A second passport or permanent overseas residency is now the ultimate luxury item for high-net-worth individuals, says the CEO of one of the world’s largest independent financial advisory organisations.
The comments from deVere Group’s Nigel Green come as his company reports a 45% year-on-year jump in enquiries from individuals across the globe who are seeking citizenship and/or residency outside their country of origin.
‘Wealthy individuals around the world are now increasingly considering investing in a second citizenship or overseas residency, says Green. ‘A second passport or elite residency in a host country are now widely perceived by high-net-worth individuals as the ultimate luxury item.’
‘But perhaps unlike designer jewellery, yachts, supercars, or original artwork, owning government-backed citizenship or residency in another country isn’t merely a status symbol, there are other, further-reaching advantages.’
According to Green: ‘It’s our experience that the majority of high-net-worth individuals and their families wishing to obtain dual citizenship or residency are coming from India, China, South Africa, the Middle East and Russia.’
‘Typically, they are considering opportunities for citizenship or residency in Europe or the Caribbean.’
He goes on to say: ‘There are many different reasons why clients are eyeing alternative citizenships and residencies for themselves and their families. These include significantly greater scope for visa-free global travel, political stability, world-class education and healthcare, tax efficiency, and wider business growth opportunities.’
Each host nation country will have different criteria that need to be met, such as how many days need to be spent in the host country. Some requirements are common to all such programs including having a clean criminal record and being able to prove the legal source of funds.