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Collecting a Second Passport

Michalaki, Pitsillidou Law Firm > English Articles  > Collecting a Second Passport

Collecting a Second Passport

Collecting a second passport

Widespread Globalization has created a new class of mobile citizen seeking various nationalities. A second or probably more nationality provides the high net worth individual living in a fractious world with a way to pursue business, financial and personal opportunities in geographies with political and economic stability and better general quality of life. Significantly, an additional passport can facilitateTop of FormBottom of Form residency abroad, ease of travel and access to mobility of personal assets.

 

Obtaining a passport has never been simpler for those of way. Entering Citizenship by Investment Programs (CIPs) is currently one of the most famous methods of obtaining several nationalities. In terms of mobility, the benefits for ‘High-Net-Worth Individuals’ (HNWIs), including collectors and sellers of artwork, culture vultures and adventurers, are palpable.

Today’s HNWIs see passport accumulating as an avenue to mobility, highly-priced lifestyles, and a window into the captivating global way of culture and history around the world. The privileged can achieve particular experiences and access uncommon displays of artistry and qualified skills in far-flung destinations. For collectors and dealers of art, this access can be exclusively vital. The appeal is both aesthetic, in terms of first-hand experiences and rather sensible for doing commercial businesses.

On the practical front, making an investment in an alternative residence and citizenship, obtaining a second passport, is considered as an instrument of financial and personal security. A developing number of HNWIs seek additional passports for asset protection, minimization of taxes, higher tax planning, as well as an insurance in the occasion of financial and social upheaval or unstable, confiscatory political regimes. Where instability reigns, property are at greater risk.

In terms of family relocation to a foreign country, obtaining another passport may be the greatest solution. Whilst there are many approaches to immigrate to a foreign country, CIPs are usually the fastest and most sincere method to a second passport for most HNWIs and their family members. The specifications of different programs vary by country, permitting foreigners to invest money into real estate projects and businesses, to purchase properties, or to donate money, without delay, directly to a country’s governmental fund in exchange for citizenship and its inherent rights.

Many HNWIs are inclined to spend loads of thousands, even millions to add a second or third passport to their collections, given the benefits due to such acquisitions. This especially happens in countries like China, Russia and parts of Southeast Asia. The proper rapid-track citizenship program, can offer a second passport that allows visa-free access to foremost regions and international countries, including stable jurisdictions such as the Schengen states, the United Kingdom, Singapore, and Canada. For many, such open doors are well worth the price, and even considered a bargain.

Given the number of business-pleasant jurisdictions offering the incentive of low-cost investment opportunities and speedy-track citizenship processing, these days’ HNWIs are spoiled for desire as to where they can accumulate their new citizenship and passport. There is growing competition, particularly among a number of well-regulated jurisdictions in close geographical proximity. This is the case in the Caribbean, which currently has five international countries, which offer CIP alternatives, the St. Kitts and Nevis, Antigua and Barbuda, Dominica, Grenada and St. Lucia. Moreover, in Europe, on the high end of the CIPs spectrum, Cyprus and Malta are the only two countries, which offer a citizenship by investment option to HNWIs, actually unlocking the concept of obtaining a European passport and hence the appropriate to reside in an EU member country.

Besides the fixed investment price for each CIP and for HNWIs, passports are collectables with priceless value.

For more information and guidance please email Michalaki, Pitsillidou & Co LLC – iMPK Global Business Law Firm – Cyprus Lawyers, at info@impklawyers.com or visit our website at www.impklawyers.com.Tel. +357 25660092 – Fax +357 25 660097.

 

 

 

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