By Harvey Law Group
Globalization, the increased international travels, and the widespread use of the internet has given more Filipinos a taste of life in other countries. Apart from better opportunities abroad, it’s no wonder that many Filipinos dream of one day leaving the country, living elsewhere, and taking their families with them.
This dream was evident in the number of families who migrated to the US in the past decades. This dream is alive in the increasing number of overseas Filipino workers (OFWs) around the world. And just recently, the dream is apparent in the increasing number of Filipinos looking to get a second passport or the so-called Golden Passport through the Citizenship-By-Investment programs.
What is a Golden Passport?
As the name suggests, a Golden Passport is like your “golden ticket” to better and bigger opportunities. You acquire this through a Citizenship-By-Investment Program that many countries around the world currently offer. The program allows investors to invest in designated projects, purchase properties, or hold an investment for a period of time. Successful applicants are then given an immigrant status not just for themselves, but also for their families.
While different countries have different requirements for their Citizenship-By-Investment programs, the common advantage is that applicants—and their dependents—do not need to go to the country of their choice before, during, and even after the application process. This means that you do not need to uproot your family and your businesses in the Philippines, but you still get the full benefits of becoming new citizens of a new country.
If you are interested in getting a second passport for you and your family, here are the top 6 reasons why you should.
1. A second passport allows visa-free travel to key countries.
This is probably the top reason why many investors choose to get a second passport. Imagine, if you have a golden passport, you don’t need to go through the tedious process of visa application. It automatically gives you visa-free access to over 150 countries, including UK and all Europe. In general, all children below 30 years old, spouse, and parents over 55 can be included in a single application.
2. A second passport opens rare opportunities for business growth.
If you want to grow your business and venture outside of the Philippines, having dual citizenship gives you that rare chance. Becoming a citizen of a new country comes with a myriad of benefits, including the possibility of expanding your business in the new country without the requirement of having a local partner.
3. A second passport allows you to enjoy lower tax rates.
The Philippines has one of the highest income tax rates in the world, especially in the ASEAN. While people from other parts of the world, particularly in the Caribbean, are enjoying lower tax rates. If you’re planning to expand your business overseas, you can benefit from the lower tax rates of your second country.
4. A second passport provides a Plan B in case of political or social unrest.
The results of the recent Philippine election had many people looking for ways to leave the country for good. Many Filipinos op to migrate to Canada, Australia, and even New Zealand in recent years, apart from the US. Having a golden passport gives Filipino families an escape route as well as protection in case of political or social unrest.
5. A second passport opens doors to better education for your children.
If Filipino students choose to study abroad, the application process is not just tedious but also very expensive. The same can be said for the lodging and other necessary expenses compared to having a child study overseas.
Moreover, not everyone is given the chance to apply to an Ivy League school. If your family has a second passport, you are given the same opportunity as the locals. For instance, the majority of second passport holders are given access to over 140 countries, including the UK, Singapore, and the Schengen Area. Depending on the chosen passport, your children might be entitled to tuition fees rebates or exemption such as exemption from international student quotas and other benefits of the chosen country.
6. A second passport provides more freedom and career opportunities.
If you want to work or do business abroad with ease, a golden passport is, well your golden ticket to better and better opportunities. A second passport opens doors to a bigger world. As citizens of the new country, you and your family are provided the same economic, health, social, and educational benefits as locals.
Get A Second Passport For Your Family
There are more benefits to having a second passport. What’s more, these advantages can extend to the next generations as you can pass on the dual or even multiple citizenships to your future grandchildren and their families.
If you’re ready to take that step towards dual citizenship, contact your Harvey Law Group representative soon to learn more.
Mr. Samuel Harvey
Harvey Law Group
Edits: Kath C. Eustaquio-Derla
About Harvey Law Group
HLG is a leading multinational law firm specializing in corporate law and investment immigration with a worldwide reputation for representing high-profile clients and corporations, with over 19 offices worldwide. As the top immigration law firm, HLG offers the most comprehensive residency and citizenship programs available to date. HLG was awarded for Immigration Law Firm of the Year at the 13th and 16th annual Macallan ALB Hong Kong Law Awards 2014 and 2017.