Not so long ago, the popular phrase “the more the merrier” rarely evoked thoughts of obtaining a second passport. Today, the increasing interconnectedness of the world and the emergence of cross-border opportunities is helping to establish the importance of global mobility and dual passports. While awareness is growing, there is still a significant knowledge gap, especially regarding why Citizenship by Investment can be one of the smartest investment decisions a person could make.
Second passports are legal documents issued by countries other than the holder’s original nationality. By virtue of possessing one, holders have numerous benefits. For one, ownership of a second passport comes with residency and employment rights and privileges that are inalienable to citizens of that country (e.g. St Kitts and Nevis). Unlike people with one passport that require special visas for an extended stay or to work in another country, those with dual citizenship are not required to periodically renew visas to support their continued stay within the borders of their second country.
Beyond the physical residency, cost and the stress that follows consistently renewing residency visas, the lack of certainty during the visa approval/renewal process could affect one’s stability and capacity to plan long-term in that country, whether as a career person, a student, or an entrepreneur. The alternative, which is owing a second passport, means stability and the ability to better organise one’s life without concerns.
Another important reason for a second passport is the expansion of one’s passport power and visa-free travel access. Second passport programmes referred to as ’Citizenship by Investment Programmes’, can boost a person’s global mobility for visa-free travel to over 150 different countries including the UK and European Schengen. Travelling effortlessly is vital because sometimes life-changing opportunities present themselves quickly in certain countries abroad and it can be quite devastating to lose out on such rare opportunities due to visa application rejections or delays in approval. However, enhanced global mobility can be enjoyed with the right second passport programme, and individuals and their families can access future global opportunities without hindrances.
Furthermore, second passports improve quality of life by granting greater access to high-quality healthcare services, education and employment opportunities around the world. There has been increasing demand for this government-backed Citizenship by Investment programmes that allow foreign investors to obtain either citizenship or residency status in an economically viable country in exchange for an investment in the country of interest. Between 2011 and 2021, the Citizenship by Investment industry grew by 637% to a value of $21.4 billion in 2021, underscoring the continued strong global demand for second citizenship and related programmes. The second passport’s popularity soared by 50% among the world’s richest since the pandemic, according to the Knight Frank Wealth Report 2021.
One misconception people have is that possessing two passports translates to losing touch with one’s roots. The honest answer is that a vast number of countries allow for dual citizenship and rather than people losing their cultural roots due to their dual citizenship, they tend to appreciate their heritage more because of the broader perspective they gain. Dual citizenship presents an opportunity for individuals and businesses to benefit from the global economy and bring that value back to their local economy.
Overall, the idea is that a second passport could be one of the greatest modern insurance policies. The idea that the more the merrier is true when it comes to securing one’s future and improving the quality of life of one’s family. The benefits of possessing a second passport far outweigh the costs and in fact, some financial experts today believe that just one should diversify their passport portfolio to ensure future income and the preservation of wealth. This is the reason that RIF Trust, a leading global Citizenship and Residency by Investment advisory firm, expanded to Lagos, Nigeria in 2021. With a global presence and a local team of experts, we have assisted more than 4,000 clients around the world in obtaining a second passport. RIF Trust is a part of the Latitude Group and has offices in 22 countries including the UK, USA, and UAE.
For more information on obtaining a second passport, you can reach me @czarconomist on Instagram or visit www.riftrust.com.
