Global mobility has become a topic of intense interest recently as travel becomes even more complex, finding a way to circumnavigate the geopolitical complications of international travel becoming even more imperative.
Thankfully, citizenship by investment has that covered. The simplified process of obtaining a passport through investment has garnered the interest of tens of thousands in the past decade, and it’s set to get more attention going forward.
The sheer number of benefits of getting a second citizenship is staggering, and listing them all in one piece is impossible, especially since the benefits may differ from one person to another depending on their needs, objective, and even occupation.
This piece will look at the most common benefits a second citizenship and passport can offer medical professionals.
An Overview Of the Benefits
One of the main allures of citizenship by investment is the ability to maximize visa-free travel through a new, strong passport. This is why Caribbean Citizenship by Investment Programs are so popular, as they provide visa-free access to approximately 150 destinations worldwide including the United Kingdom, EU, Singapore, China, and more, while some even have visa-free access to Canada.
This elevated travel freedom can benefit professionals in various ways, including:
- Access to international opportunities
- Professional Development
- Cultural Exchange and Diversity
- Attending Medical Conferences
- Networking and Collaboration
- Access to NGOs
- Better Opportunities for Children
Doctors who want to stay on top of their game must always be aware of the latest medical trends, inventions, discoveries, and updates. They are in perpetual learning mode and therefore require direct access to information.
One of the primary routes to gathering such information is by attending medical conferences. Whether the conference is geared toward pharmaceuticals, technology, medical discoveries, or just plain symposiums aimed towards educating doctors in the field, they provide a great source of information.
Luckily, there are thousands of conferences held worldwide each year, and a significant amount of them are held in Europe. By gaining a second passport with visa-free access to the EU, doctors can easily attend any conference they feel will enhance their knowledge base and benefit them in their practice.
The EU has become a hub for medical professionals to network and share information, with some conferences in Europe even hosting over 30,000 attendees, ensuring that those who join in are part of the largest conglomeration of medical professionals in history.
Caribbean passports, which grant visa-free entry to the EU and the UK, are especially helpful here, as 17 out of the top 20 (85%) best healthcare systems in the world belong to countries on the visa-free travel list of Caribbean passports. This allows doctors who hold a passport of Antigua & Barbuda, Dominica, Grenada, St Kitts & Nevis, or St Lucia to attend top conferences in the nations with the best-performing healthcare systems.
By gaining access to the EU, doctors have a front seat to one of the world’s leading medical areas. In 2022, revenue for medical R&D equipment in the US and EU grew by a staggering 26%, highlighting the kind of unhindered informational access doctors can achieve by getting direct entry to the countries pioneering medical innovation.
Caribbean passports also offer doctors a vital second home in case they ever need to leave their country of origin, but what is more interesting is the availability of work in these countries that may allow doctors to continue their practice if they ever decide to activate their backup plan.
St Lucia, for example, is in dire need of more doctors, as it only has 0.6 doctors for every 1000 residents, one of the worst ratios worldwide. Dominica is not far behind with a ratio of 1.1 for every 1000, ensuring that doctors can easily set up their practice in countries that need them.
Grenada is also an excellent option, as it is home to St George’s Hospital and Medical University, allowing doctors to either practice medicine or teach it to the next generation. This makes Grenada an excellent place for doctors who are looking to retire somewhere sunny and laid back yet keep themselves occupied by imparting their knowledge.
Just like doctors, nurses are also required to maintain an updated level of knowledge regarding medical practices, techniques, and discoveries, a matter that a second passport can help them achieve.
There are thousands of nursing conferences and conventions held in Europe, many of which focus on particular care areas such as clinical, cancer, trauma, mental health, and various other nursing areas. Caribbean passports can allow nurses to attend these conferences easily without the need for exhaustive planning and numerous visa applications.
Visa-free travel can also help nurses enhance their careers by gaining invaluable access to new medical trends as they evolve. For example, the remote patient monitoring market is expected to continue growing at a Compound Average Growth Rate (CAGR) of 3.3% for the next seven years, and by attending relevant conferences and networking with the right people in innovative countries, nurses can stay ahead of the curve and enhance their careers by having elevated levels of information.
Visa-free travel, especially to countries with low healthcare systems rankings, can even help nurses pursue careers with NGOs, who on average require more nursing staff than doctors, and work on short project timelines, meaning visa-free access for 90 days to a certain country would be more than enough. Turkey’s passport is excellent in this regard as it grants visa-free access to major NGO target areas in Africa, the MENA, and Southeast Asia.
In the medical world, innovations in medical drugs never stop, and pharmacists have the arduous task of having to keep up.
Luckily, pharmaceutical manufacturing is highly centered around Europe, as Germany, Switzerland, Italy, Ireland, France, and Belgium are responsible for more than 50% of global pharmaceutical exports alone. China produces about 5%, The UK about 3%, while Canada is responsible for 1.2%. These are all countries that are accessible visa-free with a Caribbean passport.
Pharmacists who invest in a second citizenship from the Caribbean will have direct entry to the world’s leading pharmaceutical manufacturing and distributing nations, allowing them to gain early access to information, connections, and products.
For pharmacists who deal in regional distribution, this visa-free access could be the key to getting better deals for existing products or exclusive ones for new drugs before it reaches their home markets.
The total global pharmaceutical industry revenues in 2022 exceeded 1.4 trillion USD, and the main production region is situated within the EU. Pharmacists who want to stay on top need unhindered access to that region.
Dentistry is often looked at through microlens, limiting the practice of a dentist to their medical abilities. However, those who operate their own clinic will tell you that a significant part of their work is in supply chain management, not just dentistry.
Increased competition means that dentists have to carefully balance their medical proficiency and their pricing module, evolving both at the same time while maintaining profitability.
This is why gaining access to major dental equipment manufacturing countries is vital, as it allows them to obtain better pricing for their operations through economies of scale, and it gives them a head start when a new product comes out.
In terms of dental equipment exports, Germany is the world’s largest exporter (10.4%), followed by China (8.71%), while Poland is fourth (8.07%). A dentist can access all three of these countries with a Dominican or Grenadian passport.
Medical technology is one of the world’s fastest-growing industries. The medical devices industry is expected to reach 603 billion USD at the end of 2023, completing a CAGR of 6.1%. The industry is mainly dominated by the US and the EU, as the revenues of their companies in 2020 amounted to almost 480 billion USD.
By gaining visa-free access to key countries, biomedical engineers can expand their knowledge base, obtain new information or products, or find new employment or partnership opportunities.
As the medical technology market becomes more globalised, so does the need for biomedical engineers to access it, a matter a Caribbean passport can easily help with.
To know more about how a second passport can help medical professionals enhance their careers or lifestyle, contact us today to speak with a citizenship by investment professional.
We are available on every channel convenient for you.