BLOG | 04.05.2021
Passports play a great role in unifying individuals under a common identity and granting migrants various rights. Many individuals choose to obtain a second passport in a nation of their choice. The reasons vary from enjoying the lifestyle to benefitting from business opportunities. Having a second passport also offers a sense of security, in case something goes wrong in your native country. One of the biggest reason for obtaining a strong second passport is freedom of travel. Many skilled individuals are unable to get their dream jobs because of the travel restrictions imposed on their main passport. Therefore, if you are working in a field that would require you to travel frequently and your passport does not have enough visa-free access, obtaining a second passport from the Caribbean could be your solution.
In the past, passports could be obtained either through ancestral links, marriage or naturalization. However, since 1984, various nations introduced second passport by investment as an alternative option. It implies that an applicant can obtain a passport by investing a specified sum of money into the country’s economy. Here is everything you need to know about economic citizenship:
An economic-citizenship is a win-win for the applicant as well as the state offering it. The applicant gains a residential citizenship much faster than through naturalisation. On the other hand, the economy of the nation benefits from the influx of foreign credit.
Different countries offer different investment options for second citizenship. However, real estate investment and donation to development funds are the most common options. The amount of minimum investment too, varies from one country to another and one program to another.
Extension for family members
Most of the nations also offer flexible options to allow the applicants to get their family members covered through second passport by investment. Depending on the number of family members that require the coverage, you would have to shell out some extra money while investing.
Often, the mobility offered by the passports of certain countries is quite restricted. However, many of the counties that offer second passports offer excellent global mobility, with easy access to more than a hundred nations.
One of the key benefits of obtaining a second passport by investment is that the applicants or their children may access the education infrastructure of the country at domestic rates. Other affordable facilities such as healthcare are available too!!
Thus, investing in a second passport would be a smart choice even through it might be expensive. Certain countries do offer relatively cheaper investment options.