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Increased Global Demand for a Second Passport or Residency

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As the Covid-19 pandemic continues to disturb many countries' economy and people's freedom of movement, there is a substantial increase in demand for a second passport or residency in countries offering Citizenship by Investment Programs.

This surge in demand is understandable for several reasons including:

Plan B for the future

Realizing that no one is immune from an unprecedented crisis, more affluent families have rushed to enroll in a Citizenship or Residency by Investment Program in an effort to secure their future and their wealth.

Obtaining a reputable second passport fairly quickly allows the whole family to have an 'emergency exit' and to be able to travel visa-free to over 165 countries. This type of Program represents, now more than ever, a Plan B as a protection for the current situation or for any other crisis to come.

Flexible and more accessible programs

Several countries in Europe or the Caribbean offering Citizenship or Residence by Investment Programs have made their procedures more flexible so that applications can be submitted online. The impact of this greater accessibility is reflected in a significant increase in requests for a second passport.

Furthermore, several Caribbean countries have reduced some of the costs required to obtain a second passport for the whole family, attracting more applicants lately, especially since this incentive could be temporary and lasting only during the pandemic.

More time to seize the opportunity

Finally, several families took advantage of the forced confinement of Covid-19 to take action by starting their application process.

The time available at home with the family allowed them to make a decision and act quickly to obtain a second passport or residency.  This will help them have freedom of movement and travel in many countries to capture business opportunities, especially after the Covid crisis.

In the current context of global uncertainty, Citizenship or Residence by Investment Programs are increasingly popular with high net worth investors and families. For more than 30 years, TIMC has offered a holistic approach to its clients that has proven to be very effective in protecting them from global uncertainties. By geographically diversifying assets and citizenships simultaneously, this approach secures the future of the whole family.

If you haven't started your application process yet, it's time to assess your options. We remain available to help you and your family achieve this goal. 

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