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Why Do Americans Have Increased Interest in Second Passports?

2.25 minute read
"The CS Global Partners, a legal advisory specializing in providing citizenship and residency solutions, recently conducted a research study to reveal that the interest in the Second Passports, also known as ‘Permanent Residency by Investment’ and Citizenship by Investment (CBI) has increased significantly over the past year."
Written by My Visa Source Team
Published on:  Aug 10, 2021
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The CS Global Partners, a legal advisory specializing in providing citizenship and residency solutions, recently conducted a research study to reveal that the interest in the Second Passports, also known as ‘Permanent Residency by Investment’ or Citizenship by Investment (CBI) has increased significantly over the past year. 

Based on the research, there was a 42% increase in interest in CBI from American citizens in 2020 compared to 2019. One of the major reasons for this increase is the ongoing Covid-19 virus which forced many people to reconsider their plans for the future.

The Covid-19 pandemic declined the United States passport’s power, meaning that Americans could no longer travel as freely as before the pandemic. During this time, those with second passports had the luxury of enjoying loosened travel restrictions and could conduct their business globally without much problem. 

In addition to that, the political climate of the US has remained quite unstable for the past year which led some Americans to consider moving abroad. Many opted to secure citizenship through familial descent. For those who couldn’t do that, acquiring second passports is the most viable option. 

Why Is Citizenship By Investment So Popular?

The Citizenship by Investment (CBI) is quite popular as during the time of unrest, it works as a safety net, allowing the holder to move to a different place without any difficulties. 

This is a viable option for those facing political instability in their home country or hoping to broaden the reach of their business. The CBI is especially beneficial for wealthy US citizens as they can gain global mobility, safety, and security for the future.

What Are the Most Popular Countries for Citizenship By Investment?

Currently, the Caribbean is a popular region owing to its proximity to the US and decades of experience in the industry. The concept of CBI was first introduced in St Kitts and Nevis. This is what gains them the recognition of being the “Platinum Standard” brand as they have the longest run program in operation.

St Kitts and Nevis are ranked pretty high on the CBI Index 2020 as it is also considered the fastest route for a second passport or CBI. Anyone who can pass the necessary due diligence and has a clean source of funds can gain CBI within 60 days. In certain cases, you may even get your application processed within 45 days under the Accelerated Application Process.

Gaining a passport from St Kitts and Nevis will allow the holder to travel to nearly 160 countries for short periods without requiring a visa. In addition to that, the dual island nation offers a stable democracy, the right to live, work, and study in the country, and the ability to pass on citizenship for generations to come. Families can invest in the country for citizenship starting from $150,000. It is the same price as for a single applicant. 

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