Today’s successful Africans, are particularly heavily driven firstly by the need of stability and family safety, and secondly by wealth preservation and freedom of movement.
One major advantage of holding a second citizenship is that it makes applying for residency in other countries a much easier process.
Ethnicity and discrimination unfortunately is prevalent amongst people who hold certain nation’s passports.
Securing a better future for their families is the number one priority for any African national.
In light of uncertain political climate, unstable economies and more restrictive immigration policies, holding a second citizenship and passport has become a sought-after commodity by wealthy individuals worldwide.
Today’s successful Africans, are particularly heavily driven firstly by the need of stability and family safety, and secondly by wealth preservation and freedom of movement.
Increasingly more African businessmen not only diversify their investment portfolios to avoid disproportionate reliance on a particular volatile asset class, but they are now also diversifying their lives to avoid dependence on just one country.
The law in many African countries allows its citizens the possibility of having dual nationality, therefore these families can hold a second citizenship lawfully while still keep their own.
The Kenyan government for instance, has no restriction towards its citizens holding a second passport.
The fact that someone can legally obtain a European passport, part of the EU, in only six months via real estate investment, has sparked interest in the African community and is one of the many reasons why we are currently seeing an increasing number of applicants from this region.
The investment amount to lawfully acquire a second nationality within six months, start from $150,000 for a Caribbean citizenship, EUR 250,000 for EU permanent residency to EUR 2,000,000 for an EU citizenship.
Citizenship applicants do not have to reside in that country at any point in time, neither give up their current nationality.
Here are the major benefits of having a second nationality.
Family security
Coming from politically unstable and troubled economies, a second citizenship has become as valuable as a life insurance policy for people from some Africans countries.
For them to have the ability to relocate their families to Europe if they need to, is a goal that does not have a price tag.
With the rapid growth of European citizenship by investment programs families are now able to provide their children a life with improved education and healthcare and away from danger and misfortune.
One major advantage of holding a second citizenship is that it makes applying for residency in other countries a much easier process.
Rejections could be due to restricted quotas per nationality or simply because nationals from certain countries are banned from being granted residency in certain nations.
Visa-free travel
Applying for a visa can be a very frustrating process. With tighter worldwide immigration policies, many African nationals find it difficult to obtain business or tourist visas.
On the other hand, businessmen in the region whom their businesses depend on frequent travel, find this to be a very hindering situation.
For example, Kenya is allowed visa-free access to about 68 countries worldwide, whilst a European passport enables visa-free travelling to an average of 150 plus countries.
This does not only make travelling significantly easier but enables the passport holder to study, work and live in any European country of their choice.
Financial security
A second nationality can open an array of opportunities and strengthen someone’s financial security.
In terms of wealth re-structuring, a more worldwide accepted citizenship helps to open companies internationally with less restrictions, select more freely preferred banks to shelter their funds and to choose new tax friendly jurisdictions.
It is important to consider that there is a handful of countries which grant their citizenship without residency requirements, therefore the new citizen does not have to ever reside in the country.
This advantage is crucial for African business owners who have made their fortunes conducting businesses in their home countries and find it inconvenient to move away in perusal of a second passport.
Avoid discrimination
Ethnicity and discrimination unfortunately is prevalent amongst people who hold certain nation’s passports.
Such passport holders get interrogated when going through customs at airports for example and experience restrictions in their professional growth.
With international immigration laws constantly being tightened, holding a second passport enables visa-free travelling and free movement worldwide with unneeded hold-ups from different authorities.
Benefit from being an EU citizen
Being a European passport holder gives the family the right to live, work and study in any of the 28 member states. It allows access to world-class education and healthcare systems that only European citizens exclusively receive.
In Addition, European passports are ranked top when it comes to enjoying visa-free travel. Obtaining a European nationality places any African family within the highest levels of freedom with multiple countries to choose from.
Benefits for future generations
Securing a better future for their families is the number one priority for any African national.
Some of the citizenship programmes have the advantage to extend the multiple benefits to future generations within the family.
Depending on the law of each country, grandchildren and even generations beyond will be able to inherit the citizenship and enjoy the same advantages.
