From the moment we are born, we are identified by our nationality. We live by the society and cultural norms of that country, and the nation that we are brought up in forms a significant part of our identity. At times of national success and prosperity this can be a source of happiness and pride. However our country of citizenship can also cause us frustration and distress. This is not because we love our country any less, but because our citizenship directly impacts and in many cases can limit our personal rights and global opportunities.
We are bound to the rules of our home country and our citizenship determines our level of freedom and global opportunities. This can take shape in many ways placing limits on our freedom to travel, conduct global business or simply invest overseas. A citizen of Portugal for example has far greater travel, financial and economic freedom than an Iranian national who suffers from the international sanctions that their country is subject to.
While this may be an extreme example, the fact is, nationals from many Asian, African, Middle Eastern (and other) countries across the globe including Filipinos have limited freedom in particular when it comes to travel. High-net worth individuals understand the importance of having a second citizenship which has resulted in the citizenship by investment industry becoming a $21 billion industry.
Why suffer the restrictions placed on your country of birth when you can acquire a second citizenship and passport that provides you with opportunities that your citizenship of birth does not?
There are a number of countries globally that allow investors to contribute to their national economies in exchange for the right to apply for citizenship. Global Residency and Citizenship by investment programs offer fast and convenient routes to a second citizenship and valuable passport.
So why should you consider acquiring a second citizenship?
1. Increase Your Global Mobility
The Filipino Passport provides its citizens with free-travel to only 66 countries making it one of the weakest passports in South East Asia. Compare that to neighbouring Singapore with visa-free travel access to 190 countries (pretty much every country in the world) and you can see that there is a huge gap in terms of global mobility.
This makes international travel particularly difficult for Filipinos. Filipinos are required to spend time and money applying for visas to visit the majority of countries across the globe. There is no guarantee that their applications will be accepted and this problem is only increasing with the further restrictive measures facing us all as a result of the global Covid-19 Pandemic. On top of that, in many cases foreign consulates are closed and visa applications are being temporarily put on hold.
Acquiring a second citizenship in another country can be a solution to such a dilemma and it is not as complicated as one may think. There are a number of countries across the globe offering official government run citizenship by investment programs. The first country to launch such a program was Saint Kitts & Nevis back in 1984. With visa-free travel to over 154 countries in the world including European Schengen Area, The UK, Hong Kong and Singapore The Saint Kitts & Nevis citizenship by investment program remains one of the most in demand investor programs on the market.
2. Extra layer of Personal Protection / Security
2020 made us all remember just how unpredictable life is. At any moment, our lives can be turned upside down by events outside of the depth of our control. A global pandemic can hit, as can a natural disaster. The economy can fall apart and in extreme circumstances political turmoil and even war can erupt.
Unfortunately, no country is immune from such events. Each nation on this planet will at some point in our lives have its weaknesses exposed. Just look at what is happening in the United States right now, the riots, the instability, the national health disaster. The US is predominantly an immigration inward society yet there are more American citizens inquiring about a second passport in the last 12 months than we have ever seen. In fact Americans now make up the third most populous group of investors after Chinese and Brazilian nationals for the Portuguese Golden Visa, a residency by investment program with a 5 year-pathway to citizenship.
A second passport simply offers a back-up plan for when things go pear-shaped. The idea here is not to become anxious but to provide oneself with the necessary tools to mitigate risk no matter what the future may hold. Citizenship is for life, meaning those who acquire a second citizenship will always have another place in the world to protect them, another place to live and a place to call home.
3. A Door to Global Opportunities
Away from the doom and gloom, having a second passport not only offers security and protection, it provides opportunity!
Acquiring citizenship in a new country can provide investors with a wide array of benefits such as access to high quality healthcare and education, increased international banking and business opportunities, along with diversification of one's investment portfolio.
Grenada’s Citizenship By Investment Program is a great example. Investors can diversify their investment portfolio by purchasing high quality real estate to the minimum value of $220,000 USD. There are a number of quality hotel projects operated by world class hotel chains like Kimpton and Six Senses that offer solid annual returns to investors.
Upon acquiring citizenship, which can be achieved in as little as 3 months, investors and their families receive a passport that provides visa-free travel to 142 countries in a nation with no foreign-sourced income, capital gains, gift, wealth or inheritance tax. Citizens that want to set up a business in Grenada can also benefit from corporate tax incentives, while new citizens that want to study in Grenada (including the children of the main applicant) are eligible for 90% off Undergrad courses at the world class St-George's University.
Summary
In conclusion, a second passport is a valuable asset that one can use as an insurance policy to protect oneself in times of personal and even national distress. It prevents one from being subject to the rules of just one country and provides a wealth of benefits that include increased global mobility and enhanced international opportunities.
In my opinion every high-net worth individual and their immediate family members should own a second passport. A second passport is an asset that can potentially save one's life. An invaluable gift that can in many cases can ensure ones legacy as it is passed down to future generations to come!
To know more information about a second passport through investment, write to rickyso@thefastexchange.com or sms 09173149277 and book a free consultation with a citizenship by investment specialist.
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