Reasons for Obtaining a Second Citizenship
At the beginning of the 20th century, passports were not necessary for international travel. People went wherever they pleased. In many cases, they didn’t need any permission from a government agency. Obviously, that’s not how it works today!
Today, governments use passports to document and control their citizens’, and who enters their countries. Passports have become interlinked with our identity. A crucial factor which makes people consider having a second passport. It allows one to invest, bank, travel, live and do business in places one wouldn’t otherwise be able to.
Second citizenships are rapidly becoming more popular. Over 20 countries are now offering citizenship by investment programs. Most of then being in Europe and the Caribbean.
Also referred to as “Global Citizenship”, these programs were initially launched aiming the high-net-worth individuals (HNWIs) and ultra-high-net-worth individuals (UHNWIs).
But in today’s world of economic and political instability, more and more people from all walks of life are expressing interest in alternative citizenships. Whether single individuals, young married couples & young families, retirees, middle-class professionals or investors and executives are now willing to make the necessary financial contributions and investments for a better lifestyle.
Several reasons as to why an individual might seek second citizenship, include, but not limited to:
- Greater Political and Economic Stability and Security;
- Tax Efficiency;
- Ease of Travel;
- Higher Standard of Living;
- Increased options for Children’s Education;
- Diversified Investment Portfolio;
- Investment opportunities that may not otherwise be available;
- Contingency Planning;
- Access to New Opportunities;
- Personal and Physical Security; and
- Succession Planning.
Join Malta Citizenship by Investment
Location is an important factor when deciding which passport programme to join. Each country has its own benefits, depending on your lifestyle, business and other determining factors.
Just under 60% of all second citizenship applicants for the Malta Citizenship by Investment come from countries in the Middle East. One possible explanation for this is that the Middle East has a high proportion of its UHNW wealth belonging to billionaires (40%), more than any other region in the world.
Billionaires are five times more likely to apply for a second citizenship, as they have more to gain from obtaining one and the costs of getting it are also lower, as a proportion of their wealth.