National lockdowns, closed borders and travel restrictions have helped drive up enquiries for second passports, citizenships and overseas residencies by more than 50% year-on-year, according to new data from independent financial advisory firm, DeVere Group.<\/p>\n
DeVere Group, which has more than 100,000 clients globally, reports that this highly unusual year has seen demand for its residency and citizen service skyrocket.<\/p>\n
The majority of enquiries are from high\u2013net-worth individuals from the US, India, South Africa, Russia, the Middle East and East Asia who are seeking alternative options in Europe and the Commonwealth.<\/p>\n
Nigel Green, the founder and CEO of DeVere Group, said: \u201cPreviously, a second passport, citizenship or residency were regarded by many as the ultimate luxury item; a status symbol like yachts, supercars and original artwork.<\/p>\n
\u201cWhile this still remains the case, there\u2019s also been a shift due to the pandemic. Now, second citizenship or overseas residency are increasingly becoming not just a \u2018nice to have accessory\u2019 but a \u2018must have.\u2019<\/p>\n
\u201cWhether it be for personal reasons, such as to remain with loved ones overseas or be able to visit them, or for business reasons, a growing number of people are seeking ways to secure their freedom of movement as they have faced travel restrictions which are, typically, based on citizenship.\u201d<\/p>\n
He said that the pandemic has served as a major catalyst for demand which increased dramatically this year. “It has focused minds to secure that second passport or elite residency.<\/p>\n
\u201cHowever, the appeal for is broader than just the global Covid-19 crisis. Increasingly people prefer the concept of being a global citizen, rather than being solely tied to the country of their birth.”<\/p>\n
They too value the many associated benefits including visa-free travel, world-class education, optimal healthcare, political and economic stability, reduced tax liabilities and wider business and career opportunities, Green said.<\/p>\n
Every host country has different criteria for granting citizenship, including time spent in the country, being able to prove the legal source of funds and no criminal records.<\/p>\n
For example, Portugal\u2019s residency program requires only two weeks every two years of residency to gain the benefits, including the right to live, work, study and open a business there, as well as travel across the 26 countries of Europe\u2019s Schengen area.<\/p>\n
\u201cMore and more nations are running citizenship-by-investment programs, in which applicants invest an amount of money in a sponsoring country typically in high-end, new-build real estate developments in exchange for permanent residency, citizenship, or both,\u201d said James Minns, DeVere\u2019s head of residency & citizenship.<\/p>\n
The programmes, which high-net-worth individuals regard as invaluable insurance, are typically based on property investments that start from 250,000 EUR, said Minnas.<\/p>\n
“These highly unusual times have fuelled the surge in demand for second passports. The pandemic has brought into sharp focus what really matters to people: family, freedom and security,” Green said.<\/p>\n