Passport is no longer just an asset it’s a status symbol and in such times of uncertainty, its ticket to freedom and fluidity!
When it comes to utilizing your hard earned money, hoarding land and gold in exchange for its value is obsolescent! For the well-heeled rich, investing in a passport is a very intelligent way to secure their and their family’s future. Through the Citizenship by Investment Programs (CIPs) many wealthy high net worth individuals ae investing in other countries in exchange of citizenship and passport. Most commonly accepted and approved investments include enterprise projects, donations to country’s funds, real estate and many also allow investing in government bonds.
Buying a new passport is not only a status symbol or freedom, for a lot many people it’s a good investment. The constantly shifting political trends are a major motivation that effects immigration.
Why do people go for a second Passport?
According to the Marketing Manager and spokesperson from CTrustGlobal, Muhammad Bilal the choice of a second passport depends largely on which part of the world you come from. An Argentinian is always at a risk of getting kidnapped, Chinese are bogged with currency restrictions, the political and economic instability for a Latin American is another factor, the visa restrictions for a Pakistani, and for Indians it’s the tax jurisdiction apart from travelling access. So they look for a second passport. Sometimes even a third or fourth. Acquiring more than one passport is increasingly becoming a rite of the rich of the world.
Though it’s a fact that not only the wealthy but the not so wealthy also have long been procuring for themselves a second passport by spending time in the desired country and getting naturalized. But then, in the 1980s St Kitts and Nevis changed the trend and made shopping for passports a thing!
Following the success of this Caribbean island nation’s sale of Citizenship, many other countries including US, UK, Portugal, Spain, Malta, Canada, Singapore, Dominica, Grenada, and many other Caribbean and Mediterranean Countries have started their Citizenship by Investment Programs (CIPs).
Which are the Most Popular Passports among the Wealthy of the World?
For the Americans it’s the Europe that holds charm and then the Caribbean islands countries which give a more stable, peaceful and economically conducive climate. For Chinese and other South Asia countrymen like Indians and Pakistanis, Caribbean is the tax heaven and a paradise for restriction free travel. Those who opt for Malta or Cyprus Citizenship, they are charmed by the financial infrastructure the countries offer. Cost of acquiring citizenship and return on investment make some countries more attractive than others.
Although the golden goose among the countries offering citizenship remains US EB5 for the lifestyle, freedom, and opportunities. Though Trump’s anti-migration policy has been a dampener for sure, people are fast looking for more options available to them. In the past year, many Caribbean countries and others like Singapore, Switzerland, Portugal among others, have seen a considerably increased number of applications for immigration.
Cost and Benefit Ratio
For Canada citizenship, a qualified applicant needs to settle in Quebec and sign an agreement worth $ 800,000. Most migrants consider Dominica Citizenship financially most gainful. Moreover, the Caribbean programs are less expensive than the likes of Malta and Cyprus. Cyprus, in fact, is the most expensive CIP with a starting cost of $ 2 million + additional processing charges.
While the Grenada citizenship by investment is the only program that provides visa free entry to China, other countries like Dominica, St Kitts, Antigua and Barbuda, St Lucia, etc. are in demand for being relatively cost effective as well as their visa free benefits including access to around 100-120 countries respectively.
The cost and benefit ratio is the deciding factor in most cases.
Recent Immigration Trends
Recently, aspiring immigrants have been on a lookout for easier and less time and money consuming ways of obtaining the most lucrative passport. Many immigrants are taking an alternate route through Grenada. A Grenadian passport allows easy access to US through E2 visa which is far more easy and less exhaustive than EB5, especially for those candidates who can’t apply for the same as their countries have not signed the bilateral trade agreement with US. Specially the Chinese and South Asians are interested in Grenada citizenship by investment and register themselves as an E2 company and get their visa renewed after every 5 years and can also easily qualify for a US citizenship.
Many Caribbean countries including Dominica, do not levy any income or inheritance tax, thy are less expensive and, on an average, provide access to more than 120 countries without visa restrictions. Most of these countries need direct foreign investment and thus bring forth citizenship by investment programs as a source to raise earnings.
Having multiple passports is an express gateway for greater global mobility. And in the modern times, that one pivotal reason for buying another passport.