The year 2020 was uncertain, unpredictable, and hard for everyone on a personal & professional level. The world took a new shift and things that used to be normal become unacceptable. The world wasn’t ready for the “New Normal” life but there was no choice but to make peace with this new change. A change that has no prior announcement to make and nobody knew what’s coming next. The plans we had for 2020 went in vain and restrict us to follow a specific way of living. Apart from personal health and lifestyle, the world pandemic has affected the business world. Job market and work opportunities are being affected to an unbelievable extent.
According to reports, the world is facing a very serious economic crisis, bigger than the one that happened in 2008-2009. These crises are not happening by some powerful state to cause an economic downfall to any other state. This world pandemic is equally disturbing for the whole world. Meanwhile, the world is dealing with all the problems caused by the COVID’19 outbreak, there is one industry that experienced unexpected growth. We know you are trying to guess which industry it can be, don’t panic, let us tell you. The only business that sees a boost during this time is Immigration, 2nd Citizenship & Residency trends all around the world. You are wondering why? Because this is the time when everyone is looking for a Plan B. A backup plan to ensure the future of your business and family.
Families with a high net worth in any country are looking for options to be part of a better economy and to grow their business more. Business growth and Family health are two prior concerns of every individual around the globe as the COVID situation got worse.
Economic Situation of World during World Pandemic
According to a recent report by IMF published in April 2021, the world is going through a very serious economic crisis. The world GDP has fallen down to 3%. In the next 2-4 months, it can go down to an unexpected level if not handled wisely. Reports also show that the European Economy goes down to 10% and the USA’s economy to 8% in just one year of pandemic. If we talk about the Asian and African regions, this percentage is even greater than in Europe and the USA. The overall business market is highly affected and the crisis is still going on.
In this situation, opting for dual citizenship is the wisest decision to expand your business in a bigger and better economy. Almost all the progressive countries around the world are offering 2nd citizenship & residency programs. Foreign Nationals can invest in the real estate of a host country and get a 2nd passport or residency leading to citizenship in few months.
How does 2nd passport or residency will benefit your Business & Family’s Future?
The coronavirus outbreak at the end of 2019 came as a surprise for everyone but not a pleasant one. It has forced people to reconsider their priorities and goals for the next 5 years. The major focus right now is financial stability and how to ensure it in less time. The best way is a second passport or residency through investment. We all can agree that investing in real estate is one of the best options if you are looking for great ROI. Other than this, here we are listing down few more factors that can convince you on getting a 2nd citizenship or residency.
- You will get a chance to get all the citizenship rights. It means you are getting access to a much better healthcare system which is a major need of this hour.
- The process is super fast and you can get a passport in just 90 days. If you opt for a European residency, the time duration will be 6-9 months.
- You will get a chance to establish or expand your business in a bigger and more stable economy which will definitely promise you great profits.
- Your taxes will minimize to an unbelievable extent. Countries offering citizenship or residencies offer a very low or zero tax on wealth and income. This is a great way to save that money for some better use.
- Global mobility is another huge factor to get a 2nd citizenship, if you have a Caribbean 2nd passport you are free to travel without a visa towards 145+ countries.
Increase in 2nd Passport and Residency Trends during Pandemic
We are dealing in multiple countries including Caribbean Region, Europe, UK, and USA. We have come across a large number of applications from January 2020 to date. In this article, we will be discussing all the prior factors that made their mind to get 2nd passport or residency for their family. Caribbean Region has become a great attraction for foreign nationals all around the globe. Dominica ranks as no.1 Citizenship by Investment program. More than 2000 applicants have been seen applying for the 2nd passport in one year. USA is another country that revives its EB-5 program. A huge number of applicants took interest in it, more than 3000 applicants applied for USA EB-5. Another country that got attention from foreign nationals in Portugal. More than 1000 applicants took interest and start their process to become Portuguese residents.
Other than these three countries, Turkey, Greece, Spain, and Vanuatu are also few destinations that got attention from international investors.
What are the factors behind growing interest in Dual Citizenship & Residency Programs?
Saad Ahsan Immigration Law Firm is working in the immigration industry for more than two decades. We are the pioneers of citizenship by investment in Pakistan. Our company is dealing with multiple clients for years. We have seen a significant increase in the number of applicants. Applicants who took interest and register themselves for 2nd passport or residency by investment. We have a proper way to deal with every client where we evaluate their concerns regarding citizenship and residency. We list down the factors which help them making their mind to get a 2nd passport. Since the start of 2020, we are taking focusing more on the reasons why people are opting for dual citizenship, here are some factors.
- 65% of our clients started their application to get freedom of travel
- 10% were interested to relocate their families to a better country
- 8% initiatlly got registered to get access towards better healthcare facilities
- 7% applicants are interested to reduce their taxes
- The rest had no priority reason but just wanted to get dual citizenship to enhance their business and overall wellbeing
Why applicants are more attracted towards Caribbean citizenship over European residency?
In the last 5 years, the idea of citizenship by investment has taken a boost. Especially the last year was a game-changer for the immigration industry. There’s an overall 35% increase in citizenship by investment applicants whereas 20-25% increase in residency. This shows that now people understand that direct citizenship is far better than having a residency which will be leading to citizenship but the duration is uncertain. There are more benefits of being a citizen than a resident for 5 to 10 years until the applicant achieves citizenship. Another factor is processing time, Caribbean countries have a standard 304 months duration to give approval of a 2nd passport whereas European residencies take almost half or more year to approve your residency permit.