A second passport has been lauded as one of the best insurance plans you can invest in for yourself, your family, your business and your assets. The ultimate Plan B, it has been dubbed. But with the changing times, it wouldn’t be a surprise when a second passport transitions to Plan A.
Most often, choosing the country from where you will obtain a second passport almost always guarantees greater travel freedom to more countries worldwide. However, there is more to this perk that attracts wealthy individuals to seek the much-coveted second passport.
Below are a few critical questions that you need to reflect on so you can see whether investing in a second passport is right for you:
Do you want more freedom amid the changing geopolitical landscape?
If you come from a country rife with political unrest and unstable governance, it makes perfect sense to seek the stability of a foreign country. Again, it’s the ultimate Plan B when the social situation starts to be particularly challenging, with some even referring to it as a solid exit strategy. You can have the freedom to go to another country where it is safer and be welcomed with open arms by virtue of your citizenship. What’s great about a second citizenship is that it can be extended to the immediate family, provided they meet the prerequisites for age. This ensures safety for your family members as well.
As a citizen of a foreign country of your choosing, you are guaranteed residency. In addition, you also have the right to own property, transfer your business there and even start a new one. All these mean one crucial thing that probably every person is craving for, and that is peace of mind. Now that is ROI at its optimum.
Do you want to capture every opportunity at a global level?
It is every investor’s dream to bring his business to the next level. Being among the world’s elite entrepreneurs opens you to the limitless opportunities that await at a global scale.
Countries like the UAE have successfully positioned themselves as the leader in international business. With a government fully attuned to the evolving business landscape, Dubai has become the centre for innovative developments, attracting the world’s wealthiest investors to their shores. In this city, the possibilities are simply endless. Entrepreneurs can ride the wave of progress that Dubai is on. With far-reaching goals set by the government and with the dynamic response from the world, Dubai is indeed the future of global business.
In another part of the globe, the Caribbean nations of St. Lucia, St Kitts and Nevis, Grenada, Antigua and Barbuda and Dominica offer their version of dynamic business endeavours with their CBI programmes. Entrepreneurs can explore bringing their business into these countries or invest their money in the sustainability projects of the governments. By leveraging the low tax regimes of these countries, investors can secure their assets while enjoying the perks of island living.
Do you want to unlock more opportunities?
The freedom to travel to more countries visa-free is one of the significant benefits of a powerful passport. If your original passport doesn’t allow you this accessibility, the workaround is to obtain a second passport that opens the world to you.
The St Kitts & Nevis passport, for example, allows visa-free travel to more than 146 countries, including all of the EU Schengen states, the UK, Singapore and Hongkong, countries that are also global business hubs. You can quickly move in and out of these countries, unbothered by cumbersome and time-delaying visa rules. Your children can likewise take advantage of the freedom and have the liberty of studying in key locations where access to a world-class education is available.
Access to better healthcare and social services is another advantage of being a citizen of a more developed country. These places can provide high-quality health support for their citizens, thereby eliminating the worries one may have in times of sickness.
Luxurious residences and recreational spots are yours for the taking in many of these cities. Imagine living in upscale communities that provide the best lifestyle for you and your family. Whether in big cities like Dubai, on an island paradise like Dominica or in a country with a rich culture like Portugal, prime property choices are available. And most of all, you can be in a country where the safety and security of your family are protected.
Do you want to have a solid investment that can benefit even your grandchildren?
Citizenships are usually for life. The investment that you make now by acquiring a second passport can be enjoyed by generations to come. With a second citizenship, you have given your children and their children a head start in life. They get the advantage of having access to world-class education and the freedom to travel to places they want and experience all that the world has to offer.
You also have given your family better control of the family’s wealth by moving to a country where governments don’t intervene with your assets. This way, you can secure that future generations will have what they need to live great lives.
