According to the UN, there are 195 recognized sovereign countries. But if you’ve ever booked a plane ticket to visit one of them, you’ll know that can involve a lot of paperwork. That’s because not all passports are created equally.
For instance, somebody with a passport from Japan—the highest-ranked passport in the world—can access 191 countries either visa-free or with visa on arrival. By comparison, those with a passport from Afghanistan—the lowest-ranked passport in the world—can only access 26 destinations visa-free.
Citizenship by investment programs offer the opportunity to legally acquire a second passport, usually in exchange for an investment in the country’s economy. These government-sanctioned programs exist in countries all over the world and offer investors the opportunity to become citizens of the world and cross borders quicker and more efficiently.
There are lots of reasons for wanting a second passport. Access to other markets and opportunities can be beneficial from a business standpoint, whether for expansion or simply to be able to travel to have meetings with partners more easily.
Maybe you have children and want to access better education opportunities and don’t want to have to pay international tuition. Perhaps you or somebody in your family has an illness and needs access to healthcare. Or maybe you just want to experience a more global lifestyle. Here are some things to keep in mind.
Do your research
There are numerous options for citizenship by investment programs. An important first step is to decide what you’re looking for and research the option that fits with your needs. You can do this on online or through working with a trusted partner who specializes in facilitating these programs.
Determine your budget
How much are you willing to invest? Some programs cost as little as $150,000 while others can cost upwards of several million dollars. It’s not that one program is better than the other, it’s just that different programs offer different options and benefits. Determining how much you’re willing to invest in your future is an important question to answer.
Get your paperwork in order
Just because the world might be in lockdown, doesn’t mean the application process for citizenship by investment schemes has stopped. In fact, many programs have seen an increase in demand. Take advantage of the extra time at home to make sure your documentation is in order. This includes beginning to fill out application forms as well as securing documents like financial statements, marriage and birth certificates, property deeds and titles, healthcare records, and more.
Some programs can take only a few months from application to completion, while others can take longer. Getting started now will mean you’re ahead of the game once restrictions are fully lifted.
While nobody knows what exactly international travel will look like in the coming weeks, months, and even years, if becoming a more global citizen is of interest to you, there’s no better time to start than now.
This article is written by Moe Alhaj, CEO of Migrate World.