As they become increasingly desperate out of lacking cash, governments around the world and throughout history usually turn to more destructive policies, such as capital controls, price controls, people controls, official currency devaluations, wealth confiscations, retirement account nationalizations, and more.
The more a government’s fiscal health declines, the more destructive its policies become.
This is what political risk is all about. And it is no secret political risk is increasing in many parts of the world, particularly in the Middle East, where welfare and warfare spending continues unabated.
One of the many available means to secure enough fund for backing an economy is through the citizenship-by-investment programs or what’s called the economic citizenship.
However, there are loads of companies out there which provide second passports through donation or investment in real estate.
But, how one can make sure he is applying through an authorized and decent agent?
Experts at Citizenshipfit company, one of the industry leaders often quoted in media articles including the CNN, Guardian and Sunday Times, share with you some few tips for fine-tuning your second passport BS detector:
1- The best way to detect a grey market passport offer is to independently verify the proposal against the local government’s specific and explicit naturalization requirements. If you can’t do that, then it’s almost always a grey market offer.
2- Today, the cheapest legitimate second citizenship by investment costs about $100,000 per person plus tens of thousands of dollars in fees. Even under the best circumstances, it takes between 3-5 months to process. Be wary of any citizenship by investment program that’s cheaper or faster. If it’s significantly less expensive or faster, dismiss it out of hand.
3- Make sure you have an updated information. Naturalisation requirements and options change frequently.
4- In addition to the citizenship by investment options, having ancestry in a country, or other shortcuts, it takes up to five years to become naturalized in most countries. However, some nations will grant you its citizenship in less time—they are very few, though.
5- To get naturalized, practically every country in the world requires a detailed application process, which usually involves a background check. If the application process seems too easy, it should raise a red flag.
“A second passport is no doubt the ultimate insurance policy against an out-of-control government.
Think of it as your “free insurance
” The rules on second passports can change quickly. This is why it’s so important to have the most up-to-date, accurate, and actionable information out there”, said Azzam Mohammed, Founder & CEO, Citizenshipfit company, one of the very few companies in the Middle East that provides legal consultation and transparent advice on immigration-and-second-passport-related issues.
Giving Yourself More Options
The goal of international diversification is to increase your options in an uncertain world. Falling for a grey or black-market passport scheme is a sure path to fewer opportunities… or worse. You must avoid them as well as the people who promote them.
In spite of the fact that there are many relevant programs and lots of unprofessional advice out there, people’s need for a legitimate second citizenship and the political and social diversifications that come with it is only growing.