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December 15, 2020

Covid and Brexit travel rules push Brits to seek EU mobility via second passports

Thanks to the ongoing pandemic and the upcoming Brexit situation, which from 1st January 2021 will limit British citizens’ travel to the European Union, there has been a surge in British citizens enquiring about citizenship by investment in order to guarantee open and easier travel mobility within the EU.

British nationals could be barred from entering the European Union from January 1 due to COVID safety requirements. Under the rules, British travellers will have to abide by the same travel restrictions as non-Europeans after freedom of movement comes to an end on December 31. Travel to the European Union will only be permitted on an essential basis and only countries with low infection rates will qualify for non-essential travel.

With such a scenario clearly upon the horizon, CS Global Partners, a legal advisory and marketing agency that specialises in Citizenship by Investment (CBI) Programmes, has reported a marked increase in British applicants seeking second citizenship. With the possibility of a no-deal Brexit becoming increasingly likely, high net-worth individuals are looking for ways to diversify their wealth in the face of unpredictability.

“Put simply, Brexit has left people uncertain about their future,” says Paul Singh, director at CS Global Partners. “Whether it is your business, family or just the security and stability you want from your government. It has made many think of what their options really are. What is the ‘Plan B’ if Brexit does not favour your personal situation or the overall economic state of the country.”

Citizenship by Investment provides that safety net and the financial freedom they crave, Paul explains.

And while applying for citizenship of an EU country seems the obvious route, when it comes to freedom of movement, many of the second passports courtesy of the Caribbean CBI countries not only allow visa-free access within Europe but also have the advantage of being relatively Covid-free and therefore allowed into EU countries.

“We have seen a marked increase from British citizens in applying to our programmes in the Caribbean, specifically, to the Dominica CBI Programme, says Paul. 

The Caribbean has held a monopoly on the CBI industry for a number of decades. The first CBI Programme was introduced in St Kitts & Nevis in 1984 and has since come to be recognised internationally as the ‘Platinum Standard’ within the investment migration realm.

Additionally, the Commonwealth of Dominica has been ranked the world’s best offering for second citizenship by an annual independent study conducted by experts at the Financial Times’ Professional Wealth Management magazine.

Investors interested in acquiring second citizenship must first make an economic contribution through an investment channel and undergo stringent due diligence checks. Once approved, successful applicants gain access to a wide range of benefits. This includes increased global mobility, the right to live and work in the country and the invaluable option to pass down citizenship down for generations to come.

Revenue generated under the Programme is subsequently invested into the host nation, contributing to its national development.