Most people probably categorize second citizenship as an expensive luxury reserved for the uber-wealthy upper echelon of society. This could not be further from the truth. Citizenship by Investment (CBI) is exactly that – an investment. And we aren’t only talking about the qualifying investment required during the application process. Obtaining second citizenship is an investment in the present and future of the lives of you and your family members, as well as any assets or companies you might own.
That being said, the money you would spend in the process of acquiring second citizenship is worth every penny – and can be more affordable than you might think. More than that, it is a lifetime investment that can save you a considerable amount of money across several key areas and generate substantial returns – not only financially, but in the number of opportunities and freedom it grants you.
Second citizenship can save you money on:
1. Taxes
When it comes to tax, the more money you make, the bigger the chunk you have to give away. And depending on where you are from, the chunk might be larger than what you take home. Not to mention the inheritance and gift taxes that will further reduce this already-taxed figure if you plan to provide for any heirs.
If you currently live in a country that implements high tax rates, then you should seriously consider obtaining second citizenship as it could pay for itself in tax savings alone. Caribbean CBI programs are especially worthwhile from a tax perspective. For example, Dominican non-resident citizens are exempt from personal income tax unless sourced or derived in Dominica.
In St. Kitts and Nevis, citizens do not pay personal income tax, inheritance tax, wealth tax and tax on capital gains.
In addition, Caribbean CBI programs are generally the most affordable paths to second citizenship with a great return on investment. Individuals could look at saving a small fortune with the favourable tax regimes found in the Caribbean alone.
2. Visas
Citizens from countries with powerful passports can travel visa-free or on visa-on-arrival terms to many locations worldwide. For instance, Malta has one of the most powerful passports in the world, and its holders can travel to over 180 countries without any visa.
On the other hand, citizens from countries who do not have powerful passports can only travel to 50 or fewer countries on visa-free or visa-on-arrival terms – and that’s if they can get a visa at all.
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This can prove to be an expensive impedance, not only regarding visa fees but also the costs associated with delaying travel plans. Citizens of Grenada, for instance, can visit Russia visa-free. But the same cannot be said for US citizens, who will be setback RUB 15,000 and 6 weeks as they will need a visa.
The country you are from determines the extent of your freedom of movement around the globe.
Visa costs can add up quickly if you are a frequent traveller with a weaker passport. Obtaining second citizenship in a country with a more powerful one will save you time and money whenever you need to travel – be it for business or pleasure.
3. Education
Most Citizenship by Investment Programs allows investors to add their immediate family members, like a spouse and children who are minors, to their applications. This means that you and your loved ones will have access to all the opportunities and benefits that come with second citizenship. And if you have children who are still in school or studying at a tertiary level, this will be particularly beneficial.
Countries who offer CBI programs, especially those based in Europe, provide access to a high-quality education that can furnish your children with an impressive network, vital language skills, an understanding of cultural nuance, an international perspective that drives creative thinking, and with the confidence needed to seize and create lucrative opportunities.
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Unfortunately, a high standard of education is not available in every country around the world – and the countries who often charge an exorbitant amount in fees or make it extremely competitive to secure a place. Seeking a better-quality education elsewhere is usually the best option. And if obtaining second citizenship in an EU-member state like Malta, you will gain access to the free or subsidised education opportunities available throughout the Schengen Zone.
A second nationality could also help your children extend their student or work visas once they complete their studies.
4. Trade
The emergence of a global market due to globalization means that companies are no longer restricted to their origin country when trading or expanding their business. Businesspeople and entrepreneurs are vying for access to international economies and have found that obtaining second citizenship makes this process much easier. Especially when the second citizenship grants the freedom to operate in the European Union – the largest single economic market in the world with over 500 million potential consumers.
Put simply, countries with global travel agreements almost always have global trade agreements as well. Which in turn makes international trade more affordable and easier for businesspeople. If your current nationality is not one of these countries, it is worth seeking out second citizenship that is.
Shanghai Yangshan Port, China.
5. Living costs
When compared to tax, education, trade and travel, living costs might not seem that important – but it’s still worth mentioning that you could save a pretty penny by moving to a country with a lower cost of living than your current nation.
If there ever comes a day when you want a more affordable lifestyle without having to forego the finer things in life, your second citizenship could be your saving grace. For example, you might want to retire in style but don’t want to pull money out of assets to do so. Relocating to a country with a low-cost, high-quality lifestyle would be the perfect win-win solution.
Book A Free Consultation
When deciding to apply to any Citizenship by Investment program, please be sure to render the services of a government authorized agent and advisor like Savory & Partners. The internet is rife with fraudulent companies offering scams that promise citizenship or residency within an implausible timeframe and at an impossibly low price. If it’s too good to be true, then it probably is.
Savory & Partners is a government-approved agency that specializes in high-net-worth individuals applying to any Citizenship or Residency by Investment program. We are a British Authorised Agent with decades of experience who has helped over 1,200 families obtain second citizenship and have a 100% success rate in the industry.
If you have any questions or queries, do not hesitate to get in contact with us today for a free online consultation and one of our agents will happily aid you in your enquiry. All of our team members have at least 5 years’ experience in Citizenship and Residency by Investment Programs.
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