The sudden outbreak of Coronavirus shook the entire world. The economies came to a standstill, from border closures to harsh lockdowns, bringing even the most powerful countries to their knees. As a result of the pandemic and its devastating impact on individual’s health, financial, and social well-being, many people have evaluated their circumstances and look for alternatives to living a better life. The Covid-19 pandemic and its immediate consequences are driving many wealthy people to seek dual citizenship through the best immigration consultants.
Since the global health crisis has restricted, people’s movement to travel abroad has sparked high net worth individuals to become citizens or residents of countries with advanced economies. Whether for personal reasons, such as to remain with loved ones overseas or visit them or for business reasons, a growing number of people seek ways to secure their freedom of movement by opting for a second passport.
With the world currently shut off to travellers, dual citizenship is no less than a luxury. It’s like a wake-up call for people who don’t want to be restricted to a single passport.
That’s where dual citizenship comes in.
Some countries are welcoming the trend of dual citizenship
No doubt, the Covid-19 pandemic has certainly brought into focus what matters to people- family, freedom, and long-term security. The economic crisis brought by the pandemic has encouraged more countries to introduce programs that offer residency or citizenship to foreigners. Citizenship by investment programs is gaining popularity among talented individuals and high net worth investors looking for shelter from the next pandemic storm.
Many wealthy people are looking for a quick turnaround with a significant cash injection by purchasing a property, donating, or investing in government bonds. This kind of opportunity exists in Caribbean countries like Antigua and Barbuda, Dominica, and St. Lucia, where the route to securing second citizenship starts from $350,000.
Like Bulgaria, Cyprus, Montenegro, etc., several countries in Europe offer golden investor visas, resulting in residency and citizenship in Europe. Applying for EU citizenship is like a business transaction; you invest, and they give you citizenship. This is why some people also call it ‘EU economic citizenship.’
However, the best citizenship by investment programs depends on your personal and professional goals, investment capability, and cultural preferences.
Covid-19 has highlighted the value of citizenship diversification
The recent outbreak of the novel coronavirus shows the importance of dual citizenship in healthcare responses, financial security, physical and mental wellbeing, travel arrangements, etc. With Covid-19 and reviving of the economy, investing in dual citizenship provides investors a sense of security and stability, the power to overcome constraints, and the possibility to boost their financial health and investment portfolios. Investors, entrepreneurs, and their families can curb the negative impacts of pandemic-like situations in the future while reducing financial risks at national and global levels.
Citizenship by investment programs also benefits the host country. As it not only gets highly qualified and wealthy investors, but the country also ensures that they remain active and get lucrative returns in the local business environment.
Countries like the Middle East, for instance, is looking to diversify its economy by offering such programs. Earlier this year, Oman, Saudi Arabia, and the UAE changed their legislation, allowing certain foreign nationals to settle for longer or acquire citizenship, providing that they benefit the respective countries, whether economically or culturally.
Considering the current scenario, many more countries are offering their RBI and CBI programs, and Abhinav immigration can help you do so Many countries already have some popular programs in place. As the world recovers from the Covid-19 pandemic, having dual citizenship could be one of the most powerful tools for your financial prosperity and overall well-being.for more information you can conatct with our immigration experts at 8595338595 or [email protected]