We live in an increasingly globalised world where internationally active entrepreneurs and investors are continually looking for ways to facilitate easy cross-border solutions. Over the last decade, the concept of citizenship by investment has really come into its own with a growing number of countries, offering up passports in return for investments in their respective countries. Malta, St Kitts and Nevis, Montenegro, and St Lucia- these are just some of the countries where you can purchase citizenship under certain conditions and requirements.
Here are some of the benefits to obtaining a second passport, via investment.
Having a passport from a small, peaceful, or even neutral country could save your life in times of unrest. Many individuals consider having a second passport as the best form of insurance possible, due to the fact it can allow citizens to travel, seek refuge, get assistance, and avoid any issues related to problems or conflicts in your home country.
Ease Of Business
Setting up a business in a foreign jurisdiction can be easy or difficult, often depending on where you are from. Some countries have restrictions on who can and cannot open bank accounts, or form companies, others have restrictive due diligence procedures that can impact the ease of establishment. But with a second passport, these issues can be circumnavigated. By picking a citizenship that offers flexibility in terms of movement, setting up a business, or is a “whitelisted” country you can make the task of doing international business, much, much easier.
A Future Investment
In a world where situations can develop or change in the blink of an eye, the acquisition of a second citizenship can be a very wise decision, as well as an investment in you, and your family’s future. Whichever citizenship you decide to purchase will be yours for life and you have the ability of including your spouse and dependents. Additionally, you don’t need to give up your current nationality, meaning you can enjoy the benefits of having two, or more legal passports and interchanging which one you use on a case-by-case basis. Of course, you need to check the laws of your primary country to be sure that they allow citizens to acquire a second citizenship.
If you happen to come from a country that is going through a challenging political situation, or there are restrictions placed on travelling to and from certain other countries, it may be useful to have a second passport. Temporary travel restrictions, trade sanctions, and other geopolitical disturbances can all make it difficult to travel, or gain visas when required. There may also be instances where holders of particular passports may be more prone to hostility, prejudice, or even terrorist threats.
Acquiring the necessary visas to travel can be time consuming and expensive. Furthermore, if you need to travel at short notice for business, the time frame involved in acquiring such documents can be long and you may be required to travel to an embassy or consulate for an interview. Sometimes the visa can be as expensive as your ticket and you may even have to send your passport off for approval, meaning you do not have it for as long as one or two months. This level of bureaucracy is not conducive to the nature of the modern business world where it can often be necessary to travel at the drop of a hat.
Fast Offshore are able to provide advice and guidance to our clients who are interested in purchasing an additional passport. To find out more, contact us here.