BUYING MORE THAN ONE ECONOMIC CITIZENSHIP? LET THE BUYER BEWARE; YOU MAY NOT LIKE THE CONSEQUENCES

We noticed recently an opinion, rendered by a Citizenship by Investment (CBI or CIP) consultancy, advising prospective purchasers of a second passport that circumstances within the country whose passport you spend a large amount of money on may change in the future, perhaps decreasing its attractiveness, or the number of visa-free jurisdictions it allows you to enter. It then tacitly suggested that, to hedge your bets, you secure more than one citizenship, complete with passport, to reduce the risk that untoward events in the near future may lessen the worth and value of the sole passport you acquired.

The article cautioned buyers to be aware that a number of the countries that are advertised as your best choice, because of the large number of visa-free or visa-upon-arrival jurisdictions you may access, may not be such a great deal, because a substantial number that allow trouble-free visits do NOT allow permanent residency and /or the right to work or be employed, or to make certain investments. Therefore, some may not be such a great deal after all.

My own personal reservations regarding the possession of multiple second citizenships is that many of the world's most notorious transnational white collar criminals, and spies, are often arrested with several of these valuable identity documents on their person, generally with different names, date & places of birth cleverly inscribed by corrupt CIU officials. Do you really want to be targeted by some foreign law enforcement agency as a potential career criminal or worse?

Additionally, the more second citizenships you acquire, the greater the chances that one or more of those countries is a former (or current) offshore tax haven, where dirty money is accepted, making you even more of a possible target.

Therefore, kindly resist the consulting firm's advise that you load up on a couple Caribbean, European or Pacific passports, to minimize risk, for you may end up buying a problam from which you cannot easily or quickly escape or evade in your global travels.