Ultra high net worth individuals (UHNWI) are prioritising second passports as they seek to mitigate risks presented by geopolitical uncertainty and changing tax regimes, and capitalise on emerging opportunities, according to CS Global Partners.

Citing findings from Knight Frank, which found that more than 25 per cent of global UHNWIs were seeking a second passport, CS Global Partners said the trend reflected a broader focus on security, mobility, and long-term planning.

It argued that traditional wealth management mechanisms were no longer adequate for UHNWIs looking for a second citizenship, and financial discretion, global mobility and asset protection were now key parts of wealth planning.

“Golden Visas and Citizenship by Investment (CBI) programmes have become essential tools for the wealthy,” the citizenship and residency advisory firm stated.

“These options allow individuals to obtain a second passport. They help create and protect wealth. They also ensure personal freedom in today’s volatile global economy.”

It highlighted several catalysts for UHNWIs seeking a second passport, including getting the best out of superior financial systems, exploring global investment opportunities and securing their financial growth against geopolitical uncertainties.

Furthermore, CS Global Partners argued that secondary citizenship helps UHNWIs hedge against political risk and currency devaluation, and take advantage of lower tax regimes, better education and healthcare systems, and greater family mobility.

“Political and economic stability is a key reason why many investors seek a second passport,” the firm continued.

“When faced with uncertainty at home, they are more likely to invest in a country that offers a secure and predictable environment. Stability gives them confidence in their long-term plans.

“Residency by Investment programmes, also called ‘Golden Visa’ initiatives, are popular for those who seek to protect and diversify their wealth in a rewarding economic environment besides securing their families.”

Additionally, amid the ongoing uncertain geopolitical and economic climate, investors were keen to not keep all their wealth in one place, resulting in diversified assets becoming a key strategy for UHNWIs.

Wealthy individuals and families were therefore increasingly investing in countries that offer citizenship through investment programmes.

“In today’s unpredictable world, CBI for HNWIs is not just a luxury, it’s a powerful strategy for global security and financial freedom,” CS Global Partners said.

“It is a strategic decision that brings them personal as well as business benefits. A second passport creates much-needed opportunities to secure one’s future.”

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