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While most people wouldn't decline a backup option in another country, the process of obtaining a secondary passport can be quite complicated — and expensive. Business Insider spoke to Judi Galst, who manages Henley & Partners' New York office, about the general steps required to get a secondary passport. AdvertisementThe specific requirements vary by country, Galst said. Countries like Spain are slow for citizenship approval, but have a relatively quick path to residence through investment, Galst said. The Caribbean has the lowest cost, and it requires a $200,000 contribution or $300,000 investment in real estate per application.
Persons: , Judi Galst, Galst Organizations: Service, Henley & Partners, Business, Henley, Partners, New, FBI, Security Locations: New York, Antigua, Portugal, Spain, Caribbean, Maltese, Malta
You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewThe number of Americans seeking secondary passports continues to surge, according to global citizen firm Henley & Partners. She said interest in secondary passports has grown globally in the last few years, and it started with the pandemic. Acquiring a secondary passport isn't cheap, though.
Persons: , Judi Galst, Galst, there's, it's Organizations: Service, Henley & Partners, Business, New, Defamation League Locations: New York, Antigua, New York City, Israel, Caribbean, York, Portugal
Americans have been moving to Portugal for years, and the pandemic accelerated the trend further. The Bagbys are part of a wave of Americans who have moved to Portugal, a country roughly the size of Indiana. "It's a very reasonable cost of living," Zaretsky told Insider. Zaretsky paid 600,000 euros for the house in Portugal after selling her Austin, Texas, home for $676,000. Portugal has a strong tourism economy, and its shoulder season draws large crowds, making the petite coastal country feel tight.
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