The Covid-19 had a profound impact on citizenship and residence planning. It has made many to rethink about their strategies of acquiring second citizenship or residency offshore, with a plan-B option.
No matter which country you are from, it is a must for all country nationals hold a second passport during these pandemic times. The richest people in the world are planning for their future in Covid-19 free countries at any cost. A number of wealthiest countries have managed to pandemic efficiently.
The Super rich are looking for countries that offer not just holidays also with world class healthcare, safety, and education for children at any cost with the idea of setting up a base (eg. in the Caribbean) and move around from there. Many coronavirus free countries have eased travel restrictions with flight connections available to rest of the world.
The Rich want to work from anywhere in the world from sunny sandy beaches and sailing in yachts.
The One citizenship, one passport culture is not attractive for those with deep pockets who are confined to the lockdown. They want to escape to a Covid-19 free country offshore to get fresh air and relax midst all the chaos around.
Economic crisis caused to Covid-19 requires many HNWI to diversify citizenship planning abroad seeking best access freedom, healthcare, education in Covid-19 free countries (eg. Europe). The benefits are dual citizenship are enormous.
Citizenship has become ultimate status, when visas and residence permits are no longer good enough to cross borders due to covid-19. If no flights are available to enter your country, the rich can always hire a private jet to enter their own country. It is impossible for countries to refuse entry to their own citizens. Here is a quick mathematical representation the value of citizenship compared to other immigration statuses
Citizenship > Permanent Resident > Visa holder > TCN (Third country national)
Prices have become cheaper for acquiring second citizenship through investments. Many caribbean countries (St Kitts, Dominica, St Lucia) now offer huge discounts to families applying for secondary citizenship. These discounts also encourage many to plan for the future.
With US citizens are barred entry into Europe, lately we have seen a surge in interest from Americans acquiring Caribbean passports, as these pandemic passports come with visa free access to EU and UK and over 150 destinations. The EU now permits entry from only 15 countries that has low risk of covid19 infection. The Covid19 has made difficult for many americans to visit Caribbean sandy beaches for big time summer vacations. The prospect of americans looking to permanently settle in the caribbean islands is also on the rise.
With air transport coming to a halt, governments are exploring several ways to simplify bureaucratic procedures to attract investments for acquiring citizenship or residency, avoiding any personal visits to acquire property and complete all formalities at consulates abroad.
The Covid19 also infected the power of passports and those countries which failed to control outbreak of coronavirus are being restricted by other countries, This has led to decline in passport power and value of citizenship. For example, in our recent best citizenships index the value of US citizenship declined in rankings due to outbreak.
Small countries in the Pacific and in the Caribbean did well and have managed to control the covid19 outbreak. Europe also has managed to control the spread of the pandemic. The list of coronavirus free countries (12 of them) are
|Zero Covid-19 Cases||Covid-19 Confirmed Cases|
Source: Wikipedia / As of 24 July 2020
Among these covid19 free countries, only Vanuatu and Samoa run citizenship for investment schemes offer fast track passports to foreign investors.
The Pandemic isn’t going to be over anytime soon. It looks we have to change our ways adapting to the pandemic, it will not change for us. The situation will back to normal, sooner or later.
Perhaps Covid-19 provides the best opportunity to invest for the future.