With many countries in the world undergoing economic and political instability, many citizens of those countries are asking how to get a second passport if the unthinkable were to happen and their home country became insolvent.
There are globally recognised legal avenues that allow people to take up citizenship in another country. We’ll examine three of the common ways of how people can get a second passport:
1. Become a Dual Citizen
People who were born in a separate country from the one in which they have citizenship may be able to hold dual citizenship in both countries. However, both countries must allow their citizens the right to hold dual citizenship, as some countries don’t, including Japan, China, Saudi Arabia, and Singapore. People from those countries (and others) must renounce their birth citizenship before accepting new citizenship in a different country.
2. Emigrate to Another Country
The world is full of people and families who have left their home countries to seek their fortune in another country. They often can become citizens of their new home. However, the process of becoming a citizen can take years, require extensive background checks and require successfully passing citizenship exams.
Many emigrants choose to live in their new country by holding a permanent residency visa instead of obtaining full citizenship through the sometimes lengthy and involved steps. However, a permanent residency may not provide the safety and security desired.
3. Citizenship by Investment
Citizenship by Investment (CBI) is one of the newest ways to legally get a second passport. Many countries around the world are adopting these programmes to attract new investment, stimulate a stagnant economy, and finance needed infrastructure and modernisation projects. These countries may offer more favourable living conditions, better schools, a more convenient location, or even simply better weather.
The bottom line is they’re offering something unavailable to many of the applicants for CBI in the applicant’s home country. The programmes aim at high-net-worth individuals who risk limited opportunities and even financial ruin if their assets are left in their home country. To these applicants, investing in a new country offering safety and opportunity is worth the price of investment and the freedom to travel that comes with having a second passport.
Family Considerations
One of the other aspects of CBI that appeals to people with large families is that many of these programmes include family members, including non-primary family members. This makes it easy for a family to emigrate and avoid the heartache of leaving some family members behind out of necessity.
Having a CBI programme that includes family members also makes it easier to relocate successful family businesses and enjoy new success in a new country.
Premier Consultancy Offers Many CBI Programmes
Premier Consultancy Group represents many of the countries in the Caribbean offering CBI programmes. If you’re interested in learning more about the many countries represented by Premiere Consultancy, visit their website and discover the opportunities these countries offer.