The worldwide Covid-19 pandemic had a devastating impact in many fields. This period was ideal for investing and boosting income. With the freedom of movement being increasingly limited, the political and economic strife started challenging international and domestic businesses.
Thus, many investors started looking for a getaway and breaking into the global markets. Entrepreneurs and high-net-worth individuals found solutions to their business problems by investing in dual citizenship.
In this brief guide, we’ll discover why Citizenship by Investment (CBI) programs are lucrative investments for business owners and wealthy individuals.
What Are The Benefits?
Dual citizenship allows citizens to obtain a second passport in a foreign country and become legal citizens. Some countries might require their citizens to renounce their citizenship in order to get the new one, so you will need to consult an authorized entity and learn about your rights.
One such entity is NTL Trust, a company that has been successfully guiding investors through the application process. You can check them out at their website ntltrust.com.
Copyright: Jeremy Bezanger on Unsplash I License: CC0 Public Domain
The benefits of obtaining dual citizenship include:
- Visa-Free Traveling – those who acquire dual citizenship can travel without a visa to many countries. The benefit of carrying two passports opens the doors to many opportunities and allows citizens to travel without applying for a visa or going through the visa application process.
- Work Opportunities – citizens with dual nationality can take advantage of many employment opportunities or do business in another country. However, not all countries allow dual citizens to work in all of the positions. For example, the US only employs native citizens in federal positions.
- Better Education and Lifestyle – the benefit of choosing the country to live in gives citizens open doors. They can attend school, get proper medical treatment and improve their lifestyle significantly by relocating to another country.
- Family Members Can Get Citizenship – one of the major benefits most wealthy individuals seek is the option to obtain dual citizenship for their family as well. They can include children, parents, grandparents, and a spouse in the application.
- Expand to New Markets – wealthy individuals invest in prosperous economies and expand their business apertures onto new markets. Opening a new branch in another country will increase profits and raise brand awareness and visibility.
- Financial Opportunities – wealthy individuals and entrepreneurs can get multiple financial opportunities and commercial access to investment opportunities. A second passport allows these individuals to invest in a country with better exchange and interest rates and extend in various property markets.
- Tax Benefits – holding dual citizenship from a particular country adds favorable taxes on wealth, gifts, and inheritance. The Caribbean countries have no or very low tax rates.
Obtaining A Second Passport
A second passport can be obtained through various routes – naturalization, marrying a foreigner, ancestry, or investing. The preferred option nowadays is through CBI programs. St. Kitts and Nevis’ program is the oldest in the world, launching in 1984 and operating successfully ever since.
Many wealthy individuals obtain a second passport legally, either through investing in real estate, national funds, government bonds, or opening a business in another country. The process is fast and straightforward, and the passport will be issued within months.
The Caribbean countries have powerful Citizenship by Investment programs and are among the most favored worldwide. Grenada, St. Lucia, and Dominica offer tremendous benefits to entrepreneurs who seek an affordable and simpler process of obtaining dual citizenship.
The Middle East entrepreneurs bridge the gap with the USA and establish strong links to Silicon Valley. You can read more on how investors in fintech companies expand their markets and take their platforms to the next level.
Copyright: Fernando Gago on Unsplash I License: CC0 Public Domain
The outlook of the CBI programs is heading toward a successful pathway of business investments. Various Caribbean CBI programs offer promotions on adding investment options due to the Covid-19 pandemic and have reduced the costs on several occasions.
For example, the St. Kitts and Nevis program has reduced the costs for a family application from $195,000 to $150,000, and Dominica has implemented a program that allows individuals to obtain dual citizenship within two years as part of the naturalization process. Dominica has also implemented an Entrepreneur Visa program for investors to make $50,000 within the three months of the first year. This way, they can get citizenship by naturalization within two years.
Expand Your Horizons
There are many other benefits of obtaining dual citizenship, but these are the highlights for entrepreneurs and wealthy individuals. To get your alternative citizenship, hire an authorized agent and consult a legal entity to guide you through the process.
To read more about the latest news in the investment world, the application process for obtaining dual citizenship, and tips on how to choose the right authorized provider, visit our blog.