{"id":2970,"date":"2020-04-24T13:07:28","date_gmt":"2020-04-24T09:07:28","guid":{"rendered":"http:\/\/gccexchange.com\/blog\/?p=2970"},"modified":"2020-06-30T15:39:05","modified_gmt":"2020-06-30T11:39:05","slug":"the-rise-of-second-passports-in-the-gcc","status":"publish","type":"post","link":"https:\/\/gccexchange.com\/blog\/the-rise-of-second-passports-in-the-gcc\/","title":{"rendered":"The Rise of Second Passports in the GCC"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

The Gulf Corporation Council, often referred to as the GCC,\nis made up of 6 countries: Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the\nUnited Arab Emirates. In recent years, the GCC has become a major global\npowerhouse as the wealth and entrepreneurial spirit of its citizens has\nincreased at an exponential rate.<\/p>\n\n\n\n

With this\nincrease in wealth, many GCC residents are seeking new ways to expand their\npresence in the global market, primarily, by taking advantage of second\npassport programs to become true international citizens. A second passport provides\na plethora of new opportunities for travel, investment, and business ventures.\nRead on to learn the benefits of a second passport, how to acquire a second passport,\nand the best second passport programs for GCC citizens.   <\/p>\n\n\n\n

The GCC is\nHome to an Increasingly Global Population<\/strong><\/p>\n\n\n\n

In modern times, many GCC residents have far-reaching global\nconnections. Citizens own second homes and investment properties abroad. Parents\nsend their children to high ranking international schools. Young entrepreneurs\nset their sights on global business opportunities and affluent individuals\nbecome global jet setters by trekking the planet in search of adventure.  <\/p>\n\n\n\n

While all of the above is possible with a passport from one of\nthe six GCC countries, it can often require jumping through a few hoops along\nthe way. A second passport from Europe, the Caribbean, Central America, or the\nUnited States can quickly open doors of opportunity and fast track your path to\ninternational success.  <\/p>\n\n\n\n

Why a\nSecond Passport is Beneficial to GCC Citizens<\/strong><\/p>\n\n\n\n

There are numerous benefits to acquiring a second passport\nfor yourself, your family, and your business such as:<\/p>\n\n\n\n

Visa-free travel:<\/strong>\nEach passport affords its holder the right to travel to certain countries\nwithout the need to apply for a visa in advance. A passport\u2019s strength is often\ndetermined by the number of countries it provides visa-free travel to. With the\nright passport, you can increase your ability to make last-minute trips with\nease.<\/p>\n\n\n\n

Investment and\nbusiness opportunities:<\/strong> Dual-passport\nholders are uniquely positioned to benefit from investment and business\nopportunities often only available to residents. Many countries have restrictions\nin place regarding foreign investors, but as a dual passport holder, you\nwill be free to participate in local business dealings and investment\nopportunities.<\/p>\n\n\n\n

Tax benefits:<\/strong> If\nyour primary reason for seeking a second passport is business-oriented, it is worth noting that many countries\noffer attractive tax rates which can help skyrocket your company to\nsuccess. Many Caribbean countries are popular passport choices for savvy\nentrepreneurs who arelooking\nto reduce their tax liabilities.<\/p>\n\n\n\n

Expanded reach for\nbusinesses:<\/strong> In the modern world it\u2019s almost required for new businesses to\noperate on a larger global scale in order to achieve great success. A second\npassport will allow you to extend the reach of your business in a way that may\nhave previously seemed impossible.<\/p>\n\n\n\n

Protection from civil\nunrest and economic instability:<\/strong> As stock markets rise and fall, and the political unrest in the world poses a risk\nof conflicts, a second passport can provide a sense of safety and security for both your business and family. With a\nsecond passport, you will have the ability to quickly relocate your company and\neven your family at the first sign of economic or political turmoil.<\/p>\n\n\n\n

Secure a stable\nfuture for your family:<\/strong> A second passport gives you the ability to raise\nyour family in a more global setting. You will be able to send your children to\nthe top international schools abroad while building a successful global\nbusiness that can be passed down to your heirs. <\/p>\n\n\n\n

How to Get\na Second Passport<\/strong><\/p>\n\n\n\n

By far the easiest, fastest, and most popular method of obtaining a second passport is known as citizenship by investment<\/strong><\/a> programs. In addition to gaining a second passport, citizenship by investment programs also allows<\/s> for the unique opportunity to acquire a second home or other investment property in the country you are applying for. <\/p>\n\n\n\n

Different\nSecond Citizenship Programs differ in terms of investment amounts, processing\ntime and benefits offered to investors. The amount of the initial\ninvestment to get the process started varies greatly, starting as low as\n$100,000. Moreover, the processing time of the second citizenship application\nalso varies, with some countries offering full citizenship in as little as 4 to\n6 months, while others will first offer\nresidency with the ability to apply for full citizenship after a certain\namount of time as is the case with the United States. Agencies such as Bluemina\ncan help you select the perfect country to seek out your second passport\ndepending on your wants and needs.<\/p>\n\n\n\n

The other paths to a second passport include naturalization\nand ancestral citizenship. The former is a lengthy process that often requires\nyou to live in the selected country for several years before applying, while the latter requires proof of ancestral ties to\nthe country in question.<\/p>\n\n\n\n

The Top\nPassports to Acquire as a GCC Citizen<\/strong><\/p>\n\n\n\n

Europe:<\/strong> Obtaining\na European passport is an especially attractive option if the ability to move\nand travel freely is a top priority for you. This is because once you have a European passport, you will\nhave the ability to live and work anywhere within the European Union. Malta and\nCyprus are two of the top options for second passports within the EU.<\/p>\n\n\n\n

The Caribbean:<\/strong>\nThe Caribbean is an attractive option for business due to many countries’\nfavorable tax rates and relatively inexpensive citizenship by investment\nprograms. Saint Kitts & Nevis, Saint Lucia, and Dominica are all popular\noptions.<\/p>\n\n\n\n

The United States:<\/strong>\nThe United States has one of the strongest passports in the world, so it\u2019s no\nsurprise that it is one of the most desirable countries to obtain second\ncitizenship for GCC residents. However, a US passport will take a bit longer to\nobtain than a European or a\nCaribbean Passport. To apply for citizenship by investment in the United\nStates, you will first need to invest $900,000 to obtain a green card and then\nwait for 5 years in order to apply for full citizenship.<\/p>\n\n\n\n

Closing\nThoughts<\/strong><\/p>\n\n\n\n

Demand for second passports has exploded in recent years, especially for\nthose living in the 6 countries included as part of the Gulf Corporation\nCouncil (GCC). Those savvy enough to take the lead can take advantage of a\nbroad range of benefits made available to those who opt to become a second\ncitizen through a myriad of available programs. <\/p>\n","protected":false},"excerpt":{"rendered":"

The Gulf Corporation Council, often referred to as the GCC, is made up of 6 countries: Bahrain, Kuwait, Oman, Qatar,<\/p>\n","protected":false},"author":1,"featured_media":2971,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_hide_featured_image":false,"_jetpack_featured_image_duplicate_dismissed":0,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[17],"tags":[8,1197,1196,1195],"class_list":["post-2970","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-knowledge-based-articles","tag-gcc","tag-gcc-citizens","tag-gulf-corporation-council","tag-second-passports"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t