27 November 2021
Second passport as the new American status symbol
Status symbols have become indicators of wealth for many Americans. A bulging wallet or bank balance with a string of zeros on the end does not qualify as a status symbol. That’s simply flashing your cash. Instead, status symbols are tangibles that represent valued and enviable intangibles – qualities possessed by an elite few that give them their ability to accrue and maintain wealth, and benefit from it the way most want to, but can’t afford.
Essentially, status symbols are both widely recognizable and universally valued and desired. Yachts, bespoke watches, and limited edition sports cars are still status symbols in America, but they (and similar ‘on display’ material possessions) now rank behind possessions that confer the benefits and privileges that are currently most out of reach for some of American society.
Status is now less associated with what you can spend your money on, and more on being in a position to protect it through exclusive tax havens – while benefiting from the freedom of movement, personal agency to choose your ideal lifestyle, and the incentivized financial and social securities offered by ‘Golden Visas’.
Citizenship-by-investment programs have made these highly valued freedoms privileges for the high-net-worth individuals who can afford them. Taking this into account, it’s easy to understand how a second passport has become THE new status symbol in America.
Second passports as collectible assurances
A second passport offers global freedom of movement and personal agency, with the ability to choose where and how to live. Like a collection of expensive watches never intended to be worn on a wrist, kept instead as a form of tax-free currency, a second passport offers assurance in the face of uncertainty and unprecedented loss of personal freedoms.
That assurance is more valuable today than even the flashiest set of wheels! And just as collectible, for many elite individuals buying their way into multiple citizenships, collecting even more mobility, freedoms, and financial, tax, and lifestyle benefits.
Second passports with a bit of extra status
As for indicators of an exclusive social standing, status symbols also require the allure of rarity, class, and membership of an elite group – a ‘club’ most can only look in at through the window. In this respect, there are a few second passports to match that from Malta as a status symbol.
Thanks to Malta’s location in the Mediterranean, and its reputation as a highly respected flag state and tax haven, this jurisdiction has become one of the most prestigious and respected, sought by high-net-worth individuals around the globe to obtain a second passport.
However, it is Malta’s exceptional due diligence on applicants for citizenship-by-investment and a high rejection rate (up to 25%) that makes it an attractive location to plant a flag. This means if you have managed to get a second passport from Malta, it’s proof not only of your wealth and financial independence but of you being personally deserving of your place in Malta’s elite expat society.
Closer to home: second passports from Caribbean Jurisdictions
If the EU doesn’t entice, there are several Caribbean Island jurisdictions that offer different but equally distinctive status with a second passport – one being St Kitts and Nevis.
As a status symbol, a second passport from St Kitts and Nevis is imbued with the same exclusive image, along with all the other benefits.
With the proliferation of citizenship-by-investment programs around the world, the status symbol of a second passport has is more available than ever. However, while everyone knows about these opportunities, only a small percentage of wealthy individuals can take advantage of them.
Second passports are therefore gaining power as status symbols not just in America, but across the globe.
If you’re interested in obtaining a second passport, or want more information about the available citizenship by investment programs, send us a note to [email protected]com.