thought leadership by Christopher Willis Managing Director Latitude Consultancy
IS A SECOND CITIZENSHIP THE NEW ‘MUST-HAVE‘ LUXURY ITEM FOR AMERICANS? s we review the reboot of the TV series ‘Sex and the City’ (SATC), which deals with lifestyles of New York’s elite, I am inspired by the way in which Carrie Bradshaw asks a question at the beginning of the episode. And so, in a nod to her style, I ask, ‘Is a second citizenship the new musthave luxury item?’ If we look at the US market, the answer is a resounding YES! Conversations over dinner parties or rounds of golf are not about which watch is on your wrist or which car you drive, but which passport is in your pocket? The pandemic has reinforced the need for options and having a second citizenship is quickly becoming an essential component of a client’s portfolio. When travel bans were in full effect, US passport holders were not able to travel to many parts of the world, meaning their wings were well and truly clipped. They only had access to less than eighty countries. By comparison, a citizen of Antigua & Barbuda, one of the smallest nations in the western hemisphere, could access over 150 countries visa-free. The visa-free access of the almighty American passport paled into insignificance beside that of Antigua & Barbuda. So why is the US becoming the hottest source market for residence and citizenship by investment applications? Traditionally, there has never been high demand from the US, but the last couple of years has shown a significant shift in interest. As mentioned earlier, the travel ban was an important wake-up call and reinforced the idea that many people were not as prepared as they thought they were. Although this will self-correct, the need was identified, and people are taking action.
40
THE CITIZEN
