Updated: 22nd August, 2024
Obtaining second residency is a good considerationg for individuals seeking more global access or visa-free travel. As a result of increasing global demand, more and more countries are offering Residence by Investment programmes. Some of the leading countries are Malta, Portugal, and Canada.
The terms “residency” and “citizenship” refer to legal status regarding a particular jurisdiction. Though the terms are often considered similar, they are obtained differently and grant individuals specific rights and duties concerning the state for which they are residents or citizens.
Being a resident means that the person has the legal right to live, work, travel or study in a country. This is typically obtained through residence permits, usually valid for a fixed duration, which must be renewed before expiration. To become a resident of a country, the applicant would need to fulfil several requirements.
Overall, the effects of residency are of a lesser extent than those of citizenship. However, dual or multiple residencies may gather various benefits! What pushes foreign nationals to obtain a second residency?
Suggested reading: Permanent Residency vs Citizenship - Which is Better?
Reasons for Obtaining Second Residency
Ease of Travel
Many individuals experience difficulties with international travel. Movement restrictions, bureaucratic, costly and lengthy visa application processes, visa refusals, and endless queuing make travelling frustrating! Obtaining a second residence permit allows visa-free travel to other countries, resolving many of these visa-free problems in the blink of an eye.
This advantage is beneficial to entrepreneurs and families.
Assets and Financial Protection
Conflicts and tensions tend to affect individuals and families and physical goods and assets. A second residence can protect assets, allowing the beneficiary to place some of them in another country, spreading and diversifying the risk.
Security and Stability
People aim for opportunities to relocate their families from danger zones. The goal is to settle down in a safe country where generations can grow without fear! Security and stability also include world-class healthcare and educational systems that ensure the children’s bright future. Obtaining a second residency is almost like an insurance policy to protect your family.
Suggested Reading: Economic and Political Stability of Malta
Acquire Second Residency with Endevio
In conclusion, understanding why people want to acquire a second residency builds confidence and trust. So, if you are aiming for that residence permit, specifically through Malta Permanent Residence Programme, our team of experts can give you the guidance you need!
