The US passport has always been one of the most powerful in the world. That is, until the coronavirus pandemic. Many countries are unwilling to open their borders to American travelers due to the terrifying number of infections in the US.That said, some affluent US citizens have found a workaround ‐ a second passport. Experts explain that the lack of mobility has incited investment migration. Depending on the destination country, US investors may channel their funds into real estate or business ventures to get a second citizenship.
Investment migration agencies have seen the demand for alternative citizenship soar by 40 percent this year. The options available are anything between $100,000 for a Caribbean state citizenship up to over $2 million for a EU passport.
Before the pandemia, US nationals were mainly seeking second passports for relaxed taxation purposes. Now, Americans are arranging other citizenships to retain their global mobility. An erstwhile life goal for many people worldwide, a US passport may now turn out to be a burden.
At this point, over 20 countries are offering various residency and citizenship programmes. In fact, the US itself runs the EB-5 Immigrant Investor Visa Program, yet its popularity has ebbed due to high costs and long approval timeframes.
On the other hand, a growing number of Americans are looking into the Caribbean and Vanuatuan programmes as a solution to travel restrictions this year.
At Luxury Citizenship, we provide turnkey investment migration solutions tailored to US nationals. Contact us to learn more about the investment options, budgets and procedures.
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