An increasing number of business owners and affluent individuals are seeing the practical aspects and comforts that a second citizenship provides. Becoming a global citizen benefits individuals who are looking for a better quality of life. Owning a second passport offers more security, improved mobility, education options, and additional business opportunities, among others.
Let’s take a closer look at the different ways that a second citizenship can enhance your quality of life.
The strength of your passport determines where you can go. Unless you hold a passport from Japan, Singapore, the US, or the EU, in most cases, you will need to apply for a visa every time you want to travel. You may have tried taking up several free visa assessments to various countries to see where you can qualify.
Applying for a visa is expensive and tedious. The process requires a lot of time, effort, and resources in collecting documents, as well as complying with the requirements. What’s worse is that getting an approval is never guaranteed – you might need to pay for several applications before you get the visa you want, and often your passport is held by the processing unit for some time.
Even when you are granted a visa, the length of time you are permitted to stay in the country is limited. You will need to re-apply before the visa lapses if you wish to stay longer. The renewal process can be just as tedious and complicated as the application itself.
This is the reality for most individuals with weak passports. But with a second passport, you have the freedom to travel to more countries visa-free. There will be no need to pay for applications, stand in line, or worry about what you should say as your second passport provides access to more countries.
Greater peace of mind
Even first world countries are not immune to political and economic strife. In 2008, for instance, Germany had a financial crisis that nearly tipped the country into recession. If it can happen to a developed country, it can happen anywhere.
Regardless of your family’s wealth or status, a political or economic crisis in your country can quickly change your situation. You may find yourself unable to leave your own country or look for better opportunities elsewhere.
Consider your second passport as your Plan B. Having a second passport in Malta, for instance, gives you access and the right to stay in any of the 32 countries in Europe. On the other hand, an Antigua citizenship application gives you lifetime dual citizenship and the ability to travel to over 130 countries worldwide. What’s more, the favorable Antigua tax policies for citizens ensures that you won’t need to worry over significant taxes and gives you the option to become tax resident in the future.
You can’t put a price on the assurance of knowing that you have another place you can go to and continue living your life without any additional fuss. What’s more, in some countries, you can apply for your entire family to come with you and live in a new country for a small additional fee. Your family can start a new life in your second home just as easily as packing your bags and booking a ticket.
Safety and security
Living with wealth carries a lot of responsibilities and challenges. If you live in an area or country where the crime rate is high, you may need to pay more to keep you and your family safe and secure. Perhaps you will need to buy a house in a gated community and hire guards to keep you protected everywhere you go.
Living like this is not the ideal way to go. In a more peaceful country, you won’t have to be constantly concerned about where your kids are or whether your spouse is safe while at work or running errands.
Valuable education options
For a lot of parents, giving their kids access to quality education is a priority. It is the common belief in some cultures that going to good schools allows their kids to become more competitive. By having the best education, they have a better chance at a good future, with more career or business opportunities available for them.
All of this becomes more attainable with a second citizenship. With a second passport in an EU country, for instance, your kids can go to the best schools in any of the countries in the region. The process of applying and getting accepted to any of the schools would be more straightforward as compared to an international student going through the same procedures.
Added business opportunities
The wealthy often stay wealthy because of their ability to find opportunities to make money. With a US or EU passport, for instance, you have access to some of the world’s biggest economic zones. Building your company in such countries allows you to network and do business with some of the world’s elite and wealthiest individuals.
Having a second citizenship in certain countries provides you with the same benefits. Malta, for one, has recorded the highest economic growth in the region for three consecutive years. Being able to do business in this country gives you more opportunities to grow and expand your business.
Obtaining a second passport may seem like a luxury, but the advantages this document can provide you and your family are well worth the cost. Apply for a second citizenship and see how it improves your family’s future today.
Kal Kennard is a Partner at Citizens International, a white-glove specialist firm offering private client services necessary for citizenship investment into the Caribbean, North America and Europe. Based in the Caribbean for the past 15 years, she is an experienced consultant who works directly with many professional partners and advises clients worldwide.