Benefits of Obtaining a Second Citizenship
At the beginning of the 20th century individuals didn’t need a passport for international travel. People simply went wherever they wanted. In many cases, they didn’t need any kind of permission from a government agency. Obviously, that’s not how it works today!
Today, governments use passports to document and control their citizens’, and who enters their countries. Passports are not going away. This is what makes people consider having a second passport. This allows you to invest, bank, travel, live, and do business in places you wouldn’t otherwise be able to.
Second citizenships are rapidly becoming more popular. As at the end of 2015, over 20 countries are now offering citizenship by investment programmes. Most of these are in Europe and the Caribbean.
Also referred to as “Global Citizenship”, these programmes were originally only aimed at high-net-worth individuals (HNWIs) and ultra-high-net-worth individuals (UHNWIs). But in today’s world of economic and political instability, travel restrictions, and for many other reasons, more and more people from of all walks of life are expressing interest – single individuals, young married couples and young families, retirees, middle class professionals, investors and executives who are willing to make the necessary financial contributions and investments required.
There are many different reasons why an individual might seek a second citizenship including, but not limited to:
– Greater political and economic stability and security;
– Tax efficiency;
– Ease of travel;
– Higher standard of living;
– Increased options for children’s education;
– Diversified investment portfolio;
– Investment opportunities that may not otherwise be available;
– Contingency planning;
– Access to new opportunities;
– Personal and physical security; and
– Succession planning.
Join the Malta Individual Investor Programme
Location still remains an important factor. For many people purchasing properties abroad, the passport is becoming as important as the neighbourhood.
Just under 60% of all second citizenship applicants for the Malta Individual Investor Programme come from countries in the Middle East. One possible explanation for this is that the Middle East has a high proportion of its UHNW wealth belonging to billionaires (40%), more than any other region in the world. Billionaires are five times more likely to apply for a second citizenship, as they have more to gain from obtaining one and the costs of obtaining it are also lower, as a proportion of their wealth.
If you’ve been thinking about