New financial ideas have come to light in the last ten years or so. After the global economic recession, most people have learned that the connection between a secure life and the “conventional” sources of income they rely on can be quite volatile.
Thus, it is imperative to explore new ways of fortifying yourself financially.
And speaking of finances, one that a lot of investors and well-to-do individuals have been considering is citizenship by investment. This program allows people of certain nationalities to obtain a second citizenship through a financial investment (such as luxury real estate) in an economically promising nation.
From a financial and lifestyle standpoint, this type of investment spawns multiple advantages, six of which are discussed below.
1. A quick escape from security threats
One of the leading benefits individuals with dual citizenship get is the freedom to leave their country of origin easily in the event of political unrest or economic turmoil.
When the situation in the homeland proves too volatile or even threatening, it will not be too difficult to evacuate to a more secure environment and establish life anew, especially if you obtained your second citizenship by investment.
It is crucial to note, however, that as easy as the “escape” may be, returning to your home country is bound to be uncomplicated as well. When the situation settles, you can go back anytime you wish if your home country allows dual citizenship. This is a much easier arrangement than choosing to immigrate, which may impose restrictions for a certain period of time when it comes to returning to one’s country of origin.
2. Access to more benefit programs
Possessing dual citizenship entitles you access to a new set of basic services. The country where you will have your second citizenship can grant you healthcare, education, security, and transport benefits.
These additional benefits can elevate your quality of life and offer numerous ways to strategically manage your finances better.
3. Greater value for money
The difference in monetary currencies can mean great rewards for you. You may find that the money you earn from your home country has stronger buying power in the other country you are a citizen of.
Likewise, the difference in currency values presents you the opportunity to grow your wealth through more investments. You can acquire more assets that can bring greater ROI to further fortify your finances.
4. The ability to tap into a new market for your business
If you are a business owner, you can extend and establish your enterprise operations to a different country more easily. There will be fewer requirements for you to meet as you already hold “citizen” status instead of being categorized a foreign investor.
Setting up operations in a new location will instantly increase your market share. New prospects may welcome your products and services with great enthusiasm and boost sales.
At the same time, the establishment of your enterprise in a fresh location is always beneficial for business development research. It can open new doors of opportunities to diversify your offerings, improve your operations but reduce operational costs, grow your profits, and more.
5. Tax breaks
Obtaining a second citizenship through investment can earn you tax breaks. If you hold a second citizenship in, say, a Caribbean country, and choose to become tax resident, you can enjoy lower tax rates. Therefore, if you possess a second passport by investment in Antigua & Barbuda or Grenada you have the opportunity for improved tax efficiency.
In addition to this, Entrepreneur.com points out that there is likewise “the potential to classify any expense associated with the citizenship by investment program as a business expense. Thus, lowering your tax liability.”
6. Expanded worldly knowledge
Being a dual citizen immerses you into different cultures which can provide you a broader understanding of social dynamics and a better perspective of how the world works. This can benefit your life in a multitude of ways.
It can help you and your family develop understanding and compassion for others as well as a sense of responsibility to create change to improve certain situations. Plus, it can make you more appreciative of what life has blessed you with.
You can learn a new language and strengthen your communication skills.
Additionally, you can make new friends who can bring great joy into your life as well. You also have the chance to share yourself with them. Hopefully, the relationship you strike with these people can be an enhancement to their life as well.
Obtaining a second citizenship by investment is a stringent process but it can be made easier with the help of professionals.
If you are seriously considering this option to improve your family’s mobility, security and life options, we, at Citizens International can assist you with the process.
Check our FAQs page regarding any questions you may have about the program, and do reach out to us if you require more information.
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