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.