The Covid-19 pandemic has changed our everyday life. Travel restrictions and global lockdowns compelled many high-net-worth individuals to re-evaluate priorities and means to accomplish them. Turbulent social, economic, or political times force wealthy people to think again about those opportunities, which a second passport or a ‘golden visa’ creates.
Attaining second citizenship or permanent residence status in a foreign country can be a viable tool for diversifying your wealth portfolio and an integral part of your investment strategy. Besides, alternative nationality or residency brings peace of mind and serves as a hedge against possible socio-economic or political turbulences in your home country.
The number of Citizenship by Investment (CBI) applications is increasing permanently, as investors’ trust in CBI programs is preserved due to the transparency and straightforwardness of the whole application process. Plus, successful and wealthy people from all around the world have always been facing objectives of free international travel, creation of some kind of ‘back up plan’ for the whole family against possible risks, access to better health care or education and these, on their turn, fuels the demand on alternative residency and citizenship by investment (RCBI) programs.
Each citizenship or residency by investment program has its cons and pros. Sometimes, people just want to obtain an alternative residency in country of their choice and do not pretend to get a new passport, especially if their home countries do not allow their nationals to have a dual citizenship.
Attaining alternative citizenship and, therefore, a second passport is becoming more and more alluring, especially in times of crisis. This will help you drastically to enhance your international mobility, as the second passport opens the door of visa-free travel, diversifies your wealth portfolio, creates business opportunities, and gives you an insurance policy against possible socio-economic or political turbulences. A second passport will save your time, can help to improve your lifestyle, gain more freedom and conceive new opportunities.
The first decade of October 2021 witnessed that the international tax system is going to be reformed. The world is discussing to impose a universal global minimum corporate tax, while in Europe, lawmakers are pushing for tougher policy against tax havens and wealthy people who are using offshore jurisdictions to hide illicit assets.
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.
The Caribbean nation of Antigua and Barbuda has been granting citizenship to foreign investors, complying with a certain criterion, since 2013. Its citizenship by investment program significantly differs from other similar Caribbean programs, as it envisages multiple investment options to qualify and, unlike others, requires physically residing in the country for at least five days in the first five years starting from obtaining citizenship.
The ongoing Covid-19 pandemic has surged the demand for alternative residency and citizenship programs, as people realize that with a second passport, so-called ‘plan b’ is secured for the whole family. Second citizenship and passport help to the diversification of assets and grant visa-free access to more than two-thirds of the world’s countries.
Residency by Investment (RBI) or ‘golden visa’ programs allow foreigners, in exchange for investment, to attain a residence permit in a country where the money is spent. Generally, various investment options are available, but the most popular one is buying real estate. Investors gain a valuable and tangible asset, in addition to residency rights.