Second citizenship for the safety of investors: how to create a “safe haven”

A safe haven is where you can quickly go alone or with your family if there is danger or emergency in the country of residence. Second citizenship or residency is required to have such a place.

Keep your family safe with second passports or residence permits

Leave the country. Investors with second citizenship could leave their countries of residence even during the first wave of the coronavirus pandemic when the borders were closed. They were allowed to enter countries that issued their passports or residence permits.

Investors with “spare passports” do not have to waste two to four weeks on getting visas; they can go to Europe, the UK or the USA anytime.

Open a bank account in the EU, UK or USA. It is challenging to open an account in a European or American bank with a passport of another state: applicants are rigorously checked and often refused. Second citizenship or residency helps save you trouble. These documents make opening an account in a foreign bank easier, and sometimes you can even reduce the maintenance fee.

One can keep a financial airbag in a foreign bank, namely, the money the family will use in case of departure from the country of residence. In a critical situation, the investor won’t have to transfer large amounts to foreign accounts and deal with currency control or taxes.

Move the family. Second citizenship or residency investment programs allow the participation of family members. Thus, the investor’s relatives can also move abroad whenever they want.

Buy a property. Many countries offer to invest in real estate to obtain citizenship or residency. Therefore, the family won’t have to look for housing in an emergency.

Material prepared by an expert

How to quickly leave for the EU