A second passport makes your life better, lowers the risks from any kind of turbulence, and augments freedom. It costs money, but in the end, you get a certificate of citizenship and passport in a relatively short period of time and, with it, more travel freedom and opportunities to internationalize your business.
Here are the nine top reasons people are applying for a second passport.
1. Visa-Free Travel Opportunities
Enhancing international mobility is one of the basic reasons people apply for citizenship by investment programs. The ability to travel visa-free in the vast majority of states creates strategic opportunities for your business and radically improves the quality of your and beloved family members’ lives. Your international travel becomes hassle-free, as you can visit around 150 destinations worldwide without prior obtaining the visa.
2. Securing A ‘Plan B’
You can always travel with a second passport if your original is unwelcomed in some states. Moreover, you can enroll in the citizenship by investment program together with your family members and obtain second passports for them as well. This means that you will always have a ‘safe haven’ to reside in times of political, social, economic, or any other kind of turmoil in your country. A second passport will help you to get rid of feelings of insecurity and precariousness.
3. Citizenship For Generations
Citizenship is for a whole family. Along with the investor, which is considered as the main applicant, a spouse and children can also be included in the citizenship application as dependents. The Caribbean states and Vanuatu even allow grandparents and siblings of the main applicant and a spouse to be eligible to apply. Your children and grandchildren can inherit citizenship that you obtain through citizenship by investment program. This means that your further generations will be entitled to be dual-nationals and benefit from perks that come with it. Besides, attaining a second passport will create more educational opportunities for your children, in addition to access to better health care and social security.
4. Access To Diverse Financial Institutions
You will get additional advantages by accessing alternative banking and financial services. If you are thinking of expanding your business internationally, then a second passport will be one of the main tools to achieve that. With a new bank account in your name, you can diversify and secure your wealth portfolio and more easily perform international transactions. All countries, which run citizenship by investment program, have a very developed and stable banking system, and authorities are always eager to maintain the integrity of all financial institutions.
5. Tax Optimization
A second passport and proper tax planning can secure your wealth. Sometimes, the tax burden is much higher than the protection you get in the country, and at that time, applying for a citizenship by investment program can be the best solution. For instance, in the Caribbean states and Vanuatu, there are no income and capital gain taxes, no restriction on the imported capital, and repatriation of profits.
6. Pursuit Of Freedom
In many countries, universal freedoms are not guaranteed, and governments are permanently challenging human rights and perform financial abuses of wealthy and successful people. By attaining a second passport, you can enlarge the margins of your personal liberties and maximally lower dependency on your original authorities. Alternative options to reside will give you a feeling of freedom and ways to secure your wealth. The Rule of Law in all countries running the citizenship by investment programs has persevered with more or less efficiency. Sometimes, people want to get away from compulsory military service, and a second passport can help in that situation. With a second passport, you can avoid the government dictating its will against yours.
7. Insurance Against Political Oppressions
You are from a country with an unstable political system, then you will definitely find a second passport very useful. Becoming an economic citizen through citizenship by investment program is a way to escape any possible politically motivated prosecutions and various kinds of discrimination because of your beliefs or political views. Although, beware that all programs have a robust due diligence process, and you will be a subject of background checks and vetting processes. According to the guideline of these programs, Politically Exposed Persons (PEP) are unwanted and cannot get a positive due diligence report.
8. Better Lifestyle
Beneficiaries of the citizenship by investment programs enjoy the same rights as local citizens. Attaining a second passport for the whole family gives access to world-class healthcare and education institutions. The quality of life in almost all countries with ‘golden passport’ or ‘golden visa’ schemes is good. Some can boost low crime rates and better social security guarantees, while others allure investors by attractive taxation, business opportunities, and, simply, by lifestyle.
9. Citizenship Renouncement
There are many cases when people renounce their citizenship. The reasons for that might vary, from political oppression to just the desire for better taxation. Many immigrations reports cover a trend of Americans relinquishing their nationality in a bid to reduce the tax burden. A second passport is a solution in this situation as well, widely opening new opportunities.
The citizenship by investment programs are fully legal, but you cannot directly apply to the agency responsible for collecting and reviewing applications. You will have to find an Authorized Agent – a legal entity licensed by the government to promote the program and submit the applications to it. There is a wave of advertisements and promotions on the internet on alternative residency and citizenship options, and if you decide to attain one, it is crucial to select the good Agent.
Before applying, you should know the citizenship laws of your country – whether it allows dual citizenship or not. In some countries, you cannot hold dual nationality, but you can it in countries with citizenship by investment programs. In any case, a consultation with lawyers and immigration specialists is always recommended.
Bayat Legal Services (BLS), a member of Bayat Group, has a history of almost 30 years in investment migration affairs. It is the Authorized Agent of all programs running in the Caribbean states and Vanuatu and licensed to submit applications to all major citizenship or residency by investment programs.