- Visa-free travel springboard
- Springboard to move abroad and get your work permit
- Investment springboard
- Banking springboard
- Springboard to increase the number of friendly consulates
- Springboard jurisdiction-related risks
- Assistance with choosing the best springboard jurisdictions and obtaining a second passport or a residence permit therein
With all due respect to the ancient sage Archimedes, the fastest way to get from A to B is by far not always straight. Considering today’s geopolitical situation, it is not the map that an avid traveler should use to make it up to their destination.
A foreign passport or even better a couple of them are much more useful for the purpose. These are namely passports and residence cards that let the holder thereof cross national borders with no restrictions.
A simple yet efficient springboard jurisdiction strategy mentioned above is useful for improving global mobility and increasing your opportunities in multiple other spheres. The International Wealth readers and subscribers are well aware of the fact that oftentimes foreign passports and residence permits are issued to lift visa barriers for the holders thereof who are then able to cross borders without any issues.
This is one of the main reasons urging UHNWIs to apply for foreign citizenship by investment in the Caribbean. Yet, with all their benefits, springboard jurisdictions are not the only opportunity to travel the world visa-free. With foreign residence or an extra passport in your bag, you will enjoy access to a variety of other springboards that we will study in detail below.
Visa-free travel springboard
Expanding your visa-free destination list is the most obvious benefit springboard jurisdictions usually come with. This way, some HNWIs from the US prefer to obtain citizenship by investment in Grenada just to enjoy visa-free access to China.
The reason behind this is that the Grenadians are free to cross the China border and stay therein for 30 days without a visa, while the US citizens do not have this privilege. In this situation, Grenada is a springboard for the Americans wishing to simplify and speed up their Asia travel formalities.
Citizenship by investment in St Kitts is another springboard for you to enjoy visa-free travel. For Chinese and Indian citizens as well as nationals of multiple other states, St Kitts CBI passports open the door to the Schengen area that they may visit visa-free with a St Kitts passport. Unlike the Chinese and the Indians, holders of St Kitts passports enjoy visa-free access to the Schengen Area.
Back in 2014, Pavel Durov, the famous IT-tycoon from Russia got St Kitts and Nevis CBI to travel the world visa-free. Following his steps, regular guys like you and me can do the same. Turning to International Wealth for assistance will make the procedure a lot faster and easier. Besides, our industry pros are here to offer you lots of viable CBI alternatives.
Springboard to move abroad and get your work permit
Citizenship of a certain jurisdiction may be used as a springboard to obtain a residence and work permit in a different jurisdiction. A US citizen of Hungarian descent can successfully obtain a Hungarian passport based on their origin, acquiring the right to reside in any country of the European Union be it France or any other state.
As provided for by Article 21 of Treaty on the Functioning of the European Union, the said citizen of the US and Hungary is free to reside anywhere in the EU with no restrictions whatsoever. Getting a residence card in the EU member state that is not their citizenship state where the said citizen has long-term residence is the only formal requirement to follow.
The other springboard of the kind may be of interest to a Slovak Venezuelan. A citizen of the South American state will get citizenship of Slovakia gaining access to not just the EU but the US as well. Alongside this, they will get the right to live and work in the US under the E-2 Investor visa, as unlike Venezuela, Slovakia is a signatory to the E-2 agreement.
Together with a passport or a residence card of the state that belongs to a different geopolitical block like the EU comes a number of additional opportunities to live and work abroad. MERCOSUR, the Common Travel Area (including Great Britain and Ireland), ASEAN, and the Caribbean Community are among such regional political blocks.
In many countries, laws serve to prohibit foreign citizens from investing in certain assets. Say, they may be not allowed to purchase land plots or detached cottages. Such restrictions have long been introduced in Thailand and a number of other Asian states aiming to protect their national interests.
To “cool down” their real estate markets that face spiraling price growth due to foreign buyer influx, some states introduce temporary restrictions. Since January 2023, foreigners have been temporarily forbidden to purchase properties in Canada, with exceptions provided for the non-Canadians who boast longstanding ties with the country. Spain and Portugal are currently considering whether such restrictions are worth imposing.
