Why a second passport is essential for African families.
Written by Veronica Cotdemiey, CEO of Citizenship Invest.
Political climates are uncertain. Economies are unstable. Immigration policies are more restrictive. Holding a second citizenship and passport has become a sought-after commodity by wealthy individuals worldwide. Today’s successful Africans are particularly heavily driven by two needs. First is stability and family safety. Second is wealth preservation and freedom of movement. Increasingly more African businessmen diversify their investment portfolios. They want to avoid disproportionate reliance on a particular volatile asset class. They are now also diversifying their lives to avoid dependence on just one country.
The law in many African countries allows its citizens the possibility of having dual nationality. Therefore these families can hold a second citizenship lawfully while still keeping their own. The Kenyan Government, for instance, has no restriction towards its citizens holding a second passport.
Someone can legally obtain a European passport part of the EU in only 6 months via real estate investment. That fact has sparked interest in the African community. Applicant numbers from this region are rising for many reasons. This path is one of them.
The investment amount to lawfully acquire a second nationality within 6 months starts from USD 150,000 for a Caribbean citizenship. It starts from EUR 250,000 for EU permanent residency. It starts from EUR 2,000,000 for an EU citizenship. Citizenship applicants do not have to reside in that country at any point in time. They also do not have to give up their current nationality.
Below we highlight the major benefits of holding a second nationality.
Many African countries face political instability and troubled economies. For people from those countries, a second citizenship has become as valuable as a life insurance policy.
For them, relocating their families to Europe if needed is a goal without a price tag. European citizenship by investment programs are growing rapidly. Families can now give their children improved education and healthcare. They can also keep them away from danger and misfortune.
One major advantage of holding a second citizenship is clearer. It makes applying for residency in other countries a much easier process. Rejections could be due to restricted quotas per nationality. They could also happen because nationals from certain countries are banned from being granted residency in certain nations.
Applying for a visa can be a very frustrating process. With tighter worldwide immigration policies, many African nationals find it difficult to obtain business or tourist visas. On the other hand, many businessmen in the region depend on frequent travel. They find this to be a very hindering situation.
For example, Kenya is allowed visa-free access to about 68 countries worldwide. A European passport enables visa free travelling to an average of 150 plus countries. This does not only make travelling significantly easier. It also enables the passport holder to study, work and live in any European country of their choice.
A second nationality can open an array of opportunities. It can also strengthen someone’s financial security. In terms of wealth re-structuring, a more worldwide accepted citizenship helps open companies internationally with less restrictions. It also helps select preferred banks more freely to shelter funds. It helps choose new tax friendly jurisdictions too.
It is important to consider that a handful of countries grant their citizenship without residency requirements. Therefore the new citizen does not have to ever reside in the country. This advantage is crucial for African business owners. Many have made their fortunes conducting businesses in their home countries. They find it inconvenient to move away in pursuit of a second passport.
Ethnicity and discrimination unfortunately is prevalent amongst people who hold certain nation’s passports. Such passport holders get interrogated when going through customs at airports for example. They also experience restrictions in their professional growth.
With international immigration laws constantly being tightened, holding a second passport enables visa free travelling and free movement worldwide. It also reduces unneeded hold ups from different authorities.
Being a European passport holder gives the family important rights. They can live, work and study in any of the 28 member states. It allows access to world-class education and healthcare systems that only European citizens exclusively receive. In addition, European passports are ranked top when it comes to enjoying visa-free travel. Obtaining a European nationality places any African family within the highest levels of freedom. They have multiple countries to choose from.
Securing a better future for their families is the number one priority for any African national. Some citizenship programs extend benefits to future generations within the family. Depending on each country’s law, grandchildren may inherit the citizenship. Generations beyond may inherit it too. They will enjoy the same advantages.
