Communicated Content – If you previously believed that one nation’s passport was the same as another, that’s no longer the case. Where the passport is issued makes a considerable difference on how desirable it is when it comes to international travel and arranging visas to stay.
For some wealthy and ultra-wealthy people, however, the situation is more extreme. They prefer to own a second passport issued by another nation, rather than rely on existing visa rules to remain in place.
As Covid has shown, many visa-on-arrival and retirement visa schemes were instantly removed or frozen when the virus first took hold. For people who were interested in staying abroad for a longer duration – or emigrating – something more permanent was required.
Enter the second passport.
Why the Wealthy Are Seeking Second Passports?
Americans have seen the mixed response to Covid, and it has them worried. Initially managed through the waning months of the Trump administration and later by President Biden, the virus has caused great concern to the more affluent in America.
Whereas their money originally helped to insulate them from the masses through different social circles and gated communities, now it seemed like everyone for themselves.
When the national response seemed inadequate or the restrictions to daily activities became abhorrent, many affluent people looked for alternatives. This might be just for a few years until things get back to normal or it could become permanent.
At this point, the idea of dual citizenship via a second passport from another country became far more attractive. Either as a backup option or as a place to go to relax for a while.
What Countries Have Become Popular as Second Homes?
Staying in a foreign country has been popular with ex-pats for years.
Asia Isn’t a Good Option for Second Passports
Countries like Malaysia had a second home visa scheme (since suspended twice due to Covid) and Thailand also offered a long-stay visa that needed to be reapplied for annually. In most cases, these south-east Asian countries provide an option to stay long-term using a domestic passport. However, when a pandemic or other extreme situation arises, such visa options rapidly disappear, as many ex-pats discovered a couple of years ago.
Also, changes to what visas are possible in a given country to happen far more often than we’d expect. Some countries such as Thailand are suffering because of a lack of tourism and are changing tack by setting up new visa options or reopening their borders.
Better Places for Second Passports
For second passport options, the wealthy need to look to other continents for the best choices. New Zealand has seen a surge in interest in emigration to this South Pacific nation, Australia too. And then there’s Malta.
Malta has become an interesting possibility that many wealthy people had never previously considered. There are various options to apply for Maltese citizenship based on investment into the country. Similar to other citizenship programs, investing in local real estate or depositing sufficient funds into a bank satisfies one aspect of the requirements. Essentially, put some ‘skin in the game’ and we’ll consider you. That is, of course, if your background check doesn’t flag anything irregular.
How Does Someone Qualify to Be Issued a Second Passport?
Some countries offer a special form of citizenship or other designation when investing in the country, putting down a deposit at a bank, or making another arrangement.
The Malta citizenship by investment program requires a qualifying investment for at least five years. It’s also necessary to show some links to the island too. This will vary depending on the applicant. The cost for a couple can exceed one million and possibly $1.5m when all the fees are covered. The process for other countries that have a second passport scheme requires similar commitments, financial and otherwise.
Malta will hold particular appeal for anyone who enjoys spending time in Europe. English is widely spoken, the beaches are easy to access, it has excellent weather many months of the year, and it’s in the Eurozone. Citizenship, therefore, provides easier access to the rest of Europe and in one sense, can be seen as a jumping-off point.
Keeping It Safe for Everyone
To ensure that a country remains safe from any unwelcome element, many countries offering some form of additional passport (or a visa issued on a domestic passport) require various checks to be performed.
A criminal record report from your home country is often needed. This helps local residents to appreciate that they have nothing to fear from new, affluent citizens. It also avoids inadvertently bringing in an unsavory element, like happened in the 90s on the Spanish Costa Del Sol.
For the wealthy, the requirement to satisfy checks on their character is often welcomed. At least, it means that other ex-pats seeking the same route to citizenship should be in good standing.
Does a Second Passport Make Sense?
For people who can afford the million or two to open the door to a permanent second home, it may do so. At least, it provides a place to go should politics at home become undesirable or Covid gets out of control. Many wealthier citizens have been looking at how various possible destinations managed the pandemic. For them, it’s one indicator of how safe the country is.
It certainly will remain the province of those who enjoy the various trappings of wealth. Rather than being stuck with ever-changing visa rules, another passport provides a more permanent solution to reside elsewhere in the world. If there’s a beach, good weather, and an excellent healthcare system, all for the better.
