Becoming a global citizen is very much like receiving a ticket to the world; all kinds of new possibilities open once new citizenship is received. Wealthy individuals have found a way to unlock thousands of business opportunities and grow their wealth through second or even third citizenships while also protecting their assets.
To help you minimise the stress and hassle we all experience when we travel, especially if your new passport is acquired through a second citizenship program, our travel and citizenship experts have gathered a list of essentials to your aid.
1. Transfer any residency visas to your new passport.
One of the most important things to do once you have obtained a new passport is to transfer any valid visas you may have before you use it for travel. If you have additional documents that need to be transferred to your new citizenship, you can request aid from the consultancy firm that assisted you during the process. Sometimes this process can be done in consulates or embassies representing the government.
2. Open bank accounts internationally and enjoy tax relief
Now that you are a global citizen, you can freely open bank accounts and companies internationally, as well as register assets with no restrictions, in other terms, you have now full control of your wealth.
With the introduction of FATCA (Foreign Account Tax Compliance Act) the United States Federal Law requiring U.S citizens to report their non-U.S financial affairs, tax can be a significant part of your decision-making process.
Offshore banking can help your business run smoothly; you might not realise that selecting a bank is certainly one of the most far-reaching decisions you will ever make, once you have obtained new citizenship.
Additionally, offshore banks can bring financial opportunities such as high-interest savings accounts among others. Depending on your new nationality, you will also have a variety of tax benefits that other citizens might not have. Take a look at the tax advantages depending on the Citizenship-by-Investment Program by clicking here.
3. Travel with your new passport
Many new investors holding dual citizenship choose Hong Kong or Singapore as their first destination. The reasons are numerous; both nations offer a significant number of business opportunities and high net worth individuals know this very well. Additionally, these countries are included in the list of visa-free access in most of Citizenship-by-Investment Programs.
4. Keep scanned copies of your passports
Citizenship consultants always suggest their clients get a certified copy of their new passport, in case they need to have a backup for any other purposes. Also, keep in mind that it is very important not to lose the naturalisation certificate as well. Be extra careful when travelling in order to avoid theft.
Additionally, make sure you do not laminate your naturalisation certificate. Sometimes when investors want to add new-born children, some governments do not accept laminated naturalisation certificates.
Why A Second Passport
Obtaining a second citizenship and passport does not only open the doors to one new nation, but it also opens doors to dozens of other countries and cultures. Many businessmen and women who have acquired a new citizenship through investment programs are looking for one primary objective: Freedom of movement. Once this freedom is achieved, the number of new places and countries to visit often increases substantially, in such a case learning a bit more about the new countries you are now eligible to visit, not only for tourism but also for business purposes is always a good idea.
As a government-approved agent, we are proud to share this process with our clients. Acquiring second citizenship and passport might bring significant changes to your life by providing you with the freedom and the power to reach other places might not have been available to you through your original nationality.
Our international citizenship experts are always ready and willing to assist you and show you the perfect program that satisfies all your needs. Contact us today for a free consultation, or please call us or send us a WhatsApp message to +971 54 440 2955.