UGLOBAL . COM
97
WHY ARE HIGH NET WORTH INDIVIDUALS SEEKING SECOND PASSPORTS ?
BY PREEYA MALIK
As economies and politics shift , a second passport remains appealing , offering stability , growth , and prosperity for wealthy individuals and their families .
In recent years , many high-net-worth individuals ( HNWIs ) have sought second passports and residencies outside of their home countries . Different motives drive these affluent individuals to pursue second citizenship .
GLOBAL MOBILITY AND SECURITY ARE KEY DRIVERS
HMWIs seek a second passport primarily because of the enhanced global mobility it affords . A second passport from selected countries grants an individual visa-free or visa-onarrival access to numerous countries worldwide that they otherwise wouldn ’ t be able to access hassle-free . This freedom of movement is extremely valuable , enabling HNWIs to travel without the inconvenience of often long processing times of visa applications and granting them expedited immigration processes . This is particularly advantageous for business magnates and investors , allowing them to explore international opportunities , expand their businesses , and foster global connections .
In some cases , companies will pay for high-level executives to obtain secondary passports via investment immigration routes ( mostly through Caribbean countries , where passports are issued within a matter of months ) to ensure maximum