In recent times, the world has suffered through staggering social, political, and economic crises, resulting in many people searching for security and reliability outside their national jurisdiction.
In light of this growing demand, more and more investors are cognisant of the fact that to disperse their investment portfolio, they need to diversify their citizenship. High-net-worth-individuals are actively resorting to citizenship by investment programmes as part of their financial planning. Whether it is tax benefits, visa-free access to expand their business footprint globally, or to disperse the investment portfolio, a second citizenship can help investors limit the risk of being restricted to a single jurisdiction while opening doors to new opportunities.
Due to the global uncertainty caused by factors including the pandemic, economies collapsing on debt repayment, political conflict between countries and rising fuel prices, not only the citizens of affected countries but the entire community of high-net-worth individuals globally are concerned about the future market volatility and the security of their assets and wealth. These uncertain circumstances further trigger the need among high-net-worth-individuals to obtain a second citizenship as part of their asset and wealth portfolios.
Obtaining a second citizenship is a crucial step in dispersing wealth portfolio to reduce the risk of exposure and volatility in the long run. Relocating a certain amount of one’s wealth outside of the home country can save it from the uncertain political and economic climates that may arise in the home country or the country of residence of the investor.
Diversifying citizenship not only provides the applicants with opportunities to grow their business and wealth, but also provides a second home for the entire family. Should the need arise to leave the current country of residence, the whole family has a safer place to live and build a better future for their future generations.
They are eligible to have the social benefits including health and education in the country of their second citizenship.