In these times where tensions are high and borders are imminently being closed, globally we are all considering the future of our mobility and freedom of movement.
The new Coronavirus has bought a sense of urgency to safeguarding our futures, and urged many people to hasten formulating a plan B. The plan B not only in terms of a second passport, but by way of diversifying and spreading assets spatially, ahead of an ever more likely financial crash.
The Coronavirus lockdown
The rapid spread of CoVid 19 across the world has meant travel bans between countries are being implemented and other intra-country travel restrictions are being put in place. This extent of restriction to move freely is a completely new phenomenon for most of us living through this crisis today.
Whilst people sit tight at home hoping that the bans won’t last longer than a couple of months, many people have already realised that it’s time to consider other options to safeguard their assets and future freedom of movement.
As well as border closures, another threat to personal refuge and travel plans are the governments revoking visas to visitors of the most affected countries, in order to avoid spreading the disease further. Considering that governments have already begun doing so, this only heightens the importance of having a second citizenship and passport.
Long term impacts
In the long term, the lasting impact of this crisis for the world of business will be devastating, but in many ways, businesses that are too fragile to weather a few months of reduced income have a lesser place in today’s fast-changing company ecosystem.
One thing is clear, that CoVid 19 has meant mobility and visa restrictions are being bought into question, and in the long-run rules around residency by investment programs could change. Therefore, the necessity to act in current circumstances becomes ever more important.
Global mobility for Global Citizens
A second passport by investment can be an excellent choice when it comes to protecting yourself and your family from insecurity.
Top 5 Reasons Why You Need a Second Passport
- A Passport gives you the freedom to move about the world.
- Residency by investment programs offer a fiscal and asset protection back-up plan.
- People invest in a second passport for times of crisis, like now. There has never been a more appropriate time to protect oneself and family.
- The crisis brings uncertainty about the rules that qualify people for residency by investment programs, act now if you are eligible in case of rules changing soon.
- With global instability comes uncertainty, make a stabilising move to diversify assets in different parts of the world.
Citizenship by Investment Programs
While some people are lucky enough to be born with the right to multiple passports, others acquire them later, sometimes through marriage or naturalization.
However, one of the best ways to acquire a second passport is through a citizenship by investment scheme. There are many countries all over the world that offer citizenship by investment programs. Popular residency-by-investment programs such as Portugal’s Golden Visa, can take up to 5 years to obtain citizenship. Other programs in Europe can take between 7-10 years.
If you are looking for the best programs to fit your requirements, take a look at our citizenship-by-investment comparison guide for 2020.
If you have been thinking about a contingency plan should a crisis hit, now is the time to act and put that plan in motion. With uncertainty around the global economy and uncertainty around regulation on second citizenships, if you are eligible and meet the requirements to invest in a second citizenship, act now. Don’t wait until it is too late.
At Global Citizen Solutions we provide a specialized service to suit the needs of every client.
We will always ensure that you make the right decision, based upon the expert advice from a team with years of experience.
Don’t wait to invest in citizenship once it is already too late, contact us to book an initial consultation.