| LAGOS, NIGERIA |
Across Nigeria, wealthy families are increasingly obtaining second citizenship by investment in 2020. While their motivations range from wealth preservation to increased global mobility, many high net worth individuals opt to invest in alternative citizenship with a view to give their children a brighter future. Contact us now for more information, or discover the benefits of owning a second passport below:
Why obtain a second passport
In 2020, affluent Nigerians are increasingly under pressure to protect their assets and travel internationally with ease. It comes as no surprise, therefore, that demand for second passports from countries such as St Kitts and Nevis, St Lucia, Dominica and Vanuatu is increasing exponentially, while Ultra High Net Worth Individuals (UHNWIs) are increasingly drawn to the Cyprus Citizenship By Investment Program.
With a number of the world’s top citizenship planning firms now having offices in Lagos and Abuja, Nigerian nationals can now obtain alternative passports with ease.
The benefits of obtaining alternative citizenship include:
• INCREASED VISA-FREE TRAVEL: Travelling internationally on a Nigerian passport frequently entail onerous visa applications, border control harassment and exhausting delays. As a result, international traders and professionals that frequently have to travel to Europe are opting to invest in alternative passports with higher visa-free access ratings.
• EFFECTIVE PLAN B: The social, political and economic environment in Nigeria is known for its volatility. For wealthy families concerned about these increasing risks, establishing a second home base overseas can offer peace of mind, ensure personal safety, and aid in preserving business continuity in the event of a pandemic or significant disruptive event.
• ACCESS TO BETTER EDUCATION: A world-class education can open the door to international career and business opportunities – not to mention the ability to establish a valuable global business network. With this in mind, Nigerian families are increasingly eager to enroll their children in top-tier universities in Europe and North America.
Gaining second residency or citizenship can significantly simplify achieving this goal. In addition, it can also lead to reduced tuition fees, increased scholarship grant eligibility, and greater scope for international employment post-studies.
• ACCESS TO SUPERIOR HEALTHCARE: Nigeria is not renowned for its public healthcare facilities, and as the recent Covid-19 crisis has illustrated, even private healthcare facilities can be overwhelmed during a pandemic. It therefore makes sense that affluent families are increasingly reporting better healthcare access as a key consideration for obtaining a second passport or residency abroad.
• PORTFOLIO DIVERSIFICATION: Obtaining an alternative passport can greatly aid investors in terms of achieving both currency diversification and investing abroad. Moreover, it also serves to achieve jurisdictional risk diversification, which could be invaluable in the instance of local government overreach or opportunistic wealth taxes being introduced.
• THE ULTIMATE GLOBAL LEGACY: A second passport legacy is the ultimate gift for your children, equipping them to thrive as global citizens even long after you’re gone. But it’s immediate benefits to yourself and them makes this an essential asset for Nigeria’s affluent community. Regulations in terms of obtaining a second passport are increasingly becoming more stringent, so don’t delay in starting your own second citizenship application.
Choose a Lagos based citizenship planning firm you can trust. Contact us now.
Simply complete the below form to set up a free consultation, or to schedule a meeting with the team at their offices in Victoria Island, Lagos. For your peace of mind, we’ll be happy to put you in touch with other Nigerian or Lagos-based Lebanese expat families that have benefitted from our second passport services.