The value of a second Passport in a time of Crisis
A lot of people turn to citizenship and residency investment programs as a way of planning ahead and protecting against future crises and changes.
In a time like this, with the COVID-19 crisis sweeping the world and changing and evolving each day, we are reminded that disaster does strike and the threats to our safety and our quality of life are in fact real.
There have been and always will be threats to humanity and our very existence as we know it. This is not to say we should be living in a constant state of panic and fear, waiting for the next disaster to come around the bend. However, when prepared, there is a general sense of calm with which we can lead our lives.
Disaster events trigger contingency plans A global financial crash, a new president elected, or indeed a global pandemic are all examples of triggering events that can cause fundamental change to international mobility and to the way we live our lives. With this comes a growing sense of urgency to formulate a plan B to safeguard our future and that of our future generations.
Proactive vs. Reactive types of people There are two types of people, those who are proactive and motivated to secure a safety net before crisis hits, and those who react to a crisis and scramble to get things together to secure their families safety. Whilst the present COVID-19 crisis could not have been predicted, it begs the question, which kind of crisis can really be predicted? Proactivity is always less costly than reactivity in the wake of these events.
Having a Plan B Given the unpredictable nature of crisis and disaster, planning ahead becomes ever more imperative to cushion the blow of these events. The current COVID- crisis is affecting people’s mobility. Often, changes like the border closures we are seeing now are unpredictable and unforeseen. Things are changing. A lot of people turn to citizenship and residency investment programs as a way of planning ahead and protecting against future crises and changes. Whilst temporary travel bans are currently in place, once lifted we can expect travel and mobility to return to normality.
Many people are considering a second citizenship as their plan B not only in terms of a second passport, but by way of diversifying and spreading assets spatially, ahead of an ever more likely financial crash. Investing in a second citizenship is like an insurance policy, insurance against a force majeure event. International property markets have outperformed most other asset classes in the last 15 years.