Travelling is fun, entertaining, and educating but can be costly at the same time. Most people start vacation savings plans to help them cover the cost ahead of time. But, as a traveller, there are a few ideas on how you can control this.
But then, if you’re ambitious, you can start putting together an investment strategy that will help you cover your travelling expenses.
Travelling is fun, entertaining, and educating but can be costly at the same time. Most people start vacation savings plans to help them cover the cost ahead of time. But, as a traveller, there are a few ideas on how you can control this.
But then, if you’re ambitious, you can start putting together an investment strategy. If done correctly, the strategy might help you cover your travelling expenses.
Savings and investment mean putting money aside for the future. But then, investing comes with a higher chance for returns. Investing in another country is one of the ways you can obtain a second passport.
How does it work, you may ask?
This article will explain what a second passport is and how you can get one through investment.
To assist you, we’ve also identified some investment options. These ideas might benefit you as a travel addict.
What is a Second Passport?
Like the name, a second passport is a passport issued to you by another country that is not your birth country. It functions as a backup insurance policy that ensures your financial safety. It also allows you to move to the said country.
It provides considerable travel flexibility. It does that by allowing you to take advantage of visa waiver agreements between nations. If you hold a St. Kitts and Nevis passport, you may travel to Europe without obtaining a visa first.
Citizenship by investment is one of the easiest ways to get a second passport. Europe is a good place to consider if you are looking for a country where you can obtain the cheapest second passport through investment.
There are many strategies to getting a second passport. In the past, people got their second passports through residency programs and marriage. But then, these methods have become unreliable and challenging, especially in recent times.
So, what’s the most efficient way to do this? Citizenship by investment.
What is Citizenship by Investment?
Citizenship by investment programs refers to special immigration initiatives that allow you to get a second passport by investment in a foreign country’s economy.
Citizenship by investment schemes lawfully provides citizenship status faster than a country’s standard immigration processes.
Usually, the process comes with several benefits such as:
- A second passport protects you from the economic and political crisis in your nation.
- With a second visa, you can travel through many countries without needing visas.
- With a second visa, you can improve your finances by expanding your business and investing in the new country.
- A second visa allows you to overcome government policies that may affect you in your country.
- Your second passport might help you get tax relief as some countries do not tax foreign income.
What are the Best Options To Get a Second Passport by Investment?
The following are some ideas for you to invest in and get a second passport in the process.
1) Online Travel Providers
Investing in an online travel provider is another viable investment option you should consider. The travel industry is one of the largest industries in the world, with an estimated value of 1.3 trillion dollars.
Like many other industries in the world, money is gradually shifting to the internet to deliver travel and tourist services. Internet trading platforms have largely displaced conventional brokers.
On the other hand, traditional travel agencies now have to compete with online services that allow clients to browse for low costs and flexible timetables. As publicly traded online travel providers continue to thrive, the regular brokers struggle.
That presents you with an ideal opportunity to invest in these online services. Aside from the fact that the industry has growth potential, it is also a good citizen investment option.
In most EU countries, all you need is to invest in a legitimate business with a certain amount of money. Travel providers fall under the category of legitimate businesses in most EU countries. So, if your investment meets the standard requirement, you will not only earn returns, you might also qualify for one of the cheapest second passport programs in Europe.
2) High-Yield Savings Accounts
A high-yield savings account is a simple method to invest money. But, it is not always the best idea.
Generally speaking, a high-yield account requires you to leave your money for a set period. Such accounts allow you to earn more on withdrawal than in a typical savings account.
But then, here is the problem:
You must wait until the arrangement expires before you can access your money. This lack of adaptability may be a source of concern for some. But at the same time, it might be one of the cheapest second passport strategies for you.
If you have a reasonable budget for your travelling expenses, you should be able to save some money in a savings account abroad. If the money is just enough, you might qualify to get citizenship by investment in the country.
If you’ve planned your vacation, keeping some money shouldn’t be an issue. Moreover, the account will eventually provide returns that might cover some of your expenditures.
3) Cruise Line Investment
The cruise line industry has been around for more than a century, yet it is still one of the most undervalued industries in the world. As of 2021, the entire cruise industry had an estimated value of $23.8 billion.
According to Carnival, the world’s largest cruise line operator, the industry as a whole will increase at a 6.8 percent yearly rate until 2023. That is some substantial potential awaiting investors in the industry.
If you understand how things work in the industry, you can put your money there and let it work for you. It can also work as a strategy for getting citizenship in Europe, provided you meet the conditions in the country of your choice.
4) Gold Mutual Funds
Investing in gold mutual funds is another great idea for travellers. It is a convenient investment that you can monitor from your country. You can also trade it from anywhere and at any time.
Moreover, it is an asset that’s often trusted to increase value over time steadily. These are compelling reasons to consider gold as an investment, particularly while travelling. If you consider investing in gold, you should probably consider gold ETFs.
An ETF is a fund that trades a collection of several investments as a package deal. An ETF in the gold trade is entirely focused on gold but several particular assets such as gold futures, leveraged gold prices, mining company shares, etc.
The good part about investing in ETFs is that it helps you build your portfolio towards getting citizenship in Europe.
The best gold ETFs take some of the stress (and expenses) out of gold trading while providing a higher return over time. And, like with any other gold investment, you have the choice of leaving it to grow while you travel. You can also check in on it from anywhere and at any time.
5) Mega Resorts
Mega resorts are a subset of hotels and real estate investments. They are large destinations that offer large-scale attractions. This could include casinos, golf courses, theme parks, and multiple accommodations.
Investing in the sector allows you to enjoy a bit of the benefit that comes with investing in both sectors and reduces risks.
But then,
Like any other type of investment, you need to understand how the industry works to get your full benefits. Alternatively, you can look into buying shares of publicly traded companies in your desired companies.
You will grow your portfolio with time, and you might even qualify to get the cheapest second passport without stress.
Conclusion
Investing as a traveller comes with many benefits. First, it could give you significantly higher returns. Also, it is a way to secure your funds if something happens in your country. At the same time, it is an easy strategy if you want to get the cheapest second passport.
But here is the kicker:
Every form of investment carries a certain level of risk. Therefore, ensure you understand the full details of what you are getting into before starting.
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