Ever wondered what a Plan B Passport is? Why should you apply for one?
This article delves into more details about Plan B Passports with attorney Jennifer Harding-Marlin. Jennifer Harding-Marlin specializes in citizenship by investment and has helped over a thousand people obtain a Plan B passport.
1. In your view, what is a Plan B passport?
“Having a Plan B is having a backup plan and holding an ace in your back pocket. If Plan A doesn’t work out or is not satisfactory, you can always execute your Plan B. A Plan B passport means having a second passport that was acquired either through a citizenship by investment program or other legal means. It’s an insurance plan in case your country of original citizenship goes in a bad direction or decreases in value. The measures in place during the covid pandemic demonstrated how passports from some countries can lose their value and highlighted the benefits of having more than one passport.”
“Many people cite diversification as a key to success. It’s not wise to put all your eggs in one basket whether it is personal or business. The same concept applies for citizenship and residency. Nowadays you want optionality and to be on as many grids as possible. There is power in having the flexibility to move yourself, your family and business in a moment’s notice.”
“Regardless of the country you are from, having a second citizenship cannot be understated. Many investors from the US, Canada and the UK that have traditionally had strong passports are obtaining a second citizenship and passport. Having a second passport can safeguard against political and financial risks. It can be a safe haven option for individuals and their families”
2. What are the benefits of a Plan B second passport?
“There are numerous benefits to having a second passport. One primary reason is increased travel freedom. For example, many passports around the world have limited visa free travel. Having a second passport can be a game changer for many people, opening a world of opportunities.”
“Generally with most Caribbean passports you have visa free travel to over 140 countries including visa-free access to the EU and UK. Having a Caribbean passport can also make it easier to obtain a visa to visit the US and Canada as a tourist.”
“A second passport offers diversification and security and can be a part of financial and legacy planning. Additionally, you can have increased access to education and healthcare opportunities.”
“Investors in the cryptocurrency space view many jurisdictions offering citizenship by investment as crypto friendly with better laws, regulations and policies when it comes to cryptocurrency.”
3. Where have you helped clients get citizenship?
“I have personally helped clients complete citizenship by investment in the Caribbean through programs such as; Antigua & Barbuda, Dominica, Grenada, St.Lucia and St.Kitts & Nevis. I have also helped clients with other Citizenship by Investment programs such as Malta and Turkey. Oftentimes, we have clients that are interested in acquiring more than one passport.”
“The Caribbean citizenship by investment programs are often the most popular as they are at a more affordable price point when compared to other countries, offer numerous benefits and have quicker processing times”
4. How long does the citizenship by investment process take?
“The length of time to get citizenship depends on the country. There are currently a high volume of applicants for many of the CBI programs. Some programs have taken our clients 2 months in the past for certain programs and others it has taken a year. Vanuatu and certain Caribbean programs offer faster track routes to citizenship.”
5. What can you expect when applying for citizenship by investment?
“At our firm, we personally guide clients throughout the entire process. You can call and email unlimited times, including on the weekends. You will be required to provide personalized documents such as birth certificates, marriage certificates (if applicable), police clearance reports, bank reference letter, professional reference letter amongst other documents. We will help you prepare a file and submit your file to the citizenship unit. Once your file is submitted and in processing, you just need to wait patiently until a final approval is made. We will take care of everything the best we can for you.”
6. What are the different investment options for citizenship by investment?
“Common options for citizenship include a donation option or alternatively a real estate investment option. Often the option chosen depends if a client is looking for more simplicity or if they want to invest a higher amount or not. A client that is looking for a lifestyle change may consider investing in real estate. The Saint Lucia Citizenship by investment program offers government bond options for citizenship.”
7. Who can apply for citizenship by investment?
“Main applicants applying for citizenship are required to be at least 18 years of age. Applicants are required to pass due diligence background checks. Our firm vets applicants in advance to ensure that applicants have a high chance of being approved. Additionally investors must be capable of making the investment contribution, be in good standing and provide the required documents.”
8. What are the most popular citizenship by investment programs and why?
“In my experience, Caribbean citizenship by investment has tended to be the more popular option selected by clients as they offer more speed and affordability compared to other options. Turkey has increased in popularity over the past few years. Investors wishing to have the strongest passport and a European citizenship go with Malta.”
9. What are the best passports for cryptocurrency investors?
“St.Kitts & Nevis and Antigua & Barbuda are two of the best passports for cryptocurrency investors. Both countries are crypto friendly and have favourable tax laws and policies for crypto. Many crypto expats live part of the year in these islands. It will be interesting to see how cryptocurrency adoption develops locally in Antigua & Barbuda and Saint Kitts & Nevis in the future.”
10. How can you help investors choose the right citizenship?
“Having experience with all the citizenship by investment programs and understanding more of a clients goals and objectives, I am in a better position to present different options. It is important to understand the reasons why a person wants to get a new passport, what a person’s budget is, timeframe and other goals and objectives. I believe that having a complete picture and understanding of a client’s situation is best.”
“Some clients want to renounce their home country citizenship, other clients wish to relocate, some clients want to access better educational opportunities for their children. Many of our clients have generational, asset and financial planning in mind when choosing to invest in a second citizenship”
If you have any questions or interest in citizenship by investment, do not hesitate to contact us; firstname.lastname@example.org