Recently many in the world saw something occur that was unprecedented in their time; countries all over the world closing their borders. The COVID-19 pandemic brought about people suddenly feeling trapped, and if they did not necessarily agree with the precautions or actions their government was taking, it made them feel scared. People all over the world realized how much their actions and ways of life are at the whims of their government’s decisions.
Borders are now slowly opening, but many speculate that this is not the end of something like this and people are searching for “insurance policies” for if a second wave of COVID-19 triggers another global lockdown. This form of insurance comes in the way of a residency or citizenship in a country. The countries that closed their borders continued to admit nationals who were returning home and for those who already had these citizenships, they were able to choose where they would like to wait out the storm.
Getting a new citizenship
This is not a new phenomenon, getting a second citizenship. There are legal firms who have been specializing in this practice for decades and this industry has always been a lucrative one with it being appraised at nearly $4 billion per year. Though, this year’s pandemic has seen even higher numbers for this industry as one England based citizenship broker, Henley & Partners, has reported a 42% increase in people formally filing an application for a new nationality during the first 3 months of 2020, and inquiries being up by 25%.
In the past, inquiries on second residencies and citizenships have been based around people debating where they would like to have holidays and where they would prefer to do business. With this new wave of inquiries, investment migration reasoning has seemed to switch to a more extensive one that includes healthcare and safety. Globalization and the age of technology has made it so that people are more easily learning how other countries operate; this makes it so that they are finding faults in the ways their government is running that they may have not have been aware of before.
What this means for governments
For those who have thought about second citizenships but have stopped their inquiry because they are worried that they could be taking advantage of another country’s resources, they need not worry. These countries’ governments benefit from these citizenships as it provides them with funds in the form of fees and taxes. This means a lot for countries who may rely on tourism and who’s season for it has been cut short; it provides them with a fresh source of income that is needed. For example, take a country like Belize that’s economy can be seen to be reliant on their tourism income; when they get fees paid for citizenships and residencies it helps them out immensely.
Citizenships to shop
Globally there are quite a few options, and ECI Development is proud to have already secured avenues for you to obtain your citizenship in other countries. We have said it year after year why an investment for your future of this sort is important and it has come to a point in the world where this importance has been realized in a mainstream arena. If the bonus of having a tropical climate seems right for your Plan B, here are a couple options we can help you obtain, all of which lead to citizenship after 5 years of residency.
- One of the most affordable and most accessible permanent residency programs worldwide.
- Requirement for qualifying can be met by owning land valued at $10,000 USD or more.
- Can reach the necessary investment by purchasing parcels of teak through Teak Hardwoods.
For more information on all three of these options click here to obtain our Residency Options Booklet.
You have gotten this far, meaning that you realize the importance of citizenships and are interested in the opportunity for yourself and/or those you care about. Our advice to you is do not hesitate; start the process as early as possible so that down the line you have the options to live exactly how you would like.