In today’s world, entrepreneurs have an endless array of tools to help them grow their empires. Advanced software, high-end automation, a talented workforce, and robust financial services; all play a major role in helping a local businessperson burst onto the global scene.
However, there is one tool that surpasses all of the above in its ability to elevate one’s business outreach, residency and citizenship by investment (RCBI), and it is quickly becoming a hot commodity among entrepreneurs.
Nevertheless, not all RCBI programs are similar, and many of them come with unique benefits of their own. There is no one “best” RCBI program, rather one that suits you best. To that end, we bring you the major issues you should consider as a business person looking to invest in a second citizenship or residency.
One of the most crucial issues to consider is taxation. If you are looking to move your business to a new country or even relocate yourself, it is imperative you understand the tax burden you will have to deal with.
Many RCBI countries, such as those in the Caribbean, are tax havens, meaning you can use RCBI to your advantage. Others, however, are not, but that doesn’t mean they can’t be beneficial. Portugal, for example, has a Non-Habitual Residency (NHR) tax scheme that provides wonderous tax exemptions.
Ease Of Doing Business
Setting up and running your business in a foreign country can seem like quite the task, but many nations make it effortlessly simple. Checking the Ease of Doing Business Score for a country before you commit to an RCBI program can really elevate your global business stature.
Issues such as registering a company, getting credit, trading across borders, paying taxes, and much more play a large part in how smoothly your new business venture goes. Countries such as Turkey and Portugal rank high on the list, making them great candidates to consider.
One major issue you need to keep in mind is how easy it will be to move money to and from your old home to your new one. Most RCBI programs have little to no physical residency required, meaning you can stay in your country of origin until your new business grows and needs you around the clock.
But some nations, such as Iran or Syria, may face issues when it comes to international money transfers to particular nations. Understanding the ease of moving money around is imperative, and countries such as St. Kitts & Nevis, Dominica, and Grenada make it a simple and effortless task.
Your business needs a bank, and so do you. So you need to find a country where setting up a bank account, be it personal or corporate, is easy and comes with benefits for you and your business.
All Caribbean nations have a robust financial services sector, and banks in EU nations have strict regulatory standards, meaning you can choose which ones suit you and your needs best.
Going global with your business means doing more international trade. Choosing an RCBI program that gives you access to an open trade market can give your business a huge boost in profitability and growth.
EU countries that offer RCBI, such as Portugal, Greece, and Malta, are great for entering one of the world’s most dynamic open markets. Other nations, such as those in the Caribbean, give you access to the CARICOM market, which specializes in agriculture and raw goods.
Carefully consider the currency of the country you choose, as it could be a great asset for you and your business. Countries with no currency fluctuation are safe, such as those in the Caribbean that deal with the East Caribbean Dollar, which in turn is pegged to the US Dollar. Countries with low currency fluctuation and a strong currency, such as the EU’s Euro, are also safe and beneficial.
On the other hand, you can use that fluctuation to your advantage, and countries such as Turkey, which sees its Lira go up and down quickly, can provide you with a great way to make a lot more money if you keep an eye on the market and strike when an opportunity presents itself.
You need people to operate your business, and you need the best the market can offer. Look for countries that have high numbers of skilled workers in the area of your business. Not only will that bolster your business, and keep it running smoothly even if you are not physically present, you may be able to get better rates if the market is saturated with a certain skillset.
Portugal, for example, has a highly trained tech-oriented workforce with a favourable average salary. The Caribbean, on the other hand, has a workforce experienced in agriculture and tourism. Choosing the country that best suits your business will also result in your business getting the best people to run it.
Find The Best Option
There are a lot of issues to consider, but the good news is that we at Savory & Partners make it easy for you to choose. We analyze your case as well as your business and present you with the optimal options for you, your family, and your business empire. All you need to do is contact us today to book a free, comprehensive consultation with one of our experienced consultants.
We are available on every channel convenient for you.