Acquiring second citizenship is a long process that will secure you an additional passport from another country. And after the global economic recession, many people started exploring new ways of becoming financially stable.
From a financial perspective, the second passport guarantees that the investor will always be eligible to work in a foreign country where he has residency. Citizenship by investment programs facilitated the process of becoming a citizen in another country for decades.
And in this article, we’ll discuss the major benefits of getting your second residency by investing either in real estate or resorts or donating to National Funds.
One of the main benefits of getting a second passport is visa-free traveling to more than a hundred destinations. For example, the Grenada passport allows you to travel to more than 130 countries, including the United Kingdom, the Caribbean, Russia, the European Union countries, and the Commonwealth Nations.
The advantages of acquiring second citizenship give you access to different countries without having to go through the time and money-consuming process of getting a visa. Along with travel costs and travels, the visa application process is probably the hardest part for many.
Furthermore, there might be requirements to apply in person in the office, which might be located thousands of miles away. A study published in the Global Journal of Business Research by Xiaochu Hu has the calculated economic benefits from saving on administrative costs and a net increase in tourism.
Broader Investment Options
Obtaining a second passport opens the doors for growing your business offshore and investing in a variety of fields. You can decide where to diversify your assets and benefit from your dual citizenship.
For entrepreneurs, the benefits of dual citizenship are a getaway from political restrictions and high taxes. Additionally, you can open offshore bank accounts and start expanding your business network. Or, establish a start-up.
The governments of the countries that have citizenship by investment programs offer incentives such as accommodating regulations and tax-free perks.
Investing in dual citizenship enhances new opportunities for increased mobility to work, study or live abroad. Many families can benefit from a second passport, from improved lifestyle, access to better healthcare and education systems, to exposure to different cultures. The second passport is an investment for the future!
And since parents want to secure the children’s future, dual citizenship is a cross-generational benefit of having the privileges and rights to live in another country. This type of passport can be inherited by future generations – citizenship by descent.
While many individuals tend to have an “escape plan” in case of economic turmoil or political unrest, the passport is your safety measure. This way, you can easily evacuate to a more secure location and start over.
However, when the situation in your home country settles down, you can always return, which is not the case if you immigrate. Immigrants are subject to certain restrictions when it comes to returning to the homeland.
Whether you’ll invest in a Commonwealth Caribbean passport, or Grenadian passport, the benefits of having access to world-class healthcare are the main concern for many investors.
An improved lifestyle is accompanied by fulfilled social life, quality education, extra-curricular activities, learning and co-habiting with other cultures, great medical care, and appropriate salaries.
Likewise, you get better value for your money, which means, the difference in currency values can have higher buying power in the foreign country. So, you can afford better services, goods, etc.
Citizenship by investment programs is the main mediator in getting a second passport which will provide you lower taxes in the country. If you are a dual citizen, you have the opportunity to improve your tax efficiency and classify any of the program expenses as business expenses. Thus, you can lower your liability as a tax payor.
Broader World Views
“Traveling is the only thing that makes us richer” – in terms of memories, adventures, and experiences. As a global citizen, you can explore the world on your terms and develop a better world perspective of how societies and cultures co-operate.
Your broadened views will influence your lifestyle, you can develop compassion and empathy for others, learn a new language, make friends, share memories with those friends and be appreciative of your lifestyle.
If you are an entrepreneur or own a business, a second passport will allow you to toggle between your assets and income and improve your financial settings. You can get hold of the corporate tax planning options or take advantage of the zero tax on capital gains like cryptocurrencies, NFTs, etc.
Want To Learn More?
While we’ve discussed the main benefits of obtaining citizenship by investment, you can learn more by checking our blog. And start your application process today!