The demand for passports and international residency “skyrocketed” according to one expert. Nigel Green, the founder and CEO of specialist global financial solutions advisory deVere Group, says they have recorded a 50 percent year-on-year increase in inquiries for second passports, citizenships, and overseas residencies.
With Brexit set to hit on December 31, the rules and regulations regarding free-movement for UK passport holders in Europe are set to change dramatically.
deVere Group, which has more than 100,000 clients globally, reports this highly unusual year has seen demand for its residency and citizen service “skyrocket.”
The majority of inquiries are from high–net-worth individuals from the U.S., India, South Africa, Russia, the Middle East and East Asia who are seeking alternative options in Europe and the Commonwealth.
Mr Green explained: “Previously, a second passport, citizenship or residency were regarded by many as the ultimate luxury item; a status symbol like yachts, supercars and original artwork.
“While this still remains the case, there’s also been a shift due to the pandemic.
“Now, second citizenship or overseas residency are increasingly becoming not just a ‘nice to have accessory’ but a ‘must-have.’
“Whether it be for personal reasons, such as to remain with loved ones overseas or be able to visit them, or for business reasons, a growing number of people are seeking ways to secure their freedom of movement as they have faced travel restrictions which are, typically, based on citizenship.”
He continued: “The pandemic has served as a major catalyst for demand which skyrocketed this year. It has focused minds to secure that second passport or elite residency.
“However, the appeal for is broader than just the global COVID-19 crisis.
“Increasingly people prefer the concept of being a global citizen, rather than being solely tied to the country of their birth.
“They too value the many associated benefits including visa-free travel, world-class education, optimal healthcare, political and economic stability, reduced tax liabilities and wider business and career opportunities.”
However, gaining second citizenship is not as straight forward as simply applying.
Many countries have their own rules and regulations as to how a dual nationality can be obtained.
Often this is to do with the length of time working in the country or living in the country for a set amount of time.
However, there are also options for those who are able to afford to invest in a nation.
“More and more nations are running citizenship-by-investment programs, in which applicants invest an amount of money in a sponsoring country typically in high-end, new-build real estate developments in exchange for permanent residency, citizenship, or both,” explained James Minns, deVere’s Head of Residency & Citizenship.
“These programmes, which high-net-worth individuals regard as invaluable insurance, are typically based on property investments that start from 250,000 EUR.”
