Entrepreneurs and investors that often travel across different parts of the globe will benefit greatly from having a second passport.
With the right second passport, entrepreneurs and investors can travel visa-free to various countries, including the ones considered as important trading markets. They won’t have to go through the long, arduous, and expensive process of applying for a visa to enter a particular country to conduct a feasibility study, see the possible site of their office or store, and meet with potential business investors or partners.
Acquiring a Second Citizenship
Various countries offer different types of second citizenship programs. Some offer more benefits than others.
Since most of these second citizenship programs require a substantial amount of investment, it is important that you choose the right one that will give you more from your outlay.
You can do this by avoiding these mistakes when applying for a second passport:
1. Selecting the wrong country
Many people make the mistake of applying for a second passport from a country they think is highly prestigious. Although it can be impressive to have a passport issued by a European or wealthy Asian country, there is a high chance you may have to wait several years to get it since there are hundreds of other applicants who applied before you or at the same time you have.
Additionally, most of these countries have a stringent naturalization process that does not guarantee success.
As an entrepreneur or investor, waiting too long for a passport that will allow you to travel more freely is not really an option. You will be spending a lot of money on both your second citizenship application and entry visa fees while waiting for your new passport, and may have to live for many years in that country before being naturalized.
If you need a second passport quickly, you need to find a country that offers the simplest way to receive citizenship. An Antigua passport stands out in this aspect since you can get it within three to four months after your application.
More importantly, with an Antigua passport, you will be able to enter 150 countries without a visa. These countries include the United Kingdom, EU Schengen zone, Hong Kong, and Singapore – all renowned global business hubs.
2. Buying a property blindly
Citizenship by real estate investment is one of the best options available to entrepreneurs and investors looking for second citizenship.
Whether you plan on using the property as your vacation home, future retirement house, or turning it into holiday rental as an additional source of income, you have to be sure it will be worth your investment.
Although you can purchase a property even without going to your target country, you have to take the time to visit the country and to personally see and inspect prospective residences. By doing so, you will avoid having regrets about the property you will be buying.
By visiting your target country first before investing in a property, you will also be able to personally assess the place, people, and business environment. Moreover, you will be able to talk to local service providers or licensed agents who know the ins and outs of the citizenship program, and you can get all the information you need before you start your application.
3. Going to extremes to save money
There is no getting around it: acquiring second citizenship is expensive.
There isn’t anything wrong with trying to save money on certain elements of the application process. However, you have to know which areas you can scrimp on and which ones you can’t.
For instance, if you choose to work with a citizenship advisory firm that offers the cheapest rates, it is possible that your hard-earned money will fall into the hands of incompetent agents. You will end up losing money and getting subpar services so you will be inclined to look for another service provider down the line.
Additionally, you may be tempted to select a country that offers more affordable investment opportunities. In such cases, you may save money on your second passport, but also get fewer benefits. This includes having visa-free access to fewer countries.
If you do sufficient research, you will find a country that offers great benefits for a reasonable amount of investment.
4. Doing everything yourself
Lastly, obtaining second citizenship can be quite complicated, especially if you don’t spend enough time researching the process and rules. If you want to be successful on your first application and avoid wasting money, time and effort going through the whole process again, consider getting help from experts.
When you have a citizenship advisor assisting you from the start, you will get help with completing and submitting all the requirements. They will help you in every step of the application process as well.
With their experience and resources, you will go through the process faster and with less hassle.
Whether you want to start your first business overseas or want to enjoy the benefit of visa-free travel to numerous countries, you will experience all of these when you acquire a second passport from the right country.
Kal Kennard is a Partner at Citizens International, a white-glove specialist firm offering private client services necessary for citizenship investment into the Caribbean. Based in the Caribbean for the past 15 years, she is an experienced consultant who works directly with many professional partners and advises clients worldwide.