Nowadays, a lot of countries based in Europe and the Caribbean are offering high net worth investors a hassle-free pathway to secure a second passport from their country. The most popular way to get one is through a Citizenship by Investment Program (CBI). A CBI grants successful applicants a secondary passport in return for a financial contribution of some kind. More and more UAE investors are turning to CIPs to secure a second passport. But why exactly would anybody want a second passport in the first place? Read on to find out.
Simplified Travel
For any citizen of the Middle East, travel to certain countries can be a burden. This is particularly true when traveling to locations in the Western world. Because there are a number of countries in the Middle East currently involved in the conflict - be it with each other or with Western forces - travelers with a Middle Eastern passport are often subjected to extreme security testing. Consequently, many UAE nationals opt for a second passport as a means of simplifying their travel.
Medical & Educational Benefits
While an increasing number of countries offer free healthcare to citizens, there are still plenty that don’t. The most infamous example of a country without universal healthcare is, of course, the United States. More American than ever before are applying for a second passport from countries which provide free healthcare to residents. Similarly, many have been moved to pursue secondary citizenship to avail of educational benefits. Among the countries that offer free education to their residents are Germany, France, and Sweden. The UAE, however, does not.
Financial Benefits
Invest all of your financial assets in one country, and you are at the mercy of that country. Should it experience an economic downturn or unexpected conflict, you’ll likely lose a significant portion of your net assets. For that reason, every investor should consider obtaining a second passport. This will allow them to store a part of their wealth in another country; guaranteeing continued stability should their home country experience financial hardship.
Securing Property
Most countries show some degree of preference to citizens when it comes to purchasing a property. In fact, there are several countries which make it virtually impossible for non-residents to buy the property. If you wish to own property in one such country, you should obtain a second passport. By doing so, you will be giving yourself a much clearer path to owning the property that has caught your eye.
Immediate Refuge
In times of war and conflict, a second passport will allow you to flee your native country with ease. Additionally, when you arrive in your second country, you will not be subjected to the limitations placed upon asylum seekers. Although the UAE is free from conflict, some citizens have preemptively obtained secondary citizenship. Should you wish to do so, you can secure a second passport Dubai through one of the city’s secondary citizenship agencies. With a reputable firm, you can be sure that your application will be completed swiftly and effectively.
