Mar 27, 2020

Legal residency and citizenship in a foreign country: what is going to happen in the market after the coronavirus crisis ends?

The COVID-19 epidemic has slowed down or even nearly frozen some sectors of economy. The economic emigration industry is not an exception. However, experts believe that while the coronavirus is raging all around the world, the number of investors seeking to obtain foreign citizenship is going to grow. People are reconsidering their priorities. After the pandemic is over, we are going to witness a huge increase in the second passport sales due to the pent-up demand. Thus, in order to avoid long queues and higher prices that are inevitable in the near future you should start the process of applying for foreign citizenship straight away. Please consult our specialists by writing to [email protected] and choose the best destination with our assistance. We will help you make the best choice, collect the necessary documents, and file the application for a second passport or legal residence permit.  

The coronavirus has made the working-age population of the northern hemisphere look for remote jobs while trying to make sense of all the news about the pandemic that can be found in the mass media. The news can be contradictory but one thing is evident: the situation has already changed our lives and we do not know what the ultimate results of the pandemic will be.

It was only recently when the western countries started taking serious measures against the spreading of the COVID-19 and some time is required to show if these measures are effective.

The epidemic has made governments close the national borders, enforce a quarantine, and limit people’s mobility. Airline companies cancel all flights or drastically reduce their number. Supermarkets run out of the supplies of certain items. The streets in some cities have become empty. There are places in the world that are affected by the epidemic to a large degree and those affected only to a small degree but everybody has suffered from the coronavirus in this or that way.

Many people would like to get back home to be with their families, have access to their home country’s medical systems, and support their fellow citizens during the hard times. But some countries do not allow foreigners to cross the borders: you have to be a citizen or a legal resident to enter the territories of certain countries.

In such a situation, having a second passport would be a serious advantage. We will be happy to provide assistance to you in becoming a legal resident or a citizen of a foreign country in exchange for investment.  

Legal residency and citizenship in a foreign country: When the dust settles

Over the following weeks or maybe months, people will consolidate and many of them will reconsider their value hierarchies. Some of them are likely to investigate new opportunities for increasing their mobility and gaining access to the countries that can provide a safer shelter for themselves as well as their family members.

Many commercial companies have ‘business continuity plans’. The crisis that is unfolding before our eyes makes a great number of people think about designing their personal ‘emergency situation plan of actions’. The requirement to lessen their social contacts gives these people some spare time to look into the issue diligently.

We have spoken about the need to have a ‘plan B’ many a time at this portal. We have emphasized that such a plan is necessary especially for those who live in socially, economically, or politically unstable countries. Until recently, the majority of our clients seeking foreign residence or citizenship have come from countries such as Hong Kong, Lebanon, and the Republic of South Africa.

Experts believe, however, that the pandemic will increase the demand for second passports on the part on the residents of western European countries as well. They will soon start queueing for ‘golden visas’ and ‘golden passports’ looking for a ‘safety net’ to guard themselves from a similar situation that might occur in the future.

Legal residency and citizenship in a foreign country: A short-lived recession

Many people who hoped to take part in the citizenship-by-investment programs have now decided to postpone their participation. For some of them, the current lack of liquidity is the reason for that. 

Many well-to-do people hold share portfolios and the latest news from the stock exchanges shows that their net worth has obviously become lower than it used to be before the crisis. This forces them to put the idea of acquiring a second passport into cold storage.

This attitude, in its turn, affects the consulting firms that assist clients in obtaining foreign citizenship by investment by preparing and scrutinizing the application documents and filing the applications for them.

The slow-down in the market dynamics and the decrease in the demand affects the incomes that such firms make. Many of them will have to restructure their expenditures and cut down the number of employees. They are not unique in this respect as all sectors of economy suffer from the coronavirus.

We assure you that we will keep on working notwithstanding the crises. We will continue to reach out to new potential clients and stay in contact with the existing ones. We do not intend to leave the market.

Another consequence of the decrease in demand for foreign citizenship via investment is the smaller amount of money that the corresponding national immigration programs will generate in the near future. Thus, the ‘host countries’ are going to suffer too.

Legal residency and citizenship in a foreign country: Possible price changes and counteractions on ‘price wars’

For instance, the Caribbean basin countries have already suffered greatly due to the heavy blow that their tourist industries have experienced. The economies of several island states in the region depend on tourism to a very large extent.

