The Three Most Important Factors When Choosing a Second Citizenship
After seventeen years of advising principals on second citizenship, three factors come up more often than any others. A senior-advisory perspective on what should actually drive the decision.
An open journal beside a fountain pen on a clean desk.
Investing in a second citizenship can’t be viewed as a transaction. It is a life-long relationship between you and your new country of citizenship.
But with several available choices – from funds and real estate investments in the Caribbean and Mediterranean islands, to new residency programs in Southern and Eastern Europe, deciding on one that best suits your unique needs can seem daunting.
Here are 3 key considerations to keep in mind:
Your nationality
Citizens of countries with weak economies and business climates or heightened security risks can face more friction when travelling and pursuing business opportunities. The practical effect varies by nationality, residence history, destination and purpose of travel, so the starting point should always be the applicant’s own profile rather than an unsourced market statistic.
Restrictions imposed by your current nationality could be part of the reason why you wish to invest in second citizenship. However, you should be aware that your current nationality could also restrict your choice of Citizenship By Investment Programs (CIP). Citizens of Iran, Afghanistan, Yemen and North Korea currently face certain restrictions on their CIP choices. Your consultant will be able to advise on which countries offer programs currently open to you.
Your family circumstances
Most Citizenship By Investment Programs currently allow you to include your spouse, young dependent children and elderly parents and grandparents as part of a single application. The age of your dependents, their current living arrangements, mental and physical health and whether or not they are in full-time education can determine their eligibility. Make sure you discuss your family circumstances in detail with your consultant and share accurate information on the ages of all dependents.
Your reasons for wanting a second citizenship
Do you want a second citizenship for greater global mobility? To do business easily in certain parts of the world? For expanded tax planning options? As an insurance policy against turmoil and uncertainty in your home country? To retire abroad?
Your reasons for seeking a second citizenship play a crucial role in determining the right programme for you, as well as whether citizenship or residence is the better structure. Mobility rules are country-specific and can change: Canada, for example, generally requires a visa from Caribbean CBI nationals, while a limited eTA route is available only to travellers who meet Canada’s separate eligibility conditions.
Ensure you have a frank discussion with your consultant about the reasons why you want a second citizenship for you and your family.
If you would like to speak privately about whether a Citizenship by Investment programme fits your circumstances, reach a senior advisor at PassPro.
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