International: Why foreign investors from Western nations need a second citizenship
Now more than ever the world needs to be united, establishing common aims and objectives, as well as finding common struggles. While we must act in new ways in order to conform to constantly adapting regulations due to crisis such as the COVID-19 pandemic, there are numerous opportunities emerging that will allow people from all corners of the globe to access new markets and grow their global presence. Specifically, citizens of Western nations can take advantage of various programmes and initiatives in order to obtain a second passport, affording new benefits to the holder, from visa-free travel to investment, and ultimately expanding the scope for cross border activities in a post-pandemic world.
Are you a citizen of a Western nation? If so, a second passport is essential in terms of investment, not only in an economic sense, but also personal, as it is an investment in freedom for you and your family. At this moment in time, we are all adapting to new emotional and physical environments, highlighting the need to cast your so-called “safety net” as wide as possible in order to prepare for the future.
Additionally, second passports inevitably open business investment opportunities as well, so if you are a business owner, you have an opportunity to expand across borders and grow your companies while not having to give up your citizenship from the country you were born in.
You may feel the need for a second passport is not a top priority, as within the European Union, for example, there is a pre-existing freedom of movement between all member nations and passport holders from said nations. However, if you already have of one of these passports, this same principle could be applied to wider parts of the world with the acquisition of a second. The notion of visa-free travel removes the hassle of extensively organising business and social trips, and with options in almost every continent, a second passport could open the world up to you! One such example is a Chilean passport, allowing access to South America and Russia with no visa required.
Not only is temporary travel made easier, it is also possible to go and live in the country where you obtain a second passport. If you find that the pandemic has created a longing for a change of scenery, it may well be time to assess your options and take the plunge. With rapidly developing economies and markets appearing across the world, relocation will become ever more popular, and with consular protection from two nations as opposed to one, a second passport comes with an extra sense of security abroad.
So, if you are a citizen of a Western nation, and the above ideas have made you want to look into your options further, get in touch with us so we can help you along the way. At Creimerman, it would be a delight for our team of global citizens to introduce you to the benefits of obtaining a second passport.