Think through what investing on a new citizenship would mean to you and the family. Then get on to the actual funding and paperwork. Image Credit: Unsplash

Citizenship by investment is fast becoming one of the quickest and most convenient ways to unlock personal, social, and financial opportunities. A second passport can unlock a myriad opportunities that you may not know can be made available for you. With the extensive citizenship by investment opportunities present, it’s only a matter of time before individuals find the one that perfectly aligns with their medium- to long-term plans.

The increasingly popular hassle-free process can be obtained in shorter periods and with minimal physical residency requirements, meaning it would not be disruptive to people’s immediate routines. If you are unsure how such a framework figures into your plans, keep in mind that a second passport is right for you if…

You want the freedom your current passport cannot give you

It’s widely acknowledged not all passports carry the same weight. Unfortunately, some passports can be restrictive to the level and frequency of travel that an individual would like to have.

For example, St. Kitts and Nevis passport holders enjoy visa-free travel to over 150 countries, including all EU Schengen countries, Switzerland, UK and Ireland. A Portuguese passport can allow visa-free travel to 187 countries, and Spain 194. While others still enable visa-free travel to less than 20 countries and require rigorous documentation and an extended visa application process.

Being able to travel visa-free is not only beneficial from the perspective of personal convenience. It also empowers individuals, particularly entrepreneurs, to adapt and be more flexible in capturing potential business partnerships and arrangements.

It will be more cost-effective in the long run, both in terms of time, opportunities, and accumulation expenses that may arise from regular, tedious visa applications.

You want greater financial freedom and investment options

Having a second passport allows an individual to partake in the financial services of a new country and, as a result, helps in tapping into new opportunities to grow the business, gain more clients and explore more prospects. By unlocking access to investment opportunities, more accessible business permits and strong financial infrastructure available in other countries, entrepreneurs and other business-minded individuals will have more of a chance to spread their wings.

You want a better future for your children

Investing in a second passport is not only beneficial for the individual, but it can also be a critical move that will expand the horizon for their children and the succeeding generations.

As citizenship by investment options are designed to accommodate families and dependents, choosing to have a second nationality would allow the next generation to reap the benefits of better healthcare and a more robust and flexible educational system. This unlocks opportunities for students within the country, and in every country, their nationality will allow them access.

Many scholarships and universities are also often calibrated to people of certain nationalities or zones. Individuals who invested in second citizenship can rest assured that their children’s nationality will never be an obstacle to their educational aspirations.

You want to have a better quality of life

Having a second citizenship grants individuals access to state-of-the-art healthcare infrastructure that would help grant security and peace of mind to the family. Coupled with a higher level of protection, a more robust economic framework and more excellent socio-economic stability, individuals can genuinely flourish, create, and innovate in their country of choice.

This is especially true for individuals from countries with social and economic unrest. Dual citizenship will grant the freedom of choice, movement and opportunities that their land, for the time being, would not be able to.

You want to protect your assets

Individuals with a second nationality can also benefit from a safer banking environment with more reliable frameworks to safeguard their assets, whether for their business or their family. Many of these benefits are only reserved for citizens and having second citizenship is a great tool to manage wealth easier and more reliably.

You want to contribute to a country’s economic development

Individuals that opt for citizenship by investment can also rest assured that their investment is playing a significant role in stimulating the economic landscape of their country. Many countries’ real estate sectors have been strengthened by opening new programs.

According to LSE, the programmes currently attract around 3 billion euros in investment to the EU annually. A significant portion of the investment goes to Greece, Portugal, and Spain, each taking in around 750 million euros through the programme. Undoubtedly, the influx of Golden visa investors has directly impacted the economy and the market.