The Wealthiest people in the World are known to invest in art collection, antiquities, luxury cars, properties and in hedge funds. But there is one luxury item kept secret and very private by these wealthy individuals. It is just a passport booklet, popularly known as second passport, providing cover, safety and asset protection offshore.
Billionaires are known to run single family offices and some are themselves hedge fund managers. Globalisation, uncertainties and lockdowns have pushed the richest people in the world to invest in a secondary citizenship as a backup Plan B.
Have a Plan B in place
Investing in a passport is generally viewed as a long term safe haven investment to protect your family. This one investment won’t go waste. This is because citizenship can be passed through family generations just like a property. Do not underestimate the importance of family. They are the ones who stand with you both in good times and bad times.
Covid has eroded the strength of superior passports from developed nations. The Global travel is still at a chaos with no consensus on vaccines, affected by inequality and politics to admit international travelers cross fortified borders. Many nations still allow vaccinated residents and citizens to reach home with minimal restrictions.
There is an old saying Dont put all eggs in one basket.
Dont be trapped in one country. Diversify!
Be sure to invest in a country that has world class infrastructure, climate, high living standards with excellent healthcare and education.
Citizenship and residence planning, doesn’t happen in one day. It takes a lot of time, patience with the application process. These things take a lot of time. You have to start at least one year in advance. Even if you migrate to a new country, you still have to acclimatise with the new environment.
According to Knight Frank survey, nearly a quarter of UHNWIs are planning to apply for a second passport. The pandemic has led many expats to reassess their priorities and plans, particularly those located a long-haul flight away from elderly parents or children at boarding school. A third were planning a permanent move; the majority were seeking a second home.
Education a key driver of investment migration among HNWI and UHNWI families.
There is some good news. Due to onset of Covid pandemic, investing in a passport have become cheaper and more affordable. Small countries are scrambling for investments in exchange for citizenship to restart their economy when travel and tourism have taken a beating. These investments start from $100k for HNWI and $1m for UHNWI families available in Europe and Caribbean.
The World is fast changing so much, perhaps it is really time to think about becoming a global citizen, moving away from single citizenship idea, in expanding your global footprint.
Invest in diversifying your citizenship.