Six Reasons Why Everyone Should Apply For A Second Passport Citizenship Or Residency?

Why Apply For A Second Passport Citizenship Or Residency?

The number of people seeking a second passport, especially high net worth individuals, is growing rapidly.

Holding dual or multiple citizenships is a step to towards ‘internationalizing’ your life so that you are not under the control of a single government.

You have more freedom of movement and do not need to worry about civil unrest or if your government suddenly decides to raise the taxes, which is already happening in the US.

A second passport or residency in another country means you can reap all the benefits of tax optimization, improved travel potential and protection against controlling governments.

Prior to the First World War, you didn’t need a passport for international travel. However, in the last few decades, freedom of movement has been subject to an increasing number of restrictions, including visas and permits to live and work abroad and even to leave some countries. In 2020, UK citizens may have been shocked to be told that it was “illegal to travel”.

Regardless of where you live or how valuable your passport is, you can still benefit from the political diversification that comes with a second passport or permanent residency in another country.

Here are my top 6 reasons why everyone needs a second passport:

1. Financial Options

A second citizenship opens the door to a wider range of international financial services. Governments, for instance U.S. tax authorities, can have a long reach.

2. Foreign Policy Backlash

Western government frequently engage in international conflicts and sanctions, which can make its citizens a target for terrorist attacks.

3. Increased Visa-Free Travel

Applying visas before a trip is time consuming and expensive. A good second passport, such as an Maltese EU passport offers you visa-free access, as well as the ability to live and work throughout the European Union, to more countries than you had before.

4: Avoid People Controls

A second passport or residency gives you an alternative option should your home government introduce restrictions on where citizens can leave.

Preventing people from leaving is no longer the preserve of authoritarian regimes, as passports, the property of the government, can be revoked.

5. Tax

With western governments raising taxes to pay for the lockdown, high net worth individuals can preserve their wealth by relocating their business and residence. This is a complex area and you should take advice.

6. Family Benefits

The benefits and privileges of a second passport can be passed to generations of current and future children and grandchildren.

There are a number of countries offering citizenship or permanent residence in return for investment (e.g. in property, business, bank deposits or government bonds) including EU nations, such as Malta, Cyprus and Portugal, as well as the Caribbean and the Americas.

Schemes range from premier citizenship programmes like Malta CBI, requiring investments of up to one million Euros for fast citizenship for all the family, to residency schemes with the possibility of citizenship in the future.

Malta’s new citizenship programme, introduced 29 March 2021, is the at the top of the Global Citizenship Programs Index (GCPI). Austria’s Private Residence Program and the Portugal Golden Residence Permit Program share top spot in the Global Residence Programs Index (GRPI).

Candidates for second citizenship come from Russia, China, The Middles East, Africa and increasingly the US and UK.

These are not skilled worker schemes and you will need around $500,000 to become an EU resident. For those with less capital, there are cheaper options in places like Panama, Ecuador and former Eastern Bloc countries. All countries want to attract investment and high net worth people to boost their economy.

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