Over recent years, a growing number of countries have been developing programs that allow foreign individuals to become residents and citizens via investment into the country. Foreigners can become citizens in different countries quickly by making a donation to the local government, investing in local businesses, or purchasing real estate in approved areas. This type of facility is collectively referred to as Citizenship by Investment Programs or CIPs.
Out of these programs, the Caribbean Islands offer some of the more affordable options. At the other end of the spectrum, a second passport from the UK can cost millions of dollars for a single applicant.
It is important to note that second passport programs are not just for the young jetsetter or the busy entrepreneur. Getting second citizenship via a country’s Citizenship by Investment Program can also be beneficial not just for the main applicant but also the entire family. Here are some of the reasons why you may want to get your spouse, kids, and even extended members a second passport.
Protecting and maintaining wealth
Taking advantage of a CIP provides several ways for a family to protect and preserve their wealth and assets. For one, it allows applicants to diversify their investments.
One way to apply to a Citizenship by Investment Program is to purchase real estate in one of the communities approved by the local government. Purchasing property and leasing it out is a way to earn passive income. Plus, the property and its earnings are protected in the event that crises arise in your home country.
Your second citizenship also provides taxation benefits. Certain countries impose little to no taxes on its citizens. By holding a second passport in that country, you can efficiently structure your taxes should you become a permanent resident.
Creating a second home
Consider a second passport as a back-up plan for your family if ever the economy or the political situation in your home country changes. By having a second citizenship, your family has a safe place to run to and turn into their new home. You will already have a solid foothold in another country that you can take advantage of at any time.
As a parent, you know that each moment with your children is important. You can only be with them up to a certain point before they decide to go out on their own. Enjoy these moments by travelling the globe with your family.
With a second, more powerful passport, you won’t need to go through the hassle of submitting an extensive list of documents or applying for travel visas. You and your family can freely travel to a wider range of countries visa-free.
In some cases, the ability to travel more freely locally and around the globe can mean the difference between life and death. This is especially true when it comes to your medical needs.
Quality healthcare services
If you plan on staying long term in your second home, you will need access to medical services. By holding second citizenship, gaining access to quality healthcare services becomes easier. As a citizen of that country, you have more options for protecting your health or extending your life. You can get a life-saving operation or access to new treatments not available elsewhere.
More educational opportunities
Some countries offer better educational opportunities than the ones available back in your home country. When you get a second passport, your kids have the option of starting or continuing their studies in some of the best international schools, colleges or universities around the globe.
By sending them to school elsewhere, you are exposing them to different cultures and opening their minds to new ideas. The experience will also enable them to get more employment opportunities that may not be available in your country of origin.
Getting a second passport offers a wealth of opportunities not just for you but your family as well. These are only some of them.
It is important to remember that each CIP has unique requirements in terms of additional applicants. Most programs will allow you to apply for a dependent who is under 18 years of age. If your kids are older, there are also a handful of countries that are open for dependents under the age of 28 as long as they are in full-time higher education.
Reap these benefits and more by applying for a second passport for your family. It is one great way of securing your future and theirs.
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.