Travel restrictions, countries making it hard for their citizens to leave, higher taxes, increasingly authoritarian governments – there are many reasons why the industry for second passports is booming.
I talked a lot about the Turkish programme, where buying $250,000 worth of real estate gets you and your family citizenship, and Montenegro, whose programme ends at the end of this year.
However, some of the most popular second passport programmes are in the Caribbean and the South Pacific. Starting from $100,000 (+ fees), one can obtain a passport of small, neutral countries that don’t try to get too involved in their citizens’ personal affairs.
I decided to interview Laszlo. Laszlo is an immigration expert who has been working in the high-end immigration industry for almost 30 years.
Here’s an outline of our conversation:
– Why are people getting second passports?
– Why are countries selling citizenships?
– The due diligence process to obtain a citizenship-by-investment
– Why are Westerners increasingly obtaining second passports?
– Tax planning
– The most popular island citizenship programmes
– Vanuatu Citizenship by Investment
– Extra fees when buying a second citizenship
– Why Laszlo’s services are different
– Free consulting offer by Laszlo
Watch it here.
The world is changing – fast
Typically, customers of such citizenship by investment programmes were Chinese, South Asians, Middle Easterners, or South Africans who wanted a plan B and a better travel document. This market is still very much active, and increasing.
The latest trend though is a massive increase in Western demand. Europeans, and mostly North Americans, are now actively purchasing “citizenship insurance”.
Westerners don’t need better travel documents, typically their passports rank high in terms of visa-free travel (except to Russia and China). Rather, they are worried about political developments back home. They perceive that freedom and constitutional rights are in a downtrend, and don’t want to depend on only one government.
The reality is that if you have only one citizenship, you are highly exposed to the whims of your politicians.
Americans in particular are keen to get out of the grips of the IRS, as the US is one of the only countries that taxes its citizens based on citizenship, not residency. And other countries such as Canada and some EU countries are mulling over such reforms.
The harsh reality is that for the wealthy, a second passport is now becoming an indispensable part of their portfolio.
If you are a HNWI or UHNWI and want to discuss your options for:
– Caribbean passports
– Vanuatu passport (crypto payment can be arranged)
– Portugal Golden Visa
then feel free to get in touch with Laszlo for a free consultation (here) or by sending him an email: firstname.lastname@example.org
To a World of Opportunities,
The Wandering Investor
If you want to discuss your internationalization and diversification plans, book a consulting session* or send me an email.
*a consulting session is a discussion about your portfolio and objectives. It does not constitute legal, financial, tax or investment advice.