COVID-19 Impact on Residency and Citizenship by Investment Industry

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Getting Second Citizenship is on High Priority Under this Pandemic

Second Citizenship by Investment – The coronavirus (COVID-19) pandemic came as a great shock to the rest of the world and has since caused great fear and panic in many countries especially those with a higher number of infected and dead victims. This keeps many wondering what will happen to the world economy when this pandemic is over, how will the world recover? What will be the best recovery strategy and how will it apply to yield an effective outcome with the shortest period of time.

As a traveler or/ and an investor, one of your major concerns will likely be the effect of this pandemic on second citizenship. Surprisingly, COVID- 19 pandemics will likely have a positive effect on second citizenship and the market. This is because there will be a need for rapid development and growth in every nation’s economy and people with great ideas and investment need for that.

COVID- 19 positive consequences on second citizenship and the market:

Increased focus in online business practices

On the market structure of the world, there will be a much increase in online sources and technological potency of the market world. It is no news that the whole pandemic followed by the lockdown measures employed by the various government agencies to curb the widespread of the virus, including the complete shutdown of the industrial sector of most countries, could in the face of it seem like a negative outcome. On the face of it however, the focus is on other possible ways through which business can be conducted with the lowest possible level of movement.

Covid-19 pandemic has in a very special way exposed the need for an accelerated rate of change as a concern business training. As it focuses mostly on basic online degree programs. A businessman has to know his way around the internet. This situation has also made us understand that an online office is of equal importance as a physical office hence the need for them both to be understood by a person who wishes to engage in business activity. The summary of that point is that there will be a better economic appreciation and investment in digitalized services and companies.

Increase in productivity

There will also be an increase in productivity. It could be a result of meeting up with the pre-COVID-19 economic status. While there is a truth to this, imagine so more companies in different countries all come together at once with the aim of stabilizing their businesses it will indeed jumpstart the economy of so many countries.

Fiscal advantages

Banks will be willing to give out more loans to business owners who will wish to recuperate more and make up for the time lost as a result of the pandemic. Tax regimes of many jurisdictions will be better a bit to create a tax-friendly environment for foreign investors.

As it concerns second citizenship, there could be identified a few positive consequences.

Personal safety purposes

For those who are still not completely inclined to the idea of second citizenship, after this circumstance more attention will be paid to a second citizenship. In a situation like this pandemic, a person with two citizenships can upon the onset of the pandemics, decide which of the countries he is a citizen of is safer to stay and make possible arrangements to relocate to such a place. When making the arrangements recourse will be made to countries with better response services, adequate medical services, and better security measures including social welfare services.

Increase in overseas investment

We could also talk about second citizenship as regards investment. It is quite important that anyone who has second citizenship by investment should establish his business in the countries he is a citizen of. That way where a situation like this arises it will be of great economic value to the person. Now while more people will discover and resolve to apply for second citizenship after all this is over, even more people with second citizenship will try to diversify their businesses or open other businesses overseas where they are citizens. This will in turn boost economic development in different places.

Relaxed application procedures

Countries affected most by this variable will have a need of relaxing the procedure for second citizenship by investment applications. Countries like Italy, Spain, etc. These countries will have the need of letting foreign experts in the medical field or other areas of interest in their countries in order to help rescue and stabilize the situation. Also, there will be a need to open its doors to foreign investors and in order to boost their economy. Due to these reasons, they will make an application for citizenship easier.

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