Together with the citizenship of the state you are interested in as an investor, you obtain a springboard to seamlessly invest in the local economy. Regardless of the circumstances like investment restrictions for foreigners that may be imposed in the future, your investor privilege remains.
Passports issued in multiple jurisdictions are considered toxic, preventing their holders from doing business or achieving their goals like setting up an account with a foreign bank. As a rule, applications from toxic passport holders are rejected after the pre-screening carried out by the bank.
This is an issue that citizens of multiple jurisdictions face, from the US where tax authorities threaten sanctions to foreign banks as the latter aren’t willing to share information on their American customers to Russia that is currently under international sanctions.
A second passport of a neutral country boasting an impeccable reputation like Grenada comes with a springboard for easier cooperation with international banks anywhere in the world for the holders thereof.
Springboard to increase the number of friendly consulates
Second citizenship or a residence permit may be used to access the new diplomatic mission network. With this, several tasks will be accomplished. FYI: certain states, with the US among them, oblige visa applicants to apply in their citizenship or residence states. If a diplomatic mission of the destination country is not to be found in the bipatride’s home country, their second citizenship state is highly likely to have one.
Having an alternative comes in handy where a diplomatic mission in the applicant’s home country is overcommitted. Mind that a second passport is not necessary in this case. Say, a Pakistani citizen applying for an immigration visa to the US based on marriage whose visa application is to be processed in Islamabad, can try to get a temporary residence permit in Spain (e.g., via a new digital nomad visa). With a Spanish residence permit, such applicant may transfer their case to the US consulate in Madrid. Therein, the application in question will be processed and potentially approved much faster.
As a second argument, bipatrides and second passport holders among globetrotters are free to benefit from consulate protection that not only diplomatic missions of their home states but also those of second citizenship countries and member jurisdictions of the same political blocks grant. This way, Portuguese citizens are entitled to consular protection in diplomatic missions of any EU state. Ukrainians who apply for Portuguese citizenship based on 5-year naturalization may use the privilege as well.
Springboard jurisdiction-related risks
A variety of factors should be considered when employing a springboard jurisdiction strategy. Hence, your residence permit or visa application may be denied on multiple grounds as well. Below, the basic ones are listed:
- If your main reason to apply for a second passport or a residence permit abroad is to later on use it as a springboard to travel elsewhere, you should realize the risks resulting from fluctuations in bilateral relationships. The standard practice is to regularly reconsider the conventions, treaties, and agreements granting visa-free access to a certain jurisdiction to citizens of a certain state. In May, 2022. Vanuatu citizens lost their visa-free access to the Schengen Area since EU officials were unhappy with the Vanuatu economic citizenship schemes.
- Although not restricted by any laws, visa waiver agreements and rights of residents may be temporarily construed as limited or restricted at the ministry level. Something of the kind took place during COVID-19 lockdowns.
- Unforeseen difficulties in obtaining a vital document to apply for a visa, residence permit or citizenship may delay the implementation of a plan to create a new springboard so much that the corresponding strategy will prove to be of little use.
- It pays to be aware of any potential new obligations that come together with second citizenship or additional residence for an individual. These may be extra taxes or a compulsory military service in a new homeland. To avoid unpleasant surprises, be sure to book a free consultation with the International Wealth seasoned experts.
Assistance with choosing the best springboard jurisdictions and obtaining a second passport or a residence permit therein
Every immigration, second citizenship, or residency case is unique. At International Wealth, we do realize it only too clearly, offering a bespoke approach to each of our customers willing to benefit from the springboard jurisdiction strategy.
To learn more, you are encouraged to consult any of the International Wealth industry professionals. The procedure is easy, the only thing for you to do is fill in our contact form online or call us at any of the phone numbers on the website. As a result, you will get an initial consultation with our accomplished pros free of charge.