Nobody doubts the fact that it is necessary to know one´s clients. In some areas, like financial advising, this necessity becomes even more important. When we talk about opening offshore bank accounts, knowing the clients is important for many reasons. 

Due to the increasing financial uncertainty and to the rise in regulations that took place during the last decade, more and more individuals are looking for the best citizenship by investment program to acquire a second passport. In only the past three years, the CBI programs have gained popularity and grown to be a 5-billion-dollar industry. 

Albeit some European countries have strict laws, British dual citizenship is allowed. British dual nationality is permitted in both ways: you can acquire a second passport if you’re a British citizen and you can become a British citizen while you already have another passport.

With the economic crisis caused by the coronavirus and due to the ever-increasing regulations and restrictions on movement and travel, more and more people are looking to form international financial structures and take their businesses abroad through the cheapest offshore company formation possible. 

In October of this year, Panama issued Decree 722, opening the door to obtaining permanent residency through investment. This new visa program makes Panama one of the most attractive destinations for foreigners, and you can begin the process before arriving. 

One of the downsides of the Internet is the dissemination of misinformation. That has led some to believe that US citizens cannot open and maintain offshore bank accounts, investment accounts, and other types of financial resources. 

For certain, COVID19 is the iceberg's tip; there is a new norm forming, and we need to prepare ourselves and make changes. We are about to face an "unknown" set of New Norms, which means changes in the global economy, national economies, and local economies. 

Europe is well-known for its many residencies by investment programs. These usually come with favorable tax conditions and excellent quality of life, while investments to be made are generally profitable. 

A second passport can cost you a few hundred or thousand dollars in legal fees. That is, of course, if you acquire citizenship by marriage, descent, or by naturalization. This is the cheapest second citizenship you can acquire. 

All good things come to an end. And this happened to the Maltese citizenship by investment program; its well-known Maltese Individual Investor Program was widely known as the best and most reputable in the world.