As the world becomes more volatile and unpredictable, more people are now firming up their plan Bs – the decision of obtaining a 2nd passport or a 2nd country residency (permanent residency) in another country. Savvy investors will know that having a 2nd country residency is important. It will able them and their families to move around more freely. In addition it will also provide more life options for their families in case something unexpected happens. You can think it as an insurance policy. Actually, it is much more than an insurance policy.
Many western countries do allow their citizens to obtain multiple passports. They have a choice to choose between getting a permanent residency or citizenship.
For most of our Asian friends (whose home country may not allow dual citizenships), they can consider getting another country permanent residency, which is almost as good as obtaining a citizenship.
Like having insurance, if you don’t have a backup plan for you and your family, perhaps it is time to seriously consider obtaining a permanent residency or a 2nd passport soon. Here are some of the great reasons to consider getting another country residency as soon as you can.
Avoid Political Issues
One of the major world news in 2020 was that China had suddenly imposed security laws on Hong Kong, effectively eliminating most of Hong Kong’s autonomy overnight. This has raised condemnations and protests around the world. Fortunately, for the well-prepared families in Hong Kong, they have a 2nd residency ready in another country (for example in Greece or in UK) and their families are ready to leave Hongkong at any sign of further trouble.
It is also possible that China will hold an aggressive stand towards any countries that do not agree with China’s policies. A recent example is Australia-China political spat. China had imposed high tariffs for Australia imports, while Australia had restricted China’s investment in their country.
As the 2020/21 Covid pandemic is still causing health, social, economic and political challenges worldwide, many countries have been imposing strict lockdowns. During this time, they have implemented some unpopular policies. Many citizens see it as their rights being violated and that the government’s policies as being authoritarian. These have led to rising political and social discontent and unhappiness in many countries.
It is a fact that when a government implements a policy, these policies will affect the way you live, work, travel and invest.
During this pandemic, most countries have closed their borders and have protected their job market for locals. It has become very difficult for any foreigners to enter any country, let alone be granted any work permit.
However, if you have a residency status in another country, most likely you will be able to get into your host/home country.
Work from anywhere
With this pandemic, the way most companies operate have changed. Many companies have found that working from home can be a viable solution, which they can still operate efficiently while cutting down overheads. Quite a number of companies have plans to give up office space as they enable more of their employees to work from home. MNC like Google, Facebook, and Twitter have announced that their employees will be allowed to work-from-home well into 2021 or have made some positions to work from home permanent.
As a result, more people are reevaluating where they and their families are going to live. For example, many Americans have taken this opportunity to move out of expensive cities and high taxed states to work from elsewhere that is cheaper.
Some are even considering working from overseas where taxes are lower or cost of living is lower. For example, there are Americans who work remotely, opted to live in the EU countries as these countries offer attractive tax benefits as well as a lower cost of living.
Of course, there are many other advantages for you and your family to obtain a permanent residence in another country. For example, another country might offer better education system, better health and welfare system or lower taxes, and so on.
Heraclitus, the Greek philosopher had quoted :
“The Only Constant in Life Is Change.”
In short, you will never know what changes life brings. It is best to be prepared and have a Plan B for you and your family in case something happens.
It is always a wise investment to have a 2nd country residency in hand, not only for freedom and security reasons, but also for more options and opportunities for you & your family.
For certain countries, you can even keep your 2nd residency in your pocket, while you continue to remain in your home country! Yes, you do not need to migrate to your host country if you do not want to. You can use your residency visa whenever you like.
We will be happy to go through with you and your family, the various countries’ programs and you can see if it fits into your family’s plans. Do contact us for more information on getting your second country residency now!