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Demand for second passports ‘skyrockets’


Why is this happening?

A leading global financial advisory firm says enquiries for second passports, citizenships and overseas residencies have grown by more than 50% year-on-year in 2020. 

 

With demand for its residency and citizen services booming this year, deVere Group says national lockdowns, closed borders and travel restrictions have helped boost interest in such enquiries.

 

 

“Previously, a second passport, citizenship or residency were regarded by many as the ultimate luxury item; a status symbol like yachts, supercars and original artwork,” deVere Group founder and CEO Nigel Green says.   

 

“While this still remains the case, there’s also been a shift due to the pandemic.  

 

“Now, second citizenship or overseas residency are increasingly becoming not just a ‘nice to have accessory’ but a ‘must have’.”

 

“Whether it be for personal reasons, such as to remain with loved ones overseas or be able to visit them, or for business reasons, a growing number of people are seeking ways to secure their freedom of movement as they have faced travel restrictions which are, typically, based on citizenship.”

 

According to deVere, most enquiries are coming from “high–net-worth individuals from the US, India, South Africa, Russia, the Middle East and East Asia who are seeking alternative options in Europe and the Commonwealth”.

 

“The pandemic has served as a major catalyst for demand which skyrocketed this year. It has focused minds to secure that second passport or elite residency,” Mr Green remarked. 

 

“However, the appeal for is broader than just the global Covid-19 crisis. 

 

“Increasingly people prefer the concept of being a global citizen, rather than being solely tied to the country of their birth.”

 

“They too value the many associated benefits including visa-free travel, world-class education, optimal healthcare, political and economic stability, reduced tax liabilities and wider business and career opportunities.”

 

Citizenship is usually granted based on time spent in a country, financial resources and clean criminal records. 

 

More recently, a growing number of nations have been awarding citizenship to applicants who are investing in high-end, real estate developments in a country.

 

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Written by: Mark Harada
Published: 7 December 2020


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