Demand for second passports soars by 50% due to coronavirus restrictions
Enquiries for second passports, citizenships and overseas residencies have risen by more than 50% year-on-year, due to coronavirus lockdowns, closed borders and travel curbs.
Demand for deVere’s residency and citizen service has soared this year, with most enquiries coming from HNW individuals in the United States, India, South Africa, Russia, the Middle East and East Asia seeking passports for European or Caribbean countries.
As I was quoted as saying by the Daily Express, Newsmax and International Adviser, amongst other media, before the coronavirus pandemic, a second passport, citizenship or residency were viewed by most as the ultimate luxury item, a real status symbol.
Although this is still true, we’ve seen a shift because of the Covid crisis.
As it stands now, having a second citizenship or overseas residency is not just a ‘nice to have accessory’, it’s a ‘must have.’
Whether the reason is a personal one, for example to stay with family overseas or visit them, or for business motives, more and more people are looking at ways to secure their freedom of movement in light of recent travel restrictions which are, usually, based on citizenship.
We’ve seen the pandemic become a principal catalyst for the burgeoning demand, as it has focused minds to obtain a second passport or elite residency.
That said, the appeal for HNW individuals goes beyond the coronavirus crisis.
These individuals also appreciate the numerous associated benefits such as visa-free travel, first-rate education, world-class healthcare, political and economic stability, reduced tax liabilities and more extensive business and career opportunities.
Each host country has varying criteria for awarding citizenship, such as the amount of time spent in the country, the ability to prove the legal source of funds and no criminal record.
One of the most popular residency programs is that of the beautiful Caribbean island nation of Grenada, of which I’m a financial ambassador.
Benefits of Grenada’s citizenship by investment programme include visa-free travel to more than 115 countries, a tax-free life as there’s no income tax, no wealth tax, and no inheritance tax, plus there are no minimum residence requirement.
Typically, the length of the fast-track application procedure is around three months.
It’s an ideal option for those seeking a secure and stable second home nation whose governmental system is a parliamentary democracy under a constitutional monarchy.
We’ve seen the pandemic drive up the skyrocketing demand for second passports, and these most unusual times have brought into laser sharp focus the things that really matter to people, namely family, freedom and security.