Why a second passport is essential for African families
Written by Veronica Cotdemiey, CEO of
Citizenship Invest
In light of uncertain
political climate, unstable economies and more restrictive immigration policies,
holding a second citizenship and passport has become a sought-after commodity
by wealthy individuals worldwide. Todays successful Africans, are particularly
heavily driven firstly by the need of stability and family safety, and secondly
by wealth preservation and freedom of movement. Increasingly more African businessmen
not only diversify their investment portfolios to avoid disproportionate
reliance on a particular volatile asset class, but they are now also
diversifying their lives to avoid dependence on just one country.
The law in many
African countries allows its citizens the possibility of having dual nationality,
therefore these families can hold a second citizenship lawfully while still
keep their own. The Kenyan Government for instance, has no restriction towards
its citizens holding a second passport.
The fact that
someone can legally obtain a European passport part of the EU in only 6 months
via real estate investment, has sparked interest in the African community and
is one of the many reasons why we are currently seeing an increasing number of applicants
from this region.
The
investment amount to lawfully acquire a second nationality within 6 months,
start from USD 150,000 for a Caribbean citizenship, EUR 250,000 for EU
permanent residency to EUR 2,000,000 for an EU citizenship. Citizenship
applicants do not have to reside in that country at any point in time, neither
give up their current nationality.
Below we highlight
the major benefits of holding a second nationality.
1-
Family Security
Coming
from politically unstable and troubled economies, a second citizenship has
become as valuable as a life insurance policy for people from some Africans
countries.
For
them to have the ability to relocate their families to Europe if they need to,
is a goal that does not have a price tag. With the rapid growth of European citizenship
by investment programs families are now able to provide their children a life
with improved education and healthcare and away from danger and misfortune.
One major advantage of holding a
second citizenship is that it makes applying for residency in other countries a
much easier process. Rejections could be due to restricted quotas per
nationality or simply because nationals from certain countries are banned from
being granted residency in certain nations.
2-
Visa-free Travel
Applying
for a visa can be a very frustrating process. With tighter worldwide
immigration policies, many African nationals find it difficult to obtain business
or tourist visas. On the other hand, businessmen in the region whom their
businesses depend on frequent travel, find this to be a very hindering
situation.
For example, Kenya is allowed
visa-free access to about 68 countries worldwide, whilst a European passport
enables visa free travelling to an average of 150 plus countries. This does not
only make travelling significantly easier but enables the passport holder to
study, work and live in any European country of
their choice.
3-
Financial Security
A
second nationality can open an array of opportunities and strengthen someones
financial security. In terms of wealth
re-structuring, a more worldwide accepted citizenship helps to open companies internationally
with less restrictions, select more freely preferred banks to shelter their funds
and to choose new tax friendly jurisdictions.
It is important to consider that there
is a handful of countries which grant their citizenship without residency
requirements, therefore the new citizen does not have to ever reside in the
country. This advantage is crucial for African business owners who have made their
fortunes conducting businesses in their home countries and find it inconvenient
to move away in perusal of a second passport.
4-
Avoid Discrimination
Ethnicity and discrimination unfortunately is
prevalent amongst people who hold certain nations passports. Such passport
holders get interrogated when going through customs at airports for example and
experience restrictions in their professional growth.
With international
immigration laws constantly being tightened, holding a second passport enables
visa free travelling and free movement worldwide with unneeded hold ups from
different authorities.
5-
Benefit from Being an EU Citizen
Being a European passport holder gives the family the
right to live, work and study in any of the 28 member states. It allows access
to world-class education and healthcare systems that only European citizens
exclusively receive. In Addition, European passports are ranked top when it
comes to enjoying visa-free travel. Obtaining a European nationality places any
African family within the highest levels of freedom with multiple countries to
choose from.
6-
Benefits for Future Generations
Securing a better future for their families it is the
number one priority for any African national. Some of the citizenship programs
have the advantage to extend the multiple benefits to future generations within
the family. Depending on the law of each country, grandchildren and even
generations beyond will be able to inherit the citizenship and enjoy the same
advantages.
