The demand for a second passport has risen immensely among wealthy Russians. Earlier, Russians used to buy properties in foreign countries for recreational purposes and considered a second passport as an inoperative benefit.
But since Russia's ‘High Net Worth Individual (HNWI)’ ratio has risen in the past few years, its citizens seek better business opportunities, prompting them to invest foreign regions such as Europe and the Caribbean.
Till 2020 Russians were only allowed to make international investments and could not acquire a second passport. But recently, the second passport has been legalized in Russia, and Russians are seeking it as a golden opportunity to secure their families and assets.
Russia has always been known for its strict legislature, which makes it difficult for Russian investors to do business freely. Moreover, with the current Russia-Ukraine crisis, global restrictions have been implied on Russia, making it difficult for its residents to operate their businesses internationally.
The timing of the legalization of a second passport in Russia has been ideal. Since the onset of the war, economic conditions have worsened for Russian investors and businessmen. Most European countries and the US have ceased trade and business relations with Russia, which has ultimately caused immense financial losses to the Russians.
Due to Russia's hard pecuniary conditions, wealthy Russians are rapidly transitioning towards second citizenship to secure their assets and investments. With a second passport to a prosperous region like Europe, they can secure their wealth and re-acquire their global status, which most Russians are currently deprived of.
Besides financial security, a second passport also offers familial security and prosperity. In 2022, Russia has been ranked as one of the world's most socially unsafe and economically depressed countries, and with an ongoing war, the conditions are not expected to get better anytime soon.
At present, the second passport seems to be the only viable option for Russians to secure their families and children's future. With a second citizenship to a peaceful country like Portugal, Russian citizens can enjoy a luxurious yet peaceful lifestyle with minimum restrictions.
Though most countries have cut off their financial ties with Russia, the second citizenship and immigration industry is still open to Russians. Earlier, obtaining a second passport required a lengthy process that could easily take months to years. But now, a fast verification and investment process have been introduced in the CBI industry, which makes it much simpler to attain a second passport within 3 to 6 months.
By investing the required amount and verifying their assets, any Russian businessman can easily get citizenship to their desired country and secure their family's future, wealth and freely do business. The procedure for attaining second citizenship in top-tier countries like US and Canada can be a little complicated for Russians, as it comprises a detailed verification process.
However, obtaining citizenship in European and Caribbean countries is relatively easier and less complex for Russians. Some countries like Dominica, St. Kitts and Nevis and Portugal offer instantaneous second passports that allow travel to more than 10 countries.