When you buy a second passport, what you're actually buying is not a booklet but the right to enter other countries. And that right is granted by those other countries, not by the country issuing the passport.
Which means it can change. ETIAS is a reason to monitor this.
What is ETIAS
The European Travel Information and Authorisation System. Citizens from countries with visa-free access to the Schengen Zone will need to obtain electronic authorization before traveling.
In form, it resembles the U.S. ESTA or Canada's eTA: online application, small fee, usually fast approval.
Under current plans, the system launches in late 2026 and becomes mandatory in October 2027.
Why this matters to watch
Before ETIAS, passport holders with visa-free access only needed to show up at the airport. No advance screening, no pre-approval.
After ETIAS, every trip involves advance screening. And that screening system may have its own criteria.
A survey among investment residency professionals found that approximately one-third of industry leadership believes ETIAS will become a separate screening mechanism for those holding investment-backed passports, transforming visa-free access into something more conditional.
To be clear: this is industry concern, not announced policy. The European Union has not stated criteria distinguishing applicants based on how they obtained citizenship.
But the context for this concern is not irrational. In the same period, the Court of Justice of the European Union ordered Malta to close its citizenship-by-investment program in April 2025, arguing that selling citizenship to those with no genuine connection to the country amounts to selling the rights of the entire bloc. The EU legislature has shown its views on the matter.
Precedent exists: the case of Nauru
You don't need to wait for ETIAS to see visa-free access disappear.
The UK revoked Nauru's visa-free access after the country launched an investment citizenship program. The stated reason was lack of confidence in due diligence standards. In remarks to Parliament, the UK official responsible for immigration and citizenship described investment citizenship as "inherently high-risk" and as a mechanism allowing individuals to acquire a new identity with minimal connection to the issuing country.
Those who purchased Nauru passports retained their citizenship. They lost exactly what they paid to obtain.
What this means for your decision today
Not a reason to avoid buying. Most of the value in a second passport does not rest on the number of visa-free destinations: it rests on having a second legal status, a backup foothold, and in the case of Grenada, eligibility to apply for an E-2 visa to the United States.
Is a reason not to buy solely for the visa-free count. If your entire purchase argument is "this passport accesses 145 countries," then your argument depends on something that can change.
Is a reason to choose a program with rigorous due diligence. Counterintuitive, but true: rigorous due diligence is what keeps a program from losing visa-free access. This is why the common $200,000 USD floor among five Caribbean programs is good news for buyers.
Is a reason to read carefully programs that are very new and very cheap. A new program from a small country, low price, fast processing — that's also a description of Nauru before the UK revoked its visa-free access.
Three questions to ask
Has this program ever had visa-free access revoked by any country?
Who conducts the program's due diligence, and how does that process work?
If visa-free access is revoked, what value from this investment remains?
The third question is the most important. If the answer is "nothing," you are buying an asset with concentrated policy risk. If other value remains — a second legal status, E-2 eligibility, a backup foothold — then the decision is on much firmer ground.