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J U N E
 2 0 0 9Issue 29
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| PASSPORTS TO OFFSHORE SECURITY Advice and insider information on Economic Citizenship Programmes, 2nd passports, protecting assets, great and small, through offshore strategies |
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BREAKING NEW BOUNDARIES WITH A SECOND PASSPORT
by Katie Sosna The second passport program in the island of Dominica and St. Kitts is known as a well conducted and regulated second citizenship program which is available to qualifying foreign nationals. Second citizenship programs have come under heavy pressure from various political and social groups and organisations which are of the view that second passport programs facilitate criminals. With absolutely no intention to justify crime, I must say however, that in spite of the legitimacy of the concerns and some of the arguments posed, the fact is that illegal and criminal activities have been in existence centuries before the commencement of any form of second passport programme and will continue to be one of the hideous aspects of human life in the absence of second passport programs in the event that they all fully cease to exist. As an offshore consultant, the hundreds of inquiries received on a regular basis about second passport programs are intriguing. Some inquiries are out of curiosity, interest in the program and the possibility of obtaining a second passport and others involve people who are simply seeking legal advice on immigration matters; some of course being out of my reach because they involve jurisdictions about which I have very little knowledge. I do make an extraordinary effort to respond to every inquiry I receive, but there are times when certain inquiries are immediately turned down simply because at the onset they seem “fishy;” and so those are diplomatically avoided.  In the world we live in today, where almost nothing is void of some sort of challenge, the need to enact legislation regulating service providers, imposing convictions for the breach of standards, the people who may qualify as applicants and then economic citizens is clear. Such legislation is vital especially in light of the challenges faced with simple activities like shopping, where ills such as identity theft and credit card fraud threaten our day to day business and personal lives. Second passport programs may be viewed from a negative standpoint, but defenders of economic citizenship may ask what is the difference between Green Card and Residency programs, which enable people of all walks of life and all countries to become citizens or permanent residents of a given country, while they fully benefit from all the social services that are made available to the nationals of that country. Defendants may further argue that, among others, one major difference between an economic passport and one obtained through residency is the length of time that may be required to reside in the country before qualifying to obtain citizenship. Unlike regular citizenship and residency systems, second passport programs also involve a monetary contribution and or an investment in real estate, due diligence is carried out before the person qualifies as an applicant and finally, the full application process is initiated provided that the investigations conducted on the individual and or a family were successful. In the event that a potential applicant fails the due diligence, he automatically disqualifies as a formal applicant for the program and consequently, economic citizenship. Over the past few months, an increase in inquiries for second passport has been due to increased uncertainty and concern about the international global meltdown and the confidence that people have lost in the economic soundness and government of their countries. I ask myself if governments should or should not possess the right to dictate where citizens should live and where they choose to transact and do business, because whilst I don’t question the importance of taxes and human resource for overall social and economic development, extreme measures to restrict and sanction freedom of movement and free enterprise sound very dictatorial and protectionist. The seriousness of the matter grows even more when, due to the global meltdown, corporate citizens are receiving the harsh end of the stick and are held responsible for inequalities within national economic and political systems.  For many of this class of citizens, a second passport appears to be the answer to many of their problems, especially when it becomes more and more evident that systems can breakdown and completely change with new governments and policies; and very often the direct or indirect impact of certain decisions made by government and international institutions are just as unknown as accidents or unexpected natural disasters. Today, risks don’t only include fire and accidents, but political decisions, which also need to be insured against. Besides businessmen and women, potential applicants of second passports worry about the future of their children and grandchildren. To them, getting a second passport can provide security in the event of war, famine, oppression or political unrest. As parents, many applicants do care for their own safety, but try as much as possible to ensure that the necessary steps are taken so as to safeguard their child or children’s future. Both in the immediate and long term, immediately changing residence to be able to acquire a country’s citizenship may not be a wise choice or necessary. Economic citizenship works for people who may still be living comfortably in his homeland and want as much as possible to avoid becoming an illegal immigrant or a second class citizen in a foreign country only to obtain its passport after several years of living as an alien, plus to go through with extreme red tape before becoming a legal resident. The possibility of being deported is also ever present. Where the economic resources are available, economic citizenship also becomes the best, most convenient and safe option. In this way, a second passport can be acquired, whilst continuing to live abroad and allowing the kids to continue their schooling at home or abroad. |
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In the case where an applicant is not enjoying a life of happiness and peace, then a second passport becomes the opportunity to begin a peaceful life, access education and career possibilities. These possibilities may not only exist in the country where economic citizenship is obtained, but also in a country of choice where citizens of the second passport can travel to visa free or enjoy certain benefits in education such as paying the regular national fees rather than international fees, and travel freely to other countries for employment or vacation.
The latter is especially the interest of investors looking into investing in real estate, resorts, boutiques and hotels, for example, within the Caribbean; CARICOM or Latin America. The opportunities are endless since the Eastern Caribbean Dollar is a stable currency, Caribbean countries are growing and top tourist destinations, while Latin American countries such as Panama offer wonderful retirement opportunities and a large market.  The current two existing programs in the islands of St. Kitts and Dominica are properly regulated and legal, provided by registered agents who are authorized by the respective governments to act as intermediaries for providing the service. Authorized agents ensure that applicants are well informed about the requirements of the programs and the steps that must be taken in order to become a successful applicant. |
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