Ambitious entrepreneurs will always aspire to break into the global market. However, doing so requires the ability to travel overseas frequently. Getting a visa may seem like the most obvious solution, but applying for a visa can be a long and complex process. For an increasing number of wealthy individuals, obtaining a second passport is a more efficient alternative.
Citizenship by investment is a legal process where individuals can obtain citizenship in a country, provided they invest a significant amount of money in government-approved projects designed to help develop that country’s economy. These programmes exist all over the world and provide a welcome boost to economies in small countries such as Cyprus and Dominica.
Choosing this route to obtain a second passport means that entrepreneurs can legally acquire a new citizenship quickly and simply, without unnecessary disruption. An abundance of business opportunities around the world means a second citizenship can bring entrepreneurs new and exciting options for their enterprise. Here are a few reasons why it might be time for you to consider investing in a new passport:
You can benefit from greater investment opportunities
Second passports obtained through an economic citizenship programme are usually done so in one of two ways. The first is to make a one off donation to a government fund, often designed to help diversify its economy or help build its infrastructure. The second is to invest in government-approved real estate.
Government’s introduce these programmes as a way to boost the local economy and enhance standard of living for its citizens, but for entrepreneurs these programmes offer genuine and potentially lucrative business opportunities.
For example, Grenada’s citizenship by investment programme invites applicants to invest in pre-approved real estate such as luxury and eco-hotels. Record numbers of tourists have been travelling to the Caribbean in recent years and, as Grenada can market itself in both the luxury and ecotourism markets, the island stands to reap the rewards. In turn, this will increase the value and importance of property earmarked for tourist use.
You can enjoy greater international mobility
It’s not just the country itself that is attractive to business leaders and entrepreneurs, but the markets that a second passport can open. For many, the long and complex process of obtaining a working visa can be a great burden in the fast-paced world of business. If you have an important meeting at short notice and it happens to be on the other side of the world, you need to be able to travel freely. After all, it could be the difference between sealing the deal and losing the sale.
Having a second passport can be a way of ensuring you have visa-free travel to important trading markets such as the EU and the Schengen Area. For example, Dominican citizens are entitled to visa-free travel to more than 115 countries and territories, including Europe’s Schengen area, the United Kingdom, Singapore, and Hong Kong.
A second passport can help you to conduct face to face business
As mentioned, a second passport doesn’t just allow entrepreneurs to circumvent the painstaking process of getting a visa, it also allows you to actually meet clients and prospective business partners in person. Research by Launch Workplaces found that 67% of senior executives and managers said their organisation’s productivity would increase if superiors communicated face-to-face more often.
Forbes states that face-to-face interactions are vital in building trust, understanding, and a real sense of a shared mission. Having a second passport allows budding entrepreneurs to build connections, not just in your host country, but in other countries where the second passport grants visa-free travel to.