Advantages of having another citizenship
Investing in another citizenship has many advantages. The most frequently citied are:
- Peace of mind for the applicant and his/her family that there is in the world a safe haven for them to go to, free from conflict and oppression, fear, violence and political and economic instability;
- Global mobility with visa free travel to many countries around the world; No waiting weeks for visas before you can go.
PEACE OF MIND
Having the passport and being a citizen of a country which is a safe haven free of conflict and oppression, fear, violence and political and economic instability of course brings peace of mind comfort to the passport holder. This is especially so where there is brewing unrest at home. There are additional considerations:
- the opportunity to lead a better quality of life;
- the potential to own a new home in a “wow” destination;
- access to global investment and business opportunities;
- access to world-class education for the children; and
- access to some of the best healthcare in the world.
The passports of many countries do not allow for much by way of global mobility, visa-free travel. The quest for global mobility is, after peace of mind and security, the next most cited reason why people apply for another citizenship. The acquisition of another citizenship from one of the countries with which we deal is an effective way to enjoy much enhanced global mobility. For instance by way of examples for whatever reasons, Afghanistan’s passport permits the holder visa-free entry to only 26 countries; while that of Cyprus will allow the holder to travel visa free to 171 countries. All the exasperation of waiting for visas and the expense of it all may be avoided. For the business person, global mobility may well be a must.
CBI schemes of course open up opportunities for the participants to carry on business in the new country. And a participant may find that he/she is internationally more acceptable as a person with whom to do business as a citizen of the new country.
All the CBI schemes available make provision for the applicant’s family members also to become citizens. This attribute should bring peace of mind to applicants concerned about the future for a spouse, children and dependents. Another citizenship will frequently provide access to a decent education, perhaps top-class health services and a better lifestyle.
Educational opportunities for the applicant’s children afforded by the new country are a frequently cited reason why applicants look for another citizenship. Some of the best educational institutions around the world may come within reach of the applicant as a result of the acquisition of another citizenship. Domestic tuition fee rates rather than international tuition fee rates are likely to apply.
HOW DOES A COUNTRY BENEFIT FROM A CBI SCHEME?
Many countries operate CBI schemes to attract foreign investment into their economies. For example, applicants to St Kitts and Nevis can donate to the Sugar Industry Diversification Foundation. The foundation’s aim (now largely achieved) had been to provide funds to transform the economy to one that was no longer reliant on sugar production but far more diversified. St Kitts and Nevis is now a prosperous country. Dominica lacks now an international airport but as a result of money provided by CBI a large fund has been set aside to build such a new airport. Construction contracts will soon be out to tender. Concrete should start to be poured within two years.