Important factors to consider in residence planning
As globalization continues to expand, and as the global population becomes more mobile than ever before, the world becomes more and more interconnected. Today, it is not uncommon for a family to have roots and business connections in multiple countries. If you ask about my family for example, you will receive a colourful and global answer, “I am Canadian born, raised by British parents, and my company operates across every continent. My wife is South African and we live in Cape Town with two multi-national children. My kids are proud to hold three passports; Canadian, British, and South African. With their multi-nationality status, I am proud to have provided them and their future families the opportunity and right to live, work, and study in 30 different countries.”
Freedom of movement is becoming increasingly important, and therefore, a second (or even third) passport is extremely desirable today for the increase in the number of countries you may travel to for pleasure or business without needing to apply for visas.
More importantly, having dual or multi-nationality and holding multiple passports provides the freedom to move to another country on demand. This freedom to live in multiple countries is an increasingly prized benefit to many families who understand its value and seek to provide their children with more than just financial security. Dual nationality provides an extra layer of security which minimizes political risk, and can protect your lifestyle against possible turmoil. My family’s multiple passports ensure that we have a second place to call home, and in which we have the right to live and work, should things change in our current location.
Many people are not aware of how easy it is for reputable families to obtain a second citizenship. For families with financial means to make overseas investments, it is possible to obtain citizenship within the EU in as little as 90 days. Obtaining citizenship from a country within the EU will give you the right to live and work in all 28 member states. At the moment, in my opinion, European citizenship is the most valuable in the world because it provides access to 28 vastly different countries.