The emergence and subsequent spread of COVID-19 in late 2019/early 2020 changed the world. In how we work, study, play, and live our lives. The pandemic has seen countless lives lost, businesses sink, students homeschooling for entire terms, lockdowns, travel bans, and prolonged sealed borders. World over, people have been grappling with immense uncertainty and confusion.
This extreme sense of chaos and restrictions has led to a rise in the number of people looking for a second passport. A second passport that will allow them better access to healthcare and education, while also mitigating some of their business risks and elevating their overall quality of life. In pandemic times, these ‘traditional’ reasons for going after a second passport, have become even more pronounced.
At the same time, many countries are looking for a means to keep their economies afloat with overseas investments as well. Citizenship by Investment or CBI is a win-win situation for governments looking for investments from across the borders as well as for people who can afford to secure a better lifestyle outside their home country. So, be it the Golden Visas or Citizenships by Investment, the wealthy around the world, are looking for their Plan B.
Let’s look more closely at the top factors driving the increased popularity of CBI schemes during the pandemic.
Mobility Freedom
The pandemic severely affected billions of people who had to face travel restrictions that kept them away from their business and family members. In such a scenario who wouldn’t want an alternate residency or citizenship that could allow them more mobility and freedom to travel without visa hassles? One of the main advantages of having an alternate residency or citizenship is easy passage between countries and more travel options. People don’t want to be ‘stuck’ again considering that the pandemic isn’t really going away anytime soon.
Secure Healthcare
It’s only in the middle of a pandemic that many have come to realize that health truly is of utmost importance. Having access to good healthcare isn’t just nice to have anymore, it’s essential. In the past year, we have all seen world leaders deal with the outbreak in their countries differently. We have seen healthcare systems collapse and we have also seen some efficient work done to contain the virus. This is one of the major factors people are looking to acquire alternative citizenship of countries that give easy access to good healthcare. How well did the country handle the current pandemic? How prepared are they to handle the situation when the next wave strikes? What healthcare support do the citizens get and at what cost? These are just a few questions that people ask before deciding on which country they would want to immigrate to.
Changing Work Culture
Covid changed the world in some positive ways too. Work from home and online education has seamlessly become the new norm. Businesses are being managed from anywhere in the world, students are graduating sitting right at home, and every company is coming up with flexible return to work policies. Now people can choose to live in cities or even countries which suit their budget or family dynamics better without having to leave their jobs. All the more reason to invest in secondary citizenships that’ll give one the freedom to avail of better facilities and freedom to travel while working from anywhere one likes.
Security and better prospects
Finally, the security and safety of one’s family has been an important factor for the rise in CBI applications during the pandemic. Even people holding powerful passports from the UK or the US have been looking for an alternate residency because arguably, these nations couldn’t really deal with Covid very effectively - businesses faced unimaginable losses owing to the haphazard lockdowns, healthcare facilities seemed to have little support and the overall management was disorganized. On the other hand, some countries like New Zealand, Portugal, or Australia have fared better so far. They have managed to control the spread of the virus and subsequently avoided a strain on their healthcare systems.
These have all been important factors for people looking for greener pastures and have resulted in a dramatic rise in demand for second passport and residencies. Several countries are responding to this increased demand with carefully thought-out and well-packaged CBI schemes.
