With the coronavirus pandemic peaking this time of year, many investors and business owners are being introduced, quite drastically, to the brittle nature of the global economy. The rapid change in our lives has made citizenship by investment options all the more appealing to investors.
Countries that were once tourist hotspots, a haven for real estate moguls, and homes to thriving export economies, are now completely on lockdown. Economic losses, as well as quarantine measures, are expected to last, in most parts of the world, at least for a few months.
On the other hand, countries that were once on the lower end of the economic development scale seem to be doing just fine during the pandemic partially due to their naturally low tourism rates, as well as their very low senior population.
Citizens of these countries are able to continue their life as normal, and their healthcare systems are currently unburdened by the COVID-19 outbreak.
During this difficult time, it has become increasingly important to have mobility across the globe. Many people are now stuck in different parts of the world with nowhere to stay due to the closing of several airports and the visa restrictions created as the result of the outbreak.
This begs us to ask the question: is dual citizenship now a necessity? Read below to find out.
Coronavirus Travel and Visa Restrictions
As you’ve probably heard time and time again, many nationalities have been barred from travel during the pandemic due to the outbreak in their countries. Some nationals were denied visas from several countries during the initial COVID-19 outbreak.
While the safety measures taken during this time are understandable, it still limits your ability to travel and carry on with business as usual.
With dual citizenship and a passport from a different country, such as a Caribbean passport, you have a higher potential of avoiding visa limitations during a time like the coronavirus pandemic. This is also important when it comes to your family. Your children studying abroad have an easier time coming home in the case of an emergency if they carry dual citizenship.
COVID-19 Epicenters at Home
The coronavirus epicentre keeps on shifting from one country to another as each country hits its peak with the number of cases.
Unfortunately, when a country becomes the new epicentre of the coronavirus outbreak, life is basically halted and fear of contracting the disease skyrockets in citizens.
On top of that, healthcare systems are overrun and even those needing immediate and ongoing medical treatment such as cancer patients are unable to get the care they need.
With second citizenship, citizens are able to go to their other home country where there is likely a lower rate of infection to avoid the outbreak of the disease, or where healthcare is much more advanced.
A Place Away from COVID-19
While it is important to avoid emergency situations and carry on with your business endeavours and responsibilities, sometimes you just need to get away until the situation resolves itself.
With a second passport, you are able to have some peace of mind that you and your family are safe while staying in your other home country until quarantine measures in other parts of the world end.
So, do you really need a second passport in a time like this? The coronavirus pandemic has convinced us that you do. Having more options for travel, residence, and work is always an advantage, even in non-emergency situations. Start looking for a dual citizenship opportunity through citizenship by investment programs now, and don’t wait for the next emergency situation to occur to be ready.