEL - We travel 8-10 months/year. We love western culture and western Europe in particular. The Schengen shuffle is restrictive. A European base is ideal.
PLAN B – citizenship, so we get the right to stay and have a say vs. the “right to hang out”
DUAL CITIZEN – a requirement; we don’t want to give up our US passport
FAMILY – option where our adult kids can follow if they ever choose (D7, etc)
LIFESTYLE – climate, friendly people, cost of living, democratic gov’t
FINANCIAL – cost and return (making money is better than paying money)
With that, we looked at and disqualified about a dozen options:
No Dual Citizenship – Croatia, Spain, Ireland, Greece
Taxes – long tax residency required for Greece, Italy is expensive an limits travel
Money - Malta and New Zealand are just too expensive
Culture – the Carribean has a post-colonial culture we have not enjoyed
Other – France required business ownership, Turkey a little too authoritarian, Australia requires essential an employer sponsored visa (nope) or the equivalent of a Nobel prize
So with that – PGV came out on top. A recognized program, dual citizenship, decent investments (some I would do regardless of PGV), very livable, easy Schengen. The country seems to value (want/need) the investment and have a history of “grandfathering” related commitments.
So we are off and rolling, and I’m already starting my NHR2.0/IFICI qualifying activities on the advisory board for a start-up (again, something I would do anyway).
Are there other / better options that you or others have explored in detail? I am sincere in wanting to know, else I would not have posted in the first place.
If you specifically target Schengen then the alternative option is the EU-candidate states where it is possible to obtain residence without investment, and then apply for citizenship in due course, which may by that time become the EU-member state citizenship (and then some time later on the Schengen member state as was in the case of Croatia). So it is a much cheaper option than PT GV but you’d be betting on the future events panning out in your favor, vs in Portugal you’d be betting on the future events NOT panning out in your disfavor. Also you’d need to explore better the conditions for citizenship as some of those EU-candidates do not allow dual citizenship (while some I believe do allow it). Physical stay requirements also vary as far as I know.
Interesting idea that I’d not considered, thank you. I will check into that.
Ah, Croatia. We are there now actually. I was thrilled for them on EU/Schengen ascension, but not so happy for us - this WAS our non-Schengen stopover to stretch our 90-days.
Given the current state of affairs, I’m not sure you can say that the country seems to value the investment, or that the path to citizenship is clear and realistic or transparent any more.
As someone who has been part of this process for quite a long time now, I wouldn’t say, IME, that it was ever especially transparent even 4 years ago, just that it seemed like it on the surface and/or that was the picture being sold by various providers. When I applied, the “ties” thing was still being debated; if you read back there is tons of analysis on this board about that topic alone, and there are gaps in the enabling regulations that were never resolved.
That is of course just my opinion, but it is informed by experience.
I’ve suggested to other people that tying residence and citizenship together are not necessarily necessary. Get a residence permit for where you want to be, get a passport from a “third party provider” as a plan-B backup travel document. Do you really need a say in where you live, or just the right to stay there? You already have a US passport, one of the primary high-value travel documents - what is the actual need for the second passport for day-to-day use versus having something to wave if your US passport gets yanked?
Just food for thought. While I want to be hopeful that all this will resolve ok for me, “me” is someone who has had their permit for quite a while now, not a new applicant. At this point, I am no longer recommending the PGV to anyone, at least anyone who isn’t a glutton for punishment and is fine with pitching EUR 500k out the window - still not an entirely unlikely outcome, really. (If all this citizenship stuff goes wrong, there’s gonna be a rush for the exits which is going to tank the value of a lot of stuff…)
Indeed, I am now considering pursuing a CBI and a residence in a LATAM country as Plan-C in any event, as Plan-B is looking shaky.
The same here. To me, LATAM (especially countries further to the South, e.g. Argentina, Chile) looks increasingly appealing as a hedge against
Nuclear war: better to be in the Southern hemisphere
Conventional wars: Europe is more likely to be drawn into these than LATAM
increasing military spending as % of GDP in Europe, reduced public services, and higher taxes even during peace time;
mandatory military service if things get bad
Climate change: South America has plenty of water (the Alps is not looking good for the Europeans), and is more than self sufficient in food
The backlash against the huge number of low-skilled and poor immigrants pouring into Europe over the past decade. What used to be considered far right has now gained mainstream status in Western Europe (e.g. Germany, France, Italy, and Portugal). I don’t think we’ve seen the end of it. In LATAM, if you stay away from countries that still have assassinations against politicians, perhaps countries like Uruguay offer a hedge against Europeans going full-blown xenophobic. I haven’t spent enough time in LATAM to know whether it would be better.
What concerns me about Argentina’s new CBI program (details yet to come out) is the inability to renounce. Given their long record of populist economic policies, there is a possibility of them going crazy and enacting citizenship-based worldwide taxation + wealth tax. Then you are screwed if you can’t renounce.
