Many wealthy and affluent investors and entrepreneurs are opting to obtain citizenship in selected countries (sometimes termed as a “second passport”) in order to meet various business and personal goals. For some, a second passport is a pathway to a more politically and economically stable future than that in their home country. Whereas for businessmen, a second passport serves as way to enjoy a favorable tax environment and avoid complicated visa applications and travel restrictions; this in turn allows them to actively engage in the global market, ensuing the success of their careers, business ventures and personal finances.
How investors can benefit from a second passport
In addition to opening up the freedom to live, work, and travel abroad, a second passport is brimming with other benefits on both an individual and executive levels. Just a few of the benefits a second passport can bestow upon its holders are:
Unique tax breaks: Many countries with citizenship by investment programs are considered tax havens due to their extremely favorable tax rates. This can have incredible benefits for business and personal finances.
Protection from economic instability: With the ability to move freely between countries, a dual citizen can move business and personal interests to more stable economic environments with ease.
Security from political conflict: For some individuals, they have witnessed escalating political conflicts in their home countries in recent years (the Middle East being one region that has been affected). A second passport grants such citizens the peace of mind of being able to move their families out of the conflict zone if necessary.
Access to top of the line education and healthcare: Many countries offering citizenship by investment programs also feature state of the art healthcare and top educational institutions for their citizens.
Global business opportunities: The ability to travel freely opens many doors for the smart entrepreneur to expand their business’s global reach.
Citizenship by Investment: The Fast Track to a Second Passport
Unlike traditional methods of becoming a dual-citizen like naturalization and ancestry, citizenship by investment presents the opportunity to fast track your path to a second passport.
Citizenship by investment is acquired by investing a set amount in a country’s economy in order to gain citizenship and, therefore, a second passport. Many countries offer citizenship by investment programs with various dollar amounts being required and varying processing time from investment to passport. Some, can get you a second passport in as little as 3 months! Additionally, your investment can go towards business or property serving as a vacation home or an additional stream of income.
Choosing the Right Passport: You Get What You Pay For
Back in 1984, the islands of St. Kitts and Nevis introduced the first-ever citizenship by investment program. Today, many countries around the world offer citizenship by investment incentives with the investment cost and terms varying greatly. While some programs cost as little as USD 100,000, when it comes to second passports you often get what you pay for. This means countries with the strongest passports are often the most expensive, such as countries in the European Union.
Here is a quick overview of passports from different regions of the world, including speed of acquisition and potential benefits, so you can help decide which passport might be the best fit for your needs.
The European passport: European passports are consistently high ranking due to the fact that they allow their holders to not only travel freely within the European Union, but also live and work in any EU member state. Not all European Union countries offer citizenship by investment opportunities, but many do. Some of the most popular citizenship by investment and golden visa programs can be found in Malta, Cyprus and Greece. With the latter giving the opportunity for residency or citizenship in as little as 3 months.
The Caribbean passport: Caribbean Passports are among the strongest worldwide since they are Commonwealth Passports, allowing their holder to enjoy visa-free travel to more than 130 countries including the United Kingdom and Schengen Countries. Also, many Caribbean countries are known as “tax havens” for their notably low, or even zero, tax rates on worldwide income and inheritance. Dominica is one such country; by offering attractive financial and tax planning benefits, and a way to fast track the process to obtain Dominica citizenship, Dominica is ideal for individuals seeking a passport for business ventures and banking. St. Kitts and Nevis is another popular option since its citizenship by investment program is the first and most established program of its kind.
The United States passport: The United States passport is ranked 3rd in strength on the passport index. Combine that with the fact that the United States is a global superpower when it comes to industry and influence, it’s no wonder the US passport is one of the most sought after by Egyptian nationals. The process for getting a US passport is a bit slower than some of the other countries mentioned here, however. The US requires a $900,000 investment to receive a green card followed by 5 years of residency before applying for full citizenship.
Open Up a World of Possibilities
Obtaining a second passport is a pursuit which is increasing in popularity among astute businessmen. With benefits ranging from business opportunities to the freedom to travel, it’s to no wonder so many investors are looking into this service. Just make sure to exercise due diligence and work with an established firm like Bluemina Citizenship & Residency that can help.