Why Get a Second Citizenship? How Travel Restrictions Are Driving Investor Demand
July 11, 2024 · Residency by investment · 10 min read
Why get a second citizenship? Limited visa-free access on passports such as Vietnam’s has led many investors to look for ways to widen their options, including acquiring one through investment migration programs.
In today’s globalized world, the ability to travel freely between countries matters more than ever. Yet the Vietnamese passport’s limited visa-free access has led many investors to look for ways to widen their options, including acquiring a second citizenship through investment migration programs.
Vietnam’s passport ranks low globally for visa-free travel
Business owners increasingly want to travel to multiple countries without waiting for visas. A strong passport — one that allows visa-free travel to more than 100 destinations — lets entrepreneurs and investors travel freely around the world and opens up further financial and business opportunities. The Vietnamese passport, however, currently ranks relatively low, both globally and within Southeast Asia. As a result, Vietnamese citizens often face demanding visa processes when traveling to major destinations such as the United States, Australia, the United Kingdom, and Europe.
According to the 2024 Henley Passport Index, the Vietnamese passport ranked 88th in the world, giving holders visa-free or visa-on-arrival access to 55 destinations. Singapore, by contrast, held the world’s strongest passport, with visa-free or visa-on-arrival access to 194 destinations. Citizens of neighboring countries such as Malaysia, Thailand, and Indonesia can also travel to many countries around the world, including major destinations such as Australia, Japan, and Europe, without applying for a visa.
Being able to travel wherever and whenever you need — without restrictive rules or slow, cumbersome procedures — is one of the most valuable freedoms an entrepreneur or investor can have. That is why many investors have looked for ways to improve their global mobility and gain access to more business, education, travel, and living opportunities abroad. One of the most popular routes today is an investment migration program that leads to a second citizenship.
These programs can do more than provide a passport with greater travel freedom: they can also open the door to many developed countries with modern healthcare and education systems and a high quality of life.
Choosing to invest in a second citizenship is not simply a passing trend among those with the financial means; it reflects a practical need to build and enjoy a better future for themselves and their families.
How to get a second citizenship: key options today
Caribbean nations
The Caribbean is a region of countries and territories spread across islands and a small part of the American mainland, lying southwest of North America, between the Caribbean Sea and the North Atlantic Ocean. The region is known for some of the world’s most beautiful beaches and attracts millions of visitors every year. In recent years, it has also drawn growing attention for its citizenship by investment programs, which generally take the form of a contribution to a government fund or an investment in real estate.
Caribbean citizenship offers visa-free or visa-on-arrival access to more than 140 destinations worldwide. The programs also have relatively straightforward requirements and faster processing times than other residency or citizenship by investment programs. In addition, eligible family members across three generations can be included in a single application, depending on the program.
| Learn more about Caribbean citizenship by investment programs:
- Grenada citizenship by investment
- Dominica citizenship by investment
- St. Kitts and Nevis citizenship by investment
Malta: the only remaining direct route to European citizenship (as of 2024)
Malta is an island nation in the heart of the Mediterranean that joined the European Union (EU) in 2004. At the time of writing (July 2024), Malta was the only EU country that still allowed investors to obtain citizenship directly, making it the most direct route to European citizenship.
Maltese citizenship allows visa-free travel to the 29 countries of the Schengen Area and to the United Kingdom, with stays of up to 90 days in any 6-month period. In 2024, the Maltese passport ranked 5th in the world, with visa-free access to 190 destinations, including major countries such as the United States, Australia, New Zealand, Japan, South Korea, and Hong Kong.
Beyond travel freedom, investors’ families gain options for the future, including the right to live in Malta or any other EU country. Children can attend public schools free of charge through the end of secondary school. Malta’s education system is based on the British model and is highly regarded. The whole family also has access to free public healthcare.
A low passport ranking is an administrative matter, and a passport’s ranking alone says little about a nation’s standing. That said, a passport that opens doors to many destinations around the world brings its holder many benefits.
Visa requirements for entering other countries are simply an administrative matter and do not reflect the “power of a passport” or the “power of a nation.” Still, the convenience and importance of being able to move between countries is undeniable, especially for entrepreneurs and investors. Investing in a second citizenship therefore not only widens where you can travel, but also broadens your future options and adds a layer of security for your whole family should the unexpected happen.
| Learn more about investment programs that lead to European residence and citizenship.
If you are interested in second citizenship by investment programs, you can contact IMM Group or leave your details below. IMM’s experienced advisory team will provide detailed guidance and help assess the prospects of your application. We are committed to keeping your personal data confidential and will use the information you provide solely to advise on your family’s application.
IMM Group
Was this article helpful?