Thus, flight cancellations, travel prohibitions, and lack of possibility to service cruise ships during the high season have deprived these countries of the main source of their income. Complemented by the drop in passport sales, this situation makes their survival twice as difficult.

How are their governments going to react? Are we going to see some short-term incentives similar to those that St Kitts and Nevis proposed a few years ago to the foreign investors who were able to obtain citizenship of the country at a discounted price by donating to the Hurricane Relief Fund?

Probably, the East-Caribbean Central Bank will issue some directives that will support the national citizenship-by-investment programs and help avoid possible ‘price wars’.

Even though the coronavirus has affected European states to a great extent, the countries in this region of the world have other sources of income apart from tourism. For this reason, the decrease in prices for citizenship in European countries that run citizenship-by-investment or ‘golden visa’ programs can hardly be expected.

If you would like to obtain a legal residence permit in Europe, it makes good sense not to put it off until later. If you do so, you will have to wait in line for months and maybe years when the current crisis is over. The prices are not going to drop in any case.

However, as the world economy is extremely shaky at the moment, experts expects that the prices for real estate can decrease in some regions. Now, some European countries offer an opportunity to acquire a ‘golden visa’ in exchange for a set amount of investment into their real estate. If the cost of the real property decreases in these countries, this will make their golden visa programs less attractive to foreigners. Probably, some of them will want to reduce the amount of the required investment but it is too early to say that they certainly will do so.

Legal residency and citizenship in a foreign country: The industry will rise like a phoenix from the ashes as the demand for ‘golden visas’ and ‘golden passports’ is inevitably going to grow after the crisis

Even though many people try to be careful during the times of the pandemic by limiting their travel, keeping at a distance from others, washing their hands frequently, and practicing self-isolation, not everybody can afford doing these things.

If we look at poor countries, we will want to ask the following question: how should they manage to restrain the virus proliferation? People in these countries do not have ready access to disinfectants and clean water let alone artificial lung ventilation devices.

The raging epidemic highlights the necessity to acquire citizenship in well-developed and prosperous states to have access to their medical care facilities, among other things.

Schengen zone is closed to foreigners but imagine that you are a wealthy citizen of Iran, one of the countries that is virus-stricken severely. How much would you be prepared to pay for a Malta, Greece, or Portugal residence card? People ask such questions more and more often these days. They realize that an alternative legal residence or citizenship has become a necessity.  

The global economic impact of the coronavirus will be significant but no-one can predict the ultimate results thus far. What we can do, however, is act responsibly and start preparing to any future crises today.

Legal residency and citizenship in a foreign country: It is time to take action

These hard times are teaching us an important lesson: those who are PREPARED for crises will prosper and those who are hostages of circumstance will have to face restrictions and suffer.

This means that it is high time to diversify your assets and protect yourself, your family members, and your wealth. The best way to do that is obtain a foreign citizenship or legal residence permit.

It does not matter if you are going to relocate to your second home country or stay where you are simply holding a second passport. The latest events clearly show that it is imperative to have a ‘plan B’ such as foreign residency or citizenship, for example.

If you have been postponing acquiring a ‘safe shelter’, please reconsider your attitude and start acting now. The good news is that you do not have to travel anywhere and you do not even have to leave home in order to acquire a residence card or a passport of a foreign country.

What is also pleasing to know is that now there are some offers on the market that were unavailable only a few weeks ago. For example, the Turkish lira is falling, which means that now you can have more for less in comparison to what you could have before. Both the Turkish Government and Turkish banks seem to be prepared to work with foreign investors under the conditions that are beneficial for the latter.

Whether you believe that the world economy will recover quickly or you expect that it is going to take a considerable amount of time to do so, it will be wise to start preparing for the future now using the unique opportunities that have come up today. As you can see, even the best-developed western European countries are NOT totally successful in combating the coronavirus.

At this moment, you can save on acquiring a ‘safe shelter’ for yourself and your loved ones. Our experts will recommend the best banks to you, the best citizenship-by-investment programs, and other instruments of self-protection. They can propose several dozen options to you to consider. Some of these options are well-advertised while others are much less known to the majority of people.

Many of us suddenly have more spare time than we had before. It would be reasonable to use the free time to investigate the ‘sale-price’ offers that are available today and start the process of acquiring a second passport or a residence card. Please write to us to [email protected] and we will help you take better care of your future.