The Second citizenship and passport has become an important status and global asset in the age of globalisation. We live in uncertain times when nobody cant really predict what is happening around the world.
The ‘one citizenship one passport’ is old and boring, no longer attractive for many HNWI, this trend is changing fast.
Premium passports are not just meant for those from wealthy and prosperous nations. No country is safe. Perhaps it is now time for all of us to seriously think about second citizenship. The Global turmoil, economic meltdown, draconian government laws, police brutality, severe financial restrictions and Covid19 healthcare crisis has made all of us to rethink about plans for second citizenship.
The Plan B of alternative citizenships is inevitable, impossible to ignore in today’s modern world. A Second citizenship leads to second passport.
The Famous American Investor, Jim Rogers, when asked which nationalities must have second citizenship at a henley conference, he famously replied
All Nationalities should have more than one passport. No matter how successful and how lucky you are, it can happen, it can change, it can change dramatically, and it will change dramatically in your lifetime and in your children’s lifetime
– Jim Rogers
Acquiring Second Citizenship
The Good news is you can get second citizenship easy and it doesn’t cost a fortune, can be inexpensively obtained through these following ways. There are six common modes of acquiring new citizenship
- Citizenship by birth – This type of citizenship is automatic for those born to parents passed through blood. Look at your family tree and ancestry. Chances are your grandfather or great grandfather immigrated from one country to another.
- Citizenship by soil – The Citizenship right of anyone born in the territory of a state commonly referred as birthright citizenship. Many countries in such as US, Canada and few other south american countries automatically grant citizenship to children born in their soil.
- Citizenship by naturalisation – Living in a country as a permanent resident for certain number of years will entitle you citizenship through naturalization. It is usually 5 years in many parts of the world but faster in some countries and conditions attached to it such as no criminal record, passing language and civic test and integration with the locals.
- Citizenship for exceptional skills – Some countries offer citizenship for exceptional skills on merit for free in the interest of the state for sports, music, arts and research.
- Citizenship by marriage – Marrying a foreigner most common route to a foreign citizenship. Some countries grant it much faster
- Citizenship by investment – This is the last resort if you have no other options left from above. You can only apply if you can afford $100,000 or more. You have to donate a lump sum to the state or buy a real estate. It is the fastest citizenship route possible in couple of months.
Citizenship Planning
Citizenship planning must be done meticulously and takes lot of time, planned atleast one year in advance. You must also carefully consider dual citizenship rights so that you do not lose your existing citizenship. Some countries Singapore, Asia, Japan, India, China do not legally allow dual nationality. This also means you cannot carry multiple passports.
Benefits
Second citizenship comes with important benefits attached it and it is only a benefit for your family and carried forward by children
- Mobility and freedom of movement
- Ease of doing business
- Access to healthcare and education offshore, away from home
- Children can pursue world class education at top schools and universities without visa restrictions
- Low tax regime for wealthy families
- Asset protection (eg. real estate) and other assets offshore
- Your New home, New identity and New life
